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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K/A
(AMENDMENT NO. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
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AUGUST 10, 1998
(Date of earliest event reported)
NOBEL INSURANCE LIMITED
(Exact name of registrant as specified in its charter)
ISLANDS OF BERMUDA 0-10071 98-0076395
(State or other jurisdiction of (Commission) (I.R.S. employer
incorporation or organization) file number identification no.)
SUITE 409, INTERNATIONAL CENTRE
26 BERMUDIANA ROAD
HAMILTON, BERMUDA HM 11
(Address of principal executive offices)
441-292-7104
(Registrant's telephone number,
including area code)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On June 18, 1998, the shareholders of Nobel Insurance Limited (the
"Company") approved the sale of its United States operating assets to a
wholly owned subsidiary of RenaissanceRe Holdings Ltd., an Islands of Bermuda
company, and approved and adopted the Plan of Liquidation of Nobel Insurance
Limited. On July 10, 1998, pursuant to the Plan of Liquidation, the
shareholders of the Company approved the voluntarily winding up of the
Company (the "Liquidation") in accordance with the laws of Bermuda and the
appointment of Malcolm Butterfield of the Bermuda office of KPMG Peat Marwick
("KPMG"), Chartered Accountants, as the liquidator of the Company (in such
capacity, the "Liquidator") to act as Liquidator to oversee the Liquidation
under the Bermuda Companies Act.
As a result of the appointment of Mr. Butterfield and the possible
conflict of interest that it represents, KPMG resigned as the Company's
certifying accountant on August 10, 1998. The change in accountant is as a
result of KPMG's resignation and was not recommended or approved by the Audit
Committee of the Board of Directors or the Board of Directors, nor was any
such approval required in order to give effect to the resignation. Pending
the determination of the time period for the Liquidation, the Company has not
yet appointed a new certifying accountant.
The accountant's reports on the consolidated financial statements of the
Company and its subsidiaries as of and for the years ended December 31, 1997
and 1996, were unqualified. There were no disagreements between the Company
and KPMG on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure or reportable events
during such periods or through the interim period ended August 10, 1998 (the
date of the resignation) or the interim period ended September 25, 1998 (the
date of the filing of this amended report).
KPMG Peat Marwick has reviewed the original report filed on August 17,
1998, and this amended report to be filed on September 25, 1998. In this
regard, KPMG Peat Marwick has provided the Company with the letter attached
hereto as Exhibit 16.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of businesses acquired: Not applicable.
(b) Pro forma financial information: Not applicable.
(c) Exhibits:
16 -- Letter from KPMG dated September 25, 1998
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this amended report to be signed on its behalf
by the undersigned hereunto duly authorized.
NOBEL INSURANCE LIMITED
Dated: September 25, 1998 By: /s/ JEFFRY K. AMSBAUGH
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Jeffry K. Amsbaugh, President
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[LETTERHEAD]
EXHIBIT 16
September 25, 1998
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentleman:
We were previously principal accountants for Nobel Insurance Limited and,
under the date of March 25, 1998, we reported on the consolidated financial
statements of Nobel Insurance Limited and subsidiaries as of and for the
years ended December 31, 1997 and 1996. On August 10, 1998 we resigned our
appointment as principal accountants. We have read Nobel Insurance Limited's
statements included under Item 4 of its Form 8-K/A (Amendment No. 1) dated
September 25, 1998, and we agree with such statements.
Very truly yours,
/s/ KPMG PEAT MARWICK LLP
