United Heritage Acquires N.C.’s Alliance Mutual Insurance

May 2, 2007

Alliance Mutual Insurance Company, headquartered in Greensboro, N.C., and United Heritage Financial Group, Inc., based in Meridian, Idaho, have reached a preliminary agreement under which United Heritage will acquire Alliance.

Alliance, founded in 1976, is a provider of property and casualty insurance throughout North Carolina through a network of independent agents.

United Heritage is a financial holding company that owns the stock of three insurance companies: United Heritage Life Insurance Company, United Heritage Property & Casualty Company, and Sublimity Insurance Company.

The transaction, which will include Alliance’s conversion from a mutual association to a stock company, is subject to regulatory approval and the approval of Alliance’s members. Financial terms of the transaction were not disclosed.

Sources: United Heritage Financial Group
Alliance Mutual Insurance Company

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