<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date earliest event reported): December 1, 2000
ACCEL INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION>
Delaware 0-8162 31-0788334
<S> <C> <C>
(State of Incorporation) (Commission File Number) (IRS Employer Identification No.)
75 West Street, Simsbury, Connecticut 06070
(Address of principal executive office) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (860)-843-7600
(Former Name or Former Address, if Changed Since Last Report): Not applicable.
<PAGE> 2
0-8162
ACCEL INTERNATIONAL CORPORATION
FORM 8-K
CURRENT REPORT
ITEM 5. OTHER EVENTS.
(a) The registrant's property and casualty insurance subsidiary,
Acceleration National Insurance Company ("ANIC"), has been
placed into Rehabilitation by order of the Court of Common
Pleas, Franklin, Ohio. Such Court has named J. Lee Covington
II, Superintendent of Insurance for the State of Ohio,
Rehabilitator of ANIC, effective November 29, 2000.
The Rehabilitator will take and secure possession of all
assets and property of ANIC, including, but not limited to,
all property, contracts, deposits, securities, rights of
action, accounts, and books and records of ANIC, wherever
located, and administer them under the general supervision of
the Court.
The powers of the directors, officers and managers of ANIC are
suspended. The Rehabilitator has the full power to direct the
affairs of ANIC, including the collection of all claims,
accounts receivable, agents' balances, reinsurance proceeds
and other amounts owing to ANIC.
On November 20, 2000, ACCEL International Corporation
("ACCEL") filed Form 8-K Current Report related to the signing
of a "Waiver of Certain Procedural Rights as to Motion for
Order of Rehabilitation" ("the Waiver") by Gerald H. Pastor on
behalf of ACCEL's wholly owned subsidiary, Acceleration
National Insurance Company ("ANIC"), in Mr. Pastor's position
as President and CEO of the subsidiary. Such action was taken
after the Board of Directors of ANIC passed a resolution
authorizing Mr. Pastor to execute such document.
The Waiver acknowledged that ANIC was fully informed of its
rights pursuant to Ohio Revised Code Section 3903.12, and
therefore, ANIC by signing the Waiver, consented to be placed
into rehabilitation by the Ohio Department of Insurance ("the
Department"). Ohio is the regulating, domiciliary state for
ANIC. ANIC has been under an Order of Supervision since May 4,
2000, such order having been issued due to the Superintendent
of the Department's reasonable belief that ANIC was in such
financial condition as to render the continuance of its
business hazardous to its policyholders, certificate holders
or to the public.
By signing the Waiver, ANIC waived any right to defend against
a rehabilitation order, and that ANIC agrees to take all
actions, produce all books, records and other documents, and
to fully cooperate in any manner with the Department regarding
rehabilitation.
(b) Contact: Gerald H. Pastor, President and Chief Executive
Officer
ACCEL International Corporation, (860) 843-7600
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
ACCEL INTERNATIONAL CORPORATION Date: December 1, 2000
By: GERALD H. PASTOR RICHARD A. LAWRENCE
___________________________________ _____________________________
/s/ Gerald H. Pastor By: /s/ Richard A. Lawrence
Gerald H. Pastor Richard A. Lawrence
President & Chief Executive Officer Senior Vice President, CFO &
Treasurer
3
