The Blood Feud Brewing At Jefferson Pilot

Insurance companies are falling left and right these days, so it's hardly an ideal time to accuse an insurer of operating too conservatively. But that's exactly what a bunch of dissident shareholders are arguing in vowing a proxy fight for seats on the board of North Carolina life insurer Jefferson-Pilot Corp. "They've got so much excess capital, they could pay $20 or $25 a share in a special dividend and still be one of the safest life insurance companies in the country," says J. Craighill Redwine, a spokesman for the dissidents.

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