SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 30, 1996 GORAN CAPITAL INC. (Exact name of registrant as specified in its charter) Canada 000-24366 Not Applicable (State or other jurisdiction of (Commission (I.R.S. Employer Incorporation or organization) File Number) Identification No.) 181 University Avenue, Suite 1101, Box 11, Toronto, Ontario, Canada M5H 3M7 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (416) 594-1155 (Canada) (317) 259-6300 (USA) (Former name or former address, if changed since last report) Not Applicable ITEM 5. Other Events On May 1, 1996, Goran Capital Inc. ("Company") announced the successful completion of its previously announced joint venture with GS Capital Partners II, an investment fund affiliated with Goldman Sachs & Co. This was accomplished through the formation of GGS Management Holdings, Inc. ("GGSH"). Simultaneously, GGSH (through its wholly owned subsidiary, GGS Management, Inc. ("GGSM")) has completed its previously announced acquisition of Superior Insurance Company, a former subsidiary of Fortis, Inc. The completion of the transactions, which included the contribution of the Company's indirect subisidary, Pafco General Insurance Company, will make GGSM the 13th largest provider of non-standard automobile insurance in the $15 billion United States market. Alan G. Symons, Chief Executive Officer of the Company and GGSH said today, "This joint venture with GS Capital provides the resources necessary to take advantage of opportunities in the non-standard automobile insurance market, such as the acquisition of Superior." Superior Insurance Company, a Florida based non-standard automobile insurance company, writes in excess of $100 Million of premium in ten (10) states and has a book value of approximately $63 Million. Pafco General Insurance Company, an Indiana company, underwrites in excess of $60 Million of premium in nine (9) states and has a book value of approximately $15 Million. The Company will continue to own 100% of its other subsidiaries, including IGF Insurance Company, Granite Reinsurance Company Ltd., and Symons International Group, Inc. (Florida), a surplus lines underwriter. ITEM 7. Exhibits Exhibit 99.1 Press Release of Goran Capital, Inc. dated May 1, 1996. SIGNATURES Pursuant to the requirements 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. GORAN CAPITAL INC. (Registrant) May 10, 1996 By: /s/ Alan G. Symons President and Chief Executive Officer Exhibit 99.1 TO: All Media FROM: Goran Capital, Inc. USA Head Office 181 University Ave. 4720 Kingsway Drive Suite 1101-Box 11 Indianapolis, IN 46205 Toronto, Ontario M5H 3M7 DATE: May 1, 1996 FOR IMMEDIATE RELEASE Goran Capital announces the successful completion of its previously announced joint venture with GS Capital Partners II, an affiliated investment fund of Goldman, Sachs & Co., through the formation of GGS Management Holdings, Inc. Simultaneously, GGS has completed its previously announced acquisition of Superior Insurance Company, a subsidiary of Fortis, Inc. The completion of the transactions , which includes the contribution by Goran of its subsidiary Pafco General Insurance Company to GGS, makes GGS the 13th largest provider of non-standard automobile insurance in the $15 billion U.S. market. Alan G. Symons, Chief Executive Officer of Goran and GGS, said today, "This joint venture with GS Capital provides the resources necessary to take advantage of opportunities in the non-standard automobile insurance market, such as the acquisition of Superior." Superior Insurance Company, a Florida based non-standard automobile insurance underwriter, writes in excess of $100 million of premium in 10 states and has a book value of approximately $63 million. Pafco General Insurance Company, an Indiana company underwrites in excess of $60 million of premium in 9 states with a book value of $15 million. Goran will continue to own 100% of its other subsidiaries including IGF Insurance Company, the crop insurance division, Granite Reinsurance Company, Ltd., the reinsurance operations, and Symons International Group, Inc. (Florida), a surplus lines underwriter. GORAN CAPITAL INC. (NASDAQ: GNCNF; Toronto Stock Exchange: GNC) of Toronto, Ontario is primarily engaged in the non-standard automobile insurance, reinsurance, crop insurance and surplus lines underwriting. Goran maintains active insurance licenses in 35 U.S. states, Barbados, and all Canadian provinces. It derives more than 90% of gross revenue from the United States. Anyone wishing further information may contact: Alan G. Symons President and Chief Executive Officer Indianapolis (317)259-6302 or Toronto (416) 594-1155