UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 10 )* INDIVIDUAL INVESTOR GROUP, INC. (FORMERLY FINANCIAL DATA SYSTEMS, INC.) - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $.01 Par Value - -------------------------------------------------------------------------------- (Title of Class of Securities) 455907105 - -------------------------------------------------------------------------------- (CUSIP Number) Paul W. Zeller, Senior Vice President and Deputy General Counsel Reliance Financial Services Corporation Park Avenue Plaza, 55 East 52nd Street, New York, New York 10055 (212) 909-1100 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) See Item 5 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [ ] Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See ss.240.13d-7 for other parties to whom copies are to be sent. The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. CUSIP No. 455907105 - -------------------------------------------------------------------------------- 1. Names of Reporting Persons. Reliance Financial Services Corporation I.R.S. Identification Nos. of above persons (entities only). 51-0113548 - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / ............................................................... (b) /x/ ............................................................... - -------------------------------------------------------------------------------- 3. SEC Use Only........................................................... ---------------------------------------------------------------------------- 4. Source of Funds Not Applicable ---------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) /x/ ---------------------------------------------------------------------------- 6. Citizenship or Place of Organization Delaware ---------------------------------------------------------------------------- Number of 7. Sole Voting Power 666,666 ----------------------------------------------------------- Shares Bene- ficially 8. Shared Voting Power ----------------------------------------------------------- Owned by Each Reporting 9. Sole Dispositive Power 666,666 ----------------------------------------------------------- Person With 10. Shared Dispositive Power - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 666,666 ---------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ---------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11)..................... 6.5% ---------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) HC ....................................................................... CUSIP No. 455907105 - -------------------------------------------------------------------------------- 1. Name of Reporting Persons. Saul P. Steinberg - -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / ............................................................... (b) /x/ ............................................................... - -------------------------------------------------------------------------------- 3. SEC Use Only........................................................... ---------------------------------------------------------------------------- 4. Source of Funds (See Instructions) Not Applicable ---------------------------------------------------------------------------- 5. Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) /x/ ---------------------------------------------------------------------------- 6. Citizenship or Place of Organization United States of America ---------------------------------------------------------------------------- Number of 7. Sole Voting Power 621,424 ----------------------------------------------------------- Shares Bene- ficially 8. Shared Voting Power ----------------------------------------------------------- Owned by Each Reporting 9. Sole Dispositive Power 621,424 ----------------------------------------------------------- Person With 10. Shared Dispositive Power - -------------------------------------------------------------------------------- 11. Aggregate Amount Beneficially Owned by Each Reporting Person 621,424 ---------------------------------------------------------------------------- 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ---------------------------------------------------------------------------- 13. Percent of Class Represented by Amount in Row (11)..................... 6.0% ---------------------------------------------------------------------------- 14. Type of Reporting Person (See Instructions) IN ....................................................................... - -------------------------------------------------------------------------------- ITEM 1. Security and Issuer. The following information amends or supplements, as the case may be, the information previously filed by Reliance Financial Services Corporation ("Reliance Financial") relating to the ownership by its subsidiaries of the class of securities (the "Security") listed on the cover of this Schedule 13D. ITEM 2. Identity and Background. Item 2 is amended to read in its entirety as follows: This statement is filed by Reliance Financial, a Delaware corporation. Reliance Financial owns all of the outstanding stock of Reliance Insurance Company ("RIC"), a Pennsylvania corporation. RIC and its property and casualty insurance subsidiaries (the "Reliance Insurance Group") underwrite a broad range of commercial line property and casualty insurance and also underwrite personal automobile coverage. All of the capital stock of Reliance Financial is owned by Reliance Group Holdings, Inc., a Delaware corporation ("RGH"). The principal executive offices of each of Reliance Financial and RGH are located at Park Avenue Plaza, 55 East 52nd Street New York, New York 10055. The names, address and principal occupations of the directors and executive officers of Reliance Financial, all of whom are United States citizens, are as follows: