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: March 14, 1996
(Date of earliest event reported): March 1, 1996
THE SEIBELS BRUCE GROUP, INC.
Exact Name of Registrant as Specified in its Charter)
South Carolina 0-8804 57-0672136
(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)
(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
Ernst N. Csiszar, President of The Seibels Bruce Group, Inc. (NASDAQ: SBIG),
and William J. Faulkner, President of TPC Administators, Inc. and Hogan
Holding Corporation (HHC), jointly announced an agreement in principle for
South Carolina Insurance Company, a subsidiary of SBIG, to sell its inactive
subsidiary, Consolidated American Insurance Company, to Hogan Holding
Corporation. The sale is contingent upon negotiation of a definitive
agreement and regulatory approval. In addition, the Companies announced an
alliance to market policies through the Seibels Bruce distribution system.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit No. Description
20 News Release -- The Seibels Bruce Group, Inc. announces the sale
of its inactive subsidiary, Consolidated American Insurance
Company to Hogan Holding Corporation
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 thereunto duly authorized.
THE SEIBELS BRUCE GROUP, INC.
/s/ Priscilla C. Brooks
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Priscilla C. Brooks
Vice President and Corporate Secretary
EXHIBIT 20
NEWS RELEASE.............. MARCH 1, 1996........... COLUMBIA, SOUTH CAROLINA
AND MONROE, NORTH CAROLINA
Ernst N. Csiszar, President of The Seibels Bruce Group, Inc. (NASDAQ: SBIG),
and William J.Faulkner, President of TPC Administrators, Inc. and Hogan
Holding Corporation (HHC), jointly announced today an agreement in principle
for South Carolina Insurance Company, a subsidiary of SBIG, to sell
Consolidated American Insurance Company, an inactive subsidiary, to Hogan
Holding Corporation. The sale is contingent upon negotiation of a definitive
agreement and regulatory approval.
In addition to the transfer of Consolidated American, the Companies announced
an alliance going forward to market policies through the Seibels Bruce
distribution system. The new owner intends to underwrite workers
compensation in several Southeastern states initially.
Mr. Csiszar stated, "the sale will generate a gain to the shareholders, and
equally important, a much needed market for workers compensation business to
supplement the other commercial lines products underwritten on behalf of the
U.S. Branch of Generali. Generali has no appetite for this market, but being
able to provide full service to commercial customers rounds out our portfolio
offerings."
Mr. Faulkner stated "we have developed in recent months a strong relationship
with Seibels in North Carolina. Under that relationship, TPC manages the
National Workers Compensation Fund of North Carolina, a trust for self insured
accounts that bear their own workers compensation risk. In other states, we
feel that having a licensed insurance company, such as Consolidated American,
will provide us a better vehicle to serve new customers. We value the
Seibels agency plant in marketing these policies."
Contact Persons.
Ernst N. Csiszar
(803) 748-2000
William J. Faulkner
(704) 292-1813
