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EXHIBIT 99
CONTACT:
Jack Natili direct phone: 803.748.2643
Executive Vice President and Chief Operating Officer fax: 803.748.2839
e-mail: [email protected]
FINANCE CONTACT:
Ken Marter direct phone: 803.748.2767
Chief Financial Officer and Treasurer fax: 803.748.8393
e-mail: [email protected]
FOR IMMEDIATE RELEASE
THE SEIBELS BRUCE GROUP, INC. ANNOUNCES
SETTLEMENT OF GRAWARD GENERAL COMPANIES, INC. LITIGATION
Columbia, South Carolina, November 29, 2000 -- The Seibels Bruce Group, Inc.
(OTC Bulletin Board: SBIG) today announced that it reached a settlement with the
sellers of Graward General Companies, Inc. (Sellers) related to an acquisition
dispute.
In the settlement, the Sellers agreed to cancel four Subordinated Purchase
Notes dated May 1, 1998 in the aggregate face amount of $2,700,000 and to
forgive all indebtedness for principal and interest thereunder. Seibels Bruce
in turn agreed to dismiss a pending motion and an arbitration demand.
Additionally, Seibels Bruce agreed to provide the Sellers warrants for 25,000
shares of Seibels Bruce common stock with an exercise price of $3.00 per
share, and warrants for 25,000 shares of Seibels Bruce common stock with an
exercise price of $7.00 per share.
"Litigation is always disruptive in the business setting. We are pleased to
have this issue behind us, so we may focus on our operations," stated Jack
Natili, executive vice president and chief operating officer.
The Seibels Bruce Group, Inc. receives fee-based income through the NFIP,
various state-sponsored insurance plans, claim administration and other
insurance services. In addition, it is a provider of automobile and
commercial lines property and casualty
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insurance products. Additional information about Seibels Bruce can be found
on-line at http://www.seibels.com.
Certain items in this press release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995
and as such involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Seibels
Bruce or its subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Additional information concerning such matters is contained in
the Company's Annual Report on Form 10-K for the year ended December 31, 1999
and other documents subsequently filed by the Company with the SEC, all of
which are available from the SEC. Such forward-looking statements speak only
as of the date of this press release. Seibels Bruce expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in Seibels
Bruce's expectations with regard thereto or any change in events, conditions
or circumstances on which any statement is based.
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