ACCEPTANCE INSURANCE COMPANIES INC
4, 2000-01-10
FIRE, MARINE & CASUALTY INSURANCE
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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 4

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940

[_]  Check box if no longer  subject of Section 16. Form 4 or Form 5 obligations
     may continue. See Instruction 1(b).

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1.   Name and Address of Reporting Person*

     Nelson                        John                     P
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   (Last)                           (First)             (Middle)

     300 West Broadway, Suite 200
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                                    (Street)

     Council Bluffs                   IA                51503
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   (City)                           (State)              (Zip)


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2.   Issuer Name and Ticker or Trading Symbol

     Acceptance Insurance Companies Inc. (AIF)

________________________________________________________________________________
3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)



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4.   Statement for Month/Year

     12/99
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5.   If Amendment, Date of Original (Month/Year)


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6.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     [X]  Director                             [_]  10% Owner
     [_]  Officer (give title below)           [_]  Other (specify below)


_________________________________________________________________________
7.   Individual or Joint/Group Filing (Check applicable line)

     [X]  Form filed by one Reporting Person
     [_]  Form filed by more than one Reporting Person
________________________________________________________________________________

<PAGE>

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           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
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<TABLE>
<CAPTION>
                                                                                                                6.
                                                                 4.                              5.             Owner-
                                                                 Securities Acquired (A) or      Amount of      ship
                                                    3.           Disposed of (D)                 Securities     Form:     7.
                                                    Transaction  (Instr. 3, 4 and 5)             Beneficially   Direct    Nature of
                                      2.            Code         ------------------------------- Owned at End   (D) or    Indirect
1.                                    Transaction   (Instr. 8)                   (A)             of Month       Indirect  Beneficial
Title of Security                     Date          ------------     Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)     Code     V                  (D)             and 4)         (Instr.4) (Instr. 4)
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<S>                                   <C>            <C>      <C>    <C>         <C>    <C>      <C>            <C>       <C>

Common Stock                          12/29/99       J               (1)60,368   D               967,800        I         LLC
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Common Stock                          12/29/99       J               (1)60,368   A               967,800        I         Trustee
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Common Stock                          12/29/99       J               (2)616      D               967,800        I         LLC
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Common Stock                          12/29/99       J               (2)616      A               967,800        D
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Common Stock                          12/29/99       J               (3)616      D               967,800        I         LLC
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Common Stock                          12/29/99       J               (3)616      A               967,800        I         Spouse
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Common Stock                          12/29/99       J               (4)60,954   D               967,800        I          Trustee
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Common Stock                          12/29/99       J               (4)60,954   A               967,800        D
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(1) Transferred 60,368 shares of Acceptance Insurance Companies Inc. Stock from Nelson Ventures LLC to John P. Nelson, Trustee of
    the John P. Nelson Irrevocable Qualified Annuity Trust dated March 9, 1998.
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(2) Transferred 616 shares of Acceptance Insurance Companies Inc. from Nelson Ventures, LLC to John P. Nelson.
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(3) Transferred 616 shares of Acceptance Insurance Companies Inc. from Nelson Ventures, LLC to Anne E. Nelson.
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(4) After number 1 above was completed, transferred 60,594 shares of Acceptance Insurance Companies Inc. Stock from the
    John P. Nelson, Trustee of the John P. Nelson Irrevocable Qualified Annuity Trust dated March 9, 1998, to John P. Nelson.

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</TABLE>
*    If the Form is filed by more than one  Reporting  Person,  see  Instruction
     4(b)(v).

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.



<PAGE>


FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

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<TABLE>
<CAPTION>
                                                                                                                    10.
                                                                                                          9.        Owner-
                                                                                                          Number    ship
                                                                                                          of        Form
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    or                         Derivative    6.                of Underlying     8.       ities     Secur-   of
                    Exer-             4.       Securities    Date              Securities        Price    Bene-     ity:     In-
                    cise     3.       Trans-   Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
                    Price    Trans-   action   or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.                  of       action   Code     of(D)         (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of            Deriv-   Date     (Instr.  (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative          ative    (Month/  8)       4 and 5)      Date     Expira-            Number  ity      Month     (I)      ship
Security            Secur-   Day/     ------   ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    Code V    (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>      <C>      <C>  <C>  <C>   <C>    <C>      <C>      <C>       <C>     <C>      <C>       <C>      <C>


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====================================================================================================================================
</TABLE>
Explanation of Responses:


/s/ John P. Nelson                                          January 10, 2000
- ---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date


**     Intentional misstatements or omissions of facts constitute Federal
       Criminal Violations.

       See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).




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