| Ticker: SIGC | 4720 Kingsway Drive | |
| Exchange: NASDAQ-National Market | Indianapolis, Indiana 46205 | |
| Industry: Financial | (317) 259-6300 |
| Type of Shares: | Common Shares | Filing Date: | 7/29/96 | |
| U.S. Shares: | 3,000,000 | Offer Date: | 11/5/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $10.00 - $12.00 | |
| Primary Shares: | 3,000,000 | Offer Price: | $12.50 | |
| Secondary Shares: | 0 | Gross Spread: | $0.88 | |
| Offering Amount: | $33,000,000 | Selling: | $0.52 | |
| Expenses: | $1,775,000 | Reallowance: | $0.10 | |
| Shares Out After: | 10,000,000 | |||
| Spin out parent firm: | Goran Capital, Inc. | |||
| Manager | Tier | Phone |
| Advest, Inc. | Lead Manager | (203) 525-1421 |
| Mesirow Financial, Inc. | Co-manager | (312) 670-6000 |
| Auditor: Coopers & Lybrand | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 6/30/96 | 6/30/95 | 6/30/96 | ||
| Revenue: | $52.64 | $64.89 | $24.50 | Assets: | $378.67 |
| Net Income: | $4.82 | $4.30 | $2.01 | Liabilities: | $360.92 |
| EPS: | $0.69 | $0.61 | $0.29 | Equity: | $17.76 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| Symons International Group, Inc., a specialty property and casualty insurer, underwrites and markets nonstandard private passenger automobile insurance and crop insurance. The company believes that it has demonstrated an ability to acquire under-performing niche insurance businesses and develop them toward their full potential. Through its Subsidiaries, the company writes business in the U.S. exclusively through independent agencies and seeks to distinguish itself by offering high quality, technology based services for its agents and policy holders. For the twelve months ended March 31, 1996, had consolidated gross premiums written of approximately $137.8 million and Superior, which was acquired on April 30, 1996, had consolidated gross premiums written of approximately $105.1 million for the same twelve month period. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to contribute to IGF Holdings to increase the statutory surplus of IGF to provide support for the writing of additional crop insurance coverage; to repay certain bank indebtedness of the company; to retire a note in the principal amount of $7.5 million; to retire a note in the amount of $3.5 million issued to Pafco by one of the company's subsidiaries; to apply $4 million to repay indebtedness to Goran with an balance outstanding of $7.3 million; to pay a dividend to Goran in the amount of $3.5 million; and to apply the balance for general corporate purposes. |
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