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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 EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 5, 2000 (June 27, 2000)
Commission file number 0-8804
THE SEIBELS BRUCE GROUP, INC.
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(Exact name of registrant as specified in its charter)
SOUTH CAROLINA 57-0672136
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1501 LADY STREET (PO BOX 1), COLUMBIA, SC 29201
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(Address of principal 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): NOT APPLICABLE
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ITEM 5. OTHER EVENTS
On June 27, 2000, The Seibels Bruce Group Inc. ("the Company") announced it is
discontinuing its Nashville, Tennessee nonstandard automobile Managing General
Agency operations, Graward General Companies, Inc. ("Graward"). Since the
acquisition in May of 1998, the Graward operations have performed poorly. After
two years of continued operating losses, the Company has decided to discontinue
this business. The Company evaluated this operation and determined it could not
produce a profit in the foreseeable future. The Company plans to work with The
Vision Insurance Group, LLC of Nashville to allow Vision to provide insurance to
select customers as their policies come up for renewal.
Seibels Bruce will take a charge of approximately $18 million in the second
quarter of 2000 related to costs associated with exiting the operation,
including a non-cash charge of $14.9 million in goodwill. Other costs associated
with exiting the operation include the write-down of certain fixed and operating
assets, accrual of occupancy costs and accrual of severance and other
personnel-related costs.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
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(Registrant)
Date: July 5, 2000 /s/ John E. Natili.
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John E. Natili
President and Chief Operating Officer
Date: July 5, 2000 /s/ Matthew P. McClure
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Matthew P. McClure
General Counsel and Corporate Secretary
Date: July 5, 2000 /s/ Bryan D. Rivers, CPA
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Bryan D. Rivers, CPA
Controller (Principal Accounting Officer)
