SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 25, 1995
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THE SEIBELS BRUCE GROUP, INC.
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(Exact Name of Registrant as Specified in its Charter)
South Carolina 0-8804 57-0672136
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1501 Lady Street (P.O. Box 1), Columbia, South Carolina 29201(2)
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(Address of Principle Executive Offices) (Zip Code)
Registrant's telephone number, including area code (803) 748-2000
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Former Name or Former Address, if Changed Since Last Report
Item 5. Other Events
On July 18, 1995, the Company forecasted on Form 8-K its proforma financial
highlights for the period ending June 30, 1995. This forecast was made on
a non-recurring basis at the request of the National Association of Security
Dealers ("NASD") to determine compliance with the net tangible asset
requirements of the NASD. The NASD has further requested a proforma balance
sheet as of June 30, 1995. The following data is being submitted to
supplement the previous forecast.
As with the previous forecasted financial highlights, the proforma balance
sheet is a projection based on management's best estimate of the results for
the period. The actual results may differ, possibly by substantial amounts.
The Company is currently awaiting the results of a semi-annual review by
consulting actuaries of the estimate for unpaid claim liabilities. The
following forecast assumes there will be no significant provision during
1995 to adjust the estimated losses for claims occurring in prior years.
While management believes this assumption to be reasonable, similar
actuarial studies have, on past occasions, resulted in a degree of
volatility in the results of operations. Actual results are expected to be
published no later than August 15, 1995.
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THE SEIBELS BRUCE GROUP, INC.
PROFORMA CONDENSED BALANCE SHEET
(000'S) OMITTED
MARCH 31, JUNE 30,
ASSETS 1995 1995
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Invested Assets, at Market $ 45,539 $ 56,000
Cash, Other than Invested Cash 19,940 15,000
Reinsurance Recoverable
on Paid Losses 40,105 30,000
Reinsurance Recoverable
on Unpaid Losses 93,583 95,000
Prepaid Reinsurance
Premiums Ceded 47,089 45,000
Premiums Receivable 6,839 5,000
Property and Equipment 6,038 5,810
Other Assets 4,587 4,500
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Total Assets $263,720 $256,310
LIABILITIES
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Loss Reserves $138,933 $135,000
Loss Expense Reserves 30,068 27,000
Unearned Premiums 55,528 54,000
Balances Due Other Insurers 17,989 18,000
Notes Payable 439 2,476
Other Liabilities 16,241 14,359
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Total Liabilities $259,198 $250,835
SHAREHOLDERS' EQUITY
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Common Stock 16,718 16,718
Paid in Capital 34,088 34,088
Unrealized Loss on Securities (2,056) (151)
Retained Deficit (44,228) (45,180)
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Total Equity 4,522 5,475
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Total Liabilities and
Shareholders' Equity $263,720 $256,310
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrar has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE SEIBELS BRUCE GROUP, INC.
Date: July 25, 1995 By: /s/ Priscilla C. Brooks
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Priscilla C. Brooks
Corporate Secretary
