-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HBDbWajxqcL0boH9r0oGpNPODEXaBH17fPrs9rdKsnfNVHYIOhT0bX6JDVhZRqHi UCBotBb/jBlhZM6n8y25pg== 0000917579-03-000009.txt : 20030213 0000917579-03-000009.hdr.sgml : 20030213 20030212191339 ACCESSION NUMBER: 0000917579-03-000009 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20030213 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PENN AMERICA GROUP INC CENTRAL INDEX KEY: 0000910110 STANDARD INDUSTRIAL CLASSIFICATION: SURETY INSURANCE [6351] IRS NUMBER: 232731409 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-45048 FILM NUMBER: 03556377 BUSINESS ADDRESS: STREET 1: 420 S YORK RD CITY: HATBORO STATE: PA ZIP: 19040 BUSINESS PHONE: 2154433600 MAIL ADDRESS: STREET 1: 420 SOUTH YORK ROAD CITY: HATBORO STATE: PA ZIP: 19040 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KESTREL INVESTMENT MANAGEMENT CORP CENTRAL INDEX KEY: 0000917579 IRS NUMBER: 943173193 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 411 BOREL AVE STREET 2: SUITE 403 CITY: SAN MATEO STATE: CA ZIP: 94402 BUSINESS PHONE: 6505729469 MAIL ADDRESS: STREET 1: 411 BOREL AVE STREET 2: SUITE 403 CITY: SAN MATEO STATE: CA ZIP: 94402 SC 13G/A 1 png-13g02.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G (Amendment No. 3) Delete if this is an original filing Under the Securities Exchange Act of 1934 Penn America Group Inc (Name of Issuer) Common (Title of Class of Securities) 707247102 (CUSIP Number) 12/31/02 (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-a(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out or a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 707247102 SCHEDULE 13G Page 2 of 7 1 Name of Reporting Person Kestrel Investment Management Corporation IRS Identification No. of Above Person 94-3173193 2 Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] 3 SEC USE ONLY 4 Citizenship or Place of Organization California 5 Sole Voting Power -0- NUMBER OF 6 Shared Voting Power SHARES BENEFICIALLY -0- OWNED BY EACH REPORTING 7 Sole Dispositive Power PERSON WITH -0- 8 Shared Dispositive Power -0- 9 Aggregate Amount Beneficially Owned by each Reporting Person -0- 10 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares* [ ] 11 Percent of Class Represented by Amount in Row 9 0% 12 Type of Reporting Person* CO, IA CUSIP No. 707247102 SCHEDULE 13G Page 3 of 7 1 Name of Reporting Person David J. Steirman IRS Identification No. of Above Person 2 Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] 3 SEC USE ONLY 4 Citizenship or Place of Organization United States 5 Sole Voting Power -0- NUMBER OF 6 Shared Voting Power SHARES BENEFICIALLY -0- OWNED BY EACH REPORTING 7 Sole Dispositive Power PERSON WITH -0- 8 Shared Dispositive Power -0- 9 Aggregate Amount Beneficially Owned by each Reporting Person -0- 10 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares* [ ] 11 Percent of Class Represented by Amount in Row 9 0% 12 Type of Reporting Person* IN CUSIP No. 707247102 SCHEDULE 13G Page 4 of 7 1 Name of Reporting Person Abbott J. Keller IRS Identification No. of Above Person 2 Check the Appropriate Box if a Member of a Group (a) [ ] (b) [ ] 3 SEC USE ONLY 4 Citizenship or Place of Organization United States 5 Sole Voting Power -0- NUMBER OF 6 Shared Voting Power SHARES BENEFICIALLY -0- OWNED BY EACH REPORTING 7 Sole Dispositive Power PERSON WITH -0- 8 Shared Dispositive Power -0- 9 Aggregate Amount Beneficially Owned by each Reporting Person -0- 10 Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares* [ ] 11 Percent of Class Represented by Amount in Row 9 0% 12 Type of Reporting Person* IN CUSIP No. 707247102 SCHEDULE 13G Page 5 of 7 Item 1(a). Name of Issuer. Penn America Group Inc Item 1(b). Address of Issuer's Principal Executive Offices. 420 S YORK RD HATBORO, PA 19040 Item 2(a). Names of Persons Filing. Kestrel Investment Management Corporation, David J. Steirman and Abbott J. Keller. Item 2(b). Address of Principal Business Office or, if none, Residence. The business address of Kestrel Investment Management Corporation, David J. Steirman and Abbott J. Keller is 411 Borel Avenue, Suite 403, San Mateo, CA 94402. Item 2(c). Citizenship. Kestrel Investment Management Corporation is a California corporation, David J. Steirman and Abbott J. Keller are citizens of the United States of America. Item 2(d). Title of Class of Securities. Common Item 2(e). CUSIP Number. 707247102 Item 3. Type of Reporting Person. Kestrel Investment Management Corporation is an investment advisor registered under Section 203 of the Investment Advisors Act of 1940. David J. Steirman and Abbott J. Keller are the sole shareholders of Kestrel Investment Management Corporation. Item 4. Ownership. Reference is made hereby made to Items 5-9 and 11 of pages two (2), three (3) and four (4) of this Schedule G, which Items are incorporated by reference herein. CUSIP No. 707247102 SCHEDULE 13G Page 6 of 7 Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X]. Item 6. Ownership of More Than Five Percent on Behalf of Another Person. Not applicable. Item 7. Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company. Not applicable. Item 8. Identification and Classification of Members of the Group. Not applicable. Item 9. Notice of Dissolution of Group. Not applicable. Item 10. Certification. By signing below, each of the undersigned certifies that, to the best of their respective knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes or effect. CUSIP No. 707247102 SCHEDULE 13G Page 7 of 7 Signature After reasonable inquiry and to the best of their respective knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. DATED: DAVID J. STEIRMAN /s/ David J. Steirman ________________________ David J. Steirman DATED: ABBOTT J. KELLER /s/ ABBOTT J. KELLER ________________________ Abbott J. Keller DATED: KESTREL INVESTMENT MANAGEMENT CORPORATION /s/ David J. Steirman ________________________ By: David J. Steirman Its: President -----END PRIVACY-ENHANCED MESSAGE-----