============================: TUE.JAN,980113 :============================
|16:56| George Dunham Chmn  nspr.com  :
 Inspire Insurance Solutions : svc Prop & casualty
 only . trend create virtual Ins company . PMSC only competitor . PMSC in bun
 20 yrs . policy & claims outsourcing . w sel tek & systems .
 Formed by 100 yr Miller Mutual , TX . W CEO . owns .38 of INSpire .
 StratigiDataSystems  acq  .
 IPO 6.3 M @ 12 w RaymondJames .
 Software : Sheboygan WI Columia SC  FortWorth .
 BobAgazzi  & StuWarrington EVPs .  ex SDS
 Ron Lyn CIO  frm PMSC .
 P&C 250 B$ , 2500 ins cos . w lots of regs . Increaseing underwriting
 capacity .  top 10 catastrphys sinc `89 |
 Investmenents in Tek  $6 92 to 8.8 96 |
 Trend to dir sales . Y2K not seeing much busn . now . think lots of heads in
 sand . 1 yr policies . got nine mo to fix new policies .
 Clients determine rules of underwriting . move state to state .
 do all Claims Admin .
 Clarendon , \  | looking 15M$ new on 30M$ ann now .
 Claimes rev : current contracts would generate 23M$ if another hurricane
 Andrew .
 Acq SDS for control of technology .
 can handle mulit bil $ busn . on AS400 & RS 6000 .
 EmPower : work flow mngr w imaging tek
 hits underwriting expert system . Clarenon doing 3M$ % person .
 SoftWare Svcs : License fee consumed by customicaton . recurring maintanance
 .  Customers : Employers Re , ZurichNatnl ...
  Revs : sale backlog | APG 4  6.5 9.6
 Ability to meet variety of needs .
 Capitalize on cross-selling  wi acqs .
 Outsourcing : 1.0 recurring .
 Expanding EmPower to commercial application .  Application Devel for Niche
  ins .
 Sold old DOS sys : AQS . replace w Coverall
 Penetrating Brazil in Portuguese  for 1 cust , 30 in universe .
 Don`t see any teks worth buying .
 ProForma Combined . Op Income  .56 1.13  1.98 1.929  last svrl Qs .
 R&D expected to got frm .02 to <= .07
 Achived IBM Mark of Quality designation . going for IS9000 cert .
 PMSC been around 20 yrs & it shows . If don`t take over mkt , our shame .
 Resisting Capitalizing R&D . lease all Hardware .
 Aug 22 .  12 now 21.25 .  P%E : | 21.25 % .55 |>| 38.64
 Peer grp forward PMSC ~ 25 | has 250 M rev frm P&C .
 How mkt ? DW Blanch  , Guy Carpenter .
 Why ~ in health care : wo
 .1 % options owned by mngt .
 expect to hire 350 in addition to current  550 .
 all 5 clients solid :  Delay in pay - monthly .
 Why new entrants ? Creases in mkt . hardning of rate after disasters -
 because of regulatory - political apntmnts .
 Security of Client DB ? firewalls .
 Gross Margin | 13 , | net : 10
 Goal in 12 mo ? 30 |17:38|