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Securities and Exchange Commission
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report: November 4, 1997
(Date of earliest event reported)
Central Reserve Life Corporation
(Exact Name of Registrant as specified in its charter)
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<S> <C> <C>
Ohio 0-8483 34-1017531
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(State or other jurisdiction of (Commission File Number) (IRS Employer Identification Number)
Incorporation)
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17800 Royalton Road, Strongsville, Ohio 44136
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(Address of Principal Executive Offices) (Zip Code)
(216) 572-2400
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
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On October 29, 1997, Standard Management Corporation, an Indiana
corporation ("SMC") and Central Reserve Life Corporation, an Ohio corporation
("Central Reserve"), announced that they had terminated merger discussions.
See attached News Release.
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SIGNATURES
Pursuant to the requirements 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.
Date: November 4, 1997 CENTRAL RESERVE LIFE CORPORATION
By: Frank W. Grimone
Frank W. Grimone, Chief Financial Officer
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[CENTRAL RESERVE LIFE CORPORATION LETTERHEAD]
FOR IMMEDIATE RELEASE
CENTRAL RESERVE LIFE CORPORATION, STANDARD MANAGEMENT
CORPORATION TERMINATE MERGER DISCUSSIONS;
CENTRAL RESERVE LIFE CONTINUES DISCUSSIONS WITH OTHER BIDDERS
Strongsville, Ohio, (October 29, 1991) -- Central Reserve Life Corporation
(Nasdaq: CRLC) confirmed today that it has terminated discussions with Standard
Management Corporation regarding a potential merger between the two companies.
It continues to be engaged in detailed discussions with other entities that are
interested in providing its major subsidiary, Central Reserve Life Insurance
Company (Central), with a means of returning its adjusted capital to required
levels. Certain of these entities have expressed an interest in acquiring all
of the outstanding stock of, or making a substantial investment in, the Company
as part of any such transactions with Central. No agreement has been reached
with any such entities.
Central Reserve Life Corporation, through its Ohio-domiciled insurance company,
Central Reserve Life Insurance Company (CRL), specializes in meeting the
insurance needs of small to mid-size businesses and individuals. Among the
products CRL offers are life insurance, annuities, accident and health
insurance, short term major medical and long-term disability.
