<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT 1
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1996 Commission file number 0-5537
GRYPHON HOLDINGS INC.
(Exact name of registrant as specified in its charter)
DELAWARE 13-3287060
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
30 WALL STREET, NEW YORK, NEW YORK 10005-2201
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code:(212) 825-1200
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes x No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at March 31, 1996
- ---------------------------- -----------------------------
COMMON STOCK, PAR VALUE $.01 6,648,050
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Gryphon Holdings Inc.
TABLE OF CONTENTS
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<CAPTION>
PART II. OTHER INFORMATION PAGE
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Item 6. Exhibits and Reports on Form 8-K ......................... 3
Signatures ......................................................... 4
Ex-27 .............................................................. 5
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2
<PAGE> 3
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
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<CAPTION>
Exhibit No. Description Page
- ----------- ----------- ----
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EX-27 Financial Data Schedule 5
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3
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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.
GRYPHON HOLDINGS INC.
-----------------------
(Registrant)
Date: July 22, 1996 Stephen A. Crane
-----------------------
STEPHEN A. CRANE
President & Chief Executive Officer
Date: July 22, 1996 Robert P. Cuthbert
-----------------------
ROBERT P. CUTHBERT
Senior Vice President &
Chief Financial Officer
(Principal Financial and
Accounting Officer)
4
<TABLE> <S> <C>
<ARTICLE> 7
<CIK> 0000912558
<NAME> GRYPHON HOLDINGS INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<DEBT-HELD-FOR-SALE> 260188
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 0
<MORTGAGE> 0
<REAL-ESTATE> 0
<TOTAL-INVEST> 260725
<CASH> 30000
<RECOVER-REINSURE> 20676
<DEFERRED-ACQUISITION> 12201
<TOTAL-ASSETS> 521241
<POLICY-LOSSES> 301927
<UNEARNED-PREMIUMS> 60412
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 25500
0
0
<COMMON> 81
<OTHER-SE> 91315
<TOTAL-LIABILITY-AND-EQUITY> 521241
21951
<INVESTMENT-INCOME> 4159
<INVESTMENT-GAINS> 802
<OTHER-INCOME> 270
<BENEFITS> 12853
<UNDERWRITING-AMORTIZATION> 9234
<UNDERWRITING-OTHER> 0
<INCOME-PRETAX> 4658
<INCOME-TAX> 1153
<INCOME-CONTINUING> 3505
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3505
<EPS-PRIMARY> .53
<EPS-DILUTED> .53
<RESERVE-OPEN> 155911
<PROVISION-CURRENT> 12834
<PROVISION-PRIOR> 64
<PAYMENTS-CURRENT> 3392
<PAYMENTS-PRIOR> 6235
<RESERVE-CLOSE> 159182
<CUMULATIVE-DEFICIENCY> 648
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