STONERIDGE RESOURCES INC. REQUESTS NAME CHANGE TO ACCEPTANCE INSURANCE COMPANIES INC.
STONERIDGE RESOURCES INC. REQUESTS NAME CHANGE TO ACCEPTANCE INSURANCE COMPANIES INC. OMAHA, Neb., Oct. 27 /PRNewswire/ -- The board of directors of Stoneridge Resources, Inc. (NYSE: SRE) today announced that proxy materials will be sent to the shareholders to request approval to change the company's name to Acceptance Insurance Companies Inc. The change is requested to more accurately reflect the current industry focus of the company. If approved, the company will seek a change in the NYSE trading symbol to AIS. Commenting on the proposal, Kenneth C. Coon, CEO of Stoneridge said, "We are requesting the name change because of the dominance of the property and casualty insurance business in the operations of the company. The three insurance subsidiaries controlled by Acceptance underwrote $130.7 million in direct premiums in the twelve months ended June 30, 1992. Despite the loss at the parent company level, the insurance operations had an operating income of $7.3 million in the year ended Dec. 31, 1991. Stoneridge has completed its evolution into an insurance holding company, and therefore, the name change is appropriate and will help the investment community recognize us as an insurance company." The corporate offices in Bloomfield Hills, Mich. have been closed and all executive functions are now handled from the Acceptance office in Omaha. Acceptance Insurance is an A- rated specialty property and casualty insurance company concentrating its efforts in the excess and surplus lines business. The company's insurance operations are conducted through its three insurance subsidiaries and an insurance agency. The company seeks specialty books of business throughout the U.S. in which the application of highly skilled underwriting and claims techniques can provide the company with an advantage over the industry. Stoneridge Resources, Inc. consists of Acceptance Insurance, a 33 percent investment in Florida-based Major Realty Corporation and real estate investments in Florida. -0- 10/27/92 /CONTACT: William J. Gerber, vice president of Acceptance Insurance Companies Inc., 402-344-8800, or Edward Silverman or Cynthia A. Bond of Silverman Heller & Bond, Inc., 212-682-9222, for Acceptance Insurance Companies Inc./ (SRE) CO: Stoneridge Resources, Inc.; Acceptance Insurance Companies Inc. ST: Nebraska, Florida IN: INS SU:
AH -- NY025 -- 5240 10/27/92 09:34 EST
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|Date:||Oct 27, 1992|
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