UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
Current Report
Pursuant to
Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
November 24, 1998
CITIZENS CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 1-11714 04-317865
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(State or other (Commission File Number) (I.R.S. Employer I.D.
jurisdiction of Number)
Incorporation)
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440 Lincoln Street, Worcester, Massachusetts 01653
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(Address of Principal Executive Offices)
(Zip Code)
(508) 855-1000
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(Registrant's Telephone Number including area code)
Page 1 of 5 pages
Exhibit Index on page 4
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Item 5. Other Events.
On November 24, 1998, Citizens Corporation announced that
the fourth quarter results will be negatively impacted by an
estimated $11 million in pre-tax catastrophe losses as a
result of a sustained windstorm that struck Michigan in early
November. A copy of the press release is attached as Exhibit
99 and is incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
Exhibit 99 Press Release dated November 24, 1998, announcing
Citizens Corporation expects $11 million charge in fourth
quarter for November catastrophe losses.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
CITIZENS
CORPORATION
By: /s/Edward J. Parry III
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Edward J. Parry III
Vice President ,Chief
Financial Officer, and
Treasurer
Date: November 24, 1998
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Exhibit Index
Exhibit 99 Press Release dated November 24, 1998, announcing
Citizens Corporation expects $11 million charge
in fourth quarter for November catastrophe losses.
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EXHIBIT 99
CITIZENS CORPORATION, ALLMERICA FINANCIAL
EXPECT FOURTH QUARTER WINDSTORM CHARGES
WORCESTER, Mass., November 24, 1998-Citizens Corporation (NYSE:
CZC) announced today that it expects to incur approximately $11
million in pretax catastrophe losses in the fourth quarter
as a result of a sustained windstorm that struck Michigan
November 9 to 11. Allmerica Financial Corporation (NYSE: AFC),
which owns 83 percent of Citizens, expects to incur $9 million
of the $11 million in pretax catastrophe losses from the event.
The expected charges compare to catastrophe losses of $0.1
million at Citizens and $0.6 million at Allmerica during the
fourth quarter of last year.
Citizens Corporation is the holding company for Citizens
Insurance Company of America, a leading underwriter of personal
and commercial property and casualty insurance in the Midwest.
Citizens is a subsidiary of Allmerica Financial Corporation,
the holding company for a diversified group of insurance and
financial services companies based in Worcester, Mass.
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AF-40
11/24/1998
Contacts: Investors: Media:
Jean Peters Mike Buckley
(508) 855-3599 (508) 855-3099
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