The Seibels Bruce Group, Inc. Completes Acquisition of America's Flood Services, Inc.

The Seibels Bruce Group, Inc. has completed its acquisition of America's Flood Services, Inc. (AFS). AFS is expected to add approximately $2.5 million to Seibels Bruce's revenues on an annualized basis.

Headquartered in Rancho Cordova, CA, America's Flood Services, Inc. manages flood zone determinations, flood insurance, and flood compliance tracking. The company also provides automated services for new loan flood zone determinations and flood-related services to lending institutions.

AFS is the first of two recently announced acquisitions to be completed. On March 17, Seibels Bruce announced its intent to acquire Nashville-based Graward General Companies, a managing general agent for Generali-U.S. Branch, which specializes in non-standard automobile insurance. Graward posted 1997 direct written premiums of approximately $60 million and revenues of $21 million. Seibels Bruce presently expects the Graward acquisition to be completed in April.

The Seibels Bruce Group, Inc. is a provider of automobile, flood and other property and casualty insurance services and products. The company serves as one of three servicing carriers for the South Carolina Reinsurance Facility, a state-sponsored plan for insuring South Carolina drivers outside of the voluntary market. It is also a servicing carrier for the National Flood Insurance Program.