Filed Pursuant to Rule 424(b)(3)
Registration No. 333-44679
Prospectus Supplement
(To Prospectus dated January 21, 1998)
GORAN CAPITAL INC. SHARE OPTION PLAN
The purpose of this prospectus supplement is to provide updated information
related to certain of the selling shareholders under the Goran Capital Inc.
Share Option Plan.
<TABLE>
<CAPTION>
Name of Selling Common Stock to Percentage of
Shareholder and Number of be Owned After Common Stock
Position With the Shares Shares Subject Exercise of Option Owned After
Company Owned(1) to Option Exercise of Option
- ------------------------- ---------------- ------------------- -------------------- ------------------------
<S> <C> <C> <C> <C>
G. Gordon Symons,
Chairman 2,520,845(1a) 566,621 2,520,845 42.4%
Alan G. Symons,
President, CEO, Director 785,535(2) 362,297 785,535 13.2%
Douglas H. Symons,
President, COO and
Director 281,105(3) 197,338 281,105 4.7%
David L. Bates, Vice
President, General
Counsel and Secretary 19,116(4) 14,419 19,116 Less than 1%
Gary P. Hutchcraft,
Vice President, CFO and
Treasurer 13,450(5) 13,000 13,450 Less than 1%
Bruce K. Dwyer, Former
Employee 30,366(5a) 26,166 30,366 Less than 1%
Terry E. Diers, Vice
President, Pafco
General Insurance
Company 1,500 1,500 1,500 Less than 1%
Nathan V. Wilson,
Former Employee, GGS
Management Inc. 1,000 1,000 1,000 Less than 1%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Name of Selling Common Stock to Percentage of
Shareholder and Number of be Owned After Common Stock
Position With the Shares Shares Subject Exercise of Option Owned After
Company Owned(1) to Option Exercise of Option
- ------------------------- ---------------- ------------------- -------------------- ------------------------
<S> <C> <C> <C> <C> <C> <C>
Elizabeth Symons,
Former Employee, Symons
International Group,
Inc. - FL 13,701(6) 13,367 13,701 Less than 1%
Dennis G. Daggett,
President, COO of IGF
Insurance Company 40,391(6a) 40,000 40,391 Less than 1%
Thomas F. Gowdy,
Executive Vice
President, IGF
Insurance Company 33,000(7) 33,000 33,000 Less than 1%
Ronald Chapman, Former
Employee, Symons
International Group, 2,038 2,000 2,038 Less than 1%
Inc. - FL
John L. Mason, Former
Employee, IGF Holdings,
Inc. 1,000 1,000 1,000 Less than 1%
David B. Shapira,
Director 107,000(8) 7,000 107,000 1.8%
J. Ross Schofield,
Director 10,800(8) 7,000 10,800 Less than 1%
James G. Torrance,
Director 8,000(8b) 6,000 8,000 Less than 1%
Gloria Valvasori,
Employee 3,000(9a) 2,500 3,000 Less than 1%
John K. McKeating,
Director 6,000(8c) 6,000 6,000 Less than 1%
Roger C. Sullivan,
Executive Vice
President, Superior
Insurance Company 17,000(9) 17,000 17,000 Less than 1%
</TABLE>
(1) Includes common shares subject to options, some of which for certain
individuals, have not yet vested and therefore are not exercisable
within 60 days of the date hereof, although such shares are not
"beneficially" owned within the meaning of Section 13(d) of the
Exchange Act.
<PAGE>
(1a) Includes 286,121 shares subject to currently exercisable stock options.
Also includes 1,646,413 shares held by Symons International Group,
Ltd., of which Mr. Symons is the controlling shareholder and 588,311
shares held by Vantage Investment Trust U/A, March 15, 1993, of which Mr.
Symons is the income and principal beneficiary.
(2) Includes 227,570 shares issuable upon exercise of options.
(3) Includes 29,650 shares issuable upon exercise of options.
(4) Includes 13,364 shares issuable upon exercise of options.
(5) Includes 13,000 shares issuable upon exercise of options.
(5a) Includes 3,200 shares held in Mr. Dwyer's Registered Retirement Savings
Plan.
(6) Includes 13,367 shares issuable upon exercise of options.
(6a) Includes 37,000 shares issuable upon exercise of options and 391 shares
held in Mr. Daggett's 401(k) account.
(7) Includes 32,000 shares issuable upon exercise of options and 1,000
shares held in Mr.Gowdy's 401(k) account.
(8) Includes 7,000 shares issuable upon exercise of options.
(8a) Includes 7,000 shares issuable upon exercise of options. Also includes
100,000 shares held by 400589 Ontario Limited, of which Mr. Shapira
is the controlling shareholder.
(8b) Includes 6,000 shares issuable upon exercise of options.
(8c) Includes 4,000 shares issuable upon exercise of options.
(9) Includes 17,000 shares issuable upon exercise of options.
(9a) Includes 2,500 shares issuable upon exercise of options.
