Capsure Holdings Corp.

Capsure Holdings Corp (formerly Nucorp Inc) is engaged principally in the property and casualty insurance business. Through Western Surety Company, acquired in August 1992, and Universal Surety of America, acquired in September 1994, the company provides surety and fidelity bonds in all 50 states through a combined network of 120,000 independent agents. Capsure's United Capitol Insurance Company subsidiary, acquired in February 1990, writes commercial general liability, property, and small contract surety business principally in the excess and surplus lines market. Since the 1990 acquisition of United Capitol Insurance, the companys former core oil and gas business has been de-emphasized and now accounts for an insignificant portion of revenues and assets. Premiums earned accounted for 84% of 1996 revenues; investment income, 15% and investment gains, 1%.