==============================================================================
UNITED STATES
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: September 3, 1998
INTERCARGO CORPORATION
--------------------------------------------------
(Exact name of registrant as specified in charter)
DELAWARE 0-16748 36-3414667
- ---------------------------- ------------ -------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1450 American Lane, 20th Floor, Schaumburg, Illinois 60173
----------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (847) 517-2990
==============================================================================
Item 5. Other Events
On September 3, 1998 the Board of Directors authorized the Registrant to make
open market purchases from time to time of up to 1 million shares of
Registrant's common stock at then-prevailing market prices or in private
transactions at negotiated prices. There are approximately 7.7 million shares of
common stock outstanding. A copy of the press release announcing this action is
attached hereto as Exhibit A to this filing.
FORWARD LOOKING STATEMENTS
This statement includes forward-looking information as that term is defined in
the Private Securities Litigation Reform Act of 1995 and is therefore subject to
certain risks and uncertainties. There can be no assurance that actual results,
business conditions, business developments, losses and contingencies and local
and foreign factors will not differ materially from that suggested in the
forward looking statements as a result of various factors including market
conditions, competition, reinsurance availability, foreign affairs, and natural
disasters.
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 thereunto duly authorized.
INTERCARGO CORPORATION
By: /s/ Michael L. Rybak
-----------------------------------
Michael L. Rybak
Chief Financial Officer and Vice
President
Dated: September 8, 1998
- ---------------------------------PRESS RELEASE----------------------------------
INTERCARGO CORPORATION
FOR IMMEDIATE RELEASE
- ---------------------
Contact: Michael L. Rybak, Chief Financial Officer
847/517-2990, Extension 500
INTERCARGO CORPORATION
ANNOUNCES STOCK REPURCHASE PLAN
Schaumburg, Illinois - Thursday, September 3, 1998 -- Intercargo Corporation
(NASDAQ:ICAR) announced today that its Board of Directors has authorized the
Company to make open market purchases from time to time of up to 1,000,000
shares of its common stock at then-prevailing market prices or in private
transactions at negotiated prices. The Company believes that current market
conditions make such purchases attractive and a prudent use of its cash. There
are approximately 7,700,000 shares of common stock outstanding.
Headquartered in Schaumburg, Illinois (a Chicago suburb), Intercargo Corporation
is a leading provider of specialized insurance coverages for companies involved
with international trade. Intercargo markets to Customs brokers, freight
forwarders, logistics providers, intermodal carriers, importers and exporters
through appointed independent insurance agents. Specialty products offered
include U.S. Customs bonds, commercial surety, cargo insurance, general
liability, workers compensation, truck liability and professional liability for
Customs brokers/freight forwarders. In addition to its Schaumburg headquarters,
the Company has underwriting operations in the United Kingdom and Hong Kong.