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EXHIBIT 99
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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]
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FOR IMMEDIATE RELEASE
THE SEIBELS BRUCE GROUP, INC. ANNOUNCES
NASDAQ DELISTING
Columbia, South Carolina, November 13, 2000 -- The Seibels Bruce Group, Inc.,
(Nasdaq: SBIG) today announced that its common stock was delisted from the
Nasdaq National Market effective at the close of the business day today,
November 13, 2000. The Company was delisted for failing to meet the minimum
bid price, market value of public float and net tangible assets requirements
as set forth in the Nasdaq Marketplace Rules. Effective November 14, 2000 the
Company will be listed on the NASD Over-the-Counter Bulletin Board under the
symbol "SBIG."
"While our operational and financial performance has improved, these
accomplishments have not yet been reflected in the price of our stock," said
Jack Natili, Seibels Bruce executive vice president and chief operating officer.
"The Company plans to work diligently to regain its Nasdaq listing."
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 insurance products. Additional information about
Seibels Bruce can be found on-line at http://www.seibels.com.
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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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