SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
Commission file number 33-83116
ASSOCIATED BUSINESS & COMMERCE
INSURANCE CORPORATION
(Exact name of Registrant as specified in its charter)
FLORIDA 65-0496132
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation of organization)
4700 NW BOCA RATON BOULEVARD, SUITE 400, BOCA RATON, FL 33431
- ------------------------------------------------------- ------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code (561) 997-0708
--------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(b) 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 [ ]
The number of the outstanding Preferred Stock held by nonaffiliates of the
Registrant on August 5, 1996, was 243,860 shares.
<PAGE>
ASSOCIATED BUSINESS & COMMERCE
INSURANCE CORPORATION
Table of Contents
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K .........................3
Signatures ...........................................................4
<PAGE>
ASSOCIATED BUSINESS & COMMERCE
INSURANCE CORPORATION
Part II Other Information
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
a) EXHIBIT INDEX
-------------
Exhibit 27 Financial Data Schedule
b) Reports on Form 8-K - The Company filed no reports on Form 8-K during the
quarter ended March 31, 1996.
3
<PAGE>
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.
ASSOCIATED BUSINESS & COMMERCE INSURANCE CORPORATION
Registrant
Date: August 21, 1996 /s/ JAMES R. NAU
----------------------------------------------------
James R. Nau
President
Date: August 20, 1996 /s/ CLIFFORD G. MERRITT
----------------------------------------------------
Clifford G. Merritt
Vice President, Finance
(Principal Financial and Accounting Officer)
4
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31,
1996 AND THE UNAUDITED BALANCE SHEET AS OF MARCH 31, 1996 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<DEBT-HELD-FOR-SALE> 3,130,265
<DEBT-CARRYING-VALUE> 9,417,822
<DEBT-MARKET-VALUE> 9,226,605
<EQUITIES> 0
<MORTGAGE> 0
<REAL-ESTATE> 0
<TOTAL-INVEST> 12,548,087
<CASH> 2,718,356
<RECOVER-REINSURE> 169,842
<DEFERRED-ACQUISITION> 563,474
<TOTAL-ASSETS> 38,848,504
<POLICY-LOSSES> 27,825,314
<UNEARNED-PREMIUMS> 2,443,710
<POLICY-OTHER> 0
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 0
0
5,715,360
<COMMON> 102,501
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 38,848,504
1,937,698
<INVESTMENT-INCOME> 248,041
<INVESTMENT-GAINS> 0
<OTHER-INCOME> 167,757
<BENEFITS> 1,382,313
<UNDERWRITING-AMORTIZATION> 152,000
<UNDERWRITING-OTHER> 696,359
<INCOME-PRETAX> 117,824
<INCOME-TAX> 40,000
<INCOME-CONTINUING> 77,824
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 77,824
<EPS-PRIMARY> .76
<EPS-DILUTED> .76
<RESERVE-OPEN> 28,306,416
<PROVISION-CURRENT> 1,382,313
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 256,104
<PAYMENTS-PRIOR> 2,675,602
<RESERVE-CLOSE> 27,825,314
<CUMULATIVE-DEFICIENCY> 0
</TABLE>
