SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): August 23, 1999
FPIC INSURANCE GROUP, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Florida
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(State or Other Jurisdiction of Incorporation)
1-11983 59-3359111
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(Commission File Number) (IRS Employer Identification No.)
1000 Riverside Avenue, Suite 800, Jacksonville, Florida 32204
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(Address of Principal Executive Offices)
(904) 354-5910
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(Registrant's Telephone Number, Including Area Code)
Page 1 of 4 Pages
<PAGE>
Item 5. Other Events
On August 23, 1999, the Board of Directors of FPIC Insurance Group, Inc.
(the "Company") announced that certain executive officers are no longer employed
by the Company. In addition, the Company announced the appointment of certain
interim executive officers.
The Company's press release, which further describes the Company's
personnel changes, is attached hereto as an exhibit and is incorporated by
reference hereto.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial statements of business acquired: Not applicable.
(b) Pro forma financial information: Not applicable.
(c) Exhibits:
(99) FPIC Insurance Group, Inc. Press Release dated August 23, 1999.
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 hereunto duly authorized.
FPIC INSURANCE GROUP, INC.
Date: August 23, 1999 By: /s/ John R. Byers
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John R. Byers
Chief Operating Officer
and General Counsel
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<PAGE>
EXHIBIT INDEX
Exhibit Number
(99) FPIC Insurance Group, Inc. Press Release dated August 23, 1999.
Page 3 of 4 Pages
EXHIBIT 99
FPIC INSURANCE GROUP, INC. ANNOUNCES ORGANIZATIONAL CHANGES
JACKSONVILLE, FLORIDA AUGUST 23, 1999; FPIC Insurance Group, Inc. (NASDAQ-FPIC)
announced today the departure this past weekend of Robert B. Finch, Executive
Vice President and Chief Financial Officer of the Company, and Steven R. Smith,
President and Chief Executive Officer of the Company's wholly-owned subsidiary,
Florida Physicians Insurance Company, Inc.
Dr. Robert O. Baratta, the recently elected Chairman of the Board of the
Company, said, "While we very much appreciate the many contributions Mr. Finch
and Mr. Smith have made over the years, the Board of Directors felt the Company
could benefit from changes at this time in its senior management structure."
The Company will record a one time charge to earnings of approximately $1.75
million during the 3rd quarter of 1999 as a result of severance benefits payable
over the next 28 months to Mr. Finch and Mr. Smith under their employment
contracts.
The Company also announced that William R. Russell, the Company's President and
Chief Executive Officer, would also act as President and Chief Executive Officer
of Florida Physicians Insurance Company, a post he held previously, pending a
search for a permanent replacement. In addition, David Rader, who had been
President of Florida Physicians until 1990, has been retained as a consultant to
assist Mr. Russell in the management of Florida Physicians.
The Company named Steven Coniglio as its acting Chief Financial Officer pending
a search for a permanent replacement. Mr. Coniglio is the Chief Financial
Officer of Administrators for the Professions, Inc., the Company's subsidiary
that acts as manager of Physicians Reciprocal Insurers, New York's second
largest medical professional liability insurer.
FPIC Insurance Group, Inc. and its affiliates have developed a variety of
insurance products for participants in the healthcare industry. These products
include: medical professional liability insurance for medical professionals;
managed care liability insurance; professional and comprehensive general
liability insurance for health care facilities; Medicare and Medicaid fund and
abuse defense coverage's; AHCA/OSHA insurance coverage; provider stop loss and
third-party administration services. The web address for FPIC Insurance Group,
Inc. is <http://www.FPIC.com>.
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Contact:
FPIC Insurance Group, Inc., Jacksonville
William R. Russell, President and CEO
or
John R. Byers, General Counsel and COO
904/354-5910
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