ANOTHER ONE BITES THE DUST

The Seibels Bruce Group Inc. is discontinuing its Nashville nonstandard automobile managing general agency operations, Graward General Companies, Inc. (Graward).

“Since the acquisition in May of 1998, the Graward operations have performed poorly. After two years of continued operating losses, we have decided to discontinue this business,” said Jack Natili, chief operating officer. Seibels Bruce plans to work with The Vision Insurance Group, LLC of Nashville to allow Vision to provide insurance to select customers as their policies come up for renewal. Seibels Bruce will take a charge of approximately $18 million in the second quarter of 2000 related to costs associated with exiting the operation, including a non-cash charge of $14.9 million in goodwill.