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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of report (Date of earliest event reported) June 13, 1996
Home State Holdings, Inc.
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(Exact name of registrant as specified in charter)
Delaware 0-22016 13-3429087
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(State or other (Commission File Number) (IRS Employer
jurisdiction or Identification No.)
incorporation)
Three South Revmont Drive, Shrewsbury, New Jersey 07702
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (908) 935-2600
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On June 14, 1996, the Registrant, Home State Holdings, Inc. ( "Home
State"), announced that Robert Abidor has resigned as President and CEO of Home
State and from his positions with Home State's subsidiaries and affiliates
effective June 13, 1996. While Home State conducts a search for a
replacement, Mark S. Vaughn, Senior Vice President - Marketing and
Underwriting and a Director of Home State, will serve as acting President and
CEO. A copy of the press release announcing Mr. Abidor's resignation is
being filed as an exhibit to this Report.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
The financial statements, pro forma financial information and exhibits
listed in items (a), (b) and (c) below are filed as a part of this report.
(a) None
(b) None
(c) Exhibits
99. Copy of Press Release dated June 14, 1996 regarding Mr.
Robert Abidor's resignation from the office of President
and CEO of Home State Holdings, Inc.
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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.
HOME STATE HOLDINGS, INC.
Date: June 14, 1996
By: /s/ MARK S. VAUGHN
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Mark S. Vaughn
Acting President & CEO
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HOME STATE HOLDINGS, INC.
[ LOGO ]
Press Release
For More Information, Call: Eric Reehl For Immediate Release
(908) 935-2828 June 14, 1996
ROBERT ABIDOR TO STEP DOWN AS
CEO OF HOME STATE HOLDINGS, INC.
Shrewsbury, NJ - June 14, 1996 - Home State Holdings, Inc. (NASDAQ: HOMS)
today announced that Robert Abidor has resigned as President and CEO effective
June 13, 1996, as well as from all positions with the Company's subsidiaries
and affiliates. Mr. Abidor has been the CEO of Home State Holdings and a
member of its Board of Directors since its founding in 1987. Mr. Abidor
recently underwent back surgery for a second time and faces a period of
limited activity during his recuperation. For a number of reasons, including
his health, Mr. Abidor indicated: "While the decision was difficult, I
believe it is best for the Company that there be a transition in management at
this time, leaving me free to pursue other personal interests. I believe that
the direction and energy existing in the Company will carry it forward to
further success in the future."
According to Michael H. Monier, Chairman, the Company will begin a search
immediately, considering both internal and external candidates for the post.
In the interim, Mark S. Vaughn, Senior Vice President - Marketing and
Underwriting, will serve as acting CEO. To facilitate a smooth transition,
Mr. Abidor will remain available in an advisory capacity. Mr. Abidor will
also remain on the Board of Directors of Home State Holdings until December
31, 1996.
According to Mr. Monier, "Home State Holdings has achieved significant growth
and made great strides, including expansion into a number of states, growing
the Company's capital base and insurance premiums written, and establishing
the Company as a significant force in the personal auto and commercial auto
insurance business. Mr. Abidor has recently undergone surgery to correct a
back injury and requires an extended period of recuperation. At the same
time, the Company must continue to pursue opportunities to capitalize on the
progress to date and achieve its full potential. We have mutually concluded
that it is in the best interest of the Company to move forward under new
leadership."
Mr. Monier expressed confidence in Mr. Vaughn, who joined the Company in July
1994 and is fully familiar with its operations. Mr. Vaughn, 48, has an
extensive background in insurance. He started his career with The Travelers
Insurance Company in 1971, was managing partner of an insurance agency and
then joined Transamerica Insurance Group in 1981 where he rose to the office
of Senior Vice President responsible for nationwide personal lines operations.
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Home State Holdings, Inc. is a property and casualty insurance holding company
primarily engaged in providing standard and preferred personal and commercial
auto insurance through its subsidiaries in New Jersey, New York, Pennsylvania,
Connecticut, Delaware, West Virginia, Georgia and Florida. Home State
Holdings, through several of its wholly-owned financial service subsidiaries
is engaged in premium finance, reinsurance brokerage and insurance management
services.
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