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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 WMco4Q223lnYzzY/jDY3HH63s5grNESzKZ5bNUQjWb7rXh+W2vBhvjBfeAgry5l3
 0pBjNAbLzEHFYN+h530hOA==

<SEC-DOCUMENT>0001209191-03-019471.txt : 20030829
<SEC-HEADER>0001209191-03-019471.hdr.sgml : 20030829
<ACCEPTANCE-DATETIME>20030829123929
ACCESSION NUMBER:		0001209191-03-019471
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030520
FILED AS OF DATE:		20030829

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:			COOPER BRADLEY E
		CENTRAL INDEX KEY:			0001008262
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08483
		FILM NUMBER:		03873253

	BUSINESS ADDRESS:	
		STREET 1:		UNIVERSAL AMERICAN FINANCIAL CORP
		STREET 2:		6 INTERNATIONAL DRIVE STE 190
		CITY:			RYE BROOK
		STATE:			NY
		ZIP:			10573
		BUSINESS PHONE:		2123261590

	MAIL ADDRESS:	
		STREET 1:		UNIVERSAL AMERICAN FINANCIAL CORP
		STREET 2:		6 INTERNATIONAL DR STE 190
		CITY:			RYE BROOK
		STATE:			NY
		ZIP:			10573
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bcl02827_bcl1bec.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-05-20</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000215403</issuerCik><issuerName>CERES GROUP INC</issuerName>        <issuerTradingSymbol>CERG</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001008262</rptOwnerCik><rptOwnerName>COOPER BRADLEY E</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1></rptOwnerStreet1><rptOwnerStreet2></rptOwnerStreet2><rptOwnerCity>STRONGSVILLE</rptOwnerCity><rptOwnerState>OH</rptOwnerState><rptOwnerZipCode>44136</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeTransaction><securityTitle><value>non-qualifie
d stock options</value></securityTitle><conversionOrExercisePrice><value>2.48</value></conversionOrExercisePrice><transactionDate><value>2003-05-20</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>5000</value></transactionShares><transactionPricePerShare><value>2.48</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2003-05-20</value></exerciseDate><expirationDate><value>2013-05-20</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>common stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>5000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>15000</value></sharesOwnedFollowingTransaction></postTransactionAmou
nts><ownershipNature><directOrIndirectOwnership><value>I</value><footnoteId id="F1" /></directOrIndirectOwnership><natureOfOwnership><value>These options were issued to Insurance Partners Advisors, L.P.</value></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Mr. Cooper disclaims any beneficial ownership of these options.</footnote></footnotes><ownerSignature><signatureName>/s/ Kathleen L. Mesel as attorney-in-fact for Bradley E. Cooper</signatureName><signatureDate>2003-08-28</signatureDate></ownerSignature></ownershipDocument>

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</SEC-DOCUMENT>
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