GFR Greenfire Resources Ltd

Great American Financial Resources, Inc. ("GAFRI") (NYSE:GFR) and Ceres Group, Inc. (NASDAQ:CERG) today announced that the stockholders of Ceres approved their previously announced merger at a special meeting held on Friday, August 4. Approvals of the merger also have been received from the Ohio and Nebraska Departments of Insurance. The parties expect that the merger will be consummated later today or tomorrow. Upon consummation of the merger, Ceres will be a wholly-owned subsidiary of GAFRI. About GAFRI GAFRI is a Cincinnati-based insurance holding company with $12 billion in assets. The Company's subsidiaries include Great American Life Insurance Company, Annuity Investors Life Insurance Company, United Teacher Associates Insurance Company (headquartered in Austin, Texas) and Loyal American Life Insurance Company. Through these companies, GAFRI markets traditional fixed, indexed and variable annuities and a variety of supplemental insurance products. For more information, visit www.gafri.com. About Ceres Group Ceres Group, Inc., through its insurance subsidiaries, provides a wide array of health and life insurance products through two primary business segments. Ceres' Medical Segment includes major medical health insurance for individuals, families, associations and small businesses. The Senior Segment includes senior health, life and annuity products for Americans age 55 and over. To help control medical costs, Ceres also provides medical cost management services to its insureds. Ceres' nationwide distribution channels include independent and career agents, as well as electronic distribution systems. For more information, visit www.ceresgp.com. Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 encourages corporations to provide investors with information about the Company's anticipated performance and provides protection from liability if future results are not the same as management's expectations. Documents may contain certain forward-looking statements that are based on assumptions which management believes are reasonable but, by their nature, inherently uncertain. Future events and results could differ materially from those projected. Factors that could cause such differences include, but are not limited to: changes in economic conditions, market interest rates, regulatory actions and changes in the financial condition or results of operations of Ceres. Forward-looking statements are made only as of the date of their release and GAFRI does not have any obligation to update any forward-looking statements to reflect subsequent events or circumstances.