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 22, 1999
ACCEPTANCE INSURANCE COMPANIES INC.
(Exact name of registrant as specified in its charter)
Delaware 1-7461 31-0742926
(State of Incorporation) (Commission File Number)(IRS Employer Identification
Number)
222 S. 15th Street, Suite 600 North
Omaha, Nebraska 68102
(Address of principal executive offices) (Zip Code)
(402) 344-8800
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events.
(a) The registrant issued the following press release on
December 22, 1999:
MARKEL CORPORATION AND ACCEPTANCE INSURANCE COMPANIES INC.
ANNOUNCE TRANSFER OF BOOK OF BUSINESS
RICHMOND, Virginia and OMAHA, Nebraska, December 22, 1999 -- Markel
Corporation (NYSE: MKL) and Acceptance Insurance Companies Inc. (NYSE: AIF),
today announced that they have reached an agreement in principle for Markel to
acquire the renewal rights to the book of business produced and serviced by the
Scottsdale, Arizona office of Acceptance. Markel will take over the Scottsdale
location and staff and will assume financial responsibility for certain
expenses of Acceptance's Scottsdale office. Markel will provide policyholder
services to the current customers of Acceptance's Scottsdale office and will
quote renewal coverage in Markel owned insurers as soon as reasonably possible.
Paul W. Springman, President of Markel North America, stated, "We are
delighted with this transaction. We inherit outstanding leadership in
Tom Stamm, along with experienced staff and an outstanding group of agents. We
expect this operation to add measurably to our North American presence. We
look forward to working with Tom and his staff to fully integrate them into the
Markel family of companies."
Michael McCarthy, Chairman of Acceptance, stated, "We are also pleased
to announce this transaction. It gives our property and casualty customers and
our staff an opportunity to continue to be associated with a strong specialty
carrier. It will also allow us to continue our previously announced intent to
reduce our commitment to property and casualty insurance and increase our focus
on our successful crop insurance business."
Markel Corporation markets and underwrites specialty insurance
products and programs to a variety of niche markets. In each of these markets,
the Company seeks to provide quality products and excellent customer service so
that it can be a market leader. The financial goals of the Company are to earn
consistent underwriting profits and superior investment returns to build
shareholder value.
Acceptance Insurance is a specialized insurance company providing
crop, property and casualty insurance products throughout the United States.
American Agrisurance, the Company's wholly owned crop insurance marketing
subsidiary, is a widely recognized leader in the crop insurance industry.
For Additional information, contact:
Paul W. Springman John E. Martin
President President and Chief Executive Officer
Markel North America Acceptance Insurance Companies Inc.
847-866-2800 800-228-7217
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
ACCEPTANCE INSURANCE COMPANIES INC.
By /s/ J. Michael Gottschalk
J. Michael Gottschalk, Chief Legal Officer,
General Counsel and Secretary
December 22, 1999
