RELIANCE’S WOES RELIEVED

Leucadia National Corp. is set to buy struggling insurer Reliance Group Holdings Inc. in a stock swap valued at $293 million. The deal will result in Reliance stockholders receiving roughly 0.11 share of Leucadia common stock for each Reliance share. The transaction is expected to be tax-free to Reliance stockholders. A.M. Best Co. announced the continuation of the financial strength rating of “A-” under review with developing implications status of Reliance. DCR also announced that its ratings of Reliance and its subsidiaries remained on Rating Watch-Uncertain. The ratings on Leucadia were placed on Rating Watch-Down by DCR.