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                                                                    EXHIBIT 99.3
                                                        
                                                                   PRESS RELEASE

PROVIDENT

PROVIDENT COMPANIES, INC.
1 FOUNTAIN SQUARE
CHATTANOOGA, TN 87402

MARCH 27, 1997                          CONTACT:  Thomas A.H. White
                                                  (423) 755-8996


                PROVIDENT COMPLETES ACQUISITION OF PAUL REVERE

        CHATTANOOGA, Tenn. -- Provident Companies, Inc. (NYSE: PVT) today
announced that it has completed its acquisition of The Paul Revere Corporation
(NYSE:PRL).
        "We are extremely pleased to complete the acquisition of Paul Revere,"
said J. Harold Chandler, Provident's chairman, president and chief executive
officer.  "This transaction, along with out recent acquisition of GENEX
Services, Inc., significantly enhances our ability to grow revenues and
earnings and to provide value to our customers and shareholders."
        Under the terms of the transaction, Paul Revere will become a wholly
owned subsidiary of Provident Companies, Inc.  Paul Revere's public
shareholders may elect to receive for each Paul Revere share i) $26.00 in cash;
or ii) a combination of $20.00 in cash and 0.177 shares of Provident common
stock; or iii) 0.767 shares of Provident common stock.  Yesterday's closing
price for Provident common stock was $55.50, compared to $31.50 on April 26,
1996, the last trading day before the transaction was announced.  Paul Revere
common shareholders will receive instructions on making their elections
shortly.





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                                  PROVIDENT


        Textron, Inc. (NYSE:TXT), which owns approximately 83.3% of Paul
Revere's 45 million outstanding common shares, will receive $20.00 in cash and
0.1578 shares of Provident common stock for each Paul Revere share.
        Textron and Provident also announced an additional agreement by which,
under certain circumstances, Textron will pay to Provident a portion of the
proceeds from the sale of Provident stock received by Textron in the
acquisition.  This agreement between Textron and Provident does not affect Paul
Revere's public shareholders.
        Separately, Provident completed its transaction with the Zurich
Insurance Group.  Zurich and certain related entities made a $800 million
common stock investment in Provident, representing approximately 14 percent of
the equity of the company, in connection with Provident's acquisition of Paul
Revere.
        Provident Companies, Inc., through its subsidiaries, is a provider of
disability, life, and related coverages to the individual and employee benefits
marketplaces.

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