EXHIBIT 99
FPIC INSURANCE GROUP, INC. ANNOUNCES EXTENSION OF STOCK BUYBACK
PROGRAM
JACKSONVILLE, Fla., July 7, 1999 -- FPIC Insurance Group, Inc. (Nasdaq:
FPIC) ("FPIC") announced that its Board of Directors approved the extension of
FPIC's Stock Buyback Program for an additional 12 months. The Board of
Directors, on July 11, 1998, had previously authorized the Company to repurchase
up to 500,000 shares of its common stock on the open market for a period of
twelve months. As of July 1, 1999, 71,000 shares have been repurchased. Shares
will be repurchased on the open market at the discretion of management.
"In spite of the success our stock has enjoyed since the public
offering, we still consider FPIC an excellent long-term investment," said
William R. Russell, President and Chief Executive Officer of FPIC. He also
added: "This share repurchase is another example of our commitment to implement
strategies that will enhance shareholder value."
About the Company
FPIC Insurance Group, Inc. and its affiliates have developed a variety
of insurance products for participants in the health care industry. These
products include: medical professional liability insurance for medical
professionals; managed care liability insurance; professional and comprehensive
general liability insurance for health care facilities; medicare and medicaid
fraud and abuse defense coverages; AHCA/OSHA insurance coverage; provider stop
loss insurance and third-party administration services. The web address for FPIC
Insurance Group, Inc. is: http://www.FPIC.com
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995
This news release contains historical information, as well as
forward-looking statements, that are based on FPIC Insurance Group, Inc.'s
estimates and expectations of future events. Associated with this are certain
risks and uncertainties that could cause actual results to materially differ
from those reflected in the forward-looking statements. FPIC's financial
position and results of operations are subject to fluctuations due to a variety
of factors. Unexpected changes in loss trends in any period could have a
materially adverse effect on the company. Reevaluations of loss and loss
adjustment expense (LAE) reserves could result in an increase or decrease in
reserves and a corresponding adjustment to earnings. (LAE reserves are costs
associated with the settlement of claims.) In light of the many uncertainties
associated with the forward-looking statement information, historical results of
operations are not necessarily indicative of future earnings nor should such
information be regarded as a representation by FPIC, or any person associated
with FPIC, that FPIC's objectives will be met.
Contact:
FPIC Insurance Group, Inc., Jacksonville
William R. Russell, President and CEO
904/354-5910, ext. 3011
or John R. Byers, COO, 904/354-5910, ext. 3265
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