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): December 20, 2000
Allcity Insurance Company
(Exact Name of Registrant as Specified in its Charter)
New York
(State or Other Jurisdiction of Incorporation)
1-7411 13-2530665
(Commission File Number) (I.R.S. Employer Identification No.)
335 Adams Street, Brooklyn, N.Y. 11201-3731
(Address of Principal Executive Offices) (Zip Code)
(718) 422-4000
(Registrant Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
The information set forth in the press release issued by Allcity Insurance
Company attached hereto as Exhibit 99.1, is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press release of Allcity Insurance Company dated December 20, 2000.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ALLCITY INSURANCE COMPANY
By: /S/ Douglas M. Whitenack
Name: Douglas M. Whitenack
Title: Vice President and Controller
Date: December 20, 2000
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EXHIBIT INDEX
Item No.
99.1 Press release of Allcity Insurance Company dated December 20, 2000.
<PAGE>
ALLCITY INSURANCE COMPANY
335 Adams Street
Brooklyn, New York 11201
718-422-4000
Press Release
CONTACT: Doug Whitenack 718 422 4380
December 20, 2000
ALLCITY INSURANCE COMPANY ANNOUNCES WITHDRAWAL
FROM CERTAIN LINES OF BUSINESS
Allcity Insurance Company (ALCI-NASDAQ) announced today that effective
March 1, 2001, it would non-renew all voluntary statutory automobile
(public livery vehicles: black cars, suburban cars and medallions)
policies. In addition, the Company stated that effective immediately,
it would no longer accept new applications or binders for voluntary
private passenger automobile insurance. However, the Company will
fulfill its renewal obligations in accordance with New York insurance
law. The Company also announced that, it intends to withdraw from the
voluntary commercial automobile business, consistent with regulatory
requirements. For the nine months ended September 30, 2000, net earned
premium revenues were approximately $3.0 million, $4.1 million, and
$1.5 million for the voluntary statutory automobile, voluntary private
passenger automobile, and voluntary commercial automobile lines,
respectively, and represented approximately 12.6%, 17.5%, and 6.1%,
respectively, of the Companys total net earned premiums for that
period. The amounts shown above for the voluntary private passenger
automobile business primarily resulted from renewals.
This press release and statements by the Company in reports to its
shareholders and public filings, as well as oral public statements by
Company representatives, may contain certain forward-looking information
that is subject to certain risks and uncertainties that could cause
actual results to differ materially from those set forth in,
contemplated by or underlying the forward-looking statements. Without
limitation, these risks and uncertainties include general economic and
market conditions, changes in competition and pricing environments,
the occurrence of significant natural disasters, the inability to
reinsure certain risks economically, the adequacy of loss reserves,
prevailing interest rate levels, and weather related conditions that
may affect the Companys operations. Undue reliance should not be
placed on these forward-looking statements, which are applicable only
as of the date hereof. The Company undertakes no obligation to revise
or update these forward-looking statements to reflect events or
circumstances that arise after the date of this press release or to
reflect the occurrence of unanticipated events.
