<PAGE>   1

                                                                   Exhibit 10.79



                        RELEASE AND SEPARATION AGREEMENT


         THIS RELEASE AND SEPARATION AGREEMENT ("AGREEMENT"), by and between
INSURANCE MANAGEMENT SOLUTIONS GROUP, INC., a Florida corporation, and its
subsidiaries and affiliates (collectively, the "Company") whose address is 360
Central Avenue, St. Petersburg, Florida 33701, and CHRISTOPHER P. BREAKIRON
("Releasor") whose address is 2415 Pelham Road North, St. Petersburg, FL 33710,
to be effective this 12th day of April, 2001 ("Effective Date").

         WHEREAS, Company employed Releasor as Vice President of the Company;
and

         WHEREAS, the Company's employment relationship with Releasor was an
employment at will arrangement, and the Company has the right to terminate
Releasor at any time with or without cause; and

         WHEREAS, the Company and Releasor wish to terminate the employment
relationship on a reasonable basis and provide Releasor with termination
benefits that will assist in Releasor's transition to another position outside
of the Company; and

         WHEREAS, Releasor and Company also desire to resolve and finally
settle any disputed claims, including, but not limited to, all claims arising
out of Releasor's employment with Company prior to the term of this Agreement,
or the termination of such employment, and to spell out the terms of this
settlement.

         NOW, THEREFORE, in and for the consideration of the mutual covenants
and agreements contained herein, and in further consideration of the benefits
and advantages flowing from each party to the other, the receipt and
sufficiency of which is hereby acknowledged, the Company and Releasor hereby
covenant and agree as follows:

I.       COMPANY'S PROMISES:

         A.       Company will pay Releasor a sum ("Severance Payment") of
                  SEVENTY FOUR THOUSAND NINE HUNDRED AND NINETY NINE AND 99/100
                  DOLLARS ($74,999.99), less applicable taxes and all other
                  customary withholdings. The above amount shall be paid by
                  Company (in the ordinary course of business, through
                  Company's payroll system) to Releasor in thirteen (13) equal
                  bi-weekly installments of FIVE THOUSAND SEVEN HUNDRED AND
                  SIXTY NINE AND 23/100 DOLLARS ($5,769.23) over a thirteen (13)
                  week period ("Severance Period") beginning on the first full
                  pay period completed following May 15, 2001 ("Separation
                  Date"). The Company will also make additional severance
                  payments ("Additional Severance Payments") for a period of
                  three additional months ("Extended Severance Period") if
                  Releasor is unable to secure comparable employment under
                  similar terms and conditions during the Extended Severance
                  Period. ADDITIONAL SEVERANCE PAYMENTS PAID BY COMPANY TO
                  RELEASOR DURING THE EXTENDED SEVERANCE PERIOD SHALL TOTAL
                  THIRTY SEVEN THOUSAND FIVE HUNDRED AND 00/100 DOLLARS
                  ($37,500.00), LEES APPLICABLE TAXES AND ALL OTHER CUSTOMARY
                  WITHHOLDINGS. The above amount shall be paid by Company to
                  Releasor in six (6) equal bi-weekly installments of Five
                  Thousand Seven Hundred and Sixty Nine and 23/100 Dollars
                  ($5,769.23), commencing on the next regularly scheduled
                  payroll date following payment of the final Severance Payment
                  due in connection with the initial Severance Period, and one
                  (1) final installment of Two Thousand Eight Hundred Eighty
                  Four and 62/100 ($2,884,62).


                                       1
<PAGE>   2

                  HOWEVER, UNDER NO CIRCUMSTANCES SHALL ADDITIONAL SEVERANCE BE
                  PAID AFTER THE NINE (9) MONTH ANNIVERSARY OF THE SEPARATION
                  DATE.

                  Releasor shall be entitled to the Severance Payments and
                  Additional Severance Payments payable pursuant to this
                  Agreement provided Releasor is in full and timely compliance
                  with the material terms and conditions of this Agreement.
                  Provided further, in the event that Releasor secures
                  employment at any time during the Extended Severance Period,
                  then the Company shall be entitled to a credit against its
                  obligations to make the Additional Severance Payments during
                  the Extended Severance Period in the amount of up to one
                  hundred percent (100%) of base salary paid to Releasor
                  during the Extended Severance Period by his new employer.

         B.       Releasor shall be eligible to purchase continued health
                  insurance coverage from the Company in accordance with the
                  Company's health insurance plan guidelines and COBRA
                  guidelines.

         C.       Releasor shall not be entitled to receive any other
                  compensation or benefits from Company, including but not
                  limited to, any and all compensation for unpaid vacation or
                  sick time that may have accrued during Releasor's employment
                  with Company.

         D.       The Company agrees to keep this Agreement strictly
                  confidential. This promise includes information regarding the
                  terms of the Agreement and any discussions among the Parties
                  leading up to this Agreement. The Company further agrees that
                  it will:

                  1.       Not provide or disclose the Agreement and/or any
                           information concerning this Agreement or the
                           negotiations leading to this Agreement to anyone
                           other than its professional representatives, such as
                           attorneys and accountants, and, even as to such
                           persons, only if such persons are informed of and
                           agree to be bound by this confidentiality
                           requirement; and

                  2.       Not disparage the reputation, character or name of
                           Releasor in any way, to any person or entity; and

                  3.       Inform its officers, directors and employees of
                           their obligations under this section; and

                  4.       Provide a favorable recommendation regarding
                           Releasor's employment history with Company to any
                           party requesting such information.

                  This Section shall not prohibit disclosure of the terms,
                  amount or existence of this Agreement to the extent legally
                  necessary to enforce this Agreement or to the extent
                  otherwise legally required.

         E.       Company irrevocably and unconditionally waives, releases, and
                  forever disclaims all real or perceived claims, demands,
                  causes of action, obligations, liabilities, damages, losses,
                  suits, debts, liens, contracts, agreements, promises, rights,
                  controversies, cost, or expenses of any kind or nature,
                  whether known or unknown, suspected or unsuspected fixed or
                  contingent (hereinafter, collectively "claim" or "claims")
                  against Releasor which Company is entitled or at any time
                  prior hereto may have had against Releasor, resulting


                                       2
<PAGE>   3

                  from or based on anything which has occurred prior to the
                  Separation Date, EXCEPT (1) any claims related to Releasor's
                  failure to pay any loans or other debts to Company or its
                  subsidiaries, (2) any claims arising from or as a result of
                  fraud or deceit by Releasor while employed by Company, and
                  (3) any claims as a result of any failure of performance
                  under this Agreement.

         F.       Releasor's last day of full time employment with the Company
                  shall be April 17, 2001. Thereafter, from the period
                  beginning on April 18, 2001 and ending on May 15, 2001,
                  Company will employ Releasor as a consultant to perform the
                  consulting services specified in the Consulting Agreement
                  which is attached hereto as Exhibit "B".

II.      RELEASOR PROMISES:

         A.       Releasor's employment in all capacities with the Company is
                  hereby terminated and Releasor will execute contemporaneously
                  with the execution of this Agreement a resignation from all
                  offices and positions, substantially in the form of Exhibit
                  "A" attached hereto and made a part hereof, to be effective
                  as of April 17, 2001. Provided further, Releasor will not
                  seek or accept any employment or any contractual or
                  independent contractor relationship with Company or any of
                  Company's current subsidiaries, divisions, parents or
                  affiliates at any time hereinafter except as specifically
                  provided for herein.

         B.       Releasor hereby waives, terminates and otherwise releases any
                  and all of Releasor's right, title and interest in and to any
                  and all present or future options or agreements for Releasor
                  to purchase or otherwise acquire stock in the Company and/or
                  any of Company's subsidiaries and affiliates.

         C.       Releasor irrevocably and unconditionally waives, releases and
                  discharges Company, its current subsidiaries, divisions,
                  parents, affiliates, predecessors, successors and assigns,
                  and their respective principals, directors, officers,
                  employees, agents, attorneys, and others acting in concert
                  with the foregoing (collectively, "Released Parties") from
                  and against any and all legal, equitable, or administrative
                  claims, known and unknown, contingent or otherwise, that
                  Releasor may have or believes to have against any or all such
                  Released Parties arising on or before the Separation Date,
                  including but not limited to, any and all claims arising from
                  Releasor's employment with or separation from Company (except
                  for any dispute arising out of the performance or enforcement
                  of this Agreement) and arising from Releasor's term as an
                  officer of Company. This release specifically includes, but
                  is not limited to, any claims arising under the Florida Civil
                  Rights Act, the Federal Civil Rights Act of 1866, 1871, 1964
                  and 1991 (respectively), the Fair Labor Standards Act, the
                  Equal Pay Act, the Employee Retirement Income Security Act
                  (except as to any vested retirement benefits), the
                  Occupational Safety and Health Act, the American with
                  Disabilities Act, the Family Medical Leave Act; any workers
                  compensation law dealing with work related injuries or
                  illness, any unemployment benefits law dealing with
                  unemployment benefit claims, and all other claims
                  (negligence, breach of contract, fraud, deceit, outrage,
                  etc.) arising under federal, state, or local statutes, common
                  law, or ordinances, including but not limited to the federal
                  Age Discrimination in Employment Act. This release also
                  includes but is not limited to a release of and from any and
                  all claims for tortious conduct, wrongful discharge or for


                                       3
<PAGE>   4

                  attorneys' fees and costs arising from or in any manner
                  related to the activities covered by this Agreement.

         D.       Releasor agrees to keep this Agreement strictly confidential,
                  including without limitation, any and all information
                  regarding the terms of this Agreement and any discussions and
                  negotiations among the parties hereto regarding this
                  Agreement. Releasor further agrees that Releasor will not:

                  1.       provide or disclose any terms of this Agreement
                           and/or any information concerning this Agreement or
                           the negotiations involving this Agreement to anyone
                           whomsoever; provided, however, Releasor may disclose
                           such information to Releasor's spouse or
                           professional representative, such as attorneys and
                           accountants, on the specific condition that such
                           person(s) is/are informed of and agree to be bound
                           by this confidentiality requirement; and

                  2.       disparage the reputation, character or name of
                           Company and Company's affiliates and subsidiaries in
                           any manner whatsoever to any person or entity.

                  This Section shall not prohibit disclosure of the terms,
                  amount or existence of this Agreement to the extent legally
                  necessary to enforce this Agreement or to the extent
                  otherwise legally required. If Releasor or Releasor's counsel
                  receives a subpoena or request to produce this Agreement or
                  testify concerning it in any court or legal proceeding,
                  Releasor agrees to notify Company before responding to such
                  subpoena or request and, in the absence of any judicial order
                  to the contrary, to afford Company an opportunity to assert
                  any objection it may have before Releasor appears to testify
                  or produces this document.

         E.       Releasor promises never to file a charge, claim or lawsuit,
                  asserting any claims that are released in Section II.C. or to
                  seek or accept any relief for any such claim. Moreover,
                  Releasor agrees that if Releasor breaks the promise contained
                  in this Section II.C. and files a lawsuit based on legal
                  claims Releasor has released herein, Releasor shall pay any
                  and all costs incurred in defending the claim by any of the
                  Released Parties, including, without limitation, reasonable
                  attorneys' fees and expenses.

         F.       Releasor represents and agrees that all Company products,
                  customer correspondence, internal memoranda, products and
                  designs, sales brochures, training manuals, project files,
                  price lists, customer and vendor lists, prospectus reports,
                  customer or vendor information, sales literature, notebooks,
                  textbooks, existing and contemplated business and financial
                  methods, concepts, practices, and know-how, plans, pricing,
                  marketing and selling techniques and information, employee
                  lists and records, customer credit ratings and credit
                  histories, and all other like information, documents or
                  products, including all copies, duplications, replications,
                  and derivatives of such information, documents or products
                  (collectively, "Confidential Information"), now in the
                  possession of Releasor or acquired by Releasor while in the
                  employ of Company, are and shall remain the exclusive
                  property of Company and shall be returned to legal counsel
                  for Company no later than the fifth (5th) day after the
                  Separation Date (the foregoing provision being a condition
                  precedent to Company's obligation to make any payment to
                  Releasor hereunder). Further, Releasor will not, directly or
                  indirectly, disclose any Confidential Information to any
                  person or entity unless such disclosure is authorized in
                  advance and


                                       4
<PAGE>   5

                  in writing by Company and Releasor will not, directly or
                  indirectly, use any Confidential Information in any manner
                  whatsoever. The term Confidential Information means all
                  information about the Company and or its customers that was
                  provided to Releasor, whether such information is conveyed
                  directly by the Company or otherwise. The term Confidential
                  Information does not include information that (i) is or
                  becomes available to the public other than as a result of
                  disclosure by Releasor, (ii) was within Releasor's possession
                  prior to being furnished to Releasor by the Company, provided
                  that the source of such information was not known by Releasor
                  to be bound by a confidentiality agreement with the Company
                  or (iii) becomes available to Releasor on a non-confidential
                  basis and lawfully from a source other than the Company or
                  any of this representatives, provided that such other source
                  is not bound by a confidentiality agreement with the Company.
                  Notwithstanding the foregoing, this Section shall not
                  prohibit disclosure of Confidential Information to the extent
                  otherwise legally required.

III.     ARBITRATION OF DISPUTES:

         A.       The parties agree that any dispute about the validity,
                  interpretation, effect or alleged violations of this
                  Agreement ("Arbitrable Dispute") between Releasor and any
                  Release Parties, must be submitted to final and binding
                  arbitration in Tampa, Florida before an experienced
                  employment arbitrator licensed to practice law in Florida and
                  selected in accordance with the Employment Dispute Rules of
                  the American Arbitration Association. The arbitrator may not
                  modify or change this Agreement in any way.

         B.       Each party shall pay the fees of their respective attorneys,
                  the expenses of their witnesses and any other expenses
                  connected with the arbitration, but all other costs of the
                  arbitration, including the fees of the arbitration, cost of
                  any record or transcript of the arbitration, administrative
                  fees and other fees and costs shall be paid in equal shares
                  by Releasor and Company. The party losing the arbitration
                  shall reimburse the party who prevailed for all expenses the
                  prevailing party paid pursuant to the preceding two
                  sentences.

         C.       Arbitration in this manner shall be the exclusive remedy for
                  any Arbitrable Dispute. The arbitrator's decision or award
                  shall be fully enforceable and subject to an entry of
                  judgment by a court of competent jurisdiction. Should
                  Releasor or Company attempt to resolve an Arbitrable Dispute
                  by any method other than arbitration pursuant to this
                  Section, the responding party shall he entitled to recover
                  from the initiating party all damages, expenses and
                  attorneys' fees incurred as a result and the responding party
                  shall be entitled to the return of any payments that party
                  made under this Agreement.

         D.       Notwithstanding the foregoing, a dispute relating to alleged
                  violations of Section I.D.(1) and II.D.(1) involving the
                  disclosure of the existence, terms or amounts of this
                  Agreement, may be resolved through a means other than
                  Arbitration.

IV.      RESTRICTIVE COVENANTS:

         A.       Releasor hereby expressly covenants and agrees, which
                  covenants and agreements are the essence of this Agreement,
                  that Releasor will not, for a period of one year from the


                                       5
<PAGE>   6

                  Separation Date, for any reason whatsoever, directly or
                  indirectly, on Releasor's behalf or on behalf of or in
                  conjunction with any other person, persons, company,
                  partnership, corporation, association, trust or joint
                  venture, whether as an individual, partner, officer,
                  director, employee, advisor, Releasor, agent, representative
                  of a corporation, trustee or fiduciary:

                  1.       Counsel, solicit, or attempt to induce any person
                           employed by Company (or any of Company's affiliated
                           or related companies), whether that employee is a
                           full time employee, part time employee, or
                           independent contractor, to terminate Releasor's
                           employment with Company;

                  2.       Provide goods or services to any EXISTING CUSTOMERS
                           of Company (or any of Company's affiliated or
                           related companies) through any entity other than
                           Company (or party of Company's affiliated or related
                           companies) in competition with the business of
                           Company (or any of Company's affiliated or related
                           companies), as such business now exists or as it may
                           exist at the time of termination of this Agreement.
                           For the purposes of this Agreement, the term
                           "Existing Customers" shall mean any entity, whether
                           a corporation, partnership, limited liability
                           company, joint venture, association, or other
                           business organization to which Company (or any of
                           Company's affiliated or related companies) has,
                           within the one (1) year immediately preceding the
                           termination of Releasor's employment with Company:
                           (a) agreed to provide goods and services; or (b)
                           provided goods and services.

                  The Company and Releasor agree that the restrictive covenants
                  contained in this Section IV, or any of its sub-paragraphs,
                  are reasonable and necessary restraint of trade and does not
                  violate the Sherman Antitrust Act, the Florida Antitrust Act,
                  or the common law, and that each restrictive covenant is
                  supported by a valid business interest. The Company and
                  Releasor also agree that the restrictive covenants contained
                  in this Section, or any of its sub-paragraphs, are severable
                  and separate and the illegality, invalidity, or
                  unenforceability of any specific covenant therein shall not
                  affect the legality, validity or enforceability of any other
                  covenants set forth herein. These covenants on the part of
                  Releasor shall be construed as an agreement independent of
                  any other provision of this Agreement, and the existence of
                  any claim or cause of action of Releasor against the Company,
                  whether predicated on this Agreement or otherwise shall not
                  constitute a defense to the enforcement by the Company of
                  said covenants.

                  Releasor agrees and hereby acknowledges that any violation by
                  Releasor of the covenants set forth in this Section IV may
                  cause damage to the Company, and Releasor further agrees that
                  upon proof of the existence of such a violation of the
                  covenants set forth in this Section, the Company will be
                  entitled to injunctive relief against Releasor by any Court
                  of competent jurisdiction.

V.       MISCELLANEOUS TERMS AGREED TO BY THE PARTIES:

         In exchange for the mutual promises made by the parties hereto, the
         parties mutually agree to the following additional terms:


                                       6
<PAGE>   7

         A.       This Agreement, and performance under its terms, shall be
                  governed in all respects by the law of Florida without regard
                  to its law concerning choice of laws.

         B.       By entering into this Agreement, Company and Releasor do not
                  admit to violating any state, federal, or local laws, or to
                  any wrongful conduct of any kind. Company and Releasor
                  expressly deny any wrongdoing or violation of any law. This
                  Agreement shall not be admissible as evidence of an admission
                  of liability, wrongdoing or a violation of any law by Company
                  (including Company's agents or employees) or Releasor in any
                  proceeding under any federal, state or local law.

         C.       This Agreement contains the entire and only agreement between
                  Company and Releasor on any subject encompassed herein. Both
                  parties waive any oral or written promises or assurances that
                  are not contained in this Agreement, other than claims to
                  vested pension benefits.

         D.       The provisions of this Agreement are severable. If any part
                  of it is found to be unenforceable, all other provisions
                  shall remain fully valid and enforceable.

         E.       This agreement shall bind Releasor's heirs, administrators,
                  representatives, executors, successors and assigns, and shall
                  inure to the benefit of all Released Parties and their
                  respective heirs, administrators, representatives, executors,
                  successors and assigns.

         F.       All paragraph headings are for reference purposes only and
                  are not intended to alter the meaning or interpretation of
                  any provision.

         G.       All of the rights of the Company and Releasor hereunder shall
                  be cumulative and not alternative. A waiver or indulgence on
                  the part of the Company or Releasor of any rights or
                  entitlements hereunder shall not be construed as a waiver of
                  any other rights or entitlements hereunder by either the
                  Company or Releasor. In the event that a material breach
                  occurs or that a material breach is alleged, the injured
                  party shall give the breaching party written notice of their
                  intention to terminate this Agreement. The notice shall
                  specify the nature of the material breach and shall give the
                  breaching party fifteen (15) days to cure such material
                  breach. If the material breach is not cured within the time
                  allowed, this Agreement shall automatically terminate without
                  further notice and the injured party may pursue any and all
                  legal remedies available.

VI.      RELEASOR'S ACKNOWLEDGMENTS AND ASSURANCES TO COMPANY:

         This Agreement is a legal document with legal consequences. Company
         wants to be certain that Releasor fully understands the legal effect
         of signing this Agreement. Releasor, therefore, makes the following
         assurances to Company:

         A.       Releasor has read this Agreement and understands all of its
                  provisions. Releasor has had a full twenty-one (21) days
                  within which to consider this Agreement before executing it,
                  or has voluntarily waived such time period to obtain the
                  payments set forth in Section I.A.

         B.       Releasor voluntarily enters into this Agreement, which is
                  contractual in nature and contains a release of all known and
                  unknown claims.


                                       7
<PAGE>   8

         C.       Releasor has been given reasonable time to review this
                  Agreement, and has consulted with Releasor's lawyer
                  concerning the terms of this Agreement. Releasor acknowledges
                  that Releasor is executing this Agreement freely and
                  voluntarily, solely because Releasor has already fully and
                  carefully considered this Agreement before signing it.

         D.       Releasor has the capacity to execute this Agreement and be
                  bound by it.

         E.       Releasor understands that rights or claims by either party
                  that may arise after the date this Agreement is executed are
                  not waived.


                                       8
<PAGE>   9

PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND
UNKNOWN CLAIMS.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first set forth above.


RELEASOR:

/s/ Chris P. Breakiron
------------------------------------------
Chris P. Breakiron



SWORN TO AND SUBSCRIBED BEFORE ME THIS 12th DAY OF APRIL, 2001.

/s/ Gail T. Basile
------------------------------------------            [NOTARY SEAL]
Notary Public

My Commission Expires: April 12, 2004



COMPANY:

INSURANCE MANAGEMENT SOLUTIONS GROUP, INC.

By: /s/ D. M. Howard
   ---------------------------------------
        D. M. Howard

Title:  President/CEO
      ------------------------------------


                                       9
<PAGE>   10

                                  Exhibit "A"

                            RESIGNATION FROM OFFICE


         I, Chris P. Breakiron, do hereby resign and any and all offices that I
may hold or have held in Insurance Management Solutions Group, Inc., a Florida
corporation or any of its subsidiaries or affiliates including, but not limited
to, the following:

                  Insurance Management Solutions, Inc.
                  IMS Direct, Inc.
                  Geotrac of America, Inc.
                  Colonial Claims Corporation

This resignation shall be effective as of April 17, 2001.



                                          -------------------------------------
                                          Chris P. Breakiron