UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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): March 23, 1999
ALLMERICA FINANCIAL CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 1-13754 04-3263626
(State or other (Commission File (I.R.S. Employer I.D.
jurisdiction of Number) Number)
Incorporation)
440 Lincoln Street, Worcester, Massachusetts 01653
(Address of Principal Executive Offices)
(Zip Code)
(508) 855-1000
(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 March 23, 1999, Allmerica Financial Corporation announced that its
board of directors has authorized the expenditure of up to an additional $200
million to repurchase outstanding shares of its own common stock.
Item 7. Financial Statements and Exhibits.
Exhibit 99 Press Release dated March 23, 1999, announcing Allmerica
Financial Corporation authorizes expansion of stock
repurchase program.
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<PAGE>
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.
ALLMERICA FINANCIAL
CORPORATION
By:
Edward J. Parry III
Vice President,
Chief Financial
Officer, and Treasurer
Date: March 24, 1999
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Exhibit Index
Exhibit 99 Press Release dated March 23, 1999, announcing Allmerica
Financial Corporation authorizes expansion of stock
repurchase program.
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<PAGE>
EXHIBIT 99
ALLMERICA FINANCIAL BOARD AUTHORIZES
EXPANSION OF STOCK REPURCHASE PROGRAM
WORCESTER, Mass., March 23, 1999 - Allmerica Financial Corporation
NYSE: AFC) today announced that its board of directors has authorized the
expenditure of up to an additional $200 million to repurchase outstanding
shares of its own common stock in an ongoing stock repurchase program.
Purchases will be made in the open market or through negotiated
transactions, according to the company.
"The expansion of our stock repurchase program reflects the confidence we
have in our ability to generate strong operating results and deliver value
for our shareholders," said John F. O'Brien, Allmerica's president and chief
executive officer.
As of March 22, 1999, Allmerica had acquired approximately 3.4 million
shares of company stock for approximately $184.6 million pursuant to the
current repurchase program announced in October 1998. Allmerica has $15.4
million remaining from the initial buyback authorization.
Allmerica Financial Corporation is the holding company for a diversified
group of insurance and financial services companies based in
Worcester, Mass.
Contact: Investors: Media:
Henry St. Cyr Michael F. Buckley
(508) 855-2959 (508) 855-3099
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