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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Nobel Insurance Limited
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(Name of Issuer)
Common Stock, $1.00 Par Value
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(Title of Class of Securities)
654885102
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(CUSIP Number)
Joseph D. Lehrer, Esq.
10 South Broadway, Suite 2000, St. Louis, Missouri 63102
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
12/4/96
------------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1 (b)(3) or (4), check the following box / /.
Check the following box if a fee is being paid with the statement /X/. (A fee
is not required only if the reporting person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
(Continued on following page(s))
Page 1 of 9 Pages
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CUSIP NO. 654885102 13D PAGE 2 OF 9 PAGES
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================================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
TSI Management, Inc. (FEIN: 91-1618503)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED / /
PURSUANT TO ITEMS 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Deleware
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 245,642
OWNED BY ---------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH
---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
245,642
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
252,642
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) / /
EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.49%
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14 TYPE OF REPORTING PERSON*
CO
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READ INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 654885102 Page 3 of 9
ITEM 1. Security and Issuer.
(a) Title and Class of Security:
Nobel Insurance Limited (the "Issuer")
Shares of Common Stock, $1.00 Par Value (the "Shares")
(b) Name of Issuer and Address of Issuer's Principal Executive
Offices:
Nobel Insurance Limited
8001 LBJ Freeway, Suite 300
Dallas, Texas 75251-1301
ITEM 2. Identity and Background.
TSI Management, Inc. (the "Reporting Person")
<TABLE>
<S> <C>
State of Organization: Nevada.
Principal Business: Investments.
Address: 1801 16th Ave. SW
Seattle, WA 98134
Directors: Brent D. Baird; Patrick W.E. Hodgson; John D. Weil
Executive Officers: Patrick W.E. Hodgson - Chairman & Chief Executive Officer
Michael G. Marsh - Secretary & General Counsel
Stephen G. Welch - Vice President & Chief Operating Officer
(d) No.
(e) No.
</TABLE>
<PAGE> 4
CUSIP NO. 654885102 Page 4 of 9
Information on Individual Directors, Executive Officers and Controlling Persons
pursuant to Instruction C:
(a) Brent D. Baird.
(b) 1350 One M&T Plaza, Buffalo, New York 14203.
(c) Private Investor.
(d) No.
(e) No.
(f) U.S.A.
(a) Patrick W.E. Hodgson.
(b) 60 Bedford Road, Toronto, Ontario, Canada, M5R 2K2.
(c) Chairman and Chief Executive Officer of Reporting Person.
(d) No.
(e) No.
(f) Canada.
(a) John D. Weil.
(b) 200 North Broadway, Suite 825, St. Louis, Missouri 63102.
(c) President of Clayton Management Company (private investment
management company), 200 North Broadway, Suite 825, St. Louis,
Missouri 63102.
(d) No.
(e) No.
(f) U.S.A.
(a) Michael G. Marsh.
(b) 1801 16th Ave. SW, Seattle, Washington 98134.
(c) Secretary and General Counsel of Reporting Person.
(d) No.
(e) No.
(f) U.S.A.
(a) Stephen G. Welch.
(b) 1801 16th Ave. SW, Seattle, Washington 98134.
(c) Vice President and Chief Operating Officer of Reporting Person.
(d) No.
(e) No.
(f) U.S.A.
ITEM 3. Source and Amount of Funds or Other Consideration.
Source of funds used for purchases by the Reporting Person was working
capital of such organization. The total amount paid for the Shares by the
Reporting Person was approximately $2,886,716, which does not include brokerage
commissions.
<PAGE> 5
CUSIP NO. 654885102 Page 5 of 9
ITEM 4. Purpose of the Transaction.
The Reporting Person purchased the Stock of the Issuer for general
investment purposes. The Reporting Person may acquire additional shares of the
Stock of the Issuer, based upon its investment decisions. It is not
contemplated that any of the acquisitions reported hereunder or any future
acquisitions will result in any change in the present management of the Issuer.
The Reporting Person has no present plans or proposals which relate to or would
result in:
(a) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of
its subsidiaries;
(b) a sale or transfer of a material amount of assets of the Issuer
or any of its subsidiaries;
(c) any change in the present board of directors or management of
the Issuer, including any plans or proposals to change the
number or term of directors or fill any existing vacancies on
the board;
(d) any material change in the present capitalization or dividend
policy of the Issuer;
(e) any other material change in the Issuer's business or corporate
structure;
(f) changes in the Issuer's charter, by-laws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
(g) causing a class of securities of the Issuer to be delisted from
a national securities exchange or cease to be quoted in an
inter-dealer quotation system of a registered national
securities association;
(h) a class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the
Securities Exchange Act; or
(i) any action similar to those enumerated above.
ITEM 5. Interest in Securities of the Issuer.
(a) Subject to the disclaimer of beneficial ownership hereinafter
set forth, the Reporting Person hereby reports beneficial
ownership of 252,642 shares of the Issuer in the manner
hereinafter described:
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CUSIP NO. 654885102 Page 6 of 9
<TABLE>
<CAPTION>
Percentage of
Relationship to Number Outstanding
Shares Held in Name of Reporting Person of Shares Securities
---------------------- ---------------- --------- ----------
<S> <C> <C> <C>
TSI Management, Inc. Reporting Person 245,642 5.34%
Trubee, Collins & Co. Retirement Brent D. Baird is a Director of
Fund F.B.O. Brent D. Baird the Reporting Person 5,000 .11%
Cinnamon Investments Ltd. Corporation Controlled by Patrick
W.E. Hodgson, Director, Chairman &
CEO of the Reporting Person
2,000 .04%
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TOTALS 252,642 5.49%
======= =====
</TABLE>
The foregoing percentages assume that the Issuer has 4,598,000 Shares
outstanding.
AS PROVIDED IN S.E.C. REGULATION Section 240.13d-4, THE REPORTING PERSON
HEREBY DECLARES THAT THIS STATEMENT SHALL NOT BE CONSTRUED AS AN ADMISSION THAT
IT IS, FOR PURPOSES OF SECTION 13(d) OR 13(g) OF THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED, THE BENEFICIAL OWNER THE SECURITIES COVERED BY THIS
STATEMENT.
(b) Subject to the above disclaimer of beneficial ownership, for each
person named in paragraph (a), the number of shares as to which
there is sole power to vote or direct the vote, shared power to vote
or direct the vote, sole power to dispose or direct the disposition,
or shared power to dispose or direct the disposition, is the same as
in paragraph (a).
(c)
<TABLE>
<CAPTION>
Net
Price
Number of Per Transaction
Purchase in the Name of Date Shares Share Made Through
----------------------- ---- ------ ------- ------------
<S> <C> <C> <C> <C>
TSI Management, Inc. 6/25/96 4,000 11.3750 Montag & Joselson
TSI Management, Inc. 6/27/96 2,000 11.3750 Montag & Joselson
TSI Management, Inc. 7/3/96 500 11.3750 Montag & Joselson
TSI Management, Inc. 7/5/96 6,000 11.3750 Montag & Joselson
TSI Management, Inc. 7/15/96 1,000 11.2500 Montag & Joselson
TSI Management, Inc. 7/16/96 11,000 11.2500 Montag & Joselson
</TABLE>
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CUSIP NO. 654885102
<TABLE>
<S> <C> <C> <C> <C>
TSI Management, Inc. 7/17/96 3,000 11.0000 Montag & Joselson
TSI Management, Inc. 7/18/96 2,000 11.0000 Montag & Joselson
TSI Management, Inc. 7/24/96 3,000 11.0000 Montag & Joselson
TSI Management, Inc. 7/25/96 4,000 11.0000 Montag & Joselson
TSI Management, Inc. 7/31/96 9,000 11.0000 Montag & Joselson
TSI Management, Inc. 8/19/96 14,125 12.0000 Montag & Joselson
TSI Management, Inc. 8/19/96 1,000 12.3750 Montag & Joselson
TSI Management, Inc. 8/28/96 16,000 12.1602 Montag & Joselson
TSI Management, Inc. 9/3/96 9,000 11.9722 Montag & Joselson
TSI Management, Inc. 9/5/96 10,000 11.7750 Montag & Joselson
TSI Management, Inc. 9/6/96 2,500 11.6250 Montag & Joselson
TSI Management, Inc. 9/9/96 3,000 11.6250 Montag & Joselson
TSI Management, Inc. 9/10/96 9,000 11.5000 Montag & Joselson
TSI Management, Inc. 9/12/96 5,500 11.5000 Montag & Joselson
TSI Management, Inc. 9/13/96 7,200 11.3750 Montag & Joselson
TSI Management, Inc. 9/16/96 3,125 11.3750 Montag & Joselson
TSI Management, Inc. 9/17/96 5,500 11.2500 Montag & Joselson
TSI Management, Inc. 9/19/96 742 11.3750 Montag & Joselson
TSI Management, Inc. 9/24/96 3,050 11.3750 Montag & Joselson
TSI Management, Inc. 9/27/96 4,000 11.3750 Montag & Joselson
TSI Management, Inc. 10/1/96 1,000 11.2500 Montag & Joselson
TSI Management, Inc. 10/9/96 3,100 11.2500 Montag & Joselson
TSI Management, Inc. 10/16/96 5,000 12.0000 Montag & Joselson
TSI Management, Inc. 10/22/96 700 11.8750 Montag & Joselson
TSI Management, Inc. 10/28/96 500 12.2500 Montag & Joselson
TSI Management, Inc. 10/30/96 9,000 12.2500 Montag & Joselson
TSI Management, Inc. 10/31/96 1,200 12.2500 Montag & Joselson
TSI Management, Inc. 11/5/96 1,000 12.1250 Montag & Joselson
TSI Management, Inc. 11/8/96 5,100 12.0000 Montag & Joselson
TSI Management, Inc. 11/11/96 3,000 12.1250 Montag & Joselson
</TABLE>
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CUSIP NO. 654885102
<TABLE>
<S> <C> <C> <C> <C>
TSI Management, Inc. 11/11/96 500 12.0000 Montag & Joselson
TSI Management, Inc. 11/15/96 6,100 12.0000 Montag & Joselson
TSI Management, Inc. 11/18/96 2,000 12.0000 Montag & Joselson
TSI Management, Inc. 11/26/96 15,300 12.1225 Montag & Joselson
TSI Management, Inc. 11/27/96 3,500 12.0000 Montag & Joselson
TSI Management, Inc. 12/2/96 7,500 12.0833 Montag & Joselson
TSI Management, Inc. 12/3/96 5,900 12.1059 Montag & Joselson
TSI Management, Inc. 12/4/96 21,300 12.0293 Montag & Joselson
TSI Management, Inc. 12/5/96 5,000 12.1250 Montag & Joselson
TSI Management, Inc. 12/6/96 4,700 11.8032 Montag & Joselson
TSI Management, Inc. 12/9/96 5,000 11.8125 Montag & Joselson
</TABLE>
(d) Not applicable.
(e) Not applicable.
ITEM 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
None.
ITEM 7. Material to be Filed as Exhibits.
None.
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CUSIP NO. 654885102 Page 9 of 9
SIGNATURES
After reasonable inquiry, and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
/s/ Patrick W.E. Hodgson
---------------------------------
Patrick W.E. Hodgson
Chairman & Chief Executive Officer
December 13, 1996
