<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 10 )*
INDIVIDUAL INVESTOR GROUP, INC.
(FORMERLY FINANCIAL DATA SYSTEMS, INC.)
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $.01 Par Value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
455907105
- --------------------------------------------------------------------------------
(CUSIP Number)
Paul W. Zeller, Senior Vice President and Deputy General Counsel
Reliance Financial Services Corporation
Park Avenue Plaza, 55 East 52nd Street, New York, New York 10055
(212) 909-1100
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
See Item 5
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
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>
CUSIP No. 455907105
- --------------------------------------------------------------------------------
1. Names of Reporting Persons. Reliance Financial Services Corporation
I.R.S. Identification Nos. of above persons (entities only). 51-0113548
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / / ...............................................................
(b) /x/ ...............................................................
- --------------------------------------------------------------------------------
3. SEC Use Only...........................................................
----------------------------------------------------------------------------
4. Source of Funds
Not Applicable
----------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
/x/
----------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
----------------------------------------------------------------------------
Number of 7. Sole Voting Power 666,666
-----------------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------------
Owned by Each
Reporting
9. Sole Dispositive Power 666,666
-----------------------------------------------------------
Person With
10. Shared Dispositive Power
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
666,666
----------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
----------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11).....................
6.5%
----------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
HC
.......................................................................
<PAGE>
CUSIP No. 455907105
- --------------------------------------------------------------------------------
1. Name of Reporting Persons. Saul P. Steinberg
- --------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) / / ...............................................................
(b) /x/ ...............................................................
- --------------------------------------------------------------------------------
3. SEC Use Only...........................................................
----------------------------------------------------------------------------
4. Source of Funds (See Instructions)
Not Applicable
----------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings is Required Pursuant
to Items 2(d) or 2(e)
/x/
----------------------------------------------------------------------------
6. Citizenship or Place of Organization
United States of America
----------------------------------------------------------------------------
Number of 7. Sole Voting Power 621,424
-----------------------------------------------------------
Shares Bene-
ficially 8. Shared Voting Power
-----------------------------------------------------------
Owned by Each
Reporting
9. Sole Dispositive Power 621,424
-----------------------------------------------------------
Person With
10. Shared Dispositive Power
- --------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
621,424
----------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
----------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11).....................
6.0%
----------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN
.......................................................................
<PAGE>
- --------------------------------------------------------------------------------
ITEM 1. Security and Issuer.
The following information amends or supplements, as the case may be, the
information previously filed by Reliance Financial Services Corporation
("Reliance Financial") relating to the ownership by its subsidiaries of the
class of securities (the "Security") listed on the cover of this Schedule 13D.
ITEM 2. Identity and Background.
Item 2 is amended to read in its entirety as follows:
This statement is filed by Reliance Financial, a Delaware corporation. Reliance
Financial owns all of the outstanding stock of Reliance Insurance Company
("RIC"), a Pennsylvania corporation. RIC and its property and casualty insurance
subsidiaries (the "Reliance Insurance Group") underwrite a broad range of
commercial line property and casualty insurance and also underwrite personal
automobile coverage. All of the capital stock of Reliance Financial is owned by
Reliance Group Holdings, Inc., a Delaware corporation ("RGH").
The principal executive offices of each of Reliance Financial and RGH are
located at Park Avenue Plaza, 55 East 52nd Street New York, New York 10055.
The names, address and principal occupations of the directors and executive
officers of Reliance Financial, all of whom are United States citizens, are as
follows:
<PAGE>
<TABLE>
<CAPTION>
Position with Reliance Financial and Principal
Name and Business Address Occupation
- ------------------------- ----------
<S> <C>
Saul P. Steinberg Chairman of the Board of Directors, Reliance Financial
Reliance Group Holdings, Inc. and RGH.
Park Avenue Plaza
New York, New York 10055
Robert M. Steinberg Vice Chairman of the Board of Directors, Reliance
Reliance Group Holdings, Inc. Financial and RGH.
Park Avenue Plaza
New York, New York 10055
George R. Baker President, Chief Executive Officer and Director,
Reliance Group Holdings, Inc. Reliance Financial and RGH.
Park Avenue Plaza
New York, New York 10055
George E. Bello Executive Vice President, Controller and Director,
Reliance Group Holdings, Inc. Reliance Financial and RGH.
Park Avenue Plaza
New York, New York 10055
Lowell C. Freiberg Executive Vice President, Chief Financial Officer and
Reliance Group Holdings, Inc. Director, Reliance Financial and RGH.
Park Avenue Plaza
New York, New York 10055
Howard E. Steinberg, Esq. Executive Vice President, Chief of Corporate
Reliance Group Holdings, Inc. Operations, and Director, Reliance Financial and RGH.
Park Avenue Plaza
New York, New York 10055
</TABLE>
<PAGE>
Dennis J. O'Leary Senior Vice President--Taxes,
Reliance Group Holdings, Inc. Reliance Financial and RGH.
Park Avenue Plaza
New York, New York 10055
Philip S. Sherman Senior Vice President--Group
Reliance Group Holdings, Inc. Controller, Reliance Financial
Park Avenue Plaza and RGH.
New York, New York 10055
Bruce L. Sokoloff Senior Vice President--
Reliance Group Holdings, Inc. Administration, Reliance
Park Avenue Plaza Financial and RGH.
New York, New York 10055
James E. Yacobucci Senior Vice President--
Reliance Insurance Company Investments and Director,
Park Avenue Plaza Reliance Financial, RGH and RIC.
New York, New York 10055
Paul W. Zeller Senior Vice President,
Reliance Group Holdings, Inc. Deputy General Counsel
Park Avenue Plaza and Assistant Secretary,
New York, New York 10055 Reliance Financial and RGH.
Dr. Thomas P. Gerrity Director, Reliance Financial
The Wharton School and RGH; Professor of Management,
University of Pennsylvania the Wharton School of
Steinberg Hall- Dietrich Hall the University of Pennsylvania.
3620 Locust Walk
Philadelphia, PA 19104
<PAGE>
<TABLE>
<S> <C>
Jewell J. McCabe Director, Reliance Financial
211 East 70th Street, #30F and RGH.; President and Chief Executive Officer, Jewell
New York, New York 10020 Jackson McCabe Associates, a consulting company
specializing in strategic planning and communications.
Irving Schneider Director, Reliance Financial
Helmsley-Spear, Inc. and RGH; Co-Chairman and Chief
60 East 42nd Street Operating Officer, Helmsley-Spear, Inc., a real estate
New York, New York 10165 management corporation.
Bernard L. Schwartz Director, Reliance Financial
Loral Space & Communications Ltd. and RGH; Chairman of the Board, Chief Executive
600 Third Avenue Officer, Loral Space & Communications Ltd., a
New York, New York 10016 high-technology company concentrating on
satellite-based services, Chairman of the Board and
Chief Executive Officer, Globalstar Telecommunications,
Ltd.
Richard E. Snyder Director, Reliance Financial and RGH; Chairman and Chief
Golden Books Family Executive Officer of Golden Books Family Entertainment,
Entertainment, Inc. Inc., a publisher of children's books.
888 Seventh Avenue
New York, New York 10106
Bruce E. Spivey Director, Reliance Financial and RGH; President and Chief
Columbia-Cornell Care LLC Executive Officer, Columbia-Cornell Care LLC, the
Third Avenue, Suite 500 physician organization of the clinical faculties of the
New York, New York 10022 medical schools of Columbia and Cornell Universities.
</TABLE>
<PAGE>
Neither Reliance Financial nor, to the best of its knowledge, any other person
named in this Item 2 has, during the last five years, been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) nor,
except as set forth below, been party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, Federal or
state securities laws or finding any violation with respect to such laws.
On February 17, 1994, in settlement of an administrative proceeding concerning
the accounting treatment for certain transactions in 1986 in the fixed income
portfolio of RIC, without admitting or denying the allegations against it, RGH
agreed to entry of an order by the Securities and Exchange Commission that RGH
cease and desist from committing or causing any violation, and from committing
or causing any future violation of, Section 13(a) of the Securities Exchange Act
of 1934, as amended and Rules 13a-1 and 13a-3 thereunder.
ITEM 5. Interest in Securities of the Issuer.
According to the Issuer's Quarterly Report on Form 10-Q for the three months
ended September 30, 1999, the number of shares of the Security outstanding has
increased to 10,333,401 shares. As a result, the 666,666 shares of the Security
beneficially owned by Reliance Financial comprise, to the best knowledge of
Reliance Financial, approximately 6.5% of the Securities outstanding. RIC has
sole voting and dispositive power over the Securities beneficially owned by
Reliance Financial.
As a result of the increase in the number of shares of the Security outstanding,
the Securities beneficially owned by Saul P. Steinberg , which total 621,424
shares, to the best knowledge of Saul P. Steinberg, comprise 6.0% of the
Securities outstanding. Subject to a Security Agreement previously disclosed in
Item 6, Saul P. Seinberg has sole voting and dispositive power over the
Securities beneficially owned by him.
<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: March 28, 2000
RELIANCE FINANCIAL SERVICES CORPORATION
By /s/ James E. Yacobucci
--------------------------------
James E. Yacobucci
Senior Vice President-Investments
<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: March 28, 2000
By /s/ Saul P. Steinberg
--------------------------------
Saul P. Steinberg
