AMERICAN NATIONAL TO ACQUIRE FAMILY FARM HOLDINGS

Texas-based p/c, life and health group American National Insurance is to acquire New York-based p/c and life group Farm Family Holdings for $280m in cash. The deal calls for American National to pay $44 for each of Farm Family’s common shares and $35.72 for each of its series A preferred shares. At the closing of the deal, which is expected in early 2001, Farm Family will continue operations as a subsidiary of American National, with Philip Weber maintaining his role as the unit’s chief executive. Farm Family is to move its headquarters from Glenmont to Albany, New York. The merger remains subject to the approval of Farm Family shareholders and New York regulators.