United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 17, 2002
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Commission file number 1-11983
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FPIC Insurance Group, Inc.
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(Exact name of registrant as specified in its charter)
Florida 59-3359111
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(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
225 Water Street, Suite 1400, Jacksonville, Florida 32202
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(Address of principal executive offices) (Zip Code)
(904) 354-2482
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(Registrant's telephone number, including area code)
Item 7. Financial Statements and Exhibits.
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(c) Exhibits
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Exhibit Number Description of Exhibits
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99 FPIC Insurance Group, Inc. Press Release dated
April 17, 2002
Item 9. Regulation FD Disclosure.
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FPIC Insurance Group, Inc. ("FPIC" or the "Company") has received notification
from A. M. Best Company ("Best") that Best affirmed its A- (Excellent) group
rating. The rating applies to FPIC's four insurance subsidiaries, First
Professionals Insurance Company, Inc., Anesthesiologists Professional Assurance
Company, Intermed Insurance Company and Interlex Insurance Company. Additional
information regarding Best's affirmation of the Company's Best rating can be
found in Exhibit 99.
Best specifically referred to the group's historical profitability, and its
diversification, sound overall financial condition and leadership positions in
principal markets as positive factors in its rating rationale. Best also
commented favorably on the stabilization and recent enhancements to the group's
current senior management team and essential reporting process. The rating
rationale also makes reference to certain offsetting factors, including the
group's own recent adverse loss development and rising medical professional
liability loss costs, in general, and other uncertainties in the healthcare
industry; and accordingly, the affirmation is accompanied with a negative
outlook. Details concerning Best's rating rationale with respect to the group
can be obtained directly from its website at www.AMBest.com, by writing Best at
A. M. Best Company, Ambest Road, Oldwick, New Jersey 08858, or by calling Best
at (908) 439-2200.
Safe Harbor Disclosure for Forward-Looking Statements.
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The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Any written or oral statements made by or on
behalf of the Company may include forward-looking statements, which reflect the
Company's current views with respect to future events and financial performance.
These forward-looking statements are subject to certain uncertainties and other
factors that could cause actual results to differ materially from such
statements. These uncertainties and other factors (which are described in more
detail in documents filed by the Company with the Securities and Exchange
Commission) include, but are not limited to, (i) uncertainties relating to
government and regulatory policies (such as subjecting the Company to insurance
regulation or taxation in additional jurisdictions or amending, revoking or
enacting any laws, regulations or treaties affecting the Company's current
operations), (ii) the occurrence of insured or reinsured events with a frequency
or severity exceeding the Company's estimates, (iii) legal developments, (iv)
the uncertainties of the loss reserving process, (v) the actual amount of new
and renewal business and market acceptance of expansion plans, (vi) the loss of
the services of any of the Company's executive officers, (vii) changing rates of
inflation and other economic conditions, (viii) the ability to collect
reinsurance recoverables, (ix) the competitive environment in which the Company
operates, related trends and associated pricing pressures and developments, (x)
the impact
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of mergers and acquisitions, including the ability to successfully integrate
acquired businesses and achieve cost savings, competing demands for the
Company's capital and the risk of undisclosed liabilities, (xi) developments
in global financial markets that could affect the Company's investment portfolio
and financing plans, (xii) risk factors associated with financing and
refinancing, including the willingness of credit institutions to provide
financing and the availability of credit generally, (xiii) developments in
reinsurance markets that could affect the Company's reinsurance program; and
(xiv) changes in the Company's financial ratings resulting from one or more of
these uncertainties and other factors.
The words "believe," "anticipate," "foresee," "estimate," "project," "plan,"
"expect," "intend," "hope," "will likely result" or "will continue" and
variations thereof or similar expressions identify forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of their dates. The Company undertakes no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
FPIC INSURANCE GROUP, INC.
Date: April 17, 2002 By: /s/ John R. Byers
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John R. Byers
President and Chief Executive
Officer
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EXHIBIT INDEX
Exhibit Number
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99 FPIC Insurance Group, Inc. Press Release
dated April 17, 2002
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