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<head>
<title>AICI 2000 Stock Option Plan</title>
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<body>
<p align="center">
                                  As filed with the Securities and Exchange Commission on June
                                  28, 2002&nbsp;
<p align="center">

                                                  SECURITIES AND EXCHANGE COMMISSION<br>
&nbsp;Washington, D.C. 20549&nbsp;<br>
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
<p align="center"><b>


                                                               FORM S-8&nbsp;</b><br>
                                                        Registration Statement&nbsp;<br>
                                                   Under the Securities Act of 1933</p>
<p align="center"><u>&nbsp;<b>ACCEPTANCE INSURANCE COMPANIES INC.&nbsp;</b></u><br>
                                        (Exact name of registrant as specified in its charter)&nbsp;</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;
31-0742926&nbsp;</u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (State or other jurisdiction of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(I.R.S. Employer<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; incorporation or organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Identification No.)&nbsp;</p>
<blockquote>
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535 West Broadway&nbsp;<br>
  <u>&nbsp;&nbsp; Council Bluffs, Iowa 51503&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;
  51503&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
         (Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  (Zip code)</p>
  <p align="center">&nbsp;<b>ACCEPTANCE INSURANCE COMPANIES INC.&nbsp;<br>
  <u>
                                                        2000 STOCK OPTION PLAN</u>&nbsp;</b><br>
                                                       (Full title of the plan)&nbsp;</p>
  <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  J. Michael Gottschalk&nbsp;<br>
    Chief Legal Officer, General Counsel and Secretary&nbsp;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acceptance Insurance Companies Inc.&nbsp;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  535 West Broadway&nbsp;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;
  Council Bluffs, Iowa 51503&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;
  (712) 328-3918&nbsp;</u><br>
          (Name and address of agent for service)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  (Telephone number, including area<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  code, of agent for service)</p>
  <p align="center"><u>&nbsp;Copies to:&nbsp;<br>
  </u>
                                                          Mark A. Ellis, Esq.&nbsp;<br>
                                                            Kutak Rock LLP&nbsp;<br>
                                                          1650 Farnam Street&nbsp;<br>
                                                         Omaha, Nebraska 68102&nbsp;<br>
                                                            (402) 346-6000&nbsp;</p>
  <p align="center"><b>

                                                    Calculation of Registration Fee</b>&nbsp;</p>
  <table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
      <td width="20%" nowrap valign="top">
Title of Securities to be&nbsp;<br>
                           Registered</td>
      <td width="20%" valign="top">            Amount to Be
Registered (1)&nbsp;</td>
      <td width="20%" valign="top">          Proposed&nbsp;<br>
 Maximum&nbsp;<br>
        Offering Price&nbsp;<br>
                                                           Per Share (2)</td>
      <td width="20%" valign="top">    Proposed&nbsp;<br>
      Maximum&nbsp;<br>
       Aggregate&nbsp;<br>
                                                                               Offering Price
                                                                               (2)</td>
      <td width="20%" valign="top">&nbsp;Amount of&nbsp;           Registration Fee</td>
    </tr>
    <tr>
      <td width="20%" nowrap valign="top">
Common Stock, par value $0.40&nbsp;<br>
 per
share&nbsp;</td>
      <td width="20%" valign="top">    833,000 shares</td>
      <td width="20%" valign="top">&nbsp;$4.77</td>
      <td width="20%" valign="top">&nbsp;$3,973,410&nbsp;</td>
      <td width="20%" valign="top">&nbsp;$368&nbsp;</td>
    </tr>
    <tr>
      <td width="20%" nowrap valign="top">
Common Stock, par value $0.40&nbsp;<br>
 per
share&nbsp;</td>
      <td width="20%" valign="top">    167,000 shares</td>
      <td width="20%" valign="top">&nbsp;$4.11</td>
      <td width="20%" valign="top">$686,370</td>
      <td width="20%" valign="top">$92</td>
    </tr>
  </table>
  <p><FONT FACE="Times New Roman, Times, Serif">(1)</FONT>&nbsp;&nbsp;&nbsp;<font face="Times New Roman, Times, Serif">
  </font>This Registration Statement shall cover any additional shares of
Registrant&#146;s common stock<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; which become issuable under the 2000 Stock Option
Plan (the&#160;&#147;Plan&#148;), as amended from<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; time to time, with respect to
the securities registered hereunder by reason of any stock<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dividend, stock
split, recapitalization or other similar transaction effected without the<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant&#146;s receipt of consideration which results in an increase in the
number of the<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant&#146;s outstanding shares of common stock.</p>
</blockquote>
<FONT FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)</FONT>&nbsp;&nbsp;<font face="Times New Roman, Times, Serif"> </font>Estimated pursuant to Rule&#160;457(c) and (h) solely for purposes of
calculating the registration fee.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Options for a total of 833,000 shares of
Common Stock have been issued pursuant to the Plan for a<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
weighted-average
exercise price of $4.77 per share. The exercise price for the remaining 167,000<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
options which may be granted under the Plan is not known at this time.
Accordingly, the price per<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
share for the remaining options is estimated to be $4.11 based on the average of the high
($4.22)&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and low ($4.00) sale prices for the Common
Stock reported in the consolidated reporting system&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
of the New York Stock
Exchange on&#160;June 25, 2002.
<BR>

<p align="center">
<BR>

&nbsp;<b>PART I&nbsp;</b>
<p align="center"><b>

                                                      INFORMATION REQUIRED IN THE&nbsp;<br>
                                                       Section 10(a) PROSPECTUS&nbsp;</b></p>
<p><b>

Item 1.</b> <i>  Plan Information</i></p>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif">Information
required by Part&#160;I of Form&#160;S-8 to be contained in the
Section&#160;10(a) prospectus is omitted from this registration statement in
accordance with the Note to Part&#160;I of Form&#160;S-8. </FONT></P>

<b>

Item 2.</b> <i>  Registration Information and Employee Plan Annual Information.</i>

<P><FONT FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
required by Part&#160;I of Form&#160;S-8 to be contained in the
Section&#160;10(a) prospectus is omitted from this registration statement in
accordance with the Note to Part&#160;I of Form&#160;S-8. </FONT></P>

<p align="center"><b>

                                                                PART II&nbsp;</b>
<p align="center"><b>

                                          INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></p>
<p><b>Item 3.</b> <i>  Incorporation of Documents by Reference.</i></p>

<P><FONT FACE="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents, previously filed with the Securities and Exchange
Commission by Acceptance Insurance Companies Inc. (the &#147;Registrant&#148;)
pursuant to the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), are </FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT><font face="Times New Roman, Times, Serif"> incorporated herein by reference:</font></P>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's Annual Report on Form 10-K for the year ended December 31, 2001;&nbsp;
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp; All reports filed under Section 13(a) or 15(d) of the Exchange Act by the Registrant since<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
December 31, 2001; and</p>
<p><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> (c)&nbsp;&nbsp;&nbsp;
the description of the Registrant&#146;s common stock contained in the
Registrant&#146;s Registration<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Statement on Form 10 filed with the Securities
and Exchange Commission on December&#160;23, 1969.</p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT SIZE=3>(</FONT>d)&nbsp;&nbsp;&nbsp;
All documents filed by the Registrant with the Securities and Exchange
Commission pursuant to<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act,
subsequent to the date this Registration<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Statement is filed and prior to the
filing of a post-effective amendment which indicates that all<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
securities offered
pursuant to this Registration Statement have been sold or which deregisters all
such<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
securities then remaining unsold shall be deemed to be incorporated by
reference in this Registration<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Statement and to be a part hereof from the date
of filing of such document. Notwithstanding the<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
foregoing, each report of the
audit committee of the Registrant contained in proxy statements filed<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
with the
Securities and Exchange Commission pursuant to Section 14 of the Exchange Act
prior or<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
subsequent to the date of this Registration Statement shall not be
deemed incorporated by reference<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
into this Registration Statement.
<BR>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font face="Times New Roman, Times, Serif">&nbsp;Any
statement contained in a document incorporated by reference herein shall be
deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein or in any subsequently filed
document that also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.</font></P>

<b>

Item 4. </b><i>  Description of Securities.</i>&nbsp;
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.&nbsp;</p>
<p><b>

Item 5.</b> <i>  Interests of Named Experts and Counsel.&nbsp;</i></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.&nbsp;</p>
<p><b>

Item 6. </b><i>  Indemnification of Directors and Officers.</i></p>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font face="Times New Roman, Times, Serif">Section
145 of the Delaware General Corporation Law (the &#147;DGCL&#148;) provides that
a Delaware corporation may indemnify its directors and officers against expenses
(including attorneys&#146; fees), judgments, fines and amounts paid in
settlement that are actually and reasonably incurred by such officers and
directors in connection with any action, suit or proceeding, whether civil,
criminal, administrative or investigative, if, in connection with the matters in
issue, they acted in good faith and in a manner they reasonably believed by them
to be in, or not opposed to, the best interests of the corporation, and, with
respect to any criminal suit or proceeding, they had no reasonable cause to
believe their conduct was unlawful. If the action is brought by or in the right
of the corporation, such indemnification may only be provided as long as, in
addition to the foregoing, it is not made with respect to any claim, issue or
matter as to which such officer or director has been found liable to the
corporation, unless such indemnification is approved by the court. Section 145
permits a Delaware corporation to grant its directors and officers additional
rights of indemnification through bylaw provisions and otherwise and to purchase
indemnity insurance on behalf of its directors and officers.</font></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font face="Times New Roman, Times, Serif">Pursuant
to Section&#160;1 of Article&#160;VII of the Registrant&#146;s Restated
Certificate of Incorporation, a director of the Company will not be personally
liable to the Registrant or to its stockholders for monetary damages for any
breach of fiduciary duty by such director other than liability (i) for any
breach of the director&#146;s duty of loyalty to the Registrant or its
stockholders, (ii)&#160;arising out of acts or omissions not taken in good faith
or which involve intentional misconduct or a knowing violation of the law, (iii)
under Section 174 of the DGCL (relating to the unlawful payments of dividends or
redemption of stock) or (iv) arising from a transaction from which the director
derived a personal benefit. In addition, Section&#160;2 of Article&#160;VII of
the Registrant&#146;s Restated Certificate of Incorporation and Section&#160;10
of Article&#160;III of the Registrant&#146;s Restated By-Laws provide that the
Registrant shall indemnify its officers and directors to the fullest extent
authorized by Delaware law.</font></P>

<P><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
permitted under Section&#160;145 of the DGCL and Section&#160;2(e) of
Article&#160;VII of the Registrant&#146;s Restated Certificate of Incorporation,
the Registrant has purchased and maintains insurance on behalf of directors and
officers against any liability asserted against such directors and officers in
their capacities as such.</font></P>

<b>

Item 7.</b> <i>  Exemption from Registration Claimed.</i>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;With
respect to the restricted securities re-offered or resold pursuant to this
Registration Statement, the Registrant claimed an exemption from registration
under the Securities Act of 1933, as amended, pursuant to Section&#160;4(2) or
Regulation D thereof. Such restricted securities were issued to the selling
stockholders in connection with the exercise of stock options issued under the
Plan.</font></P>

<b>

Item 8.</b> <i>  Exhibits.</i>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font face="Times New Roman, Times, Serif">&nbsp;The
following is a complete list of exhibits filed as part of this Registration
Statement. Exhibit numbers correspond to the numbers in the Exhibit Table of
Item&#160;601 of Regulation&#160;S-K.</font></P>

Exhibit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>
Description&nbsp;</u><br>
<u>
Number</u><P><font face="Times New Roman, Times, Serif">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Restated Certificate of Incorporation of the Registrant (incorporated by
reference to<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Registrant&#146;s Annual Report of Form 10-K for the period ended
December 31, 1993, and<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Amendment thereto, incorporated by reference to
Registrant&#146;s Quarterly Report on Form<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10-Q for the period ended June 30,
1995).</font></P>

<P><font face="Times New Roman, Times, Serif">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Restated Bylaws of the Registrant (incorporated by reference to the
Registrant&#146;s Annual<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Report on Form 10-K for the fiscal year ended December
31, 1993).</font></P>

<P><font face="Times New Roman, Times, Serif">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Amendment to Restated Bylaws of the Registrant (incorporated by reference to the<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December
31, 1999).</font></P>

<P><font face="Times New Roman, Times, Serif">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form of Stock Certificate representing shares of the Registrant&#146;s Common
Stock, $.40 par<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
value (incorporated by reference to Exhibit 4.1 of the
Registrant&#146;s Annual Report on Form<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10-K for the fiscal year ended December
31, 1992).</font></P>

5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Opinion of Kutak Rock LLP.
<P><font face="Times New Roman, Times, Serif">10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Registrant&#146;s 2000 Stock Option Plan (incorporated by reference to the
Registrant&#146;s Proxy<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Statement filed on or about May&#160;1, 2000).</font></P>

23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consent of Kutak Rock LLP (included as part of Exhibit 5).&nbsp;
<p>
23.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consent of Deloitte &amp; Touche LLP.&nbsp;</p>
<p><b>



Item 9.</b> <i>  Undertakings&nbsp;</i></p>
<p>

         The undersigned Registrant hereby undertakes:</p>
<p><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(l)&nbsp;&nbsp;&nbsp;&nbsp;
To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to include any material
information with respect to the plan of distribution not previously disclosed in
the Registration Statement or any material change to such information in the
Registration Statement;</font></p>
<font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;
That, for the purpose of determining any liability under the Securities Act of
1933 (the &#147;Act&#148;), each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof; and</font>
<BR>

<p><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.</font>
<BR>

<p><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp; That, for purposes of determining any liability under the Act, each filing of
the Registrant&#146;s annual report pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</font>
<BR>

<p><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;
That, insofar as indemnification for liabilities arising under the Act may be
permitted to directors, officers and controlling persons of the Registrant as
described in Item 6 hereof or otherwise, the Registrant has been advised that in
the opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other
than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will,
unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.</font>
<BR>

<p align="center">
<BR>

<b>

                                                              SIGNATURES</b>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&#160;S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Council Bluffs, State of Iowa, on
June 27, 2002.</font></P>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ACCEPTANCE INSURANCE COMPANIES&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
INC.&nbsp;<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By <u>/s/John E. Martin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
John E. Martin,<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
President and Chief Executive Officer<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Principal Executive Officer)</p>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities indicated
as of&nbsp; June&nbsp;27, 2002.</font></P>

&nbsp;




<P><u>&nbsp;&nbsp;/s/ John E. Martin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;/s/Myron
L. Edleman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>

John E. Martin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Myron L. Edleman, Director<br>
Director, President and Chief Executive&nbsp;<br>
Officer (Principal Executive Officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;/s/
Edward W. Elliott, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Edward W. Elliott, Jr., Director&nbsp;<P><u>&nbsp; /s/Dwayne D.
Hallman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>&nbsp;/s/ Michael R. McCarthy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;<br>

Dwayne D. Hallman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Michael R. McCarthy, Director<br>
Treasurer and Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
(Principal Financial Officer)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>/s/ R. L.
Richards&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
R. L. Richards, Director


















<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;/s/Doug
T. Valassis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Doug T. Valassis, Director&nbsp;&nbsp;&nbsp;&nbsp;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;/s/
Richard L. Weill&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Richard L. Weill, Director&nbsp;&nbsp;&nbsp;&nbsp;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<P><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT INDEX&nbsp;</b>

<P>


Exhibit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Description&nbsp;</u><br>
<u>
Number</u>
<P><font face="Times New Roman, Times, Serif">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Restated Certificate of Incorporation of the Registrant (incorporated by
reference to Registrant&#146;s<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Annual Report of Form 10-K for the period ended
December 31, 1993, and Amendment<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
thereto, incorporated by reference to
Registrant&#146;s Quarterly Report on Form 10-Q for the period<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ended June 30,
1995).</font></P>

<P><font face="Times New Roman, Times, Serif">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Restated Bylaws of the Registrant (incorporated by reference to the
Registrant&#146;s Annual Report<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
on Form 10-K for the fiscal year ended December
31, 1993).</font></P>

<P><font face="Times New Roman, Times, Serif">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Amendment to Restated Bylaws of the Registrant (incorporated by reference to the
Registrant&#146;s<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Annual Report on Form 10-K for the fiscal year ended December
31, 1999).</font></P>

<P><font face="Times New Roman, Times, Serif">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form of Stock Certificate representing shares of the Registrant&#146;s Common
Stock, $.40 par<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
value (incorporated by reference to Exhibit 4.1 of the
Registrant&#146;s Annual Report on Form 10-K<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
for the fiscal year ended December
31, 1992).</font></P>

5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Opinion of Kutak Rock LLP.
<P><font face="Times New Roman, Times, Serif">10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Registrant&#146;s 2000 Stock Option Plan (incorporated by reference to the
Registrant&#146;s Proxy<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Statement filed on or about May&#160;1, 2000).</font></P>

23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent of Kutak Rock LLP (included as part of Exhibit 5).&nbsp;
<p>
23.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent of Deloitte &amp; Touche LLP.&nbsp;</p>
<p align="center"><b>


                                                               EXHIBIT 5&nbsp;</b></p>
<p align="center"><b>

                                                       OPINION OF KUTAK ROCK LLP&nbsp;</b></p>
<p align="center">

                                                               June 27, 2002&nbsp;</p>
<p>


Board of Directors&nbsp;<br>
Acceptance Insurance Companies Inc.&nbsp;<br>
535 West Broadway&nbsp;<br>
Council Bluffs, IA 51503&nbsp;</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Re: Acceptance Insurance Companies Inc. Registration Statement on Form S-8 for up to<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000,000 Shares of Common Stock Issuable Under the Acceptance Insurance <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies Inc. 2000 Stock Option Plan&nbsp;</p>
<p>

Ladies and Gentlemen:</p>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font face="Times New Roman, Times, Serif">&nbsp;We
have acted as counsel to Acceptance Insurance Companies Inc., a Delaware
corporation (the&#160;&#147;Company&#148;) in connection with the filing of a
registration statement on Form&#160;S-8 (the&#160;&#147;Registration
Statement&#148;) under the Securities Act of 1933, as amended
(the&#160;&#147;Act&#148;). The Registration Statement relates to the 1,000,000
shares of the Company&#146;s common stock, par value $0.40 per share (the
&#147;Common Stock&#148;) issuable pursuant to the Company&#146;s 2000 Stock
Option Plan, as it may be further amended from time to time
(the&#160;&#147;Plan&#148;).</font></P>

<P><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
opinion is being furnished in accordance with the requirements of Item 8 of Form
S-8 and Item 601(b)(5)(i) of Regulation S-K. In rendering this opinion, we have
reviewed such matters, documents and law as we have deemed necessary for
purposes of this opinion. Based on, and subject to the foregoing, it is our
opinion that the shares of Common Stock, when issued and paid for in accordance
with the Plan, will be legally issued, fully paid and nonassessable.</font></P>

<P><font face="Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the filing of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not admit that we come within the
category of persons whose consent is required under Section&#160;7 of the Act or
the rules and regulations of the Securities and Exchange Commission thereunder.
This opinion letter is rendered as of the date first written above and we
disclaim any obligation to advise you of facts, circumstances, events or
developments which hereafter may be brought to our attention and which may
alter, affect or modify the opinion expressed herein. Our opinion is expressly
limited to the matters set forth above and we render no opinion, whether by
implication or otherwise, as to any other matters relating to the Company, the
Plan or the Common Stock.</font></P>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Very truly yours,&nbsp;
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
/s / KUTAK ROCK LLP&nbsp;</p>
<p align="center"><b>

                                                             EXHIBIT 23.2&nbsp;</b></p>
<p align="center"><b>

                                                  INDEPENDENT AUDITORS' CONSENT</b></p>

<P>To the Board of Directors and Stockholders<br>
Acceptance Insurance Companies Inc. and Subsidiaries</P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT FACE="Times New Roman, Times, Serif">&nbsp;We consent to the incorporation by reference in this Registration Statement
of Acceptance Insurance Companies Inc. on Form S-8 of our reports dated March 20, 2002
appearing in the Annual Report on Form 10-K of Acceptance Insurance Companies
Inc. for the year ended December 31, 2001.</FONT></P>

<P>/s/ Deloitte &amp; Touche LLP&nbsp;<br>
DELOITTE &amp; TOUCHE LLP</P>

<p>


Omaha, Nebraska&nbsp;<br>
June 27, 2002</p>

</body>
</html>
[{"type": "S-8", "sequence": "1", "filename": "s8stockoption.htm", "description": "S-8 AICI STOCK OPTION", "secsgml_size_bytes": 47996}]
{"company-data": {"conformed-name": "ACCEPTANCE INSURANCE COMPANIES INC", "cik": "0000074783", "assigned-sic": "6331", "irs-number": "310742926", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-91494", "film-number": "02691461"}, "business-address": {"street1": "535 WEST BROADWAY", "street2": "P.O. BOX 1574", "city": "COUNICL BLUFFS", "state": "IA", "zip": "51503", "phone": "712-329-3600"}, "mail-address": {"street1": "535 WEST BROADWAY", "street2": "P.O. BOX 1574", "city": "COUNCIL BLUFFS", "state": "IA", "zip": "51503"}, "former-company": [{"former-conformed-name": "NFF CORP", "date-changed": "19730919"}, {"former-conformed-name": "ORANGE CO INC", "date-changed": "19870506"}, {"former-conformed-name": "STONERIDGE RESOURCES INC", "date-changed": "19920703"}]}
AICI 2000 Stock Option Plan
As filed with the Securities and Exchange Commission on June
                                  28, 2002
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
Registration Statement
Under the Securities Act of 1933
ACCEPTANCE INSURANCE COMPANIES INC.
(Exact name of registrant as specified in its charter)
Delaware
31-0742926
(State or other jurisdiction of                                                        
(I.R.S. Employer
incorporation or organization)                                                        
Identification No.)
535 West Broadway
Council Bluffs, Iowa 51503
51503
(Address of principal executive offices)                                                
  (Zip code)
ACCEPTANCE INSURANCE COMPANIES INC.
2000 STOCK OPTION PLAN
(Full title of the plan)
J. Michael Gottschalk
Chief Legal Officer, General Counsel and Secretary
Acceptance Insurance Companies Inc.
535 West Broadway
Council Bluffs, Iowa 51503
(712) 328-3918
(Name and address of agent for service)                                
  (Telephone number, including area
code, of agent for service)
Copies to:
Mark A. Ellis, Esq.
Kutak Rock LLP
1650 Farnam Street
Omaha, Nebraska 68102
(402) 346-6000
Calculation of Registration Fee
Title of Securities to be
Registered
Amount to Be
Registered (1)
Proposed
Maximum
Offering Price
Per Share (2)
Proposed
Maximum
Aggregate
Offering Price
                                                                               (2)
Amount of            Registration Fee
Common Stock, par value $0.40
per
share
833,000 shares
$4.77
$3,973,410
$368
Common Stock, par value $0.40
per
share
167,000 shares
$4.11
$686,370
$92
(1)
This Registration Statement shall cover any additional shares of
Registrant's common stock
which become issuable under the 2000 Stock Option
Plan (the "Plan"), as amended from
time to time, with respect to
the securities registered hereunder by reason of any stock
dividend, stock
split, recapitalization or other similar transaction effected without the
Registrant's receipt of consideration which results in an increase in the
number of the
Registrant's outstanding shares of common stock.
(2)
Estimated pursuant to Rule 457(c) and (h) solely for purposes of
calculating the registration fee.
Options for a total of 833,000 shares of
Common Stock have been issued pursuant to the Plan for a
weighted-average
exercise price of $4.77 per share. The exercise price for the remaining 167,000
options which may be granted under the Plan is not known at this time.
Accordingly, the price per
share for the remaining options is estimated to be $4.11 based on the average of the high
($4.22)
and low ($4.00) sale prices for the Common
Stock reported in the consolidated reporting system
of the New York Stock
Exchange on June 25, 2002.
PART I
INFORMATION REQUIRED IN THE
Section 10(a) PROSPECTUS
Item 1.
Plan Information
Information
required by Part I of Form S-8 to be contained in the
Section 10(a) prospectus is omitted from this registration statement in
accordance with the Note to Part I of Form S-8.
Item 2.
Registration Information and Employee Plan Annual Information.
Information
required by Part I of Form S-8 to be contained in the
Section 10(a) prospectus is omitted from this registration statement in
accordance with the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The
following documents, previously filed with the Securities and Exchange
Commission by Acceptance Insurance Companies Inc. (the "Registrant")
pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), are
incorporated herein by reference:
(a)     The Registrant's Annual Report on Form 10-K for the year ended December 31, 2001;
(b)     All reports filed under Section 13(a) or 15(d) of the Exchange Act by the Registrant since
December 31, 2001; and
(c)   
the description of the Registrant's common stock contained in the
Registrant's Registration
Statement on Form 10 filed with the Securities
and Exchange Commission on December 23, 1969.
(
d)   
All documents filed by the Registrant with the Securities and Exchange
Commission pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act,
subsequent to the date this Registration
Statement is filed and prior to the
filing of a post-effective amendment which indicates that all
securities offered
pursuant to this Registration Statement have been sold or which deregisters all
such
securities then remaining unsold shall be deemed to be incorporated by
reference in this Registration
Statement and to be a part hereof from the date
of filing of such document. Notwithstanding the
foregoing, each report of the
audit committee of the Registrant contained in proxy statements filed
with the
Securities and Exchange Commission pursuant to Section 14 of the Exchange Act
prior or
subsequent to the date of this Registration Statement shall not be
deemed incorporated by reference
into this Registration Statement.
Any
statement contained in a document incorporated by reference herein shall be
deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein or in any subsequently filed
document that also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.
Item 4.
Description of Securities.
Not Applicable.
Item 5.
Interests of Named Experts and Counsel.
Not Applicable.
Item 6.
Indemnification of Directors and Officers.
Section
145 of the Delaware General Corporation Law (the "DGCL") provides that
a Delaware corporation may indemnify its directors and officers against expenses
(including attorneys' fees), judgments, fines and amounts paid in
settlement that are actually and reasonably incurred by such officers and
directors in connection with any action, suit or proceeding, whether civil,
criminal, administrative or investigative, if, in connection with the matters in
issue, they acted in good faith and in a manner they reasonably believed by them
to be in, or not opposed to, the best interests of the corporation, and, with
respect to any criminal suit or proceeding, they had no reasonable cause to
believe their conduct was unlawful. If the action is brought by or in the right
of the corporation, such indemnification may only be provided as long as, in
addition to the foregoing, it is not made with respect to any claim, issue or
matter as to which such officer or director has been found liable to the
corporation, unless such indemnification is approved by the court. Section 145
permits a Delaware corporation to grant its directors and officers additional
rights of indemnification through bylaw provisions and otherwise and to purchase
indemnity insurance on behalf of its directors and officers.
Pursuant
to Section 1 of Article VII of the Registrant's Restated
Certificate of Incorporation, a director of the Company will not be personally
liable to the Registrant or to its stockholders for monetary damages for any
breach of fiduciary duty by such director other than liability (i) for any
breach of the director's duty of loyalty to the Registrant or its
stockholders, (ii) arising out of acts or omissions not taken in good faith
or which involve intentional misconduct or a knowing violation of the law, (iii)
under Section 174 of the DGCL (relating to the unlawful payments of dividends or
redemption of stock) or (iv) arising from a transaction from which the director
derived a personal benefit. In addition, Section 2 of Article VII of
the Registrant's Restated Certificate of Incorporation and Section 10
of Article III of the Registrant's Restated By-Laws provide that the
Registrant shall indemnify its officers and directors to the fullest extent
authorized by Delaware law.
As
permitted under Section 145 of the DGCL and Section 2(e) of
Article VII of the Registrant's Restated Certificate of Incorporation,
the Registrant has purchased and maintains insurance on behalf of directors and
officers against any liability asserted against such directors and officers in
their capacities as such.
Item 7.
Exemption from Registration Claimed.
With
respect to the restricted securities re-offered or resold pursuant to this
Registration Statement, the Registrant claimed an exemption from registration
under the Securities Act of 1933, as amended, pursuant to Section 4(2) or
Regulation D thereof. Such restricted securities were issued to the selling
stockholders in connection with the exercise of stock options issued under the
Plan.
Item 8.
Exhibits.
The
following is a complete list of exhibits filed as part of this Registration
Statement. Exhibit numbers correspond to the numbers in the Exhibit Table of
Item 601 of Regulation S-K.
Exhibit
Description
Number
4.1                   
Restated Certificate of Incorporation of the Registrant (incorporated by
reference to
Registrant's Annual Report of Form 10-K for the period ended
December 31, 1993, and
Amendment thereto, incorporated by reference to
Registrant's Quarterly Report on Form
10-Q for the period ended June 30,
1995).
4.2                   
Restated Bylaws of the Registrant (incorporated by reference to the
Registrant's Annual
Report on Form 10-K for the fiscal year ended December
31, 1993).
4.3                   
Amendment to Restated Bylaws of the Registrant (incorporated by reference to the
Registrant's Annual Report on Form 10-K for the fiscal year ended December
31, 1999).
4.4                   
Form of Stock Certificate representing shares of the Registrant's Common
Stock, $.40 par
value (incorporated by reference to Exhibit 4.1 of the
Registrant's Annual Report on Form
10-K for the fiscal year ended December
31, 1992).
5                      
Opinion of Kutak Rock LLP.
10                    
The Registrant's 2000 Stock Option Plan (incorporated by reference to the
Registrant's Proxy
Statement filed on or about May 1, 2000).
23.1                
Consent of Kutak Rock LLP (included as part of Exhibit 5).
23.2                
Consent of Deloitte & Touche LLP.
Item 9.
Undertakings
The undersigned Registrant hereby undertakes:
(a)(l)    
To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to include any material
information with respect to the plan of distribution not previously disclosed in
the Registration Statement or any material change to such information in the
Registration Statement;
(2)    
That, for the purpose of determining any liability under the Securities Act of
1933 (the "Act"), each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof; and
(3)    
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.
(b)     That, for purposes of determining any liability under the Act, each filing of
the Registrant's annual report pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(h)    
That, insofar as indemnification for liabilities arising under the Act may be
permitted to directors, officers and controlling persons of the Registrant as
described in Item 6 hereof or otherwise, the Registrant has been advised that in
the opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other
than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will,
unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Council Bluffs, State of Iowa, on
June 27, 2002.
ACCEPTANCE INSURANCE COMPANIES
INC.
By
/s/John E. Martin
John E. Martin,
President and Chief Executive Officer
(Principal Executive Officer)
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities indicated
as of  June 27, 2002.
/s/ John E. Martin
/s/Myron
L. Edleman
John E. Martin                                                                    
Myron L. Edleman, Director
Director, President and Chief Executive
Officer (Principal Executive Officer)
/s/
Edward W. Elliott, Jr.
Edward W. Elliott, Jr., Director
/s/Dwayne D.
Hallman
/s/ Michael R. McCarthy
Dwayne D. Hallman                                                            
Michael R. McCarthy, Director
Treasurer and Chief Financial Officer
(Principal Financial Officer)
/s/ R. L.
Richards
R. L. Richards, Director
/s/Doug
T. Valassis
Doug T. Valassis, Director
/s/
Richard L. Weill
Richard L. Weill, Director
EXHIBIT INDEX
Exhibit
Description
Number
4.1                
Restated Certificate of Incorporation of the Registrant (incorporated by
reference to Registrant's
Annual Report of Form 10-K for the period ended
December 31, 1993, and Amendment
thereto, incorporated by reference to
Registrant's Quarterly Report on Form 10-Q for the period
ended June 30,
1995).
4.2                
Restated Bylaws of the Registrant (incorporated by reference to the
Registrant's Annual Report
on Form 10-K for the fiscal year ended December
31, 1993).
4.3                
Amendment to Restated Bylaws of the Registrant (incorporated by reference to the
Registrant's
Annual Report on Form 10-K for the fiscal year ended December
31, 1999).
4.4                
Form of Stock Certificate representing shares of the Registrant's Common
Stock, $.40 par
value (incorporated by reference to Exhibit 4.1 of the
Registrant's Annual Report on Form 10-K
for the fiscal year ended December
31, 1992).
5                  
Opinion of Kutak Rock LLP.
10                
The Registrant's 2000 Stock Option Plan (incorporated by reference to the
Registrant's Proxy
Statement filed on or about May 1, 2000).
23.1             Consent of Kutak Rock LLP (included as part of Exhibit 5).
23.2             Consent of Deloitte & Touche LLP.
EXHIBIT 5
OPINION OF KUTAK ROCK LLP
June 27, 2002
Board of Directors
Acceptance Insurance Companies Inc.
535 West Broadway
Council Bluffs, IA 51503
Re: Acceptance Insurance Companies Inc. Registration Statement on Form S-8 for up to
1,000,000 Shares of Common Stock Issuable Under the Acceptance Insurance
Companies Inc. 2000 Stock Option Plan
Ladies and Gentlemen:
We
have acted as counsel to Acceptance Insurance Companies Inc., a Delaware
corporation (the "Company") in connection with the filing of a
registration statement on Form S-8 (the "Registration
Statement") under the Securities Act of 1933, as amended
(the "Act"). The Registration Statement relates to the 1,000,000
shares of the Company's common stock, par value $0.40 per share (the
"Common Stock") issuable pursuant to the Company's 2000 Stock
Option Plan, as it may be further amended from time to time
(the "Plan").
This
opinion is being furnished in accordance with the requirements of Item 8 of Form
S-8 and Item 601(b)(5)(i) of Regulation S-K. In rendering this opinion, we have
reviewed such matters, documents and law as we have deemed necessary for
purposes of this opinion. Based on, and subject to the foregoing, it is our
opinion that the shares of Common Stock, when issued and paid for in accordance
with the Plan, will be legally issued, fully paid and nonassessable.
We
hereby consent to the filing of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not admit that we come within the
category of persons whose consent is required under Section 7 of the Act or
the rules and regulations of the Securities and Exchange Commission thereunder.
This opinion letter is rendered as of the date first written above and we
disclaim any obligation to advise you of facts, circumstances, events or
developments which hereafter may be brought to our attention and which may
alter, affect or modify the opinion expressed herein. Our opinion is expressly
limited to the matters set forth above and we render no opinion, whether by
implication or otherwise, as to any other matters relating to the Company, the
Plan or the Common Stock.
Very truly yours,
/s / KUTAK ROCK LLP
EXHIBIT 23.2
INDEPENDENT AUDITORS' CONSENT
To the Board of Directors and Stockholders
Acceptance Insurance Companies Inc. and Subsidiaries
We consent to the incorporation by reference in this Registration Statement
of Acceptance Insurance Companies Inc. on Form S-8 of our reports dated March 20, 2002
appearing in the Annual Report on Form 10-K of Acceptance Insurance Companies
Inc. for the year ended December 31, 2001.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Omaha, Nebraska
June 27, 2002