"We are confident that this measure will help reassure our policyholders and agents that parent-level issues do not and will not impair the safety, liquidity or stability of our company," said John Van Engelen, who today was elected president, CEO and chairman of Western United Holding Company, of which the insurance company is a direct subsidiary.

In a letter to employees and agents, Mr. Van Engelen said, "The administrative supervision does not reflect on the solvency of Western United Life, which has more than $1.7 billion at June 30, 2003 in assets and above- average capital and surplus ratios.

"For both the OIC and Western United Life, the top priority as we diligently continue to monitor the situation at Metropolitan Mortgage is to put policyholders' interests ahead of all other considerations."

Mr. Van Engelen, a 20-year veteran of the company and previously senior vice president of Western United Holding, was elected president, CEO and chairman of the company and replaces C. Paul Sandifur, Jr. who has resigned as an officer and director of Western United Holding Company and its wholly-owned subsidiary Western United Life Assurance Company.

Founded in 1963, Western United Life Assurance Company is a wholly owned subsidiary of Metropolitan Mortgage & Securities Co., Inc. Through a sales force of over 1600 independent agents and brokers, Western United operates in 16 states.