The Seibels Bruce Group, Inc. Announces 2001 First Quarter Profit

Apr 27, 2001, 01:00 ET from The Seibels Bruce Group

    COLUMBIA, S.C., April 27 /PRNewswire/ --
     The Seibels Bruce Group, Inc., (OTC Bulletin Board:   SBIG) today announced
 financial results for the quarter that ended March 31, 2001.
     For the first quarter of 2001 the Company posted a net profit from
 operations of $1.0 million, or $0.12 per share (basic and diluted).  This is
 compared to a net loss of $2.9 million, or $0.37 per share, for last year's
 first quarter.
     "By focusing on fee-based businesses and only those risk-bearing
 businesses that we believe can be profitable, we have been rewarded with three
 consecutive quarters of profitability," said Jack Natili.  "We are pleased
 that the strategy we implemented in the second quarter of last year is
 working."
     The automobile segment reported a gain of $236 thousand.  "Our decision to
 maintain a nonstandard automobile presence in North Carolina through our
 Universal Insurance Company subsidiary contributed to this gain.  New
 management has been successful in turning a profit, and we feel confident
 about the future of that operation," commented Natili.
     The flood segment reported a gain of $506 thousand for the quarter.  "In
 2000, we focused on increasing the volume of our flood business," Natili said.
 "In recognition of our new business growth and retention, Seibels Bruce was
 awarded an additional marketing expense allowance from the Federal Emergency
 Management Agency.  Our expanded policy base gives the Company additional
 revenue opportunity should claims occur."
     Commercial operations reported a net gain of $779 thousand for quarter.
 "Expense reductions and technological improvements coupled with favorable loss
 ratios and a focus on increasing sales contributed to our commercial lines
 profit," stated Natili.
     Seibels Bruce's adjusting services posted a profit of $322 thousand for
 the quarter.  "For the fifth consecutive quarter since breaking-out the
 results of our claim services subsidiary, Insurance Network Services, Inc., it
 has posted a profit," stated Natili.  "We believe this business, which
 contracts with external customers to manage and adjust all types of claims,
 will experience significant growth going forward."
     Seibels Bruce's all other segments posted a loss of $824 thousand.  "The
 all other segment consists of discontinued operations for which we
 strengthened reserves this quarter by $900 thousand.  We took this action as a
 result of recent developments and believe that we are well-positioned with our
 reserves related to discontinued operations."
     Natili concluded, "We are very pleased with three consecutive quarters of
 profitability and are optimistic about Seibels Bruce's future.  It was the
 charge of this team to turn unprofitable operations into value for our
 shareholders, and that is where we continue to focus our efforts."
     The Seibels Bruce Group, Inc. receives fee-based income through the
 National Flood Insurance Program, various state-sponsored insurance plans,
 claim administration and other insurance services.  In addition, it is a
 provider of automobile and commercial lines property and casualty insurance
 products.  Additional information about Seibels Bruce can be found on-line at
 http://www.seibels.com.
     Certain items in this press release constitute forward-looking statements
 within the meaning of the Private Securities Litigation Reform Act of 1995 and
 as such involve known and unknown risks, uncertainties and other factors which
 may cause the actual results, performance or achievements of Seibels Bruce or
 its subsidiaries to be materially different from any future results,
 performance or achievements expressed or implied by such forward-looking
 statements.  Such forward-looking statements speak only as of the date of this
 press release.  Seibels Bruce expressly disclaims any obligation or
 undertaking to release publicly any updates or revisions to any forward-
 looking statements contained herein to reflect any change in Seibels Bruce's
 expectations with regard thereto or any change in events, conditions or
 circumstances on which any statement is based.
 
                                (Table follows)
 
                         The Seibels Bruce Group, Inc.,
                              RESULTS OF OPERATION
              (in thousands, unaudited, except per share amounts)
 
                                                       Period Ending March 31
     Revenue                                           2001              2000
 
     Automobile                                       6,689            10,834
     Flood                                            4,086             3,069
     Commercial                                       1,332               677
     Adjusting Services                               2,412             3,262
     All Other                                          228               348
                                     Total           14,747            18,190
 
     Net Income
     Automobile                                         236            (2,395)
     Flood                                              506              (123)
     Commercial                                         779               (62)
     Adjusting Services                                 322               119
     All Other                                         (824)             (452)
                                     Total            1,019            (2,913)
 
 
     Provision for income taxes                          --                --
 
     Net income (loss)                                1,019            (2,913)
 
     Basic earnings (loss) per share:
     Net income (loss)                                 0.12             (0.37)
     Weighted average shares outstanding              7,832             7,831
 
     Diluted earnings (loss) per share:
     Net income (loss)                                 0.12             (0.37)
     Weighted average shares outstanding              8,160             7,831
 
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SOURCE The Seibels Bruce Group
    COLUMBIA, S.C., April 27 /PRNewswire/ --
     The Seibels Bruce Group, Inc., (OTC Bulletin Board:   SBIG) today announced
 financial results for the quarter that ended March 31, 2001.
     For the first quarter of 2001 the Company posted a net profit from
 operations of $1.0 million, or $0.12 per share (basic and diluted).  This is
 compared to a net loss of $2.9 million, or $0.37 per share, for last year's
 first quarter.
     "By focusing on fee-based businesses and only those risk-bearing
 businesses that we believe can be profitable, we have been rewarded with three
 consecutive quarters of profitability," said Jack Natili.  "We are pleased
 that the strategy we implemented in the second quarter of last year is
 working."
     The automobile segment reported a gain of $236 thousand.  "Our decision to
 maintain a nonstandard automobile presence in North Carolina through our
 Universal Insurance Company subsidiary contributed to this gain.  New
 management has been successful in turning a profit, and we feel confident
 about the future of that operation," commented Natili.
     The flood segment reported a gain of $506 thousand for the quarter.  "In
 2000, we focused on increasing the volume of our flood business," Natili said.
 "In recognition of our new business growth and retention, Seibels Bruce was
 awarded an additional marketing expense allowance from the Federal Emergency
 Management Agency.  Our expanded policy base gives the Company additional
 revenue opportunity should claims occur."
     Commercial operations reported a net gain of $779 thousand for quarter.
 "Expense reductions and technological improvements coupled with favorable loss
 ratios and a focus on increasing sales contributed to our commercial lines
 profit," stated Natili.
     Seibels Bruce's adjusting services posted a profit of $322 thousand for
 the quarter.  "For the fifth consecutive quarter since breaking-out the
 results of our claim services subsidiary, Insurance Network Services, Inc., it
 has posted a profit," stated Natili.  "We believe this business, which
 contracts with external customers to manage and adjust all types of claims,
 will experience significant growth going forward."
     Seibels Bruce's all other segments posted a loss of $824 thousand.  "The
 all other segment consists of discontinued operations for which we
 strengthened reserves this quarter by $900 thousand.  We took this action as a
 result of recent developments and believe that we are well-positioned with our
 reserves related to discontinued operations."
     Natili concluded, "We are very pleased with three consecutive quarters of
 profitability and are optimistic about Seibels Bruce's future.  It was the
 charge of this team to turn unprofitable operations into value for our
 shareholders, and that is where we continue to focus our efforts."
     The Seibels Bruce Group, Inc. receives fee-based income through the
 National Flood Insurance Program, various state-sponsored insurance plans,
 claim administration and other insurance services.  In addition, it is a
 provider of automobile and commercial lines property and casualty insurance
 products.  Additional information about Seibels Bruce can be found on-line at
 http://www.seibels.com.
     Certain items in this press release constitute forward-looking statements
 within the meaning of the Private Securities Litigation Reform Act of 1995 and
 as such involve known and unknown risks, uncertainties and other factors which
 may cause the actual results, performance or achievements of Seibels Bruce or
 its subsidiaries to be materially different from any future results,
 performance or achievements expressed or implied by such forward-looking
 statements.  Such forward-looking statements speak only as of the date of this
 press release.  Seibels Bruce expressly disclaims any obligation or
 undertaking to release publicly any updates or revisions to any forward-
 looking statements contained herein to reflect any change in Seibels Bruce's
 expectations with regard thereto or any change in events, conditions or
 circumstances on which any statement is based.
 
                                (Table follows)
 
                         The Seibels Bruce Group, Inc.,
                              RESULTS OF OPERATION
              (in thousands, unaudited, except per share amounts)
 
                                                       Period Ending March 31
     Revenue                                           2001              2000
 
     Automobile                                       6,689            10,834
     Flood                                            4,086             3,069
     Commercial                                       1,332               677
     Adjusting Services                               2,412             3,262
     All Other                                          228               348
                                     Total           14,747            18,190
 
     Net Income
     Automobile                                         236            (2,395)
     Flood                                              506              (123)
     Commercial                                         779               (62)
     Adjusting Services                                 322               119
     All Other                                         (824)             (452)
                                     Total            1,019            (2,913)
 
 
     Provision for income taxes                          --                --
 
     Net income (loss)                                1,019            (2,913)
 
     Basic earnings (loss) per share:
     Net income (loss)                                 0.12             (0.37)
     Weighted average shares outstanding              7,832             7,831
 
     Diluted earnings (loss) per share:
     Net income (loss)                                 0.12             (0.37)
     Weighted average shares outstanding              8,160             7,831
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X11596182
 
 SOURCE  The Seibels Bruce Group