-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TCr6CwRTgFK91dO1W0/Mi62UAz3+D1cQnJ1z6FwlEqI1sdw2aN84uCEPDPk19t7T Mh54pFYcYdEx/L0D/Syjdw== 0000950172-02-001108.txt : 20020524 0000950172-02-001108.hdr.sgml : 20020524 20020524170443 ACCESSION NUMBER: 0000950172-02-001108 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020524 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: INSURANCE MANAGEMENT SOLUTIONS GROUP INC CENTRAL INDEX KEY: 0001063167 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 593422536 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-58027 FILM NUMBER: 02662650 BUSINESS ADDRESS: STREET 1: 360 CENTRAL AVENUE CITY: ST PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 7278032040 MAIL ADDRESS: STREET 1: 360 CENTRAL AVENUE CITY: ST PETERSBURG STATE: FL ZIP: 33701 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BANKERS INSURANCE GROUP INC CENTRAL INDEX KEY: 0001084422 IRS NUMBER: 591673013 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 360 CENTRAL AVE CITY: ST PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 7278234000 MAIL ADDRESS: STREET 1: 360 CENTRAL AVENUE CITY: ST. PETERSBURG STATE: FL ZIP: 337081 SC 13D 1 bos237658.txt --------------------- | OMB APPROVAL | |---------------------| |OMB NUMBER: 3235-0145| UNITED STATES |EXPIRES: | SECURITIES AND EXCHANGE COMMISSION | OCTOBER 31, 2002 | Washington, D.C. 20549 |ESTIMATED AVERAGE | |BURDEN HOURS | |PER RESPONSE ...14.90| |---------------------| SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No.___)* Insurance Management Solutions Group, Inc. ------------------------------------------------------------ (Name of Issuer) Common Stock, par value $.01 per share ------------------------------------------------------------- (Title of Class and Securities) 0001063167 ------------------------------------------------------------ (CUSIP Number) Bankers Insurance Group, Inc. Attn: Robert G. Southey, Esq. Secretary and General Counsel 360 Central Avenue St. Petersburg, Florida 33701 (727) 823-4000 With a copy to: Thomas J. Dougherty, Esq. Skadden, Arps, Slate, Meagher & Flom LLP One Beacon Street Boston, MA 02108 (617)573-4800 ------------------------------------------------------------ (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) November 22, 2000 ------------------------------------------------------------ (Date of Event which Requires Filing of this Statement) o If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ] o Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent. o The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. o The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). (Continued on following pages) Page 1 of 18 Pages SCHEDULE 13D CUSIP No. 0001063167 - ------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Bankers Insurance Group, Inc. - ------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) (x) (b) ( ) - ------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------- 4. SOURCE OF FUNDS* AF - ------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Florida - ------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 0 BENEFICIALLY ------------------------------------------------------ OWNED BY 8. SHARED VOTING POWER EACH 8,349,884 (see item 5) REPORTING ------------------------------------------------------ PERSON 9. SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 8,349,884 (see item 5) - ------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES ( ) - ------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 68.0% - ------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON HC - ------------------------------------------------------------------- CUSIP No. 0001063167 - ------------------------------------------------------------------ 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Bankers Insurance Company - ------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) (x) (b) ( ) - ------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------- 4. SOURCE OF FUNDS* WC - ------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Florida - ------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 0 BENEFICIALLY ------------------------------------------------------ OWNED BY 8. SHARED VOTING POWER EACH 3,528,455 (see item 5) REPORTING ------------------------------------------------------ PERSON 9. SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 3,528,455 (see item 5) - ------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,528,455 (see item 5) - ------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES ( ) - ------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 28.7% - ------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IC - ------------------------------------------------------------------- CUSIP No. 0001063167 - ------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Bankers Security Insurance Company - ------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) (x) (b) ( ) - ------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------- 4. SOURCE OF FUNDS* WC - ------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Florida - ------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 0 BENEFICIALLY ------------------------------------------------------ OWNED BY 8. SHARED VOTING POWER EACH 4,821,429 (see item 5) REPORTING ------------------------------------------------------ PERSON 9. SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 4,821,429 (see item 5) - ------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 4,821,429 (see item 5) - ------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES ( ) - ------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 39.3% - ------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON IC - ------------------------------------------------------------------- CUSIP No. 0001063167 - ------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Bankers Financial Corporation - ------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) (x) (b) ( ) - ------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------- 4. SOURCE OF FUNDS* AF - ------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Florida - ------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 0 BENEFICIALLY ------------------------------------------------------ OWNED BY 8. SHARED VOTING POWER EACH 8,349,884 (see item 5) REPORTING ------------------------------------------------------ PERSON 9. SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 8,349,884 (see item 5) - ------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES ( ) - ------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 68.0% - ------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON CO - ------------------------------------------------------------------- CUSIP No. 0001063167 - ------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Bankers International Financial Corporation - ------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) (x) (b) ( ) - ------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------- 4. SOURCE OF FUNDS* AF - ------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Florida - ------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 0 BENEFICIALLY ------------------------------------------------------ OWNED BY 8. SHARED VOTING POWER EACH 8,349,884 (see item 5) REPORTING ------------------------------------------------------ PERSON 9. SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 8,349,884 (see item 5) - ------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES ( ) - ------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 68.0% - ------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON CO - ------------------------------------------------------------------- CUSIP No. 0001063167 - ------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Bankers International Financial Corporation, Ltd. - ------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) (x) (b) ( ) - ------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------- 4. SOURCE OF FUNDS* AF - ------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman - ------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 0 BENEFICIALLY ------------------------------------------------------ OWNED BY 8. SHARED VOTING POWER EACH 8,349,884 (see item 5) REPORTING ------------------------------------------------------ PERSON 9. SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 8,349,884 (see item 5) - ------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES ( ) - ------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 68.0% - ------------------------------------------------------------------ 14. TYPE OF REPORTING PERSON OO - ------------------------------------------------------------------ CUSIP No. 0001063167 - ------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Ansbacher (Cayman) Limited, as trustee for Bankers International Financial Corporation II Trust - ------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) (x) (b) ( ) - ------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------- 4. SOURCE OF FUNDS* AF - ------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman - ------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 0 BENEFICIALLY ------------------------------------------------------ OWNED BY 8. SHARED VOTING POWER EACH 8,349,884 (see item 5) REPORTING ------------------------------------------------------ PERSON 9. SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 8,349,884 (see item 5) - ------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES ( ) - ------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 68.0% - ------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON OO - ------------------------------------------------------------------- CUSIP No. 0001063167 - ------------------------------------------------------------------- 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (entities only) Independent Foundation for the Pursuit of Charitable Endeavors, Ltd. - ------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) (x) (b) ( ) - ------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------- 4. SOURCE OF FUNDS* AF - ------------------------------------------------------------------- 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------- 6. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman - ------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER SHARES 0 BENEFICIALLY ------------------------------------------------------ OWNED BY 8. SHARED VOTING POWER EACH 8,349,884 (see item 5) REPORTING ------------------------------------------------------ PERSON 9. SOLE DISPOSITIVE POWER WITH 0 ------------------------------------------------------ 10. SHARED DISPOSITIVE POWER 8,349,884 (see item 5) - ------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------- 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES ( ) - ------------------------------------------------------------------- 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 68.0% - ------------------------------------------------------------------- 14. TYPE OF REPORTING PERSON OO - ------------------------------------------------------------------- Item 1. Security and Issuer. The class of equity securities to which this Statement relates is the common stock, par value $.01 per share (the "Common Stock"), of Insurance Management Solutions Group, Inc. (the "Issuer"). The principal executive offices of the Issuer are located at 360 Central Avenue, St. Petersburg, Florida 33701. Item 2. Identity and Background. This statement is filed jointly by each of the following persons pursuant to Rule 13d-1(k) promulgated under Section 13 of the Securities Exchange Act of 1934, as amended: (i) Bankers Insurance Group, Inc., a Florida corporation ("BIG"); (ii) Bankers Insurance Company, a Florida corporation and wholly-owned subsidiary of BIG ("BIC"), as a direct beneficial owner of Common Stock; (iii) Bankers Security Insurance Company, a Florida corporation and jointly-owned subsidiary of BIG and BIC ("BSIC"), as a direct beneficial owner of Common Stock; (iv) Bankers Financial Corporation ("BFC"), Bankers International Financial Corporation ("BIFC") and Bankers International Financial Corporation, Ltd. ("BIFC Ltd."), all of which are Florida corporations, except BIFC, Ltd., which is a Cayman Islands corporation, as the direct, indirect and ultimate parent corporations, respectively, of BIG; (v) Ansbacher (Cayman) Limited ("Ansbacher"), as trustee of the Bankers International Financial Corporation II Trust, a discretionary charitable trust which includes all of the outstanding shares of BIFC Ltd.; and (vi) Independent Foundation for the Pursuit of Charitable Endeavors, Ltd., ("IFPCE"), a not-for-profit Cayman company, which possesses certain discretionary powers to direct Ansbacher to dispose of the shares of BIFC Ltd. Information with respect to each of the reporting persons is given solely by such reporting person, and no reporting person assumes responsibility for the accuracy or completeness of information provided by another reporting person. By their signatures on this statement, each of the reporting persons agrees that this statement is filed on behalf of such reporting person. (a)-(c), (f) The name and place of organization of each reporting person hereto (each, a "Reporting Person") is herein incorporated by reference to the responses to Items 1 and 6 on the cover page provided for each respective Reporting Person. The name, address and principal occupation, as applicable, of each director or executive officer of each Reporting Person (each, a "Disclosed Party" and collectively, the "Disclosed Parties") is set forth on Schedules 1-A through 1-F hereto. Other than John E. Smith, who is a citizen of the United Kingdom, each Disclosed Party is, to BIG's knowledge, a citizen of the United States. Headquartered in St. Petersburg, Florida, BIG is comprised of three property and casualty insurance companies, a life and health insurer, an extensive sales and marketing organization, and a variety of related enterprises. The principal executive offices of BIG, BIC, BSIC, BFC and BIFC are located at 360 Central Avenue, St. Petersburg, Florida 33701. The principal executive offices of BIFC Ltd. and Ansbacher are located at Ansbacher House, Jeanette Street, P.O. Box 887, George Town, Grand Cayman, British West Indies. The principal executive offices of IFPCE are located at P.O. Box 1369 GT, Fort Street, Grand Cayman, British West Indies. (d)-(e) During the last five years, no Reporting Person or, to the knowledge of any Reporting Person, any Disclosed Party related to such Reporting Person, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Item 3. Source and Amount of Funds or Other Consideration. The information set forth in Item 4 of the cover page of each Reporting Person to this Schedule 13D and the information set forth in Item 4 of this Schedule 13D are hereby incorporated by reference herein. All shares of Common Stock beneficially owned by the Reporting Persons were held by the Reporting Persons prior to the Issuer's initial public offering of the Common Stock, except that, subsequent to the offering, BIC acquired 149,884 shares of Common Stock for an aggregate purchase price of $337,738 and BSIC acquired 250,000 shares of Common Stock for an aggregate purchase price of $151,875. Item 4. Purpose of the Transaction. The Issuer announced on January 30, 2002 that a Special Committee of the Board of Directors of the Issuer had been formed to evaluate possible strategic alternatives for the Issuer. In this regard on February 25, 2002, the Chairman of the Special Committee requested that BIG consider submitting a proposal to purchase the shares of the Issuer not currently owned by BIG or the other Reporting Persons. By letter to the Special Committee dated March 21, 2002, (the "March 21 Letter"), BIG indicated its interest in pursuing an acquisition of such shares at a price per share of $4.00, with any such acquisition to be subject to the approval of BIG's Board of Directors, a satisfactory due diligence investigation confirming that such a price would be appropriate, the prior consummation of a sale by the Issuer's subsidiaries of the rights to their flood servicing contracts for total cash consideration of not less than $25 million (the "Minimum Asset Sales Price") and the other terms and conditions outlined in the March 21 Letter. The full text of the March 21 Letter is attached hereto as Exhibit 4.1 and hereby incorporated by reference herein. Following BIG's submission of the March 21 Letter, representatives of BIG engaged in discussions with representatives of the Special Committee as to a possible transaction with BIG, including the probability that the Minimum Asset Sales Price could be achieved, as well as the potential terms on which BIG might support a transaction between the Issuer and a third party which the Special Committee and the full board of the Issuer determine to be in the best interests of the stockholders of the Issuer, and which would result in a transfer by the Reporting Persons of all of their shares of stock in the Issuer to such third party. Subsequent to such discussions, the Reporting Persons have determined that they are not interested, at this time, in pursuing discussions with the Special Committee as to the terms of any proposal pursuant to which BIG would purchase the shares of the Issuer not currently owned by BIG. The Reporting Persons remain committed to considering the terms on which BIG might support a transaction involving the Issuer which would result in a transfer by the Reporting Persons of all of their shares of stock in the Issuer to a third party. The Reporting Persons intend to review their holdings in the Issuer on a continuing basis. As part of this ongoing review, the Reporting Persons have engaged, and may in the future engage, legal and financial advisors to assist them in such review and in evaluating strategic alternatives that are or may become available with respect to their holdings in the Issuer. In that connection, and depending upon, among other things, current and anticipated future trading prices for the Common Stock, the financial condition, results of operations and prospects of the Issuer and its businesses, general economic, market and industry conditions, and the Reporting Persons' overall investment portfolio, strategic objectives and financial condition, the Reporting Persons may from time to time consider a number of possible strategies for enhancing the value of their investment in the Issuer, or other extraordinary matters relating to the Issuer, including, among other things, continued ownership of the shares of Common Stock currently beneficially owned by the Reporting Persons; acquiring additional securities of the Issuer in the open market, in privately negotiated transactions or otherwise; structuring a loan or loans secured by some or all of the shares of Common Stock beneficially owned by the Reporting Persons; disposing of some or all of the securities of the Issuer beneficially owned by them; proposing or seeking to take control of the Issuer or otherwise to effect an extraordinary corporate transaction such as an acquisition, merger, recapitalization, reorganization or liquidation involving the Issuer or any of its subsidiaries or a sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; or proposing or effecting any other transaction or matter that would constitute or result in any of the transactions, matters or effects enumerated in Item 4 of this Schedule 13D. The review and the considerations noted above may lead to the taking of any of the actions set forth above or may lead the Reporting Persons to consider other alternatives. However, there can be no assurance that the Reporting Persons will develop any plans or proposals with respect to any of the foregoing matters or take any particular action or actions with respect to some or all of their holdings in the Issuer, or as to the timing of any such matters should they be so pursued by the Reporting Persons. The Reporting Persons reserve the right, at any time and in each Reporting Person's sole discretion, to take any of the actions set forth above. Item 5. Interest in the Securities of the Issuer. The responses to Items 7 through 13 on the cover page provided for each Reporting Person that relate to the beneficial ownership of the Common Stock, are incorporated herein by reference. The information set forth in Item 4 of this Schedule 13D is hereby incorporated by reference herein. (a) According to the Issuer's amended annual report on Form 10-K/A as filed with the Commission on March 18, 2002, there were 12,276,063 shares of Common Stock issued and outstanding. The Reporting Persons beneficially own, directly or indirectly, an aggregate of 8,349,884 shares of Common Stock (representing approximately 68.0% of the outstanding shares of Common Stock), of which 3,528,455 shares (representing approximately 28.7% of the outstanding shares of Common Stock) are directly owned by BIC and 4,821,429 shares (representing approximately 39.3% of the outstanding shares of Common Stock) are directly owned by BSIC. Of the Disclosed Parties named in Item 2, Robert M. Menke directly beneficially owns 162,200 shares of Common Stock (representing approximately 1.3% of the outstanding shares of Common Stock), Robert G. Menke directly beneficially owns 3,200 shares of Common Stock (representing less than 1% of the outstanding shares of Common Stock), Bill Gunter directly beneficially owns 5,000 shares of Common Stock (representing less than 1% of the outstanding shares of Common Stock), J. Wayne Mixson directly beneficially owns 47,000 shares of Common Stock (representing less than 1% of the outstanding shares of Common Stock), Brett M. Menke directly beneficially owns 12,000 shares of Common Stock (representing less than 1% of the outstanding shares of Common Stock), David K. Meehan directly beneficially owns 2,200 shares of Common Stock (representing less than 1% of the outstanding shares of Common Stock), Edwin C. Hussemann directly beneficially owns 1,400 shares of Common Stock (representing less than 1% of the outstanding shares of Common Stock) and Kathleen M. Batson directly beneficially owns 100 shares of Common Stock (representing less than 1% of the outstanding shares of Common Stock). Each of the Disclosed Parties disclaims membership in a "group" for purposes of Section 13 of the Securities Exchange Act of 1934, as amended. The filing of this Schedule 13D shall not be construed as an admission that any Disclosed Party is the beneficial owner of shares held by a group or that any Disclosed Party constitutes a group. Each Reporting Person and Disclosed Party is not responsible for the accuracy of any information filed in this Schedule 13D relating to any Reporting Person or Disclosed Party other than itself and its related persons or entities. (b) The Reporting Persons possess shared power to direct the voting and disposition of the shares of Common Stock held in the aggregate thereby. The Disclosed Parties possess sole power to direct the voting and disposition of their respective shares of Common Stock. (c) To the best of BIG's knowledge as of the date hereof, on March 11, 2002, J. Wayne Mixson sold 1,000 shares of Common Stock at approximately $3.55 per share in an open market transaction. (d) With respect to the Common Stock held by any Reporting Person, there is no person that has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such stock other than such Reporting Person. (e) Not applicable. Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. The information set forth in Item 4 of this Schedule 13D is hereby incorporated by reference herein. Item 7. Material to be Filed as Exhibits. 4.1 Letter from BIG to the Special Committee dated March 21, 2002 99.1 Agreement of Joint Filing dated as of May 24, 2002 among Bankers Insurance Group, Inc., Bankers Insurance Company, Bankers Security Insurance Company, Bankers Financial Corporation, Bankers International Financial Corporation, Bankers International Financial Corporation, Ltd., Ansbacher (Cayman) Limited, as trustee of the Bankers International Financial Corporation II Trust and Independent Foundation for the Pursuit of Charitable Endeavors, Ltd. 99.2 Power of Attorney for Bankers International Financial Corporation, Ltd. 99.3 Power of Attorney for Ansbacher (Cayman) Limited, as trustee for the Bankers International Financial Corporation II Trust 99.4 Power of Attorney for Independent Foundation for the Pursuit of Charitable Endeavors, Ltd.(1) (1) Incorporated by reference to the Reporting Persons Schedule 13G filed with the SEC on April 5, 2000. The Index of Exhibits attached to this Statement is hereby incorporated by reference in its entirety. SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete, and correct. Dated: May 24, 2002 BANKERS INSURANCE GROUP, INC. By: /s/ Robert G. Southey ----------------------------- Name: Robert G. Southey Title: Secretary General Counsel Vice President BANKERS INSURANCE COMPANY By: /s/ Robert G. Southey ----------------------------- Name: Robert G. Southey Title: Secretary General Counsel Vice President BANKERS SECURITY INSURANCE COMPANY By: /s/ Robert G. Southey ----------------------------- Name: Robert G. Southey Title: Secretary General Counsel Vice President BANKERS FINANCIAL CORPORATION By: /s/ David B. Snyder ----------------------------- Name: David B. Snyder Title: Secretary General Counsel Vice President BANKERS INTERNATIONAL FINANCIAL CORPORATION By: /s/ David B. Snyder ----------------------------- Name: David B. Snyder Title: Secretary General Counsel Vice President BANKERS INTERNATIONAL FINANCIAL CORPORATION, LTD. By: /s/ David K. Meehan ----------------------------- Name: David K. Meehan Title: Attorney-in-fact under Power dated 5/16/02 ANSBACHER (CAYMAN) LIMITED, AS TRUSTEE FOR THE BANKERS INTERNATIONAL FINANCIAL CORPORATION II TRUST By: /s/ David K. Meehan ----------------------------- Name: David K. Meehan Title: Attorney-in-fact under Power dated 5/16/02 INDEPENDENT FOUNDATION FOR THE PURSUIT OF CHARITABLE ENDEAVORS, LTD. By: /s/ David K. Meehan ----------------------------- Name: David K. Meehan Title: Attorney-in-fact under Power dated 2/10/99 Schedule 1-A BANKERS INSURANCE GROUP, INC. DIRECTORS AND EXECUTIVE OFFICERS The name and present principal occupation of each director and executive officer of Bankers Insurance Group, Inc. are set forth below. The business address for each person listed below, unless otherwise indicated, is c/o Bankers Insurance Group, Inc., 360 Central Avenue, St. Petersburg, Florida 33701.
...................................... ....................................... ...................................... Item 2 Name Occupation Business Address ...................................... ....................................... ...................................... Robert M. Menke Director, Chairman, President ...................................... ....................................... ...................................... David J. Nye Director, Vice Chairman and Professor University of Florida College of Business Administration 329 Stusen Gainesville, FL 32611 ...................................... ....................................... ...................................... Jason J. Israel Director, Vice Chairman ...................................... ....................................... ...................................... Douglas B. Pierce Director, Vice Chairman ...................................... ....................................... ...................................... Edwin C. Hussemann Director, Trustee ...................................... ....................................... ...................................... Robert G. Menke Director ...................................... ....................................... ...................................... David K. Meehan Director ...................................... ....................................... ...................................... Duane M. DiPirro Director and Consultant 22 Hampton Court Lancaster, NY 14086 ...................................... ....................................... ...................................... Gary J. Forbes Director Forbes Agency, Inc. 135 Bedford Road Katonah, NY 10536 ...................................... ....................................... ...................................... Bill Gunter Director Rogers, Atkins, Gunter & Associates Insurance Inc. 1117 Thomasville Road Tallahassee, FL 32303 ...................................... ....................................... ...................................... J. Wayne Mixson Director ...................................... ....................................... ...................................... John A. Strong Director and Doctor 2323 Kirkpatrick Place Greensboro, NC 27408 ...................................... ....................................... ...................................... Robert G. Southey Secretary, Vice President ...................................... ....................................... ...................................... Steven P. Beaty Secretary, Vice President ...................................... ....................................... ...................................... Carey A. Geaglone Vice President ...................................... ....................................... ...................................... Brookland F. Davis Vice President ...................................... ....................................... ...................................... B. Bradford Martz Vice President ...................................... ....................................... ......................................
Schedule 1-B BANKERS INSURANCE COMPANY DIRECTORS AND EXECUTIVE OFFICERS The name and present principal occupation of each director and executive officer of Bankers Insurance Company are set forth below. The business address for each person listed below, unless otherwise indicated, is c/o Bankers Insurance Company, 360 Central Avenue, St. Petersburg, Florida 33701.
.................................. ........................................... ............................. Item 2 Name Occupation Business Address .................................. ........................................... ............................. David J. Nye Director, Chairman and Professor University of Florida College of Business Administration 329 Stusen Gainesville, FL 32611 .................................. ........................................... ............................. Jason J. Israel Director, President, Vice Chairman .................................. ........................................... ............................. Edwin C. Hussemann Director, Trustee .................................. ........................................... ............................. Robert M. Menke Director .................................. ........................................... ............................. David K. Meehan Director .................................. ........................................... ............................. Robert G. Menke Director .................................. ........................................... ............................. Duane M. DiPirro Director and Consultant 22 Hampton Court Lancaster, NY 14086 .................................. ........................................... ............................. Gary J. Forbes Director Forbes Agency, Inc. 135 Bedford Road Katonah, NY 10536 .................................. ........................................... ............................. Bill Gunter Director Rogers, Atkins, Gunter & Associates Insurance Inc. 1117 Thomasville Road Tallahassee, FL 32303 .................................. ........................................... ............................. J. Wayne Mixson Director .................................. ........................................... ............................. John A. Strong Director and Doctor 2323 Kirkpatrick Place Greensboro, NC 27408 .................................. ........................................... ............................. Robert G. Southey Secretary, Vice President .................................. ........................................... ............................. Kathleen M. Batson Secretary, Vice President .................................. ........................................... ............................. Steven P. Beaty Secretary, Vice President .................................. ........................................... ............................. Brookland F. Davis Vice President .................................. ........................................... ............................. Brian J. Kesneck Vice President .................................. ........................................... ............................. Barbara A. Peat Vice President .................................. ........................................... ............................. Teresa D. Heller Vice President .................................. ........................................... ............................. Carey A. Geaglone Vice President .................................. ........................................... .............................
Schedule 1-C BANKERS SECURITY INSURANCE COMPANY DIRECTORS AND EXECUTIVE OFFICERS The name and present principal occupation of each director and executive officer of Bankers Security Insurance Company are set forth below. The business address for each person listed below, unless otherwise indicated, is c/o Bankers Security Insurance Company, 360 Central Avenue, St. Petersburg, Florida 33701.
................................. ........................................... ................................. Item 2 Name Occupation Business Address ................................. ........................................... ................................. ................................. ........................................... ................................. David J. Nye Director, Chairman and Professor University of Florida College of Business Administration 329 Stusen Gainesville, FL 32611 ................................. ........................................... ................................. Jason J. Israel Director, President, Vice Chairman ................................. ........................................... ................................. Edwin C. Hussemann Director, Trustee ................................. ........................................... ................................. Robert M. Menke Director ................................. ........................................... ................................. David K. Meehan Director ................................. ........................................... ................................. Robert G. Menke Director ................................. ........................................... ................................. Duane M. DiPirro Director and Consultant 22 Hampton Court Lancaster, NY 14086 ................................. ........................................... ................................. Gary J. Forbes Director Forbes Agency, Inc. 135 Bedford Road Katonah, NY 10536 ................................. ........................................... ................................. Bill Gunter Director Rogers, Atkins, Gunter & Associates Insurance Inc. 1117 Thomasville Road Tallahassee, FL 32303 ................................. ........................................... ................................. J. Wayne Mixson Director ................................. ........................................... ................................. John A. Strong Director and Doctor 2323 Kirkpatrick Place Greensboro, NC 27408 ................................. ........................................... ................................. Robert G. Southey Secretary, Vice President ................................. ........................................... ................................. Kathleen M. Batson Secretary, Vice President ................................. ........................................... ................................. Steven P. Beaty Secretary, Vice President ................................. ........................................... ................................. Carey A. Geaglone Vice President ................................. ........................................... ................................. Brookland F. Davis Vice President ................................. ........................................... ................................. Barbara A. Peat Vice President ................................. ........................................... ................................. Teresa D. Heller Vice President ................................. ........................................... .................................
Schedule 1-D BANKERS FINANCIAL CORPORATION DIRECTORS AND EXECUTIVE OFFICERS The name and present principal occupation of each director and executive officer of Bankers Financial Corporation are set forth below. The business address for each person listed below, unless otherwise indicated, is c/o Bankers Financial Corporation, 360 Central Avenue, St. Petersburg, Florida 33701.
................................. ............................................ ................................. Item 2 Name Occupation Business Address ................................. ............................................ ................................. ................................. ............................................ ................................. Robert M. Menke Director, Chairman ................................. ............................................ ................................. Robert G. Menke Director ................................. ............................................ ................................. David K. Meehan Director, Vice Chairman, President ................................. ............................................ ................................. Edwin C. Hussemann Director, Trustee ................................. ............................................ ................................. Brett M. Menke Director ................................. ............................................ ................................. Ralph E. Stevens, Jr. Director and President Stevens & Stevens P.O. Box 388 Pinellas Park, FL 34664 ................................. ............................................ ................................. David R. Punzak Director and Attorney Carlton Fields Bank of America Building Suite 2300 St. Petersburg, FL 33701 ................................. ............................................ ................................. David B. Snyder Secretary, Vice President ................................. ............................................ ................................. Steven K. Kurcan Vice President ................................. ............................................ .................................
Schedule 1-E BANKERS INTERNATIONAL FINANCIAL CORPORATION DIRECTORS AND EXECUTIVE OFFICERS The name and present principal occupation of each director and executive officer of Bankers International Financial Corporation are set forth below. The business address for each person listed below, unless otherwise indicated, is c/o Bankers International Financial Corporation, 360 Central Avenue, St. Petersburg, Florida 33701.
................................... ...................................... .................................. Item 2 Name Occupation Business Address ................................... ...................................... .................................. ................................... ...................................... .................................. Robert M. Menke Director, Chairman ................................... ...................................... .................................. Robert G. Menke Director ................................... ...................................... .................................. David K. Meehan Director, Vice Chairman, President ................................... ...................................... .................................. Edwin C. Hussemann Director, Trustee ................................... ...................................... .................................. Brett M. Menke Director ................................... ...................................... .................................. Ralph E. Stevens, Jr. Director and President Stevens & Stevens P.O. Box 388 Pinellas Park, FL 34664 ................................... ...................................... .................................. David R. Punzak Director and Attorney Carlton Fields Bank of America Building Suite 2300 St. Petersburg, FL 33701 ................................... ...................................... .................................. David B. Snyder Secretary, Vice President ................................... ...................................... ..................................
Schedule 1-F INDEPENDENT FOUNDATION FOR THE PURSUIT OF CHARITABLE ENDEAVORS, LTD. DIRECTORS AND EXECUTIVE OFFICERS The name and present principal occupation of each director and executive officer of Independent Foundation for the Pursuit of Charitable Endeavors, Ltd. are set forth below. The business address for each person listed below, unless otherwise indicated, is c/o P.O. Box 1369 GT, Fort Street, Grand Cayman, British West Indies.
................................... ...................................... .................................... Item 2 Name Occupation Business Address ................................... ...................................... .................................... ................................... ...................................... .................................... Robert M. Menke Director, Chairman c/o Bankers Insurance Group, Inc. 360 Central Avenue, St. Petersburg, Florida 33701 ................................... ...................................... .................................... Robert G. Menke Director c/o Bankers Insurance Group, Inc. 360 Central Avenue, St. Petersburg, Florida 33701 ................................... ...................................... .................................... David K. Meehan Director, Vice Chairman, President c/o Bankers Insurance Group, Inc. 360 Central Avenue, St. Petersburg, Florida 33701 ................................... ...................................... .................................... Edwin C. Hussemann Director, Trustee c/o Bankers Insurance Group, Inc. 360 Central Avenue, St. Petersburg, Florida 33701 ................................... ...................................... .................................... Brett M. Menke Director c/o Bankers Insurance Group, Inc. 360 Central Avenue, St. Petersburg, Florida 33701 ................................... ...................................... .................................... Ralph E. Stevens, Jr. Director and President Stevens & Stevens P.O. Box 388 Pinellas Park, FL 34664 ................................... ...................................... .................................... David R. Punzak Director and Attorney Carlton Fields Bank of America Building Suite 2300 St. Petersburg, FL 33701 ................................... ...................................... .................................... Barry B. Benjamin President ................................... ...................................... .................................... John E. Smith Secretary, Treasurer ................................... ...................................... ....................................
INDEX OF EXHIBITS Number Description ------ ----------- 4.1 Letter from BIG to the Special Committee dated March 21, 2002 99.1 Agreement of Joint Filing dated as of May 24, 2002 among Bankers Insurance Group, Inc., Bankers Insurance Company, Bankers Security Insurance Company, Bankers Financial Corporation, Bankers International Financial Corporation, Bankers International Financial Corporation, Ltd., Ansbacher (Cayman) Limited, as trustee of the Bankers International Financial Corporation II Trust and Independent Foundation for the Pursuit of Charitable Endeavors, Ltd. 99.2 Power of Attorney for Bankers International Financial Corporation, Ltd. 99.3 Power of Attorney for Ansbacher (Cayman) Limited, as trustee for the Bankers International Financial Corporation II Trust 99.4 Power of Attorney for Independent Foundation for the Pursuit of Charitable Endeavors, Ltd.(1) (1) Incorporated by reference to the Reporting Persons Schedule 13G filed with the SEC on April 5, 2000. Exhibit 4.1 BANKERS INSURANCE GROUP LETTERHEAD Robert M. Menke Chairman March 21, 2002 Mr. Jack S. McMullen Insurance Management Solutions Group, Inc. Chairman of the Special Committee of the Board of Directors 360 Central Avenue, 16th Floor St. Petersburg, FL 33701 Dear Jack: On behalf of Bankers Insurance Group, Inc. (herein, "Buyer"), I am pleased to communicate to you our interest in pursuing an acquisition of all of the outstanding shares of Insurance Management Solutions Group, Inc. (herein, "Seller") not owned by Buyer at a price of $4.00 per share in cash. This acquisition would be subject to the approval of Buyer's board of directors. Additionally, it would be conditioned upon (i) approval of a merger transaction by not less than a majority of the minority of the shares outstanding of Seller, (ii) the prior consummation of the sale by Seller's subsidiaries of the rights to the flood servicing contracts for total cash consideration of not less than $25 million, (iii) the receipt of appropriate regulatory approvals from the Florida Department of Insurance, (v) the completion of a satisfactory due diligence investigation and (iv) the successful negotiation of a definitive agreement containing representations, warranties, covenants and other conditions customary in these types of transactions. As you know, this proposal follows and arises from preliminary, informal conversations with you, as Chairman of the Special Committee, and the Special Committee's advisors and reflects an increase of $.50 over the per share price initially raised in those conversations. We believe that the proposed price, which represents a premium of 23% to the prior 30 trading day average price of Seller's shares, and a premium of about 14% to the market price of Seller's shares on March 21, 2002, is fair to the public shareholders of Seller from a financial point of view. I look forward to your response to this proposal and thank you for your work on the committee to date. Sincerely, /s/ Robert M. Menke ------------------------- Robert M. Menke Exhibit 99.1 AGREEMENT OF JOINT FILING AGREEMENT dated as of May 24, 2002 among Bankers Insurance Group, Inc., Bankers Insurance Company, Bankers Security Insurance Company, Bankers Financial Corporation, Bankers International Financial Corporation, Bankers International Financial Corporation, Ltd., Ansbacher (Cayman) Limited, as trustee for the Bankers International Financial Corporation II Trust and Independent Foundation for the Pursuit of Charitable Endeavors, Ltd. WHEREAS, pursuant to paragraph (k) of Rule 13d-1 promulgated under Subsection 13(d)(1) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), the parties hereto have decided to satisfy their filing obligations under the 1934 Act by a single joint filing: NOW, THEREFORE, the undersigned hereby agree as follows: 1. The Schedule 13D with respect to Insurance Management Solutions Group, Inc., to which this Agreement is attached as Exhibit 99.1, as well as all future amendments to such Schedule, shall be filed jointly on behalf of Bankers Insurance Group, Inc., Bankers Insurance Company, Bankers Security Insurance Company, Bankers Financial Corporation, Bankers International Financial Corporation, Bankers International Financial Corporation, Ltd., Ansbacher (Cayman) Limited, as trustee for the Bankers International Financial Corporation II Trust and Independent Foundation for the Pursuit of Charitable Endeavors, Ltd. 2. Each of Bankers Insurance Group, Inc., Bankers Insurance Company, Bankers Security Insurance Company, Bankers Financial Corporation, Bankers International Financial Corporation, Bankers International Financial Corporation, Ltd., Ansbacher (Cayman) Limited, as trustee for the Bankers International Financial Corporation II Trust and Independent Foundation for the Pursuit of Charitable Endeavors, Ltd. is responsible for the completeness and accuracy of the information concerning such person contained therein; provided that each person is not responsible for the completeness or accuracy of the information concerning any other person making such filing. IN WITNESS WHEREOF, the undersigned hereunto set their hands as of the date first above written. BANKERS INSURANCE GROUP, INC. By: /s/ Robert G. Southey ----------------------------- Name: Robert G. Southey Title: Secretary General Counsel Vice President BANKERS INSURANCE COMPANY By: /s/ Robert G. Southey ----------------------------- Name: Robert G. Southey Title: Secretary General Counsel Vice President BANKERS SECURITY INSURANCE COMPANY By: /s/ Robert G. Southey ----------------------------- Name: Robert G. Southey Title: Secretary General Counsel Vice President BANKERS FINANCIAL CORPORATION By: /s/ David B. Snyder ----------------------------- Name: David B. Snyder Title: Secretary General Counsel Vice President BANKERS INTERNATIONAL FINANCIAL CORPORATION By: /s/ David B. Snyder ----------------------------- Name: David B. Snyder Title: Secretary General Counsel Vice President BANKERS INTERNATIONAL FINANCIAL CORPORATION, LTD. By: /s/ David K. Meehan ----------------------------- Name: David K. Meehan Title: Attorney-in-fact under Power dated 5/16/02 ANSBACHER (CAYMAN) LIMITED, AS TRUSTEE FOR THE BANKERS INTERNATIONAL FINANCIAL CORPORATION II TRUST By: /s/ David K. Meehan ----------------------------- Name: David K. Meehan Title: Attorney-in-fact under Power dated 5/16/02 INDEPENDENT FOUNDATION FOR THE PURSUIT OF CHARITABLE ENDEAVORS, LTD. By: /s/ David K. Meehan ----------------------------- Name: David K. Meehan Title: Attorney-in-fact under Power dated 2/10/99 Exhibit 99.2 POWER OF ATTORNEY Know all by these presents, that the undersigned hereby constitutes and appoints each of Bankers Insurance Group, Inc., David K. Meehan, David M. Howard and, Robert G. Gantley, signing singly, the undersigned's true and lawful attorney-in-fact to: (1) execute for and on behalf of the undersigned, in the undersigned's capacity as a more than 5 % shareholder of Insurance Management Solutions Group, Inc. (the "Company"), any and all forms, applications and other documents as may be necessary or advisable for the undersigned to file under the Securities Exchange Act of 1934 and the rules thereunder (the "Exchange Act"), including, without limitation, Forms 3, 4 and 5 and Schedules 13D and 13G in accordance with Section 16(a) and Section 13(d), respectively, of the Exchange Act (collectively, "Documents"); and (2) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Documents and timely file such Documents with the United States Securities and Exchange Commission and any stock exchange or similar authority. The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with the Exchange Act. This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Documents with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact and is granted for a maximum period of one (1) year from the date hereof. The attorneys-in-fact shall report to the undersigned Trustee all actions undertaken by them under the powers granted to them by this Power of Attorney and shall forward to it copies of all correspondence, contracts and agreements signed by them upon each and every exercise of the Power of Attorney. Every exercise of the Power of Attorney shall constitute an acknowledgment that the Attorney will at all times hereafter indemnify and keep indemnified the Company and every Officer thereof and the personal representatives of such Officers from and against all actions, suits, proceedings, claims or demands whatsoever arising out of or by reason of the exercise of the power and any costs incurred by the Company or any such Officer in defending any such actions, suit, proceeding, claim or demand. IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 16th day of May 2002. BANKERS INTERNATIONAL FINANCIAL CORPORATION, LTD. By: /s/ Robin A.H. Garnham ------------------------------------------ Name: Robin A.H. Garnham Title: For and on behalf of Cromer Limited, Director By: /s/ Tonita Powell ------------------------------------------ Name: Tonita Powell Title: For and on behalf of Cromer Limited, Director Exhibit 99.3 POWER OF ATTORNEY Know all by these presents, that the undersigned hereby constitutes and appoints each of Bankers Insurance Group, Inc., David K. Meehan, David M. Howard and, Robert G. Gantley, signing singly, the undersigned's true and lawful attorney-in-fact to: (1) execute for and on behalf of the undersigned, in the undersigned's capacity as a more than 5 % shareholder of Insurance Management Solutions Group, Inc. (the "Company"), any and all forms, applications and other documents as may be necessary or advisable for the undersigned to file under the Securities Exchange Act of 1934 and the rules thereunder (the "Exchange Act"), including, without limitation, Forms 3, 4 and 5 and Schedules 13D and 13G in accordance with Section 16(a) and Section 13(d), respectively, of the Exchange Act (collectively, "Documents"); and (2) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Documents and timely file such Documents with the United States Securities and Exchange Commission and any stock exchange or similar authority. The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with the Exchange Act. This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Documents with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact and is granted for a maximum period of one (1) year from the date hereof. The attorneys-in-fact shall report to the undersigned Trustee all actions undertaken by them under the powers granted to them by this Power of Attorney and shall forward to it copies of all correspondence, contracts and agreements signed by them upon each and every exercise of the Power of Attorney. Every exercise of the Power of Attorney shall constitute an acknowledgment that the Attorney will at all times hereafter indemnify and keep indemnified the Company and every Officer thereof and the personal representatives of such Officers from and against all actions, suits, proceedings, claims or demands whatsoever arising out of or by reason of the exercise of the power and any costs incurred by the Company or any such Officer in defending any such actions, suit, proceeding, claim or demand. IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 16th day of May 2002. Ansbacher (Cayman) Limited Trustee of the Bankers International Financial Corporation Ii Trust By: /s/ Tonita Powell ------------------------------------------ Name: Tonita Powell Title: Authorised Signatory By: /s/ Robin A.H. Garnham ------------------------------------------ Name: Robin A.H. Garnham Title: Authorised Signatory -----END PRIVACY-ENHANCED MESSAGE-----