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: AUGUST 29, 1995
LAWRENCE INSURANCE GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-9460 13-3370656
(Commission File Number) (I.R.S. Employer Identification No.)
500 Fifth Avenue, New York, New York 10110
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 212 944-8242
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Item 5. Other events.
On august 25, 1995, the Commissioner of Insurance of the State of
Texas released United Republic Insurance Company (URIC), one of the
Company's subsidiaries, from the state of confidential supervision
which it had imposed on June 22, 1994. The release is conditioned
upon URIC's achieving certain capital surplus goals. An initial
capital infusion of $300,000 has been paid, and United Republic
will need to report policyholders surplus of $3,000,000 by
September 25, 1995, $5,000,000 by October 15, 1995, and $8,000,000
by December 31, 1995. The Commissioner's order contains
a number of other requirements which relate to reporting and
cooperation with the Texas Department of Insurance. In the event
that URIC fails to meet or achieve the various deadlines and
requirements, the Commissioner will have the authority to place
URIC into conservatorship.
The American Stock Exchange (Exchange) has determined to allow the
resumption of trading of the Company's stock as of August 30, 1995;
the Exchange has noted, however, that since the Company does not
meet its financial guidelines, that delisting procedures could be
commenced in the future.
SIGNATURES
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.
LAWRENCE INSURANCE GROUP, INC.
Date: August 29, 1995 By: ______________________________
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EXHIBITS
EXHIBIT INDEX
Exhibit
Number Page No.
99.5 Press Release . . . . . . . . . . . . . . . . . . 4
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For Immediate Release For Further Information:
August 29, 1995 F. Herbert Brantlinger:
(518)464-9200
LAWRENCE INSURANCE GROUP, INC. ANNOUNCES
UNITED REPUBLIC INSURANCE COMPANY
IS RELEASED FROM CONFIDENTIAL SUPERVISION BY THE
TEXAS DEPARTMENT OF INSURANCE AND THE
STOCK TRADING HALT IMPOSED BY THE AMERICAN STOCK EXCHANGE
WILL BE LIFTED EFFECTIVE AUGUST 30, 1995
(Albany, NY), On August 25, 1995 the Commissioner of Insurance,
State of Texas, released United Republic Insurance Company (URIC),
a subsidiary of Lawrence Insurance Group, Inc., from a Confidential
Order of Supervision which had been in place since June 22, 1994.
Lawrence Insurance Group, Inc., on this date, has filed an 8K
advising of the action taken by the Texas Department of Insurance
(TDI).
Simultaneously with the release order, the Commissioner issued
Texas Insurance Code Article 1:32, Order by Consent, that provides
for certain operational approvals by the Commissioner, the exertion
of certain efforts by URIC, extensive reporting requirements for
URIC to the TDI and deadlines for certain events required by the
TDI to be effectuated by URIC in the near future. Moreover, URIC
has delivered to the TDI a Consent to Conservatorship which may be
used by the TDI, in its sole discretion, if certain requirements
are not met by URIC. The requirements call for an immediate cash
infusion of $300,000. This has been done. In addition, the
surplus of URIC must increase to $3,000,000 by September 25, 1995,
to $5,000,000 by October 15, 1995, and to a total surplus of
$8,000,000 by December 31, 1995.
While there is no assurance that the requirements called for by the
TDI will be met, management is confident that the capital called
for in the Agreement with the TDI and the deadlines established
will be achieved. Management intends to raise the additional
capital called for by the generation of operating profits, the
restoration of certain assets, the favorable resolution of claims
settlements and by continuing its efforts to raise outside capital.
This action by the TDI is viewed by management to be very positive
and once URIC reaches the $3,000,000 minimum capital and surplus
requirement it should enable URIC to begin the process of resuming
its previous business operations. The Confidential Order of
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Lawrence Insurance Group, Inc.
August 29, 1995 Announcements
Page 2
Supervision had no impact on the operations of URIC's subsidiaries,
Global Insurance Company and Senate Insurance Company. The
subsidiaries, therefore, have been able to continue their normal
business affairs unaffected by the Order.
The Lawrence Insurance Group, Inc. held its 1994 Annual
Stockholders Meeting on August 29, 1995 and at that time elected
its slate of Directors and ratified the appointment of Coopers &
Lybrand, L.L.P. as its outside accountant.
Also, during this meeting the stockholders were told of the
action taken by the TDI.
In addition, the stockholders were advised that in view of the
Company's having become current in all of its filings and with the
action of the TDI, the American Stock Exchange will lift a trading
halt that has been in effect since May 16, 1994, effective the
opening of business August 30, 1995. It should be noted that while
the trading halt was lifted, Lawrence Insurance Group, Inc.
continues to fall below the financial guidelines established for
continued listing by the American Stock Exchange; therefore, there
is no assurance that Lawrence Insurance Group, Inc. stock could not
be delisted in the future. In the event that conservatorship
occurs, there is no assurance trading would continue.
F. Herbert Brantlinger, President of Lawrence Insurance Group,
Inc., said he was pleased with the action of the Texas Department
of Insurance and also said the whole Company was gratified with the
action of the American Stock Exchange.
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