-----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, FAG9ec++3OAzLgnMB2ETbXc0KcnT9q2rJEv7TfGTX+5mb1Jx/3mK3mcIW+9mr/iT NeNZyY0H2QLXwbuhiMHBcA== 0000898080-97-000179.txt : 19970730 0000898080-97-000179.hdr.sgml : 19970730 ACCESSION NUMBER: 0000898080-97-000179 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970729 ITEM INFORMATION: Bankruptcy or receivership FILED AS OF DATE: 19970729 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACCEPTANCE INSURANCE COMPANIES INC CENTRAL INDEX KEY: 0000074783 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 310742926 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07461 FILM NUMBER: 97646688 BUSINESS ADDRESS: STREET 1: 222 S 15TH ST STREET 2: STE 600 N CITY: OMAHA STATE: NE ZIP: 68102 BUSINESS PHONE: 402-344-88 MAIL ADDRESS: STREET 1: 222 SOUTH 15TH STREET STREET 2: 222 SOUTH 15TH STREET CITY: OMAHA STATE: NE ZIP: 68102 FORMER COMPANY: FORMER CONFORMED NAME: STONERIDGE RESOURCES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ORANGE CO INC DATE OF NAME CHANGE: 19870506 FORMER COMPANY: FORMER CONFORMED NAME: NFF CORP DATE OF NAME CHANGE: 19730919 8-K 1 CURRENT REPORT ON FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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) July 29, 1997 ACCEPTANCE INSURANCE COMPANIES INC. (Exact Name of Registrant as Specified in its Charter) Delaware 1-7461 31-0742926 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 222 S. 15th Street, Suite 600 North, Omaha, Nebraska 68102 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (402) 344-8800 (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. On July 29, 1997, Acceptance Insurance Companies Inc. (the "Company") announced its second quarter financial results for 1997. A copy of the press release noticing such results is attached hereto as Exhibit 20.1 and is incorporated herein by reference. Item 7. Exhibits. 20.1 Press Release, dated July 29, 1997, noticing second quarter financial results of the Company. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACCEPTANCE INSURANCE COMPANIES INC. Dated: July 29, 1997 By: /s/ Kenneth C. Coon ------------------------------- Name: Kenneth C. Coon Title: Chairman and Chief Executive Officer EX-20 2 PRESS RELEASE Exhibit 20.1 ACCEPTANCE INSURANCE EARNINGS UP 40% Omaha, NE, July 29, 1997 Acceptance Insurance Companies Inc. (NYSE:AIF) reported a 40% increase in net income for the three months ended June 30, 1997 to $4.2 million or $0.28 per share versus $3.0 million or $0.20 per share for the comparable period in 1996. Premiums earned were $72.9 million for the current quarter, a 5% decrease from $76.9 million for the same quarter in the prior year. Net investment income increased 9% to $8.8 million from $8.1 million in the prior year. The combined ratio of the Company improved to 101.5% in the 1997 quarter from 102.9% in the 1996 period. Net income for the six months ended June 30, 1997 increased 9% to $8.2 million or $0.54 per share from $7.5 million or $0.50 per share for the comparable period in 1996. Premiums earned for the six months were $144.0 million in 1997 versus $144.4 million in 1996. Net investment income increased 6% to $16.6 million in the 1997 period from $15.8 million in 1996. The Company's combined ratio for both periods was 101.3%. Acceptance Insurance is an A- rated property and casualty insurance company concentrating in writing specialty coverages throughout the United States not generally emphasized by standard insurance carriers. The Company's insurance operations are conducted through its six insurance subsidiaries and two insurance agencies. The Company selects underwriting specialties within the property and casualty industry that provide a diversified portfolio of products, with the goal of producing underwriting results better than the industry average. Contact: William J. Gerber Vice President (402) 344-8800
ACCEPTANCE INSURANCE COMPANIES INC. for the three months and six months ended June 30, 1997 and 1996 (in thousands, except per share data) Three Months Six Months --------------------------------------- --------------------------------------- 1997 1996 1997 1996 --------------- ------------------ ----------------- ---------------- Gross premiums written $145,827 $145,051 $271,172 $268,780 Ceded premiums (73,952) (49,727) (127,982) (102,622) --------------- ------------------ ----------------- ---------------- Net premiums written 71,875 95,324 143,190 166,158 =============== ================== ================= ================ Revenues: Insurance premiums earned 72,944 76,896 144,006 144,400 Net investment income 6,791 6,528 13,311 12,992 Net realized capital gains 2,020 1,586 3,331 2,767 --------------- ------------------ ----------------- ---------------- 81,755 85,010 160,648 160,159 --------------- ------------------ ----------------- ---------------- Costs and expenses: Cost of revenues: Insurance losses and loss adjustment expenses 52,588 55,239 102,395 101,122 Insurance underwriting expenses 21,459 23,868 43,503 45,142 General and administrative expenses 573 528 1,097 1,063 --------------- ------------------ ----------------- ---------------- 74,620 79,635 146,995 147,327 --------------- ------------------ ----------------- ---------------- Operating profit 7,135 5,375 13,653 12,832 --------------- ------------------ ----------------- ---------------- Other income (expense): Interest expense (1,247) (1,242) (2,404) (2,495) Share of net loss of investee (63) (53) (117) (117) Other, net (4) (35) 12 121 --------------- ------------------ ----------------- ---------------- (1,314) (1,330) (2,509) (2,491) --------------- ------------------ ----------------- ---------------- Income before income taxes 5,821 4,045 11,144 10,341 Income tax expense 1,579 1,020 2,988 2,838 --------------- ------------------ ----------------- ---------------- Net income $4,242 3,025 8,156 7,503 =============== ================== ================= ================ Net income per share: Primary $ .28 $ .20 $ .54 $ .50 =============== ================== ================= ================ Fully diluted $ .27 $ .20 $ .53 $ .49 =============== ================== ================= ================ Shares: Primary 15,238 15,071 15,228 15,037 Fully diluted 15,541 15,337 15,510 15,322 Ratio - GAAP Loss & LAE 72.1% 71.8% 71.1% 70.0% Underwriting 29.4% 31.1% 30.2% 31.3% --------------- ------------------ ----------------- ---------------- Combined 101.5% 102.9% 101.3% 101.3% --------------- ------------------ ----------------- ---------------- June 30, June 30, 1997 1996 ------------------ ----------------- Total Investments $459,443 $385,391 Net Reserves for Losses and LAE 257,693 219,640 Total Capital 220,770 182,413 Book Value per Share $ 14.66 $ 12.25
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