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) May 21, 1999
PENN-AMERICA GROUP, INC.
(Exact name of registration as specified in this charter)
Pennsylvania 0-22316 23-2731409
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification No.)
420 S. York Road, Hatboro, Pennsylvania 19040
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (215) 443-3600
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Item 5. Other Events
On May 21,1999 the Company issued a press release (the "Press Release")
which indicated that two directors of the Company had tendered their
resignations immediately following their re-election to the Board of Directors.
Both directors for business reasons were no longer able to serve on the
Company's board.
A copy of the Press Release is attached as Exhibit 99.01.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial statements of business acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
(c) Exhibits:
. Penn-America Group's press release dated May 21,1999.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
PENN-AMERICA GROUP, INC.
Date: May 21,1999
BY: /s/ Rosemary Ferrero
------------------------
Rosemary Ferrero
(Principal Accounting Officer)
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NEWS
For Release: May 21, 1999
Contact: Financial: Rosemary Ferrero, CPA
Chief Financial Officer
(215) 443-3612 or [email protected]
Media: David Kirk, APR
(610) 792-3329 or [email protected]
Summary: Two Penn-America Group, Inc. (NYSE:PNG) directors
resign after re-election to board
HATBORO PA (May 21, 1999) - Two directors of Penn-America
Group, Inc. (NYSE:PNG) tendered resignations after their re-election to the
company's board of directors at the regularly scheduled meeting of the board on
May 19, 1999. James E. Heerin, Jr., senior vice president and general counsel
for InterAg Technologies, Inc. is unable to serve on the board because of the
policy of Deere & Company which recently completed its acquisition of InterAg
Technolgies that prohibits officers from serving on the boards of other
companies. Thomas M. Spiro, managing general partner of TMS Capital Partners,
L.P. declined to continue service on the board due to other business
commitments.
The nominating committee of the board will seek replacements for both
directors. Heerin had served on the board for six years, Spiro for two.
Jon S. Saltzman, president and CEO noted, "We will miss the ongoing
contributions these two outstanding business leaders made to the fundamental
strengths of this business. All stockholders can be grateful that we benefited
from their guidance and we wish both of them continued success in their
endeavors."
Penn-America Group, Inc. (www.penn-america.com) is a specialty niche
insurance company which, through its subsidiaries Penn-America Insurance Company
and Penn-Star Insurance Company, underwrites commercial property, general
liability, commercial multi-peril and commercial automobile insurance. The
company has developed a unique and profitable niche providing small-premium
insurance products to small businesses in small cities and towns in all 50
states through a controlled network of 56 entrepreneurial general agents.
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