The Seibels Bruce Group Notes Order from S.C. Dept. Lifting Administrative Supervision

The Seibels Bruce Group, Inc., has received an Order Lifting Administrative Supervision and Relieving Supervisor from the South Carolina Department of Insurance (SCDOI). Since August 2002, the company has reportedly worked closely with the SCDOI on a plan of operation under which the outstanding issues could be resolved and the Administrative Supervisor lifted.

As previously disclosed, the company, on Aug. 20, 2002, received an Order Imposing Administrative Supervision and Appointing Supervisor from the SCDOI placing three subsidiaries, South Carolina Insurance Company (SCIC), Catawba Insurance Company and Consolidated American Insurance Company (CAIC), under administrative supervision due to a dispute, which is currently in litigation, regarding a business agreement between SCIC and CAIC and Human Dynamics Corporation in Arizona and California.

“We are very happy with the progress we have made in partnership with the SCDOI in terms of working through the supervision and maintaining our existing operations,” Seibels Bruce president, Michael Culbertson, said. “Our focus going forward will be to rebuild these operations and to bring new products to market to become a stronger insurance company in the future.”