UNITED COMPANIES LIFE INSURANCE COMPANY
UNITED COMPANIES SEPARATE ACCOUNT ONE
Supplement dated July 24, 1996 to
Prospectus dated May 1, 1996
Completion of Sale of United Companies Life Insurance Company
The following information updates information contained in the
Prospectus relating to the sale of United Companies Life Insurance Company.
On July 24, 1996, Pacific Life and Accident Insurance Company ("PLAIC")
acquired one hundred percent ownership of United Companies Life Insurance
Company (the "Company"), including its wholly-owned subsidiary United Variable
Services, Inc., a registered broker-dealer which acts as the principal
underwriter of the Contracts issued by the Company.
PLAIC is a Texas domestic life insurance company, formed on May 31,
1985. PLAIC is a wholly-owned life insurance subsidiary of PennCorp Financial
Group, Inc. ("PennCorp") and acts as the holding company for the stock of
Pennsylvania Life Insurance Company and Professional Insurance Corporation. The
material financial terms of the transaction were unchanged from those described
in the Prospectus.
PennCorp is a publicly-traded insurance holding company the principal
subsidiaries of which are insurance companies with operations throughout the
United States and Canada, the executive offices of which are located in Baton
Rouge, Louisiana, Raleigh, North Carolina, Jacksonville, Florida, Waco, Texas
and Toronto, Canada. PennCorp is a limited partner in Knightsbridge Capital Fund
I, L.P. ("Knightsbridge"). Knightsbridge assigned the right to purchase the
Company to PennCorp, which in turn assigned the right to PLAIC.
The Company's Directors and Executive Officers
The following information replaces the section entitled "The Company's
Directors and Executive Officers."
The directors and executive officers of the Company as of July 25, 1996
are listed below, together with information as to their ages, dates of election
and principal business occupation during the last five years (if other than
their present business occupation).
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Name Principal Business Occupation
During Last Five Years
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Robert B. Thomas, Jr. Mr. Thomas is Chairman of the Board, Chief
(Age 50) Executive Officer and President of the Company.
Prior to July 1996, Mr. Thomas was an Executive
Vice President of United Companies Financial
Corporation ("UCFC"). Mr. Thomas joined the
Company in 1993 as Chairman of the Board and was
named President of the Company in 1994. Mr.
Thomas also serves as a director of United Variable
Services, Inc. Prior to his employment with the
Company, Mr. Thomas served as a principal of Lewis
and Ellis, Inc., a Dallas, Texas actuarial consulting
firm and, through Lewis and Ellis, served as
consulting actuary to the Company for approximately
15 years.
Kitty S. Kennedy Ms. Kennedy has served as Executive Vice
(Age 47) President, Chief Actuary and Chief Administrative
Officer since 1993 and a director since July 1996.
Prior to July 1996, Ms. Kennedy was a Senior
Vice President of UCFC. Ms. Kennedy joined the
Company in 1984, was named Senior Vice President
in 1991 and has served in various management
positions with the Company.
Scott D. Silverman Mr. Silverman has been a director and Secretary of
(Age 37) the Company since July 1996. Mr. Silverman joined
PennCorp in March 1992 and was elected Vice
President, General Counsel and Secretary in January
1994. Mr. Silverman was elected Senior Vice
President of PennCorp in September 1995. From 1990
to March 1992, he served as Vice President -
Legal and Secretary of Independence Holding Company
and from 1988 to March 1992, he served as Vice
President, Counsel and Secretary of Standard Security
Life Insurance Company of New York, a subsidiary of
Independence Holding Company.
Michael J. Prager Mr. Prager has been a director of the Company since
(Age 36) July 1996. Mr. Prager joined PennCorp in October
1990 as Senior Vice President and Chief Actuary
of PennCorp's insurance subsidiaries. He was
elected Senior Vice President and Senior Financial
Officer of PennCorp in September 1995.
James P. McDermott Mr. McDermott has been a director of the Company
(Age 34) since July 1996. Mr. McDermott joined PennCorp in
November 1992 as Vice President and Controller of
PennCorp's insurance subsidiaries. He was elected
Vice President of PennCorp in September 1995 and
Senior Vice President in July 1996. From January
1985 until November 1992 Mr. McDermott was
employed by KPMG Peat Marwick, serving as a Senior
Manager in the firm's insurance practice prior to
joining PennCorp.
Donald M. Woodard Mr. Woodard is Senior Vice President and Controller
(Age 47) of the Company. Mr. Woodard joined the Company
in June 1994. Prior to his employment with the
Company, Mr. Woodard served as Chief Financial
Officer of National Financial Insurance Company
and American Insurance Company of Texas, both
of Dallas, Texas.
Francis G. Miller Mr. Miller is a Senior Vice President, Information
(Age 49) Services, of the Company. Prior to July 1996,
Mr. Miller was a Senior Vice President of
UCFC. He transferred to the Company in August
1993 from UCFC, which he had joined in 1989.
R. Andrew Davidson, III Mr. Davidson is Treasurer, Senior Vice President,
(Age 43) and Chief Investment Officer of the Company. Mr.
Davidson joined the Company in October 1992
as Vice President. Prior to his employment
with the Company, Mr. Davidson served as
Investment Adviser/Portfolio Analyst with Southwest
Corporate FCU in Dallas, Texas, his employer since
1990. At the time Mr. Davidson joined the Company,
he had over 11 years of experience in the insurance
industry.
C. Keith Cook Mr. Cook is a Senior Vice President, Marketing/Sales
(Age 41) of the Company. Mr. Cook was named Senior Vice
President in 1994. Mr. Cook joined the Company
in 1974 and has served in various positions within
the Company.
Jo Anna Cotaya Ms. Cotaya is a Senior Vice President, Commercial
(Age 39) Real Estate Group. Prior to July 1996, Ms. Cotaya
served as a Vice President, Commercial
Lending department of United Companies Lending
Corporation. Ms. Cotaya joined UCFC in 1987 and
served in various positions with the corporation.
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For further information or if you have any questions concerning this
Supplement, please contact a representative of the Company at (800)825-7568.
