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):
August 26, 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)
01-171056.01
01-171056.01
<PAGE>
Item 5. Other Events.
Reference is made to the press release of Registrant, issued on
August 26, 1999, which is incorporated herein by this reference. A copy of
the press release is attached to this form 8-K as Exhibit 99.1. The legal
proceeding referred to in the press release was filed by James M. Wallace, III,
as plaintiff, against American Agrisurance, Inc., American Growers Insurance
Company and Acceptance Insurance Companies Inc., as defendants, on
August 17, 1999 in the Circuit Court of Lonoke County, Second Division,
Arkansas, Civil Action No. CIV99-264, and was served on August 23, 1999.
01-171056.01
<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/ Kenneth C. Coon
Kenneth C. Coon, Chief Executive Officer
August 26, 1999
01-171056.01
<PAGE>
Exhibits:
- ---------
99.1 Press Release dated August 26, 1999
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
ACCEPTANCE INSURANCE ANNOUNCES FILING AN 8-K
Omaha, NE, August 26, 1999
Acceptance Insurance Companies Inc. (NYSE:AIF) today filed an 8-K with
the Securities and Exchange Commission indicating that a class action suit
regarding CRCPlus(TM)and seeking damages and attorney fees has been filed
against the Company and its subsidiaries in Lonoke County, Arkansas Circuit
Court.
J. Michael Gottschalk, General Counsel and Secretary of the Company,
issued the following statement regarding the suit.
"This suit is completely without merit, and we intend to mount a
strong, thorough defense on behalf of our shareholders, the farmers we serve
and our employees. The suit claims the plaintiff applied for CRCPlus rice
coverage at 3 cents per pound, and that the Company breached a contract of
insurance and failed to act in good faith by offering to provide coverage at
1 1/2 cents per pound. It is important to note that at that time the plaintiff
withdrew the application voluntarily, electing not to receive coverage at 1 1/2
cents per pound."
"Suits like this, which unfortunately have become common in today's
litigious society, will not deter our commitment to provide effective risk
management choices to American agriculture producers. We are proceeding with
our plans to make CRCPlus available for winter wheat this fall in the primary
wheat growing states and for spring 2000 crops nationwide."
Acceptance is an A- rated property and casualty insurance company
concentrating on writing specialty coverages throughout the United States not
generally emphasized by standard insurance carriers. The Company's insurance
operations are conducted through its five insurance subsidiaries and one
insurance agency. The Company selects underwriting specialties within the
property and casualty industry that provide a diversified portfolio of
products, with the goal of producing underwriting results better than the
industry average.
Contact: Kenneth C. Coon John P. Nelson
Chairman and CEO President and COO
(402) 344-8800 (402) 344-8800
