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):
July 28, 2000
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
July 28, 2000:
For Immediate Release
ACCEPTANCE INSURANCE COMPANIES INC. AND CLARENDON INSURANCE
GROUP CLOSE SALE OF REDLAND INSURANCE COMPANY
(Omaha, NE and New York, NY, July 28, 2000). Acceptance Insurance Companies
Inc. (NYSE: AIF) and Clarendon Insurance Group today completed Clarendon's
purchase from Acceptance of Redland Insurance Company.
As previously announced, Acceptance retained all Redland assets associated with
its crop insurance operations, as well as an option to repurchase Redland.
Acceptance also was appointed Redland's exclusive representative for the
business Acceptance currently writes through Redland. As part of the
transaction, Clarendon National Insurance Company will reinsure future Redland
policies.
Clarendon Insurance Group is a subsidiary of Hannover Reinsurance, the world's
fifth largest reinsurer, and a nationally recognized leader in insurance
program business. Currently operating through various insurance company
subsidiaries, Clarendon Insurance Group has long-standing relationships with
highly specialized managing general agents and a record of consistent operating
profitability. Hannover Reinsurance is rated A+ (Superior) and Clarendon is
rated A (Excellent) by A. M. Best & Co.
Ralph Milo, Chairman and Chief Executive Officer of the Clarendon Insurance
Group, said, "Through our purchase of Redland we have created a unique
partnership for the development of specialty program business. With
Acceptance, we will now work to maximize the potential of Redland Insurance
Company."
Acceptance President and Chief Executive Officer John E. Martin commented,
"This sale marks the beginning of a new strategic relationship between
Acceptance Insurance Companies and the Clarendon Group, and continues the
reshaping of our property and casualty portfolio according to plan. Redland,
and the additional business we believe will result from our association with
Clarendon, remains a very integral part of our corporate strategy."
Acceptance Insurance Companies Inc. is an insurance holding company providing
specialized 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.
Contacts:
Stephen T. Fitzpatrick Ming-I Huang
Senior Vice President Senior Vice President
Acceptance Insurance Companies Inc. Clarendon Insurance Group
800 228 7217 212 805 9700
<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
July 28, 2000
