THE FLORIDA EMPLOYERS INSURANCE COMPANY ANNOUNCES THIRD QUARTER EARNINGS
THE FLORIDA EMPLOYERS INSURANCE COMPANY
ANNOUNCES THIRD QUARTER EARNINGS
GEORGE TOWN, Grand Cayman, British West Indies, Nov. 13 /PRNewswire/ -- The Florida Employers Insurance Company (NASDAQ-NMS: FLAEF) (FEICO) announced today that its earnings for the nine month and three month periods ended Sept. 30, 1991 were $2,613,823 ($1.16 per share) and $978,355 (44 cents per share), respectively. The earnings for the similar nine month and three month periods in 1990 were $2,658,947 ($1.18 per share) and $899,361 (40 cents per share), respectively.
FEICO also announced its continuance of the quarterly dividend of 7 cents per share with the next dividend payable to holders of record on Nov. 15, 1991 and payable on Nov. 30, 1991.
FEICO also reported that it filed a Preliminary Proxy Statement, concerning its proposed sale of its assets to FCCI Investment Group, Inc. (FCCI Investment), with the U.S. Securities and Exchange Commission (SEC) on Nov. 8, 1991. FEICO and FCCI Investment entered into an acquisition agreement on Aug. 21, 1991 under which FCCI Investment is to acquire the assets of FEICO for under $36,112,560 U.S. (the equivalent of $16.00 per share). Under the terms of the agreement, FCCI Investment will also assume all of FEICO's known and reported liabilities and, in addition, assume its unknown liabilities, if any, up to a value of $1 million.
After FEICO receives comments from the SEC on the Preliminary Proxy Statement and a final version is produced, the proxy materials will be distributed to shareholders for a vote on the proposed acquisition at a special meeting called for that purpose. Shareholder approval of the transaction by a 2/3 vote of FEICO's 2,257,035 outstanding shares is required to complete the transaction. The acquisition remains subject to other conditions, including, among others, receipt by FEICO and FCCI Investment of approvals by governmental and insurance regulatory agencies and FEICO's completion of commutation of certain reinsurance contracts. The agreement will expire by its terms if closing has not occurred by March 21, 1992.
/CONTACT: Roger Phelps of the Florida Employers Insurance Company, 809-949-0155/
(FLAEF) CO: Florida Employers Insurance Company ST: Florida IN: INS SU: ERN MR-AW -- FL010 -- 4163 11/13/91 17:44 EST