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): April 30, 1996
GORAN CAPITAL INC.
(Exact name of registrant as specified in its charter)
Canada 000-24366 Not Applicable
(State or other jurisdiction of (Commission (I.R.S. Employer
Incorporation or organization) File Number) Identification No.)
181 University Avenue, Suite 1101, Box 11, Toronto, Ontario, Canada M5H 3M7
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (416) 594-1155 (Canada)
(317) 259-6300 (USA)
(Former name or former address, if changed since last report) Not Applicable<PAGE>
ITEM 5. Other Events
On May 1, 1996, Goran Capital Inc. ("Company") announced the successful
completion of its previously announced joint venture with GS Capital Partners
II, an investment fund affiliated with Goldman Sachs & Co. This was
accomplished through the formation of GGS Management Holdings, Inc. ("GGSH").
Simultaneously, GGSH (through its wholly owned subsidiary, GGS Management,
Inc. ("GGSM")) has completed its previously announced acquisition of Superior
Insurance Company, a former subsidiary of Fortis, Inc. The completion of the
transactions, which included the contribution of the Company's indirect
subisidary, Pafco General Insurance Company, will make GGSM the 13th largest
provider of non-standard automobile insurance in the $15 billion United
States market.
Alan G. Symons, Chief Executive Officer of the Company and GGSH said
today, "This joint venture with GS Capital provides the resources necessary to
take advantage of opportunities in the non-standard automobile insurance
market, such as the acquisition of Superior."
Superior Insurance Company, a Florida based non-standard automobile
insurance company, writes in excess of $100 Million of premium in ten (10)
states and has a book value of approximately $63 Million. Pafco General
Insurance Company, an Indiana company, underwrites in excess of $60 Million
of premium in nine (9) states and has a book value of approximately $15
Million.
The Company will continue to own 100% of its other subsidiaries,
including IGF Insurance Company, Granite Reinsurance Company Ltd., and Symons
International Group, Inc. (Florida), a surplus lines underwriter.
ITEM 7. Exhibits
Exhibit 99.1 Press Release of Goran Capital, Inc. dated May 1, 1996.
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 hereunto duly authorized.
GORAN CAPITAL INC.
(Registrant)
May 10, 1996 By: /s/ Alan G. Symons
President and Chief
Executive Officer <PAGE>
Exhibit 99.1
TO: All Media
FROM: Goran Capital, Inc. USA Head Office
181 University Ave. 4720 Kingsway Drive
Suite 1101-Box 11 Indianapolis, IN 46205
Toronto, Ontario M5H 3M7
DATE: May 1, 1996
FOR IMMEDIATE RELEASE
Goran Capital announces the successful completion of its previously announced
joint venture with GS Capital Partners II, an affiliated investment fund of
Goldman, Sachs & Co., through the formation of GGS Management Holdings, Inc.
Simultaneously, GGS has completed its previously announced acquisition of
Superior Insurance Company, a subsidiary of Fortis, Inc. The completion of
the transactions , which includes the contribution by Goran of its subsidiary
Pafco General Insurance Company to GGS, makes GGS the 13th largest provider
of non-standard automobile insurance in the $15 billion U.S. market.
Alan G. Symons, Chief Executive Officer of Goran and GGS, said today, "This
joint venture with GS Capital provides the resources necessary to take
advantage of opportunities in the non-standard automobile insurance market,
such as the acquisition of Superior."
Superior Insurance Company, a Florida based non-standard automobile insurance
underwriter, writes in excess of $100 million of premium in 10 states and
has a book value of approximately $63 million. Pafco General Insurance
Company, an Indiana company underwrites in excess of $60 million of premium
in 9 states with a book value of $15 million.
Goran will continue to own 100% of its other subsidiaries including IGF
Insurance Company, the crop insurance division, Granite Reinsurance Company,
Ltd., the reinsurance operations, and Symons International Group, Inc.
(Florida), a surplus lines underwriter.
GORAN CAPITAL INC. (NASDAQ: GNCNF; Toronto Stock Exchange: GNC) of Toronto,
Ontario is primarily engaged in the non-standard automobile insurance,
reinsurance, crop insurance and surplus lines underwriting. Goran maintains
active insurance licenses in 35 U.S. states, Barbados, and all Canadian
provinces. It derives more than 90% of gross revenue from the United States.
Anyone wishing further information may contact:
Alan G. Symons
President and Chief Executive Officer
Indianapolis (317)259-6302 or Toronto (416) 594-1155
