-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TMjhTNmwc1DrmJscK+yUTsNbtqYsDfWzfs1cRKsplzex6X4mtr8J29GvNCd6068+
 9nW6p91ktLmEG9uNm3830Q==

<SEC-DOCUMENT>0000950142-04-000146.txt : 20040115
<SEC-HEADER>0000950142-04-000146.hdr.sgml : 20040115
<ACCEPTANCE-DATETIME>20040115154547
ACCESSION NUMBER:		0000950142-04-000146
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040113
FILED AS OF DATE:		20040115

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL MANAGED CARE BERMUDA LP
		CENTRAL INDEX KEY:			0001276297
		STATE OF INCORPORATION:			D0

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08483
		FILM NUMBER:		04527344

	MAIL ADDRESS:	
		STREET 1:		C/O INSURANCE PARTNERS LP CEDER HOUSE
		STREET 2:		41 CEDAR AVE P O BOX HM 1179
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			000000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CERES GROUP INC
		CENTRAL INDEX KEY:			0000215403
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				341017531
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		17800 ROYALTON RD
		CITY:			STRONGSVILLE
		STATE:			OH
		ZIP:			44136
		BUSINESS PHONE:		2165722400

	MAIL ADDRESS:	
		STREET 1:		17800 ROYALTON RD
		CITY:			STRONGSVILLE
		STATE:			OH
		ZIP:			44136

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENTRAL RESERVE LIFE CORP
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			INSURANCE PARTNERS OFFSHORE LP
		CENTRAL INDEX KEY:			0001012383
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08483
		FILM NUMBER:		04527343

	BUSINESS ADDRESS:	
		STREET 1:		CEDAR HOUSE
		STREET 2:		41 CEDAR AVE
		CITY:			HAMILTON BERMUDA HM1
		BUSINESS PHONE:		8173908500

	MAIL ADDRESS:	
		STREET 1:		CEDAR HOUSE
		STREET 2:		41 CEDAR AVE
		CITY:			HAMILTON HM12
		STATE:			D0

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			INSURANCE GENPAR MGP LP / BERMUDA
		CENTRAL INDEX KEY:			0001012384
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08483
		FILM NUMBER:		04527341

	BUSINESS ADDRESS:	
		STREET 1:		CEDAR HOUSE
		STREET 2:		41 CEDAR AVE
		CITY:			HAMILTON BERMUDA HM1
		BUSINESS PHONE:		8092952244

	MAIL ADDRESS:	
		STREET 1:		CEDAR HOUSE
		STREET 2:		41 CEDAR AVE
		CITY:			HAMILTON HM12
		STATE:			D0

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			INSURANCE GENPAR LP / BERMUDA
		CENTRAL INDEX KEY:			0001012386
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08483
		FILM NUMBER:		04527342

	BUSINESS ADDRESS:	
		STREET 1:		CEDAR HOUSE
		STREET 2:		41 CEDAR AVE
		CITY:			HAMILTON BERMUDA HM1
		BUSINESS PHONE:		8092952244

	MAIL ADDRESS:	
		STREET 1:		CEDAR HOUSE
		STREET 2:		41 CEDAR AVE
		CITY:			HAMILTON HM12
		STATE:			D0

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			INSURANCE GENPAR MGP LTD /BERMUDA
		CENTRAL INDEX KEY:			0001012387
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08483
		FILM NUMBER:		04527340

	BUSINESS ADDRESS:	
		STREET 1:		CEDAR HOUSE
		STREET 2:		41 CEDAR AVE
		CITY:			HAMILTON BERMUDA HM1
		BUSINESS PHONE:		8092952244

	MAIL ADDRESS:	
		STREET 1:		CEDAR HOUSE
		STREET 2:		41 CEDAR AVE
		CITY:			HAMILTON HM12
		STATE:			D0
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-imcberm_011304ex.xml
<DESCRIPTION>STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2004-01-13</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000215403</issuerCik>
        <issuerName>CERES GROUP INC</issuerName>
        <issuerTradingSymbol>CERG</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001276297</rptOwnerCik>
            <rptOwnerName>INTERNATIONAL MANAGED CARE BERMUDA LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>CEDAR HOUSE, 41 CEDAR AVE.</rptOwnerStreet1>
            <rptOwnerStreet2>P.O.BOX HM 11779</rptOwnerStreet2>
            <rptOwnerCity>HAMILTON</rptOwnerCity>
            <rptOwnerState>D0</rptOwnerState>
            <rptOwnerZipCode>HM EX</rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001012383</rptOwnerCik>
            <rptOwnerName>INSURANCE PARTNERS OFFSHORE LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>CEDAR HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>41 CEDAR AVE</rptOwnerStreet2>
            <rptOwnerCity>HAMILTON BERMUDA HM1</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001012386</rptOwnerCik>
            <rptOwnerName>INSURANCE GENPAR LP / BERMUDA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>CEDAR HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>41 CEDAR AVE</rptOwnerStreet2>
            <rptOwnerCity>HAMILTON BERMUDA HM1</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001012384</rptOwnerCik>
            <rptOwnerName>INSURANCE GENPAR MGP LP / BERMUDA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>CEDAR HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>41 CEDAR AVE</rptOwnerStreet2>
            <rptOwnerCity>HAMILTON BERMUDA HM1</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001012387</rptOwnerCik>
            <rptOwnerName>INSURANCE GENPAR MGP LTD /BERMUDA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>CEDAR HOUSE</rptOwnerStreet1>
            <rptOwnerStreet2>41 CEDAR AVE</rptOwnerStreet2>
            <rptOwnerCity>HAMILTON BERMUDA HM1</rptOwnerCity>
            <rptOwnerState></rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock, par value $0.001 per share</value>
      </securityTitle>
      <transactionDate>
         <value>2004-01-13</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>456543</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1369628</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
            <footnoteId id="F2"/>
            <footnoteId id="F3"/>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> On January 13, 2004, International Managed Care (Bermuda), L.P. (&quot;IMC Bermuda&quot;) distributed 456,543 shares of the Issuer's Common Stock to its partners in a pro rata distribution, in which 454,338 of such shares were distributed to Insurance Partners Offshore (Bermuda), L.P. (&quot;IP Bermuda&quot;), its general partner. IP Bermuda distributed all of the shares it received to its partners in a pro rata distribution. No consideration was paid in connection with these distributions.</footnote>

      <footnote id="F2"> All of the securities reported herein are held for the account of IMC Bermuda., a Bermuda limited partnership. IP Bermuda, a Bermuda limited partnership, is the general partner of IMC Bermuda. Insurance GenPar (Bermuda), L.P., a Bermuda limited partnership (&quot;Insurance GenPar Bermuda&quot;), is the general partner of IP Bermuda. Insurance GenPar (Bermuda) MGP, L.P., a Bermuda limited partnership (&quot;IBMGPLP&quot;), is the general partner of Insurance GenPar Bermuda. Insurance GenPar (Bermuda) MGP, Ltd., a Bermuda corporation (&quot;IBMGPI&quot;), is the general partner of IBMGPLP.</footnote>

      <footnote id="F3"> Pursuant to Rule 16a-1(a)(2)(ii)(B) under the Securities Exchange Act of 1934, as amended (the &quot;Act&quot;), IP Bermuda, Insurance GenPar Bermuda, IBMGPLP and IBMGPI are deemed to be beneficial owners of the shares beneficially owned by IMC Bermuda only to the extent of the greater of its respective direct or indirect interest in the profits or capital account of IMC Bermuda. Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that IP Bermuda, Insurance GenPar Bermuda, IBMGPLP or IBMGPI is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities owned by IMC Bermuda in excess of such amount.</footnote>
   </footnotes>
   <remarks>INTERNATIONAL MANAGED CARE (BERMUDA), L.P.
By: Insurance Partners Offshore (Bermuda),L.P.,
its general partner
By: Insurance GenPar (Bermuda),L.P.,
its general partner
By: Insurance GenPar (Bermuda) MGP,L.P.,
its general partner
By: Insurance GenPar (Bermuda) MGP,Ltd.,
its general partner

By:  /s/ Robert Spass
Name: Robert Spass
Title: President

INSURANCE PARTNERS OFFSHORE (BERMUDA),L.P.
By: Insurance GenPar (Bermuda),L.P.,
its general partner
By: Insurance  GenPar (Bermuda) MGP,L.P.,
its  general partner
By: Insurance GenPar (Bermuda) MGP,Ltd.,
its general partner

By: /s/  Robert Spass
Name: Robert  Spass
Title: President

INSURANCE GENPAR (BERMUDA),L.P.
By:  Insurance GenPar (Bermuda) MGP,L.P.,
its general partner
By: Insurance GenPar (Bermuda) MGP,Ltd.,
its general  partner

By: /s/ Robert Spass
Name: Robert Spass
Title:  President

INSURANCE GENPAR (BERMUDA) MGP,L. P.
By: Insurance GenPar   (Bermuda) MGP,Ltd.,
its  general partner

By: /s/ Robert Spass
Name: Robert Spass
Title: President

INSURANCE GENPAR (BERMUDA) MGP, LTD.

By:  /s/ Robert Spass
Name: Robert Spass
Title: President</remarks>
   <ownerSignature>
      <signatureName>Robert Spass (see Remarks)</signatureName>
      <signatureDate>2004-01-15</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>Robert Spass (see Remarks)</signatureName>
      <signatureDate>2004-01-15</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>Robert Spass (see Remarks)</signatureName>
      <signatureDate>2004-01-15</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>Robert Spass (see Remarks)</signatureName>
      <signatureDate>2004-01-15</signatureDate>
   </ownerSignature>
   <ownerSignature>
      <signatureName>Robert Spass (see Remarks)</signatureName>
      <signatureDate>2004-01-15</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----