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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2 )*
SUPERIOR NATIONAL INSURANCE GROUP, INC.
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(Name of Issuer)
Common Stock; $.01 par value per share
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(Title of Class of Securities)
868224 10 6
(CUSIP Number)
November 21, 1996; May 14, 1997; May 30, 1997;
December 11, 1997; and December 10, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
/ / Rule 13d-1(b)
/ / Rule 13d-1(c)
/X/ Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A
CURRENTLY VALID OMB CONTROL NUMBER.
Page 1 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
International Insurance Advisors, Inc.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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NUMBER OF SHARES 5. Sole Voting Power 0 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power
1,243,332 (See Items 4 and 8)
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7. Sole Dispositive Power 0 (See Items 4 and 8)
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8. Shared Dispositive Power 0 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,243,332 (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row (9) /X/ (See Item 8)
Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 6.5%
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12. Type of Reporting Person (See Instructions) CO
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Page 2 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
International Insurance Investors, L.P.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Bermuda
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NUMBER OF SHARES 5. Sole Voting Power 0 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 204,759 (See Items 4 and 8)
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7. Sole Dispositive Power 0 (See Items 4 and 8)
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8. Shared Dispositive Power 204,759 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
204,759 (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row /X/ See Item 8
(9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 1.1%
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12. Type of Reporting Person (See Instructions) PN
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Page 3 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
International Insurance Investors (Bermuda) Limited
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Bermuda
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NUMBER OF SHARES 5. Sole Voting Power 0 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 217,942 (See Items 4 and 8)
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7. Sole Dispositive Power 13,183 (See Items 4 and 8)
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8. Shared Dispositive Power 204,759 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
217,942 (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row /X/ See Item 8
(9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 1.2%
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12. Type of Reporting Person (See Instructions) CO
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Page 4 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Centre Solutions (Bermuda) Limited
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Bermuda
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NUMBER OF SHARES 5. Sole Voting Power 0 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 395,128 (See Items 4 and 8)
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7. Sole Dispositive Power 395,128 (See Items 4 and 8)
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8. Shared Dispositive Power 0 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
395,128 (See Items 4 and 8)
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10. Check if the Aggregate Amount in /X/ See Item 8
Row (9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 2.2%
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12. Type of Reporting Person (See Instructions) CO
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Page 5 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Trustees of the Estate of Bernice P. Bishop
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Hawaii
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NUMBER OF SHARES 5. Sole Voting Power 0 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 326,552 (See Items 4 and 8)
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7. Sole Dispositive Power 326,552 (See Items 4 and 8)
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8. Shared Dispositive Power 0 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
326,552 (See Items 4 and 8)
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10. Check if the Aggregate Amount in /X/ See Item 8
Row (9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 1.8%
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12. Type of Reporting Person (See Instructions) OO - Trust
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Page 6 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Carlisle Ventures, Inc.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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NUMBER OF SHARES 5. Sole Voting Power 0 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 138,785 (See Items 4 and 8)
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7. Sole Dispositive Power 138,785 (See Items 4 and 8)
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8. Shared Dispositive Power 0 (See Items 4 and 8)
9. Aggregate Amount Beneficially Owned by Each Reporting Person
138,785 (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row /X/ See Item 8
(9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 0.8%
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12. Type of Reporting Person (See Instructions) CO
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Page 7 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Beach Haven Investors, Inc.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Florida
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NUMBER OF SHARES 5. Sole Voting Power 0 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 1,636 (See Items 4 and 8)
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7. Sole Dispositive Power 0 (See Items 4 and 8)
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8. Shared Dispositive Power 1,636 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
1,636 (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row /X/ See Item 8
(9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
Less than 0.1%
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12. Type of Reporting Person (See Instructions) CO
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Page 8 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Fluor Reinsurance Investments, Inc.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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NUMBER OF SHARES 5. Sole Voting Power 0 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 151,199 (See Items 4 and 8)
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7. Sole Dispositive Power 151,199 (See Items 4 and 8)
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8. Shared Dispositive Power 0 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
151,199 (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row /X/ See Item 8
(9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 0.8%
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12. Type of Reporting Person (See Instructions) CO
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Page 9 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Robert A. Spass
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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NUMBER OF SHARES 5. Sole Voting Power 40,825 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 7,216 (See Items 4 and 8)
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7. Sole Dispositive Power 46,405 (See Items 4 and 8)
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8. Shared Dispositive Power 1,636 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
48,041 (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row /X/ See Item 8
(9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 0.3%
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12. Type of Reporting Person (See Instructions) IN
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Page 10 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Paul H. Warren
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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NUMBER OF SHARES 5. Sole Voting Power 16,413 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 2,790 (See Items 4 and 8)
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7. Sole Dispositive Power 19,203 (See Items 4 and 8)
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8. Shared Dispositive Power 0 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
19,203 (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row /X/ See Item 8
(9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 0.1%
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12. Type of Reporting Person (See Instructions) IN
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Page 11 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Bradley E. Cooper
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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NUMBER OF SHARES 5. Sole Voting Power 20,413 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 930 (See Items 4 and 8)
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7. Sole Dispositive Power 21,343 (See Items 4 and 8)
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8. Shared Dispositive Power 0 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
21,343 (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row /X/ See Item 8
(9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) 0.1%
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12. Type of Reporting Person (See Instructions) IN
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Page 12 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Craig F. Schwarberg
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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NUMBER OF SHARES 5. Sole Voting Power 0 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 2,790 (See Items 4 and 8)
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7. Sole Dispositive Power 2,790 (See Items 4 and 8)
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8. Shared Dispositive Power 0 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
2,790 (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row /X/ See Item 8
(9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
Less than 0.1%
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12. Type of Reporting Person (See Instructions) IN
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Page 13 of 37 pages
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CUSIP No. 868224 10 6
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
International Insurance Advisors, Inc. 401(k) and
Pension Plans
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a)
(b) X
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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NUMBER OF SHARES 5. Sole Voting Power 0 (See Items 4 and 8)
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH:
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6. Shared Voting Power 4,650(1) (See Items 4 and 8)
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7. Sole Dispositive Power 0 (See Items 4 and 8)
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8. Shared Dispositive Power 0 (See Items 4 and 8)
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
4,650(1) (See Items 4 and 8)
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10. Check if the Aggregate Amount in Row /X/ See Item 8
(9) Excludes Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9)
Less than 0.1%
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12. Type of Reporting Person (See Instructions) EP
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(1) Represents 930, 2,790 and 930 shares held for the accounts of Bradley E.
Cooper, Craig F. Schwarberg and Paul H. Warren, respectively.
Page 14 of 37 pages
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This Amendment No. 2 to Schedule 13G (this "Amendment No. 2") is being
filed to amend and restate in its entirety the Schedule 13G (the "Initial
Schedule 13G") filed by the Filing Persons (as defined below, but excluding
International Insurance Investors, L.P. ("III")), J.P. Morgan Capital Corp.
("J.P. Morgan"), Bacardi Capital Ltd. ("Bacardi") and Centre Reinsurance
Limited ("Centre Re") on February 14, 1996, as amended and restated by
Amendment No. 1 to Schedule 13G, filed on February 14, 1997 by such parties
(with the exception of Centre Re) and Centre Reinsurance (Bermuda) Limited
(which subsequently changed its name to Centre Solutions (Bermuda) Limited
("Centre Solutions")), relating to the common stock, par value $.01 per share
(the "Common Stock"), issued by Superior National Insurance Group, Inc., a
Delaware corporation (the "Issuer").
This Amendment No. 2 is being filed to report the distribution on
November 21, 1996 to the limited partners and general partner of III of the
warrants to purchase 1,474,306 shares of Common Stock that were held of
record by International Insurance Advisors, Inc. ("IIA"), as agent for the
partners of III. This Amendment No. 2 is also being filed to report the sale
on May 14, 1997 and May 30, 1997, by J.P. Morgan and Bacardi, respectively,
each of which is a limited partner of III, of warrants to purchase 138,785
and 92,188 shares of Common Stock, respectively, to entities that are not
party to the Agency Agreement (as defined in Item 4 below). In connection
with these sales, J.P. Morgan and Bacardi also transferred to the general
partner of III an aggregate of 31,435 warrants, which are subject to the
Agency Agreement. As a result of these sales, the number of warrants and
underlying shares of Common Stock with respect to which IIA acts as agent
under the Agency Agreement (and as a result, is deemed to own beneficially
for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended (the "Act")) decreased from 1,474,306 to 1,243,332 shares.
This Amendment No. 2 is also being filed to report the transfer to III
on December 11, 1997 by the holders of the warrants that are subject to the
Agency Agreement of a portion of each such holders' warrants, for an
aggregate of 204,759 warrants. These warrants were transferred to III so
that they could be held (subject to IIA's revocable agency relationship under
the Agency Agreement) in reserve for the payment to Centre Re, a limited
partner of III, and IIA (collectively, the "Advisers"), of their incentive
fee under III's investment advisory agreements. This Amendment No. 2 is also
being filed to report the acquisition on December 10, 1998 by Robert A.
Spass, Paul H. Warren and Bradley E. Cooper of warrants to purchase an
aggregate of 65,651 shares of Common Stock.
ITEM 1.
(a) NAME OF ISSUER
The name of the issuer is Superior National Insurance
Group, Inc.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
The principal executive offices of the Issuer are located
at 26601 Agoura Road, Calabasas, California 91302.
ITEM 2.
(a) NAME OF PERSON FILING
Page 15 of 37 pages
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The persons filing this Amendment No. 2 are International
Insurance Advisors, Inc., International Insurance
Investors, L.P., International Insurance Investors
(Bermuda) Limited, Centre Solutions (Bermuda) Limited
(formerly known as Centre Reinsurance (Bermuda) Limited),
the Trustees of the Estate of Bernice P. Bishop, Carlisle
Ventures, Inc., Beach Haven Investors, Inc., Fluor
Reinsurance Investments, Inc., Robert A. Spass, Paul H.
Warren, Bradley E. Cooper, Craig F. Schwarberg and
International Insurance Advisors, Inc. 401(k) and Pension
Plans (each, a "Filing Person" and collectively, the "Filing
Persons").
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
Page 16 of 37 pages
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The address of the principal business office of each of the
Filing Persons is as follows:
International Insurance Advisors, Inc.
One Chase Manhattan Plaza, 44th Floor
New York, New York 10005
International Insurance Investors, L.P.
c/o International Insurance Investors (Bermuda)
Limited, General Partner
Cumberland House
One Victoria Street
Hamilton HM HX, Bermuda
International Insurance Investors (Bermuda) Limited
Cumberland House
One Victoria Street
Seventh Floor
Hamilton, HM HX, Bermuda
Centre Solutions (Bermuda) Limited
Cumberland House
One Victoria Street
Seventh Floor
Hamilton, HM HX, Bermuda
Trustees of the Estate of Bernice P. Bishop
567 South King Street
Suite 200
Honolulu, Hawaii 96813
Carlisle Ventures, Inc.
720 East Wisconsin Avenue
Milwaukee, Wisconsin 53202
Beach Haven Investors, Inc.
10 Floral Court
Westfield, New Jersey 07090
Fluor Reinsurance Investments, Inc.
3333 Michaelson Drive
Irvine, California 92730
Robert A. Spass
One Chase Manhattan Plaza, 44th Floor
New York, New York 10005
Paul H. Warren
One Chase Manhattan Plaza, 44th Floor
New York, New York 10005
Bradley E. Cooper
One Chase Manhattan Plaza, 44th Floor
New York, New York 10005
Craig F. Schwarberg
One Chase Manhattan Plaza, 44th Floor
New York, New York 10005
International Insurance Advisors, Inc. 401(k) and Pension
Plans
One Chase Manhattan Plaza, 44th Floor
New York, New York 10005
Page 17 of 37 pages
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(c) Citizenship
The information with respect to the citizenship or
organization of each of the Filing Persons is as follows:
International Insurance Advisors, Inc. is a corporation
organized under the laws of Delaware.
International Insurance Investors, L.P. is a limited
partnership organized under the laws of Bermuda.
International Insurance Investors (Bermuda) Limited is a
corporation organized under the laws of Bermuda.
Centre Solutions (Bermuda) Limited is an insurance company
organized under the laws of Bermuda.
The Estate of Bernice P. Bishop is a trust organized under
the laws of Hawaii.
Carlisle Ventures, Inc. is a corporation organized under
the laws of Delaware.
Beach Haven Investors, Inc. is a corporation organized
under the laws of Florida.
Fluor Reinsurance Investments, Inc. is a corporation
organized under the laws of Delaware.
International Insurance Advisors, Inc. 401(k) and Pension
Plans are employee benefit plans of International Insurance
Advisors, Inc., a corporation organized under the laws of
Delaware.
Each of Robert A. Spass, Paul H. Warren, Bradley E. Cooper
and Craig F. Schwarberg is a citizen of the United States.
(d) TITLE OF CLASS OF SECURITIES
This Amendment No. 2 relates to common stock, $.01 par
value per share, of the Issuer.
(e) CUSIP Number 868224 10 6
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO Sections 240.13D-1(b) OR
240.13D-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
(a) / / Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78c).
(b) / / Bank as defined in section 3(a)(6) of the Act (15 U.S.C.
78c).
(c) / / Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) / / Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) / / An investment adviser in accordance with Section 240.13d-
1(b)(1)(ii)(E);
(f) / / An employee benefit plan or endowment fund in accordance
with Section 240.13d-1(b)(1)(ii)(F);
(g) / / A parent holding company or control person in accordance
with Section 240.13d-1(b)(1)(ii)(G);
(h) / / A savings associations as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
Page 18 of 37 pages
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(i) / / A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);
(j) / / Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).
Not applicable.
ITEM 4. OWNERSHIP.
INTERNATIONAL INSURANCE ADVISORS, INC.
The responses of IIA to Items 5-9 and Item 11 of the cover page to this
Amendment No. 2 are incorporated herein by reference.
The 1,243,332 shares of Common Stock that IIA beneficially owns consist of
warrants (the "Warrants") that, for purposes of Rule 13d-3 under the Act, are
exercisable within 60 days of the date hereof, and would represent approximately
6.5% of the outstanding shares of Common Stock if exercised. The Warrants are
not held by IIA, but rather, are subject to a revocable agency relationship
whereby IIA acts as an agent, on behalf of the holders of the Warrants, with
respect to the exercise of the voting and consent rights set forth in the
Warrants and that attach to the underlying Common Stock. This agency
relationship was established pursuant to the Agency and Proxy Agreement dated
March 16, 1992, a copy of which is attached as Exhibit A to the Initial
Schedule 13G (the "Agency Agreement"). The following persons are subject to
this agency relationship: III, International Insurance Investors (Bermuda)
Limited ("III (Bermuda)"), Bacardi, Centre Re, the Trustees of the Estate of
Bernice P. Bishop ("Bishop Estate"), J.P. Morgan, Carlisle Ventures, Inc., Beach
Haven Investors, Inc., Fluor Reinsurance Investments, Inc., Robert A. Spass,
Paul H. Warren, Bradley E. Cooper, Craig F. Schwarberg and the International
Insurance Advisors, Inc. 401(k) and Pension Plans (the "IIA Pension Plans"), all
of which, with the exception of III, III (Bermuda), Bradley E. Cooper and Craig
F. Schwarberg, are limited partners of III. III (Bermuda) is the sole general
partner of III. IIA is the financial adviser to III. Centre Solutions, which
is not a partner of III, acquired its Warrants from Centre Re, a limited partner
of III and wholly owned subsidiary of Centre Solutions. The Warrants acquired
by Centre Solutions are subject to IIA's agency relationship.
The Warrants, which were purchased from the Issuer by III in March 31, 1992 in a
transaction which also included the issuance to III of the Issuer's 14.5% Senior
- --------------------
(2) The outstanding principal amount of the Voting Notes is $30,000. The
number of votes attaching to the Voting Notes is equal to the number of
shares of Common Stock that may be purchased upon exercise of the Warrants
that were issued in that March 31, 1992 transaction and that remain
outstanding and are unexercised as of the applicable record date for a
stockholder vote. As of the date hereof, the number of votes held by III,
the holder of the Voting Notes, was equivalent to 1,566,465 shares of
Common Stock. The holder of the Voting Notes is permitted to vote only in
director elections, director removals, votes on amending that right to
vote, and changes to the number of authorized directors. The specific
voting rights of the Voting Notes are set forth in the Issuer's Certificate
of Incorporation and Bylaws.
Page 19 of 37 pages
<PAGE>
Subordinated Voting Notes due April 1, 2002 (the "Voting Notes")(2), were
originally issued directly to IIA, as agent for each of the limited partners and
general partner of III, pursuant to the Agency Agreement. On November 21, 1996
the Warrants, which were held of record by IIA, as agent, were distributed to
the partners of III; however, IIA's revocable agency relationship with such
partners under the Agency Agreement was reestablished after the distribution.
Under this agency relationship, in the event that the holders of the Warrants,
the underlying Common Stock and/or any other security issued as a dividend or
distribution thereon (together with such Common Stock, the "Underlying
Securities") are entitled to vote or consent with respect to any matter (with
certain limited exceptions), then IIA, as agent and proxy, shall exercise such
voting or consent right with respect to all Warrants and/or Underlying
Securities then subject to such relationship. This agency relationship may be
revoked by the holder of the Warrants upon 10 days' notice to IIA. The Agency
Agreement may be terminated by IIA upon 30 days' notice to the other parties to
the Agency Agreement and will be terminated upon the termination of III pursuant
to its partnership agreement.
INTERNATIONAL INSURANCE INVESTORS, L.P.
The responses of III to Items 5-9 and Item 11 of the cover page to this
Amendment No. 2 are incorporated herein by reference.
The 204,759 shares of Common Stock that III owns beneficially consist of
Warrants that, for purposes of Rule 13d-3 under the Act, are exercisable within
60 days of the date hereof, and would represent approximately 1.1% of the
outstanding shares of Common Stock if exercised. III shares the power to vote
or to direct the vote of such Warrants and the 204,759 shares of Common Stock
issuable upon their exercise with (a) III (Bermuda), its sole general partner,
and (b) IIA pursuant IIA's revocable agency relationship, and shares the power
to dispose or direct the disposition of such Warrants and the 204,759 shares of
Common Stock issuable upon their exercise with III (Bermuda). These Warrants
were transferred to III on December 11, 1997 by each holder of the Warrants
(representing a portion of the Warrants held by each such holder) so that they
could be held by III (subject to IIA's revocable agency relationship) in reserve
for the payment to the Advisers of their incentive fee under III's investment
advisory agreements.
INTERNATIONAL INSURANCE INVESTORS (BERMUDA) LIMITED
The responses of III (Bermuda) to Items 5-9 and Item 11 of the cover page to
this Amendment No. 2 are incorporated herein by reference.
The 217,942 shares of Common Stock that III (Bermuda) owns beneficially consist
of
- --------------------
(2) The outstanding principal amount of the Voting Notes is $30,000. The
number of votes attaching to the Voting Notes is equal to the number of
shares of Common Stock that may be purchased upon exercise of the Warrants
that were issued in that March 31, 1992 transaction and that remain
outstanding and are unexercised as of the applicable record date for a
stockholder vote. As of the date hereof, the number of votes held by III,
the holder of the Voting Notes, was equivalent to 1,566,465 shares of
Common Stock. The holder of the Voting Notes is permitted to vote only in
director elections, director removals, votes on amending that right to
vote, and changes to the number of authorized directors. The specific
voting rights of the Voting Notes are set forth in the Issuer's Certificate
of Incorporation and Bylaws.
Page 20 of 37 pages
<PAGE>
Warrants that, for purposes of Rule 13d-3 under the Act, are exercisable
within 60 days of the date hereof, and would represent approximately 1.2% of the
outstanding shares of Common Stock if exercised. III (Bermuda) shares the power
to vote or to direct the vote of Warrants to purchase 204,759 shares of Common
Stock and such underlying shares with (a) III, of which III (Bermuda) is the
general partner, and (b) with IIA pursuant to IIA's agency relationship. III
(Bermuda) shares the power to vote or to direct the vote of Warrants to purchase
13,183 shares of Common Stock and such underlying shares with IIA pursuant to
IIA's agency relationship. III (Bermuda) has sole power to dispose or direct
the disposition of Warrants to purchase 13,183 shares of Common Stock and such
underlying shares and shares the power to dispose or direct the disposition of
Warrants to purchase 204,759 shares of Common Stock and such underlying shares
with III. The reported number of shares issuable upon exercise of Warrants does
not include Warrants to purchase 33,946 shares of Common Stock that III
(Bermuda) transferred to III on December 11, 1997 to be held by III (subject to
IIA's revocable agency relationship) in reserve for the payment to the Advisers
of their incentive fee under III's investment advisory agreements.
CENTRE SOLUTIONS (BERMUDA) LIMITED
The responses of Centre Solutions to Items 5-9 and Item 11 of the cover page to
this Amendment No. 2 are incorporated herein by reference.
The 395,128 shares of Common Stock that Centre Solutions owns beneficially
consist of Warrants that, for purposes of Rule 13d-3 under the Act, are
exercisable within 60 days of the date hereof, and would represent
approximately 2.2% of the outstanding shares of Common Stock if exercised.
Centre Solutions acquired these Warrants pursuant to the Assignment of
Warrant, dated November 8, 1996, between Centre Re and Centre Reinsurance
(Bermuda) Limited (which subsequently changed its name to Centre Solutions
(Bermuda) Limited), pursuant to which (a) Centre Re, a wholly owned
subsidiary of Centre Solutions and a limited partner of III, assigned its
right, title and interest in the Warrants to Centre Solutions and (b) Centre
Solutions became subject to the Agency Agreement with respect to its interest
in the Warrants. Centre Solutions shares the power to vote or to direct the
vote of such Warrants and the 395,128 shares of Common Stock issuable upon
their exercise with IIA pursuant to the Agency Agreement, and has sole power
to dispose or to direct the disposition of such Warrants and the 395,128
shares of Common Stock issuable upon their exercise. The reported number of
shares issuable upon exercise of Warrants does not include Warrants to
purchase 75,262 shares of Common Stock that Centre Solutions transferred to
III on December 11, 1997 to be held by III (subject to IIA's revocable agency
relationship) in reserve for the payment to the Advisers of their incentive
fee under III's investment advisory agreements.
TRUSTEES OF THE ESTATE OF BERNICE P. BISHOP
The responses of Bishop Estate to Items 5-9 and Item 11 of the cover page to
this Amendment No. 2 are incorporated herein by reference.
The 326,552 shares of Common Stock that Bishop Estate owns beneficially consist
of Warrants that, for purposes of Rule 13d-3 under the Act, are exercisable
within 60 days of the date hereof, and would represent approximately 1.8% of the
outstanding shares of Common Stock if exercised. Bishop Estate shares the power
to vote or to direct the vote of such Warrants and the 326,552 shares of Common
Stock issuable upon their exercise with IIA pursuant to the Agency Agreement,
and has sole power to dispose or direct the disposition of such Warrants and the
326,552 shares of Common Stock issuable upon their exercise. The reported
number of shares issuable upon exercise of Warrants does not include Warrants to
purchase 62,200 shares of Common Stock that Bishop Estate transferred to III on
December 11, 1997 to be held by III
Page 21 of 37 pages
<PAGE>
(subject to IIA's revocable agency relationship) in reserve for the payment
to the Advisers of their incentive fee under III's investment advisory
agreements.
CARLISLE VENTURES, INC.
The responses of Carlisle Ventures, Inc. to Items 5-9 and Item 11 of the cover
page to this Amendment No. 2 are incorporated herein by reference.
The 138,785 shares of Common Stock that Carlisle Ventures, Inc. owns
beneficially consist of Warrants that, for purposes of Rule 13d-3 under the Act,
are exercisable within 60 days of the date hereof, and would represent
approximately 0.8% of the outstanding shares of Common Stock if exercised.
Carlisle Ventures, Inc. shares the power to vote or to direct the vote of such
Warrants and the 138,785 shares of Common Stock issuable upon their exercise
with IIA pursuant to the Agency Agreement, and has sole power to dispose or to
direct the disposition of such Warrants and the 138,785 of Common Stock issuable
upon their exercise. The reported number of shares issuable upon exercise of
Warrants does not include Warrants to purchase 26,435 shares of Common Stock
that Carlisle Ventures, Inc. transferred to III on December 11, 1997 to be held
by III (subject to IIA's revocable agency relationship) in reserve for the
payment to the Advisers of their incentive fee under III's investment advisory
agreements.
BEACH HAVEN INVESTORS, INC.
The responses of Beach Haven Investors, Inc. to Items 5-9 and Item 11 of the
cover page to this Amendment No. 2 are incorporated herein by reference.
The 1,636 shares of Common Stock that Beach Haven Investors, Inc. owns
beneficially consist of Warrants that, for purposes of Rule 13d-3 under the Act,
are exercisable within 60 days of the date hereof, and would represent less than
0.1% of the outstanding shares of Common Stock if exercised. Beach Haven
Investors, Inc. shares the power to vote or to direct the vote of such Warrants
and the 1,636 shares of Common Stock issuable upon their exercise with
(a) Robert A. Spass, its sole stockholder, and (b) IIA pursuant to the Agency
Agreement, and shares the power to dispose or to direct the disposition of such
Warrants and the 1,636 shares of Common Stock issuable upon their exercise with
Mr. Spass. The reported number of shares issuable upon exercise of Warrants
does not include Warrants to purchase 312 shares of Common Stock transferred by
Beach Haven Investors, Inc. to III on December 11, 1997 to be held by III
(subject to IIA's revocable agency relationship) in reserve for the payment to
the Advisers of their incentive fee under III's investment advisory agreements.
FLUOR REINSURANCE INVESTMENTS, INC.
The responses of Fluor Reinsuance Investements, Inc. to Items 5-9 and Item 11 of
the cover page to this Amendment No. 2 are incorporated herein by reference.
The 151,199 shares of Common Stock that Fluor Reinsurance Investments, Inc. owns
beneficially consist of Warrants that, for purposes of Rule 13d-3 under the Act,
are exercisable within 60 days of the date hereof, and would represent
approximately 0.8% of the outstanding shares of Common Stock if exercised.
Fluor Reinsurance Investments, Inc. shares the power to vote or to direct the
vote of such Warrants and the 151,199 shares of Common Stock issuable upon their
exercise with IIA pursuant to the Agency Agreement, and has sole power to
dispose or to direct the disposition of such Warrants and the 151,199 shares of
Common Stock issuable upon their exercise. The reported number of shares
issuable upon exercise of Warrants
Page 22 of 37 pages
<PAGE>
does not include Warrants to purchase 4,302 shares of Common Stock
transferred by Fluor Reinsurance Investments, Inc. to III on December 11,
1997 to be held by III (subject to IIA's revocable agency relationship) in
reserve for the payment to the Advisers of their incentive fee under III's
investment advisory agreements.
ROBERT A. SPASS
The responses of Robert A. Spass to Items 5-9 and Item 11 of the cover page to
this Amendment No. 2 are incorporated herein by reference.
The aggregate number of shares of Common Stock that Robert A. Spass owns
beneficially is 48,041, consisting of (a) 40,041 shares of Common Stock issuable
upon exercise of warrants that, for purposes of Rule 13d-3 under the Act, are
exercisable within 60 days of the date hereof, of which 32,825 are not subject
to the Agency Agreement, and (b) 8,000 shares of Common Stock held directly,
which are not subject to the Agency Agreement, all of which would constitute
approximately 0.3% of the outstanding shares of Common Stock if such warrants
were exercised. Robert A. Spass shares the power to vote or to direct the vote
of Warrants to purchase 5,580 shares of Common Stock, and such underlying shares
of Common Stock, with IIA, pursuant to the Agency Agreement. Mr. Spass also
shares the power to vote or to direct the vote of Warrants to purchase 1,636
shares of Common Stock, and such underlying shares of Common Stock, with
(a) Beach Haven Investors, Inc., a corporation of which Mr. Spass is the sole
stockholder, and (b) IIA pursuant to the Agency Agreement. Mr. Spass shares the
power to dispose or to direct the disposition of Warrants to purchase 1,636
shares of Common Stock, and such underlying shares of Common Stock, with Beach
Haven Investors, Inc. and has sole power to dispose or to direct the disposition
of 8,000 shares of Common Stock and warrants to purchase 38,405 shares of Common
Stock, and such underlying shares of Common Stock. The reported number of
shares does not include Warrants to purchase 1,375 shares of Common Stock that
Mr. Spass and Beach Haven Investors, Inc. transferred to III on December 11,
1997 to be held by III (subject to IIA's revocable agency relationship) in
reserve for the payment to the Advisers of their incentive fee under III's
investment advisory agreements.
PAUL H. WARREN
The responses of Paul H. Warren to Items 5-9 and Item 11 of the cover page to
this Amendment No. 2 are incorporated herein by reference.
The 19,203 shares of Common Stock that Paul H. Warren owns beneficially consist
of warrants that, for purposes of Rule 13d-3 under the Act, are exercisable
within 60 days of the date hereof, and would represent approximately 0.1% of the
outstanding shares of Common Stock if exercised. Warrants to purchase 16,413
shares of Common Stock are not subject to the Agency Agreement. Mr. Warren
shares the power to vote or to direct the vote of Warrants to purchase 1,860
shares of Common Stock, and such underlying shares of Common Stock, with IIA
pursuant to the Agency Agreement. Mr. Warren also shares the power to vote or
to direct the vote of Warrants to purchase 930 shares of Common Stock, and such
underlying shares of Common Stock, with (a) IIA pursuant to the Agency
Agreement and (b) the IIA Pension Plans (which hold the Warrants for the benefit
of Mr. Warren, subject to IIA's revocable agency relationship). Mr. Warren has
the sole power to dispose or to direct the disposition of warrants to purchase
19,203 shares of Common Stock and the shares issuable upon their exercise. The
reported number of shares issuable upon exercise of warrants does not include
Warrants to purchase 531 shares of Common Stock that
Page 23 of 37 pages
<PAGE>
Mr. Warren and the IIA Pension Plans (on behalf of Mr. Warren) transferred to
III on December 11, 1997 to be held by III (subject to IIA's revocable agency
relationship) in reserve for the payment to the Advisers of their incentive
fee under III's investment advisory agreements.
BRADLEY E. COOPER
The responses of Bradley E. Cooper to Items 5-9 and Item 11 of the cover page to
this Amendment No. 2 are incorporated herein by reference.
The 21,343 shares of Common Stock that Bradley E. Cooper owns beneficially
consist of (a) 4,000 shares of Common Stock held directly, which are not subject
to the Agency Agreement, and (b) 17,343 shares of Common Stock issuable upon
exercise of warrants that, for purposes of Rule 13d-3 under the Act, are
exercisable within 60 days of the date hereof, all of which would constitute
approximately 0.1% of the outstanding shares of Common Stock if such warrants
were exercised. Warrants to purchase 16,413 shares of Common Stock are not
subject to the Agency Agreement. Mr. Cooper shares the power to vote or to
direct the vote of 930 of the Warrants, and the shares of Common Stock issuable
upon their exercise, with (a) IIA pursuant to the Agency Agreement and (b) the
IIA Pension Plans (which hold the Warrants for the benefit of Mr. Cooper,
subject to IIA's revocable agency relationship). Mr. Cooper has sole power to
dispose or to direct the disposition of the 4,000 shares of Common Stock he
holds directly and warrants to purchase 17,343 shares of Common Stock and the
shares issuable upon their exercise. The reported number of shares issuable
upon exercise of Warrants does not include Warrants to purchase 177 shares of
Common Stock that the IIA Pension Plans (on behalf of Mr. Cooper) transferred to
III on December 11, 1997 to be held by III (subject to IIA's revocable agency
relationship) in reserve for the payment to the Advisers of their incentive fee
under III's investment advisory agreements.
CRAIG F. SCHWARBERG
The responses of Craig F. Schwarberg to Items 5-9 and Item 11 of the cover page
to this Amendment No. 2 are incorporated herein by reference.
The 2,790 shares of Common Stock that Craig F. Schwarberg owns beneficially
consist of Warrants that, for purposes of Rule 13d-3 under the Act, are
exercisable within 60 days of the date hereof, and would represent less than
0.1% of the outstanding shares of Common Stock if exercised. Mr. Schwarberg
shares the power to vote or to direct the vote of such Warrants and the 2,790
shares of Common Stock issuable upon their exercise with (a) IIA pursuant to
the Agency Agreement and (b) the IIA Pension Plans (which hold the Warrants
for the benefit of Mr. Schwarberg, subject to IIA's revocable agency
relationship). Mr. Schwarberg has sole power to dispose or to direct the
disposition of all such Warrants and the 2,790 shares of Common Stock
issuable upon their exercise. The reported number of shares issuable upon
exercise of Warrants does not include Warrants to purchase 531 shares of
Common Stock that the IIA Pension Plans (on behalf of Mr. Schwarberg)
transferred to III on December 11, 1997 to be held by III (subject to IIA's
revocable agency relationship) in reserve for the payment to the Advisers of
their incentive fee under III's investment advisory agreements.
INTERNATIONAL INSURANCE ADVISORS, INC. 401(k) AND PENSION PLANS
The responses of the IIA Pension Plans to Items 5-9 and Item 11 of the cover
page to this Amendment No. 2 are incorporated herein by reference.
The 4,650 shares of Common Stock that the IIA Pension Plans own beneficially
consist of Warrants that, for purposes of Rule 13d-3 under the Act, are
exercisable within
Page 24 of 37 pages
<PAGE>
60 days of the date hereof, and would represent less than 0.1% of the
outstanding shares of Common Stock if exercised. The IIA Pension Plans share
the power to vote or to direct the vote of Warrants to purchase 930 shares of
Common Stock, and such underlying shares of Common Stock, with Bradley E.
Cooper; Warrants to purchase 2,790 shares, and such underlying shares of
Common Stock, with Craig F. Schwarberg; and Warrants to purchase 930 shares
of Common Stock, and such underlying shares of Common Stock, with Paul H.
Warren. The IIA Pension Plans also share the power to vote or to direct the
vote of all such Warrants and the 4,650 shares of Common Stock issuable upon
their exercise with IIA pursuant to the Agency Agreement. The IIA Pension
Plans have no dispositive power with respect to such Warrants or the 4,650
shares of Common Stock issuable upon their exercise. The reported number of
shares issuable upon exercise of Warrants does not include Warrants to
purchase 885 shares of Common Stock that were transferred by the IIA Pension
Plans (on behalf of Messrs. Cooper, Schwarberg and Warren) to III on December
11, 1997 to be held by III (subject to IIA's revocable agency relationship)
in reserve for the payment to the Advisers of their incentive fee under III's
investment advisory agreements.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following / /.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
No person other than the Filing Persons is known to have the
right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the Warrants
and the Common Stock issuable upon their exercise.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
- ---------------
(3) CentreLine Reinsurance Limited and Centre Solutions, a Filing Person, are
wholly owned indirect subsidiaries of Zurich Insurance Company, an
insurance holding company organized under the laws of Switzerland.
Page 25 of 37 pages
<PAGE>
The Filing Persons may be deemed to constitute a "group" within
the meaning of Rule 13d-5 under the Act and, as such, (i) each
member of the group could be deemed to own beneficially all
shares beneficially owned, in the aggregate, by all group
members and (ii) the group could be deemed to own beneficially
an aggregate of 1,320,983 shares of Common Stock, which would
represent approximately 6.9% of the outstanding shares of
Common Stock if all of the Warrants were exercised. Neither
the fact of this filing nor anything contained herein shall be
deemed to be an admission that such group exists. Pursuant to
Rule 13d-4, each Filing Person disclaims beneficial ownership
of the Warrants, and the shares of Common Stock issuable upon
their exercise, held by all other Filing Persons.
Reference is made to the Schedule 13G Statement that was filed
on February 14, 1996 by CentreLine Reinsurance Limited with
respect to warrants to purchase 579,356 shares of Common Stock
of the Issuer. As a result of certain relationships (3)
between CentreLine Reinsurance Limited and the various Filing
Persons, CentreLine Reinsurance Limited and one or more of the
Filing Persons may be deemed to constitute a "group" within the
meaning of Rule 13d-5 under the Act and, as such, (i) each
member of the group could be deemed to own beneficially all
shares beneficially owned, in the aggregate, by all group
members and (ii) the group could be deemed to own beneficially
an aggregate of up to 1,900,339 shares of Common Stock, which
would represent approximately 9.6% of the outstanding shares of
Common Stock if all such warrants were exercised. Neither the
fact of this filing nor anything contained herein shall be
deemed to be an admission that such group exists. Pursuant to
Rule 13d-4, each Filing Person disclaims beneficial ownership
of the warrants, and the shares of Common Stock issuable upon
their exercise, held by CentreLine Reinsurance Limited in
addition to disclaiming beneficial ownership of the Warrants,
and the shares of Common Stock issuable upon their exercise,
held by all other Filing Persons.
See Exhibit A attached hereto for the identity of each
individual or entity that may be a member of a group for
purposes of Rule 13d-5.
The Filing Persons have entered into a Joint Filing Agreement,
dated January __, 1999, which is attached as Exhibit B hereto,
pursuant to which they have agreed to file one joint statement
on behalf of all of them with respect to the subject matter of
this Amendment No. 2 and any amendment thereto.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
- ---------------
(3) CentreLine Reinsurance Limited and Centre Solutions, a Filing Person, are
wholly owned indirect subsidiaries of Zurich Insurance Company, an
insurance holding company organized under the laws of Switzerland.
Page 26 of 37 pages
<PAGE>
Not
applicable.
ITEM 10. CERTIFICATION
(a) Not applicable.
(b) Not applicable.
Page 27 of 37 pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Dated: January 12, 1999
INTERNATIONAL INSURANCE ADVISORS, INC.
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
INTERNATIONAL INSURANCE INVESTORS, L.P.
By: International Insurance Advisors, Inc., as Agent (4)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
INTERNATIONAL INSURANCE INVESTORS
(BERMUDA) LIMITED
By: International Insurance Advisors, Inc., as Agent (4)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
CENTRE SOLUTIONS (BERMUDA) LIMITED
By: International Insurance Advisors, Inc., as Agent (4)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
- ------------------
(4) International Insurance Advisors, Inc. has been appointed Agent for this
Filing Person pursuant to IIA's agency relationship.
Page 28 of 37 pages
<PAGE>
TRUSTEES OF THE ESTATE OF BERNICE P. BISHOP
By: International Insurance Advisors, Inc., as Agent (4)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
CARLISLE VENTURES, INC.
By: International Insurance Advisors, Inc., as Agent (4)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
BEACH HAVEN INVESTORS, INC.
By: International Insurance Advisors, Inc., as Agent (4)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
FLUOR REINSURANCE INVESTMENTS, INC.
By: International Insurance Advisors, Inc., as Agent (4)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
/s/ Robert A. Spass
---------------------------------------
Robert A. Spass
/s/ Paul H. Warren
---------------------------------------
Paul H. Warren
/s/ Bradley E. Cooper
---------------------------------------
Bradley E. Cooper
Page 29 of 37 pages
<PAGE>
Craig F. Schwarberg
By: International Insurance Advisors, Inc., as Agent (4)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
INTERNATIONAL INSURANCE ADVISORS, INC.
401(k) AND PENSION PLANS
By: International Insurance Advisors, Inc., as Agent (4)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
Page 30 of 37 pages
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Items Description
----- -----------
<S> <C>
Exhibit A List of individuals and entities that may be deemed members of a
"group" for purposes of Rule 13d-5
Exhibit B Joint Filing Agreement dated January 12, 1999
</TABLE>
Page 31 of 37 pages
<PAGE>
EXHIBIT A
Page 32 of 37 pages
<PAGE>
LIST OF INDIVIDUALS AND ENTITIES THAT MAY BE
DEEMED MEMBERS OF A "GROUP" FOR PURPOSES OF RULE 13d-5
The following individuals and entities, or a combination thereof, may be
deemed a "group" for purposes of Rule 13d-5 under the Securities Exchange Act
of 1934, as amended:
International Insurance Advisors, Inc.
International Insurance Investors, L.P.
International Insurance Investors (Bermuda) Limited
Centre Solutions (Bermuda) Limited
Trustees of the Estate of Bernice P. Bishop
Carlisle Ventures, Inc.
Beach Haven Investors, Inc.
Fluor Reinsurance Investments, Inc.
Robert A. Spass
Paul H. Warren
Bradley E. Cooper
Craig F. Schwarberg
International Insurance Advisors, Inc. 401(k) and Pension Plans
CentreLine Reinsurance Limited
Page 33 of 37 pages
<PAGE>
EXHIBIT B
Page 34 of 37 pages
<PAGE>
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) under the Securities Exchange
Act of 1934, as amended, each of the parties hereto agrees with the other
parties that the Amendment No. 2 to the statement on Schedule 13G pertaining
to certain securities of Superior National Insurance Group, Inc. to which
this agreement is an exhibit is filed by and on behalf of each such party and
that any amendment thereto will be filed on behalf of each such party.
Dated: January 12, 1999
INTERNATIONAL INSURANCE ADVISORS, INC.
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
INTERNATIONAL INSURANCE INVESTORS, L.P.
By: International Insurance Advisors, Inc., as Agent (5)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
INTERNATIONAL INSURANCE INVESTORS
(BERMUDA) LIMITED
By: International Insurance Advisors, Inc., as Agent (5)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
- ----------------------
(5) International Insurance Advisors, Inc. has been appointed Agent for this
Filing Person pursuant to IIA's agency relationship.
Page 35 of 37 pages
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CENTRE SOLUTIONS (BERMUDA) LIMITED
By: International Insurance Advisors, Inc., as Agent (5)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
TRUSTEES OF THE ESTATE OF BERNICE P. BISHOP
By: International Insurance Advisors, Inc., as Agent (5)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
CARLISLE VENTURES, INC.
By: International Insurance Advisors, Inc., as Agent (5)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
BEACH HAVEN INVESTORS, INC.
By: International Insurance Advisors, Inc., as Agent (5)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
FLUOR REINSURANCE INVESTMENTS, INC.
By: International Insurance Advisors, Inc., as Agent (5)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
/s/ Robert A. Spass
---------------------------------------
Robert A. Spass
/s/ Paul H. Warren
---------------------------------------
Paul H. Warren
/s/ Bradley E. Cooper
---------------------------------------
Bradley E. Cooper
Page 36 of 37 pages
<PAGE>
Craig F. Schwarberg
By: International Insurance Advisors, Inc., as Agent (5)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
INTERNATIONAL INSURANCE ADVISORS, INC.
401(k) AND PENSION PLANS
By: International Insurance Advisors, Inc., as Agent (5)
By: /s/ Robert A. Spass
-----------------------------------
Name: Robert A. Spass
Title: President
Page 37 of 37 pages
