UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report(Date of earliest event reported): December 30, 1996
E. W. Blanch Holdings, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 1-11794
Delaware 41-1741779
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3500 West 80th Street, Minneapolis, Minnesota 55431
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: 612-835-3310
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Item 5. Other Events
As set forth in the Company's press release dated December 30, 1996 and filed as
Exhibit 99.2 hereto, the Company announced a fourth quarter charge to reflect
the restructuring of its San Antonio based managing general agency operations.
Item 7. Financial Statements and Exhibits
Exhibit 99.2 - Press release dated December 30, 1996
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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, thereunto duly authorized.
E. W. Blanch Holdings, Inc.
(Registrant)
By:____/s/ Ian David Packer___________
Ian David Packer
Executive Vice President
and Chief Financial Officer
Date: December 31, 1996
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
99.2 Press release dated December 30, 1996
<PAGE>
Exhibit 99.2
The following is a press release dated December 30, 1996.
FOR IMMEDIATE RELEASE Contact: Ian D. Packer
December 30, 1996 (800) 844-3434
(210) 734-2015
E. W. BLANCH HOLDINGS, INC.
TAKES FOURTH QUARTER RESTRUCTURING CHARGE
Minneapolis, MN -- E. W. Blanch Holdings, Inc. (NYSE: EWB) announced today that
it would take a charge in the fourth quarter to reflect the restructuring of its
San Antonio based managing general agency operations. The $22.75 million charge
includes a $19.5 million writedown of the goodwill associated with the 1994
acquisition of the Elton George Companies as well as a $3.25 million reserve for
the restructuring of the San Antonio operation and its related lease expenses.
The $22.75 million charge will reduce fourth quarter earnings by $1.05 per
share.
"The decision to write down the goodwill and take the restructuring reserve was
made after careful analysis of the operations and future potential of the
managing general agency," said Edgar W. Blanch, Jr., Chairman and CEO. "We
believe that this restructuring will ultimately improve the value of the Company
to our shareholders."
E. W. Blanch Holdings, Inc. is a leading provider of integrated risk management
and distribution services, including reinsurance intermediary services, risk
management consulting and administration services and wholesale insurance
services. The Company is headquartered in Minneapolis, Minnesota with branch
offices in Atlanta, Boston, Chicago, Cincinnati, Dallas, Denver, Los Angeles,
New York, Philadelphia, San Antonio, San Francisco and Wilmington. Swire Blanch
Holdings, Ltd., the Company's international joint venture, has offices located
in Copenhagen, Hong Kong, London, Mexico City, Paris, Rome, Singapore and
Sydney.
