-----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, As4wj57biG17CKl08cU1B8d/xHWfCf8QKLE7Bw+qTUfVVQjOFpK8K1COi7mect92 YsWT5DG81c4A1JXkY+12dw== 0000912057-02-033549.txt : 20020827 0000912057-02-033549.hdr.sgml : 20020827 20020826210235 ACCESSION NUMBER: 0000912057-02-033549 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020826 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEIBELS BRUCE GROUP INC CENTRAL INDEX KEY: 0000276380 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 570672136 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-08804 FILM NUMBER: 02748854 BUSINESS ADDRESS: STREET 1: 1501 LADY ST STREET 2: P O BOX 1 CITY: COLUMBIA STATE: SC ZIP: 29201 BUSINESS PHONE: 8037482000 MAIL ADDRESS: STREET 1: 1501 LADY ST STREET 2: P O BOX 1 CITY: COLUMBIA STATE: SC ZIP: 29201 8-K 1 a2088236z8-k.htm FORM 8-K
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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): August 26, 2002

THE SEIBELS BRUCE GROUP, INC.
(Exact name of registrant as specified in its charter)

South Carolina   0-8804   57-0672136
(State or other jurisdiction
of incorporation)		   (Commission File Number)   (IRS Employer
Identification No.)

1501 Lady Street (Post Office Box One), Columbia, South Carolina 29201(2)
(Address of principal executive offices)

Registrant's telephone number, including area code (803) 748-2000

Not applicable
(Former Name or Former Address, if Changed Since Last Report)


ITEM 5. OTHER EVENTS

        On August 26, 2002, The Seibels Bruce Group, Inc. (the "Company") issued a press release announcing the imposition of restrictions on its subsidiary Consolidated American Insurance Company in the state of Arizona. A copy of the Company's press release is attached to this Current Report on Form 8-K as Exhibit 99.


ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS


Exhibit 99
 
Press Release dated August 26, 2002.


SIGNATURES

        Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    THE SEIBELS BRUCE GROUP, INC.
      (Registrant)

Date: August 26, 2002
 
By:
/s/  MATTHEW P. MCCLURE      
Matthew P. McClure
 Corporate Secretary

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SIGNATURES
 EX-99 3 a2088236zex-99.htm EXHIBIT 99
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EXHIBIT 99

Media Contact:    
Jennifer P. Davis
Coordinator, Corporate Communications		   direct phone:    803.748.2353
fax:    803.748.8420
email:    jennifer.davis@seibels.com

FOR IMMEDIATE RELEASE


THE SEIBELS BRUCE GROUP, INC. ANNOUNCES
2002 DEMOTECH RATINGS FOR UNIVERSAL INSURANCE COMPANY

        Columbia, South Carolina, 26 August 2002—The Seibels Bruce Group, Inc., (OTC Bulletin Board: SBIG) today announced that subsidiary Universal Insurance Company (UIC) has received a 2002 Financial Stability Rating® of A (Exceptional) from Columbus, Ohio-based Demotech, Inc.

        This level of Financial Stability Rating® indicates that the balance sheet for this company reflects excellent liquidity, an acceptable level of financial leverage as measured by total liabilities to statutory net worth and a balanced portfolio of insurance products.

        "We are pleased with the rating Universal received from Demotech," said Jack Natili, president and chief executive officer of Seibels Bruce. "This excellent rating by a third party should allow Universal Insurance Company's agents to understand the financial stability of this subsidiary and feel confident conducting business with us."

        "In recent quarters, Universal's contribution to Seibels Bruce's revenues has been significant, and our Demotech rating serves as another benchmark by which to measure our financial stability," said Greg Spray, vice president and general manager of Universal Insurance Company.

        Universal Insurance Company is a nonstandard automobile insurer domiciled in North Carolina since 1976. UIC serves approximately 600 independent agencies and 40,000 active insureds in the state of North Carolina with total revenues of $11.7 million as of December 31, 2001, and $5.5 million as of June 30, 2002, which represents 20% and 19% respectively of Seibels Bruce total revenues.

        Current financial information and quarterly updates of UIC financial information can be viewed at www.demotech.com.

        The Seibels Bruce Group, Inc. receives fee-based income through the National Flood Insurance Program, various state-sponsored insurance plans, claim administration and other insurance services. Additional information about Seibels Bruce can be found online at www.seibels.com.

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THE SEIBELS BRUCE GROUP, INC. ANNOUNCES 2002 DEMOTECH RATINGS FOR UNIVERSAL INSURANCE COMPANY
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