-----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, Luh6iBe3G9uM70hre4CYqUpYfUqeiFIBjjfQrzYEGVjRWLAPEIkgduOPP/jvoBqP NGNYulQQdZ7f+91agHC/6w== 0001144204-05-020553.txt : 20050701 0001144204-05-020553.hdr.sgml : 20050701 20050701154551 ACCESSION NUMBER: 0001144204-05-020553 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050628 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20050701 DATE AS OF CHANGE: 20050701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 21ST CENTURY HOLDING CO CENTRAL INDEX KEY: 0001069996 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 650248866 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25001 FILM NUMBER: 05933193 BUSINESS ADDRESS: STREET 1: 3661 WEST OAKLAND PARK BLVD STREET 2: SUITE 300 CITY: LAUDERDALE LAKES STATE: FL ZIP: 33311 BUSINESS PHONE: 9545819993 MAIL ADDRESS: STREET 1: 3661 WEST OAKLAND PARK BLVD STREET 2: SUITE 300 CITY: LAUDERDALE LAKES STATE: FL ZIP: 33311 8-K 1 v020964.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 28, 2005 21ST CENTURY HOLDING COMPANY ----------------------------- (Exact name of registrant as specified in its charter) Florida 0-2500111 65-0248866 - ---------------------------- ------------------------ ------------------- (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 3661 West Oakland Park Blvd., Suite 300 Lauderdale Lakes, FL 33311 --------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (954) 581-9993 -------------- Not Applicable ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 1.01 Entry into a Material Definitive Agreement. Federated National Insurance Company ("Federated National"), a wholly owned subsidiary of 21st Century Holding Company (the "Company"), has, as of June 28, 2005, agreed upon its aggregate catastrophe reinsurance coverage for the 2005-2006 hurricane season. Federated National's reinsurance arrangements are with reinsurers in the U.S., London and Bermuda reinsurance markets, as well as the Florida Hurricane Catastrophe Fund, as follows: Platinum Underwriters Reinsurance, Inc. Alea North America Insurance Company American Re-Insurance Company DaVinci Reinsurance Ltd. Renaissance Reinsurance Ltd. Rosemont Reinsurance Ltd. PXRE Reinsurance Ltd. Ace Tempest Reinsurance Ltd. Amlin Underwriting Limited Cathedral Underwriting Limited Axa Re This reinsurance coverage will reimburse Federated National for property losses under its homeowners' insurance policies resulting from storms that cause damage in the State of Florida, the state in which Federated National is currently writing these types of policies, through June 30, 2006. Under this coverage, Federated National is responsible for the first $3 million in property losses resulting from a storm and Federated National's reinsurers are responsible for the next $212 million in aggregate property losses for said storm. Our amount of reinsurance coverage was determined by subjecting our property risks to statistical forecasting models that are designed to quantify a catastrophic event in terms of the frequency of a storm occurring once in every "n" years. Our reinsurance coverage contemplates a catastrophic event occurring once every 100 years. Federated National has also obtained automatic reinstatement coverage, meaning that the reinsurance coverage will be automatically available for a second storm with the same $3 million retention by Federated National. As compared to Federated National's reinsurance coverage for the 2004-2005 hurricane season, the current season's coverage would reduce the losses retained by Federated National. For example, whereas Federated National's net retained losses in 2004 from Hurricanes Charley and Frances totaled approximately $20 million, if the current year's coverage had been in effect in 2004, Federated National's net retained losses would have totaled approximately $6 million. Federated National's premiums for the reinsurance coverage are $19 million payable in quarterly installments beginning July 1, 2005 for the private reinsurers and a total of $7 million payable in three installments to the Florida Hurricane Catastrophe Fund from August 2005 through December 2005. The greater expense resulting from these premiums has been reflected in the Company's previously announced earnings guidance for 2005. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 21ST CENTURY HOLDING COMPANY Date: July 1, 2005 By: /s/ J. Gordon Jennings III ---------------------------- Name: J. Gordon Jennings III Title: Chief Financial Officer (Principal Accounting and Financial Officer) -----END PRIVACY-ENHANCED MESSAGE-----