| Summit Holding Southeast, Inc. | |||
| Ticker: | SHSE | 2310 A-Z Park Road | |
| Exchange: | NASDAQ-National Market | Lakeland, FL 33801 | |
| Industry: | Financial (SIC Code 6321) | (941) 665-6060 | |
| Type of Shares: | Common Shares | Filing Date: | 4/15/97 | |
| U.S. Shares: | 4,061,013 | Offer Date: | 5/21/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $11.00 - $13.00 | |
| Primary Shares: | 4,061,013 | Offer Price: | $11.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.77 | |
| Offering Amount: | $48,732,156 | Selling: | $0.45 | |
| Expenses: | $1,500,000 | Reallowance: | $0.10 | |
| Shares Out After: | 5,000,000 |
| Manager | Tier | Phone |
| Raymond James & Associates, Inc. | Lead Manager | (813) 573-8108 |
| ABN AMRO Bank | Co-manager |
| Issuer's Law Firm: | Alston & Bird |
| Bank's Law Firm: | Holland & Knight |
| Auditor: | Ernst & Young |
| Registrar/Transfer Agent: | ChaseMellon Shareholder Services, L.L.C. |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 3/31/96 | 12/31/96 | 12/31/95 | 12/31/96 | ||
| Revenue: | $140.33 | $110.81 | $103.09 | Assets: | $476.97 |
| Net Income: | $0.19 | $3.20 | $5.17 | Curr Assets: | |
| EPS: | Liabilities: | $449.59 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $10.83 | Equity: | $27.38 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company provides a variety of managed care workers; compensation products and services to employers and self-insured employer groups primarily in Florida, as well as in Louisiana and Kentucky. Through the company's administrative group, the company provides administrative services for four self-insurance funds, for the company's two wholly owned workers' compensation insurance companies and for certain municipalities. These administrative services include most aspects of daily operations of the Funds and the Insurance Subsidiaries, including sales and marketing, underwriting, claims administration, loss control and policy administration. These services are provided for a fee, with the company generally receiving a percentage of premiums. The Administrative Subsidiaries do not assume any underwriting risk of the Funds, which are entities formed to provide workers' compensation coverage for self-insured employer groups on a pooled basis. |
| Competition |
| The markets for workers' compensation insurance products and services are highly competitive. The company's competitors include, among others, insurance companies, specialized provider groups, in-house benefits administrators, state insurance pools and other significant providers of workers' compensation, administration and insurance services. A number of the company's current and potential competitors are significantly larger, with greater financial and operating resources than those of the company, and can offer their services nationwide. |
| Business Plan |
| Key aspects of the company's business strategy following the Conversion include: 1) continued use of both self-insurance and indemnity products; 2) emphasis on profitable underwriting results; 3) proactive implementation of managed care; 4) leveraging of administrative services capabilities; 5) emphasis on excellent customer services. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to increase Bridgefield's capital to satisfy applicable requirements of the Florida Insurance Code, and the remainder of such proceeds, if any, will be retained by Summit for general corporate purposes. |