-----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, PGhEPlvJUXVSQMq+1Fn5oh3miSxFP3Hn3rrDbDJD9wNGO0/tYHhMRHU7UN1fEAgC M3eyxjbhDme+zoYfop9JTQ== 0000950172-03-000102.txt : 20030114 0000950172-03-000102.hdr.sgml : 20030114 20030110142515 ACCESSION NUMBER: 0000950172-03-000102 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20030110 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-58027 FILM NUMBER: 03510424 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/A 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/A 1 bos256367.txt SC 13D - AMENDMENT NO. 5 _____________________ | OMB APPROVAL | |_____________________| |OMB NUMBER: 3235-0145| UNITED STATES |EXPIRES: | SECURITIES AND EXCHANGE COMMISSION | December 31, 2005| Washington, D.C. 20549 |ESTIMATED AVERAGE | |BURDEN HOURS | |PER RESPONSE ...11 | |_____________________| SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 5)* Insurance Management Solutions Group, Inc. ____________________________________________________________ (Name of Issuer) Common Stock, par value $.01 per share _____________________________________________________________ (Title of Class of Securities) 458045101 ____________________________________________________________ (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) December 31, 2002 ____________________________________________________________ (Date of Event which Requires Filing of this Statement) 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. [ ] 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. * 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. 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). SCHEDULE 13D - ------------------------------------------------------------------------------- CUSIP No. 0001063167 Page 2 of 16 Pages - ------------------------------------------------------------------------------- 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, WC - ------------------------------------------------------------------------------- 5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ---------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 8,349,884 (see item 5) OWNED BY ---------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 0 REPORTING ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON 8,349,884 (see item 5) WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------------------- 12 CHECK 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 - ------------------------------------------------------------------------------- SCHEDULE 13D - ------------------------------------------------------------------------------- CUSIP No. 0001063167 Page 3 of 16 Pages - ------------------------------------------------------------------------------- 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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ---------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 3,528,455 (see item 5) OWNED BY ---------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 0 REPORTING ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON 3,528,455 (see item 5) WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,528,455 (see item 5) - ------------------------------------------------------------------------------- 12 CHECK 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 - ------------------------------------------------------------------------------- SCHEDULE 13D - ------------------------------------------------------------------------------- CUSIP No. 0001063167 Page 4 of 16 Pages - ------------------------------------------------------------------------------- 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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ---------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 821,429 (see item 5) OWNED BY ---------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 0 REPORTING ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON 821,429 (see item 5) WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 821,429 (see item 5) - ------------------------------------------------------------------------------- 12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ( ) - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.7% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON IC - ------------------------------------------------------------------------------- SCHEDULE 13D - ------------------------------------------------------------------------------- CUSIP No. 0001063167 Page 5 of 16 Pages - ------------------------------------------------------------------------------- 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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ---------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 8,349,884 (see item 5) OWNED BY ---------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 0 REPORTING ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON 8,349,884 (see item 5) WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------------------- 12 CHECK 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 - ------------------------------------------------------------------------------- SCHEDULE 13D - ------------------------------------------------------------------------------- CUSIP No. 0001063167 Page 6 of 16 Pages - ------------------------------------------------------------------------------- 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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Florida - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ---------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 8,349,884 (see item 5) OWNED BY ---------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 0 REPORTING ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON 8,349,884 (see item 5) WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------------------- 12 CHECK 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 - ------------------------------------------------------------------------------- SCHEDULE 13D - ------------------------------------------------------------------------------- CUSIP No. 0001063167 Page 7 of 16 Pages - ------------------------------------------------------------------------------- 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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ---------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 8,349,884 (see item 5) OWNED BY ---------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 0 REPORTING ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON 8,349,884 (see item 5) WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------------------- 12 CHECK 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 - ------------------------------------------------------------------------------- SCHEDULE 13D - ------------------------------------------------------------------------------- CUSIP No. 0001063167 Page 8 of 16 Pages - ------------------------------------------------------------------------------- 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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ---------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 8,349,884 (see item 5) OWNED BY ---------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 0 REPORTING ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON 8,349,884 (see item 5) WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------------------- 12 CHECK 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 - ------------------------------------------------------------------------------- SCHEDULE 13D - ------------------------------------------------------------------------------- CUSIP No. 0001063167 Page 9 of 16 Pages - ------------------------------------------------------------------------------- 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 IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ( ) - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman - ------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF 0 SHARES ---------------------------------------------------- 8 SHARED VOTING POWER BENEFICIALLY 8,349,884 (see item 5) OWNED BY ---------------------------------------------------- 9 SOLE DISPOSITIVE POWER EACH 0 REPORTING ---------------------------------------------------- 10 SHARED DISPOSITIVE POWER PERSON 8,349,884 (see item 5) WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,349,884 (see item 5) - ------------------------------------------------------------------------------- 12 CHECK 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 - ------------------------------------------------------------------------------- Note: This Amendment No. 5 to Schedule 13D amends the Statement on Schedule 13D dated May 24, 2002 (the "Schedule 13D"), as amended by Amendment No. 1 dated July 19, 2002 ("Amendment No. 1"), Amendment No. 2 dated August 8, 2002 ("Amendment No. 2"), Amendment No. 3 dated August 16, 2002 ("Amendment No. 3") and Amendment No. 4 dated November 25, 2002 ("Amendment No. 4") filed on behalf of (i) Bankers Insurance Group, Inc., a Florida corporation ("BIG"), as a direct beneficial owner of Common Stock; (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's ultimate disposition of the shares of BIFC Ltd., relating to the Common Stock (as defined in the Schedule 13D). Item 3. Source and Amount of Funds or Other Consideration Item 3 of the Schedule 13D is hereby amended by adding the following (capitalized terms used, but not otherwise defined, herein have the meanings ascribed thereto in the Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3 or Amendment No. 4): Pursuant to a Stock Purchase and Sale Agreement dated as of December 31, 2002, between BSIC and BIG, BIG purchased from BSIC 4,000,000 shares of Common Stock for an aggregate purchase price of $11,400,000. The source of funds used to purchase the shares of Common Stock was working capital. Item 4. Purpose of Transaction. Item 4 of the Schedule 13D is hereby amended by adding the following: The purpose of the acquisition of the shares of Common Stock was an intercompany transfer for investment purposes. Item 5. Interest in the Securities of the Issuer. Item 5 of the Schedule 13D is hereby amended and restated as follows: (a) According to the Issuer's quarterly report on Form 10-Q as filed with the Commission on November 14, 2002, on November 12, 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 4,000,000 shares (representing approximately 32.6% of the outstanding shares of Common Stock) are directly owned by BIG, 3,528,455 shares (representing approximately 28.7% of the outstanding shares of Common Stock) are directly owned by BIC and 821,429 shares (representing approximately 6.7% 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), Bill Gunter directly beneficially owns 500 shares of Common Stock (representing less than 1% of the outstanding shares of Common Stock), J. Wayne Mixson directly beneficially owns 53,000 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), Steven K. Kurcan directly beneficially owns 200 shares of Common Stock (representing less than 1% of the outstanding shares of Common Stock) and Kathleen M. Batson directly beneficially owns 200 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) Pursuant to a Stock Purchase and Sale Agreement dated as of December 31, 2002, between BSIC and BIG, BIG purchased from BSIC 4,000,000 shares of Common Stock at a purchase price of $2.85 per share, for an aggregate purchase price of $11,400,000. The source of funds used to purchase the shares of Common Stock was working capital. (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 7. Material to be Filed as Exhibits. 4.1 Letter from BIG to the Special Committee dated March 21, 2002 (1) 4.2 Letter from BIG to the Special Committee dated July 16, 2002 (3) 4.3 Letter from BIG to the Special Committee dated August 5, 2002 (4) 4.4 Letter from Insurance Management Solutions Group, Inc. to Bankers Insurance Group, Inc., Bankers Insurance Company, Bankers Security Insurance Company and Bankers Management Corporation dated as of November 21, 2002. (6) 10.1 Agreement and Plan of Merger dated as of August 14, 2002 among Bankers Insurance Group, Inc., Bankers Insurance Company, Bankers Security Insurance Company, Bankers Management Corporation and Insurance Management Solutions Group, Inc. (5) 10.2 Stock Purchase and Sale Agreement dated as of December 31, 2002 between Bankers Security Insurance Company and Bankers Insurance Group, Inc. 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. (1) 99.2 Power of Attorney for Bankers International Financial Corporation, Ltd. (1) 99.3 Power of Attorney for Ansbacher (Cayman) Limited, as trustee for the Bankers International Financial Corporation II Trust (1) 99.4 Power of Attorney for Independent Foundation for the Pursuit of Charitable Endeavors, Ltd. (2) (1) Incorporated by reference to the Reporting Persons' Schedule 13D filed with the SEC on May 24, 2002. (2) Incorporated by reference to the Reporting Persons' Schedule 13G filed with the SEC on April 5, 2000. (3) Incorporated by reference to the Reporting Persons' Schedule 13D-A, Amendment No. 1, filed with the SEC on July 19, 2002. (4) Incorporated by reference to the Reporting Persons' Schedule 13D-A, Amendment No. 2, filed with the SEC on August 9, 2002. (5) Incorporated by reference to the Reporting Persons' Schedule 13D-A, Amendment No. 3, filed with the SEC on August 16, 2002. (6) Incorporated by reference to the Reporting Persons' Schedule 13D-A, Amendment No. 4, filed with the SEC on November 25, 2002. 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: January 10, 2003 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 K. Meehan --------------------------- Name: David K. Meehan Title: Director Vice Chairman President BANKERS INTERNATIONAL FINANCIAL CORPORATION By: /s/ David K. Meehan --------------------------- Name: David K. Meehan Title: Director Vice Chairman 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 INDEX OF EXHIBITS Number Description 4.1 Letter from BIG to the Special Committee dated March 21, 2002 (1) 4.2 Letter from BIG to the Special Committee dated July 16, 2002 (3) 4.3 Letter from BIG to the Special Committee dated August 5, 2002 (4) 4.4 Letter from Insurance Management Solutions Group, Inc. to Bankers Insurance Group, Inc., Bankers Insurance Company, Bankers Security Insurance Company and Bankers Management Corporation dated as of November 21, 2002. (6) 10.1 Agreement and Plan of Merger dated as of August 14, 2002 among Bankers Insurance Group, Inc., Bankers Insurance Company, Bankers Security Insurance Company, Bankers Management Corporation and Insurance Management Solutions Group, Inc. (5) 10.2 Stock Purchase and Sale Agreement dated as of December 31, 2002 between Bankers Security Insurance Company and Bankers Insurance Group, Inc. 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. (1) 99.2 Power of Attorney for Bankers International Financial Corporation, Ltd. (1) 99.3 Power of Attorney for Ansbacher (Cayman) Limited, as trustee for the Bankers International Financial Corporation II Trust (1) 99.4 Power of Attorney for Independent Foundation for the Pursuit of Charitable Endeavors, Ltd. (2) (1) Incorporated by reference to the Reporting Persons' Schedule 13D filed with the SEC on May 24, 2002. (2) Incorporated by reference to the Reporting Persons' Schedule 13G filed with the SEC on April 5, 2000. (3) Incorporated by reference to the Reporting Persons' Schedule 13D-A, Amendment No. 1, filed with the SEC on July 19, 2002. (4) Incorporated by reference to the Reporting Persons' Schedule 13D-A, Amendment No. 2, filed with the SEC on August 9, 2002. (5) Incorporated by reference to the Reporting Persons' Schedule 13D-A, Amendment No. 3, filed with the SEC on August 16, 2002. (6) Incorporated by reference to the Reporting Persons' Schedule 13D-A, Amendment No. 4, filed with the SEC on November 25, 2002. EX-10 3 bos259345.txt EXHIBIT 10.2 STOCK PURCHASE AND SALE AGREEMENT THIS STOCK PURCHASE AND SALE AGREEMENT (herein, "Agreement") is executed to be effective as of this 31st day of December, 2002 by and between BANKERS SECURITY INSURANCE COMPANY, a Florida company (herein, "Seller") and BANKERS INSURANCE GROUP, INC., a Florida corporation (herein, "Buyer"). R E C I T A L S : WHEREAS, Seller is the owner and holder of in excess of four-million (4,000,000) shares of the common capital stock, $.01 par value of Insurance Management Solutions Group, Inc. (herein, "IMSG"); and WHEREAS, Seller wishes to sell to Buyer and Buyer wishes to purchase from Seller four-million (4,000,000) shares of the common capital stock, $.01 par value of IMSG (herein, "IMSG-Stock"). NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties hereto do covenant and agree as follows: SECTION 1. INTRODUCTIONS AND DEFINITIONS. a) Recitals. The statements contained in the recitals of fact set forth above (the "Recitals") are true and correct, and the Recitals are by this reference made a part of this Agreement. b) Exhibits. All exhibits attached hereto are incorporated herein by reference and made a part of this Agreement as if fully rewritten or reproduced herein. SECTION 2. SALE OF STOCK. Seller hereby agrees to sell to Buyer and Buyer agrees to purchase from Seller a total of four-million (4,000,000) shares of the common capital stock, $.01 par value of IMSG, a Florida corporation, the certificate as more particularly described in Exhibit "A" attached hereto and by this reference made a part hereof. SECTION 3. PURCHASE PRICE. As total consideration for the purchase of the IMSG-Stock, Buyer shall pay to Seller the purchase price of two and 85/100 ($2.85) dollars per share, for a total aggregate purchase price of eleven-million-four-hundred-thousand and no/100 ($11,400,000.00) U.S. dollars payable in the time and amounts as set forth in Section 4 herein. SECTION 4. TERMS OF PAYMENT. a) Payment. As soon as reasonably practicable, Buyer shall deliver to Seller the sum of eleven-million-four-hundred-thousand and no/100 ($11,400,000.00) U.S. dollars. b) Shares and Certificates. On or before January 14, 2003, Seller shall prepare and provide to Buyer a certificate containing four-million and no/100 (4,000,000) shares of the IMSG-Stock to Buyer. c) Delivery. Upon the date and payment of the consideration as set forth in Section 4(a) herein and the number of shares as set forth in Section 4(b) herein, the delivery of the IMSG-Stock shall take place simultaneously upon the payment hereof. d) Method of Payment. All payments under this Section 4 shall be made: (i) in the form of a certified or bank cashier's check payable to the order of the recipient, or (ii) at the recipient's option, by wire transfer of immediately available funds, provided proper wiring instructions have been provided by the recipient to Buyer not less than forty-eight (48) hours prior to the time for payment specified herein . SECTION 5. REPRESENTATIONS AND WARRANTIES. Seller does hereby warrant and represent to Buyer as follows: SECTION 6. a) Ownership. (i) Seller is the legal owner and holder of IMSG-Stock of IMSG; (ii) all documentary stamp taxes due with respect to the issuance and transfer of the IMSG-Stock have been paid; and (iii) as of the date hereof, all of the IMSG-Stock is free and clear of all claims, liens, charges, and encumbrances of any kind or nature whatsoever. b) Seller. The Seller is a corporation duly organized, validly existing, and in good standing under the laws of the State of Florida. c) Authority. Seller has full corporate power and authority to: (i) sell the IMSG-Stock pursuant to this Agreement, and (ii) perform the obligations it is required to perform to consummate same. d) Corporate. The execution and delivery of the IMSG-Stock and the performance by Seller of its obligations under this Agreement, do not: (i) violate any provisions of the Articles of Incorporation or By-laws of Seller; (ii) breach or result in a default under the terms of any existing credit agreement or other material agreement to which Seller is a party or by which Seller or any of the assets of Seller are bound; (iii) directly result in the creation of any lien, charge, or encumbrance upon the assets of Seller under the provisions of any agreement or other instrument to which Seller is a party or by which it is bound; or (iv) violate any judgment, order injunction, decree or award against, or binding upon, Seller or upon the assets of Seller. e) Survival. All of the representations and warranties set forth in this Section 5 captioned, "Representations and Warranties" shall survive until all Obligations under this Agreement are satisfied in full. SECTION 7. MISCELLANEOUS. a) Enforcement Costs. If either party should bring a Court action alleging breach of this Agreement or seeking to enforce, rescind, renounce, declare void, or terminate this Agreement or any provisions thereof, the prevailing party shall be entitled to recover all of its legal expenses, including reasonable attorney's fees and costs (including legal expenses for any appeals taken), and to have the same awarded as part of the judgment in the proceeding in which such legal expenses and attorney's fees were incurred. b) Modification. No change or modification of this Agreement shall be valid unless the same shall be in writing and signed by all of the parties hereto. c) Counterparts. This Agreement may be executed in several counterparts, each of which so executed shall be deemed to be an original, and said counterparts shall together constitute and be one and the same instrument. d) Construction. Words of a gender used in this Agreement shall be held to include any other gender, the words in a singular number held to include the plural, when the sentence so requires. e) Merger. This Agreement contains all of the oral and/or previously written agreements, representations, and arrangements between the parties hereto, and all right which the respective parties may have had under any written agreements and/or oral agreements are hereby canceled and terminated, and all parties agree that there are no representations or warranties other than those set forth herein. f) Invalidity. Should any part of this Agreement for any reason be declared invalid, such decision shall not effect the validity of any remaining portion, which remaining portion shall remain in full force and effect as if the Agreement had been executed with the valid portion thereof eliminated. It is, therefore, declared the intention of the parties hereto that each of them will have executed the remaining portion of this Agreement without including therein any such part, parts or portion which may, for any reason, be hereafter declared void. IN WITNESS WHEREOF, the parties hereto have set their hands and seals as of the day and year first above set forth. "Seller" WITNESSES Bankers Security Insurance Company /s/ Nancy C. Haire /s/ Edwin C. Hussemann - ----------------------- ----------------------- By: Edwin C. Hussemann /s/ Robert G. Southey Its: Treasurer - ----------------------- "Buyer" WITNESSES Bankers Insurance Group, Inc. /s/ Nancy C. Haire /s/ Edwin C. Hussemann - ----------------------- ----------------------- By: Edwin C. Hussemann /s/ Robert G. Southey Its: Treasurer - ----------------------- Exhibit "A" - IMSG-Stock Certificate -----END PRIVACY-ENHANCED MESSAGE-----