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CUSIP NO. 0001063167   Page 1 of 16 Pages

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)

INSURANCE MANAGEMENT SOLUTIONS GROUP, INC.
(Name of Issuer)

Common Stock
(Title of Class of Securities)

001063167
(CUSIP Number)

February 14, 2002
(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

o Rule 13d-1(b)
o Rule 13d-1(c)
x Rule 13d-1(d)

 

 

 
CUSIP NO. 0001063167   Page 2 of 16 Pages

                 
(1)   NAME OF REPORTING PERSON
 
Bankers Insurance Group, Inc.
 
   
 
(2)   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP   (a) x
        (b) o
 
   
 
(3)   SEC USE ONLY
 
   
 
(4)   CITIZENSHIP OR PLACE OF ORGANIZATION
 
Florida
 
   
 
(5)   SOLE VOTING POWER
 
0		    
 
   
 
(6)   SHARED VOTING POWER
 
8,349,884
 
   
        (7)   SOLE DISPOSITIVE POWER
NUMBER OF       0    
SHARES  
BENEFICIALLY   (8)   SHARED DISPOSITIVE POWER
OWNED BY       8,349,884    
EACH  
REPORTING   (9)   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
PERSON WITH       REPORTING PERSON
8,349,884
       
 
(10)   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   o
 
   
 
(11)   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
65.2%
 
   
 
(12)   TYPE OF REPORTING PERSON
 
CO
 
   

 

 

 
CUSIP NO. 0001063167   Page 3 of 16 Pages

                 
(1)   NAME OF REPORTING PERSON
 
Bankers Insurance Company
 
   
 
(2)   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP   (a) x
        (b) o
 
   
 
(3)   SEC USE ONLY
 
   
 
(4)   CITIZENSHIP OR PLACE OF ORGANIZATION
 
Florida
 
   
 
(5)   SOLE VOTING POWER
 
0		    
 
   
 
(6)   SHARED VOTING POWER
 
3,528,455
 
   
        (7)   SOLE DISPOSITIVE POWER
NUMBER OF       0    
SHARES  
BENEFICIALLY   (8)   SHARED DISPOSITIVE POWER
OWNED BY       3,528,455    
EACH  
REPORTING   (9)   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
PERSON WITH       REPORTING PERSON
3,528,455
       
 
(10)   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   o
 
   
 
(11)   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
27.6%
 
   
 
(12)   TYPE OF REPORTING PERSON
 
CO
 
   

 

 

 
CUSIP NO. 0001063167   Page 4 of 16 Pages

                 
(1)   NAME OF REPORTING PERSON
 
Bankers Financial Corporation
 
   
 
(2)   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP   (a) x
        (b) o
 
   
 
(3)   SEC USE ONLY
 
   
 
(4)   CITIZENSHIP OR PLACE OF ORGANIZATION
 
Florida
 
   
 
(5)   SOLE VOTING POWER
 
0		    
 
   
 
(6)   SHARED VOTING POWER
 
8,349,884
 
   
        (7)   SOLE DISPOSITIVE POWER
NUMBER OF       0    
SHARES  
BENEFICIALLY   (8)   SHARED DISPOSITIVE POWER
OWNED BY       8,349,884    
EACH  
REPORTING   (9)   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
PERSON WITH       REPORTING PERSON
8,349,884
       
 
(10)   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   o
 
   
 
(11)   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
65.2%
 
   
 
(12)   TYPE OF REPORTING PERSON
 
CO
 
   

 

 

 
CUSIP NO. 0001063167   Page 5 of 16 Pages

                 
(1)   NAME OF REPORTING PERSON
 
Bankers International Financial Corporation
 
   
 
(2)   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP   (a) x
        (b) o
 
   
 
(3)   SEC USE ONLY
 
   
 
(4)   CITIZENSHIP OR PLACE OF ORGANIZATION
 
Florida
 
   
 
(5)   SOLE VOTING POWER
 
0		    
 
   
 
(6)   SHARED VOTING POWER
 
8,349,884
 
   
        (7)   SOLE DISPOSITIVE POWER
NUMBER OF       0    
SHARES  
BENEFICIALLY   (8)   SHARED DISPOSITIVE POWER
OWNED BY       8,349,884    
EACH  
REPORTING   (9)   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
PERSON WITH       REPORTING PERSON
8,349,884
       
 
(10)   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   o
 
   
 
(11)   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
65.2%
 
   
 
(12)   TYPE OF REPORTING PERSON
 
CO
 
   

 

 

 
CUSIP NO. 0001063167   Page 6 of 16 Pages

                 
(1)   NAME OF REPORTING PERSON
 
Bankers International Financial Corporation, Ltd.
 
   
 
(2)   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP   (a) x
        (b) o
 
   
 
(3)   SEC USE ONLY
 
   
 
(4)   CITIZENSHIP OR PLACE OF ORGANIZATION
 
Cayman Islands
 
   
 
(5)   SOLE VOTING POWER
 
0		    
 
   
 
(6)   SHARED VOTING POWER
 
8,349,884
 
   
        (7)   SOLE DISPOSITIVE POWER
NUMBER OF       0    
SHARES  
BENEFICIALLY   (8)   SHARED DISPOSITIVE POWER
OWNED BY       8,349,884    
EACH  
REPORTING   (9)   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
PERSON WITH       REPORTING PERSON
8,349,884
       
 
(10)   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   o
 
   
 
(11)   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
65.2%
 
   
 
(12)   TYPE OF REPORTING PERSON
 
CO
 
   

 

 

 
CUSIP NO. 0001063167   Page 7 of 16 Pages

                 
(1)   NAME OF REPORTING PERSON
 
Bankers International Financial Corporation II Trust
 
   
 
(2)   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP   (a) x
        (b) o
 
   
 
(3)   SEC USE ONLY
 
   
 
(4)   CITIZENSHIP OR PLACE OF ORGANIZATION
 
Cayman Islands
 
   
 
(5)   SOLE VOTING POWER
 
0		    
 
   
 
(6)   SHARED VOTING POWER
 
8,349,884
 
   
        (7)   SOLE DISPOSITIVE POWER
NUMBER OF       0    
SHARES  
BENEFICIALLY   (8)   SHARED DISPOSITIVE POWER
OWNED BY       8,349,884    
EACH  
REPORTING   (9)   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
PERSON WITH       REPORTING PERSON
8,349,884
       
 
(10)   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   o
 
   
 
(11)   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
65.2%
 
   
 
(12)   TYPE OF REPORTING PERSON
 
OO
 
   

 

 

 
CUSIP NO. 0001063167   Page 8 of 16 Pages

                 
(1)   NAME OF REPORTING PERSON
 
Bankers Security Insurance Company
 
   
 
(2)   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP   (a) x
        (b) o
 
   
 
(3)   SEC USE ONLY
 
   
 
(4)   CITIZENSHIP OR PLACE OF ORGANIZATION
 
Florida
 
   
 
(5)   SOLE VOTING POWER
 
0		    
 
   
 
(6)   SHARED VOTING POWER
 
4,821,429
 
   
        (7)   SOLE DISPOSITIVE POWER
NUMBER OF       0    
SHARES  
BENEFICIALLY   (8)   SHARED DISPOSITIVE POWER
OWNED BY       4,821,429    
EACH  
REPORTING   (9)   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
PERSON WITH       REPORTING PERSON
4,821,429
       
 
(10)   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES   o
 
   
 
(11)   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
 
37.7%
 
   
 
(12)   TYPE OF REPORTING PERSON
 
CO
 
   

 

 

 
CUSIP NO. 0001063167   Page 9 of 16 Pages

Item 1(a) Name of Issuer:

     Insurance Management Solutions Group, Inc.

Item 1(b) Address of Issuer’s Principal Office:

     360 Central Avenue
     St. Petersburg, Florida 33701

Item 2(a) Name of Person Filing:

     This statement is filed jointly by each of the following persons pursuant to Rule 13d-1(k) promulgated under Section 13 of the Securities Exchange Act of 1934, as amended: (i) Bankers Insurance Group, Inc., a Florida corporation (“BIG”); (ii) Bankers Insurance Company, a Florida corporation and wholly-owned subsidiary of BIG (“BIC”), as a direct beneficial owner of Common Stock; (iii) Bankers Security Insurance Company, a Florida corporation and wholly-owned subsidiary of BIG and BIC (“BSIC”), as a direct beneficial owner of Common Stock; (iv) Bankers Financial Corporation (“BFC”), Bankers International Financial Corporation (“BIFC”) and Bankers International Financial Corporation, Ltd. (“BIFC Ltd.”), all of which are Florida corporations, except BIFC, Ltd., which is a Cayman Islands corporation, as the direct, indirect and ultimate parent corporations, respectively, of BIG; and (v) Bankers International Financial Corporation II Trust (“BIFC Trust”), a discretionary charitable trust which owns all of the outstanding shares of BIFC Ltd. Information with respect to each of the reporting persons is given solely by such reporting person, and no reporting person assumes responsibility for the accuracy or completeness of information provided by another reporting person. By their signatures on this statement, each of the reporting persons agrees that this statement is filed on behalf of such reporting person.

Item 2(b) Address of Principal Business Office or, if none, Residence:

     
Bankers Insurance Group, Inc.   360 Central Avenue
Bankers Insurance Company   St. Petersburg, FL 33701
Bankers Financial Corporation    
Bankers International Financial Corporation    
Bankers Security Insurance Company    
 
Bankers International Financial Corporation, Ltd.   Ansbacher House
Bankers International Financial Corporation II Trust   Jeanette Street
P.O. Box 887
George Town, Grand Cayman
British West Indies

 

 

 
CUSIP NO. 0001063167   Page 10 of 16 Pages

Item 2(c) Citizenship:

     See Item 2(a).

Item 2(d) Title of Class of Securities:

     Common Stock.

Item 2(e) CUSIP Number:

     0001063167

Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b), check whether the person filing is a:

     Not applicable.

Item 4. Ownership

     See cover pages. By virtue of the relationships between BIG and BIC and BSIC and BFC, BIFC, BIFC Ltd. and BIFC Trust, each of such entities may be deemed to possess indirect beneficial ownership of the shares of Common Stock beneficially owned by BIC and BSIC, which represent an aggregate of 8,349,884 shares of the Issuer’s Common Stock, or approximately 65.2% of the outstanding Common Stock.

Item 5. Ownership of Five Percent or Less of a Class

     If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following  o.

Item 6. Ownership of More than Five Percent on Behalf of Another Person

     Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company

     Not applicable.

Item 8. Identification and Classification of Members of the Group

     See item 2(a) and attached Exhibit 1.

 

 

 
CUSIP NO. 0001063167   Page 11 of 16 Pages

Item 9. Notice of Dissolution of Group

     Not applicable.

Item 10. Certification

     Not applicable.

 

 

 
CUSIP NO. 0001063167   Page 12 of 16 Pages

SIGNATURES

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

       
Date: February 18, 2002      
 
    BANKERS INSURANCE GROUP, INC.
 
    By: /s/ Robert G. Southey
     
    Name: Robert G. Southey
Title: Secretary
 
    BANKERS INSURANCE COMPANY
 
    By: /s/ Robert G. Southey
     
    Name: Robert G. Southey
Title: Secretary
 
    BANKERS SECURITY INSURANCE COMPANY
 
    By: /s/ Robert G. Southey
     
    Name: Robert G. Southey
Title: Secretary
 
    BANKERS FINANCIAL CORPORATION
 
    By: /s/ David B. Snyder
     
    Name: David B. Snyder
Title: Secretary
 
    BANKERS INTERNATIONAL FINANCIAL CORPORATION
 
    By: /s/ David B. Snyder
     
    Name: David B. Snyder
Title: Secretary

 

 

 
CUSIP NO. 0001063167   Page 13 of 16 Pages
       
 
    BANKERS INTERNATIONAL FINANCIAL CORPORATION, LTD.
 
    By: /s/ David K. Meehan
     
    Name: David K. Meehan
    Title: Attorney-in-fact under power dated 2/8/99
 
    BANKERS INTERNATIONAL FINANCIAL CORPORATION II TRUST
 
    By: /s/ David K. Meehan
     
    Name: David K. Meehan
Title: Attorney-in-fact under power dated 2/8/99

 

 

 
CUSIP NO. 0001063167   Page 14 of 16 Pages

Exhibits

     
1   Agreement of Joint Filing, dated February 18, 2002, among Bankers Insurance Group, Inc., Bankers Insurance Company, Bankers Security Insurance Company, Bankers Financial Corporation, Bankers International Financial Corporation, Bankers International Financial Corporation, Ltd., and Bankers International Financial Corporation II Trust.
 
2   Powers of Attorney dated February 8, 1999 for each of Bankers International Financial Corporation, Bankers International Financial Corporation, Ltd. and Bankers International Financial Corporation II Trust.*

*   Filed with earlier-filed Schedule 13G.