The Seibels Bruce Group, Inc. Announces 2003 Third Quarter Results and Other Matters

The Seibels Bruce Group, Inc. Announces 2003 Third Quarter Results and Other
Matters 


COLUMBIA, S.C., Nov. 14  /PRNewswire-FirstCall/ -- The Seibels Bruce Group, Inc.
 (BULLETIN BOARD: SBIG)  today announced financial results for the quarter that
ended September 30, 2003 and other matters.

For the third quarter of 2003 the Company reported a net loss of $1.5 million,
or $(0.21) per share (basic and diluted).  This is compared with a net profit of
$1.8 million, or $0.21 per share (basic and diluted), for last year's third
quarter.

The automobile segment, which includes the Company's continuing nonstandard
operations in North and South Carolina, as well as several runoff operations,
reported a profit of $18 thousand for the quarter.  "Our North Carolina
nonstandard automobile operation experienced a decrease in premiums written and
ceded to the North Carolina Reinsurance Facility that contributed to a reduction
in the profitability of our automobile segment," said Michael A. Culbertson,
Seibels Bruce president.  "We believe the decrease is attributable to increased
competition and the decrease in new policies written for members of the United
States armed forces stationed in North Carolina. In addition, the North Carolina
operation has been affected by 'suspension of coverage' requests received on
in-force military polices while the policyholders are deployed in the Middle
East. As a result of this trend, applicable accounting rules require that we
evaluate the recorded value of goodwill associated with that operation.  As a
result of this analysis, we recorded a non-cash charge to earnings of $700
thousand in September 2003." Culbertson concluded, "Our North Carolina
nonstandard automobile program will continue to be the foundation of our
automobile segment."

The flood segment reported a net profit of $1.0 million for the quarter. "In the
fourth quarter of 2002 we sold our flood insurance business and have been
amortizing the deferred gain from the transaction into income through September
30, 2003," said Culbertson. "From this point forward, the principal source of
income for the flood segment will be America's Flood Services, Inc., which
offers flood zone determinations and flood zone mapping services to customers
located throughout the United States."

The Company's commercial operations reported a net loss of $976 thousand for the
quarter.  "The loss is primarily attributable to losses incurred from Hurricane
Isabel, which made landfall in September 2003, and from decreased business
volume resulting from the August 2002 South Carolina Department of Insurance
Order Imposing Administrative Supervision and Appointing Supervisor. The Order
was lifted in May 2003, and we are pleased to report that, as of October 2003,
we have restored the insurance writing authorities that existed prior to the
Order," Culbertson stated.

The Company's adjusting services segment, Insurance Network Services, Inc.
(INS), reported a profit of $244 thousand for the quarter.  "Earlier in the year
we completed an evaluation of each of INS' service lines and discontinued those
lines that were unprofitable," said Culbertson. "INS' continuing operations are
now substantially comprised of claims administration services performed for
QualSure Insurance Corporation."

The all-other segment reported a loss of $1.8 million.  "We have continued to
experience significant reserve development related to our runoff asbestos and
environmental business written primarily in the 1980's," said Culbertson.
"Continuing increases in the frequency of newly reported claims, as well as
development in the severity of existing claims, resulted in a charge to earnings
of over $1.7 million for the quarter ended September 30, 2003."

In November 2003, the Company signed non-binding Letters of Intent with
unaffiliated third parties for proposed sales of two of its South Carolina
domiciled insurance subsidiaries, South Carolina Insurance Company and
Consolidated American Insurance Company.  Any transaction that may result from
these Letters of Intent is subject to, among other things, the satisfactory
completion of due diligence and approval from the South Carolina Department of
Insurance.  "Selling these inactive insurance subsidiaries eliminates a number
of distractions that detract attention from our continuing insurance operations
in North and South Carolina," said Culbertson.

Within the next several days, the Company intends to file a preliminary proxy
statement with the Securities and Exchange Commission (SEC) relating to a
special meeting of shareholders to vote on a proposed amendment to the Company's
Articles of Incorporation to effect a reverse stock split of the Company's
common stock.  Culbertson stated, "If the amendment is approved by the Company's
shareholders, the reverse stock split will enable the Company to terminate
registration of its common stock and its obligations to file annual and periodic
reports and make other filings with the SEC."

Culbertson concluded, "With the expected disposition of our inactive insurance
subsidiaries and the restoration of our insurance writing authorities that
existed prior to the Order, Seibels Bruce can focus on restoring and maintaining
agent relationships, strategically growing our business and positioning
ourselves to add additional lines of business or services as viable
opportunities arise."

The Seibels Bruce Group, Inc., headquartered in Columbia, South Carolina, is a
holding company for four property and casualty insurance companies that offer
commercial, nonstandard automobile and homeowners insurance.  In addition,
Seibels Bruce offers claim administration services to insurance companies and
other businesses through INS; flood zone determination services through
America's Flood Services, Inc.; and managing general agency services through
Seibels, Bruce & Company.  Additional information about Seibels Bruce can be
found online at http://www.seibels.com/.

Certain items in this press release constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 and as such
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Seibels Bruce or its
subsidiaries to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.  Such
forward-looking statements speak only as of the date of this press release. 
Seibels Bruce expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward- looking statements contained
herein to reflect any change in Seibels Bruce's expectations with regard thereto
or any change in events, conditions or circumstances on which any statement is
based.

                      The Seibels Bruce Group, Inc.
                          RESULTS OF OPERATIONS
                        (in thousands, unaudited)


                                          For the Three     For the Nine
                                           Months Ended      Months Ended
                                          September 30,      September 30,
  Revenues:                                2003     2002     2003     2002
       Automobile                         $3,382   $3,604  $10,249  $11,897
       Flood                               1,652    5,292    5,681   14,389
       Commercial                          2,231    2,567    7,136    8,584
       Adjusting Services                  1,421    2,075    4,942    6,233
       All Other                             235   10,602    1,125   11,660
            Total                         $8,921  $24,140  $29,133  $52,763

  Net income (loss):
       Automobile                            $18     $125    $(229)  $1,330
       Flood                               1,004      650    3,757    1,272
       Commercial                           (976)     118   (1,043)   1,052
       Adjusting Services                    244      476      721    1,001
       All Other                          (1,829)     400   (2,569)     663
            Total                        $(1,539)  $1,769     $637   $5,318

  Basic (loss) earnings per share:        $(0.21)   $0.21    $0.04    $0.64
  Weighted average shares outstanding      7,817    7,832    7,825    7,832

  Diluted (loss) earnings per share:      $(0.21)   $0.21    $0.04    $0.62
  Weighted average shares outstanding      7,817    8,028    7,854    8,164


DATASOURCE: The Seibels Bruce Group, Inc.



CONTACT:  Jennifer Davis, Corporate Communications of The Seibels Bruce

Group, Inc., [phone], or fax, [phone], or email,





Web site:  http://www.seibels.com/ 

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