Seibels Bruce Extends Odd-Lot Tender Offer

The Seibels Bruce Group Inc. of Columbia, S.C., a holding company for four property and casualty insurance companies that offer commercial and nonstandard automobile insurance, announced an extension to the stock tender program allowing shareholders owning fewer than 100 shares of Seibels Bruce stock to sell their shares to the company.

The voluntary program gives eligible shareholders the opportunity to sell all of their shares back to the company without incurring transaction fees. The program will be in effect through July 31, 2003 for shareholders of record on March 10, 2003. The price to be paid to shareholders is $2.50 per share.

Seibels Bruce is making no recommendation to shareholders as to whether they should act upon this offer. A letter explaining the details of the program will be mailed to all eligible shareholders.