| Ticker: FPIC | 1000 Riverside Avenue, Suite 800 | |
| Exchange: NASDAQ-National Market | Jacksonville, Florida 32204 | |
| Industry: Financial | (904) 354-5910 |
| Type of Shares: | Common Shares | Filing Date: | 5/28/96 | |
| U.S. Shares: | 3,400,000 | Offer Date: | 8/1/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 2,900,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 500,000 | Gross Spread: | $0.70 | |
| Offering Amount: | $37,400,000 | Selling: | $0.42 | |
| Expenses: | $568,618 | Reallowance: | $0.10 | |
| Shares Out After: | 9,019,420 |
| Manager | Tier | Phone |
| Oppenheimer & Company, Inc. | Lead Manager | (212) 667-7402 |
| Robinson-Humphrey Company, Inc., The | Co-manager | (404) 266-6000 |
| Auditor: KPMG Peat Marwick | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $56.64 | $22.56 | $20.13 | Assets: | $284.59 |
| Net Income: | $11.53 | $2.08 | $1.81 | Liabilities: | $203.98 |
| EPS: | $1.45 | $0.26 | $0.23 | Equity: | $80.61 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| FPIC Insurance Group, Inc. is the second largest provider of medical professional liability insurance in Florida, with an approximate 15% market share of direct premium written for physicians for the year ended December 31,1994. For more than 20 years, the company and its predecessors have provided medical professional liability insurance to Florida's medical community. The company has the exclusive endorsement of both the Florida Medical Association and the Florida Dental Association. The company has increased its number of insured physicians and dentists from 2,460 at year end 1986 to 5.055 at year end 1995 and on May 17, 1996, the company had outstanding policies for 5,346 physicians and dentists. The company has achieved underwriting profitability exceeding industry averages while consistently expanding its policyholder base and market presence. Medical professional liability or medical malpractice insurance, insures the physician, dentist, hospital or other healthcare provider against liabilities arising from the rendering of or failure to render professional healthcare service. |
| Use of Proceeds |
| Proceeds from the proposed offering will be used to i) to further capitalize FIG which is a newly formed holding company and ii) to assist the company's shareholders with selling their shares in an orderly offering and for general corporate purposes. |
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