CastlePoint Holdings, Ltd. and AequiCap Insurance Company Announce Risk Sharing Arrangement
June 22 2007 - 2:05PM
Business Wire
CastlePoint Holdings, Ltd. (NASDAQ:CPHL) today announced jointly
with AequiCap Insurance Company and AequiCap Program Administrators
that they have reached an agreement in which AequiCap Program
Administrators will produce Workers� Compensation and Commercial
Auto � Trucking business - of up to $100 million premiums that will
be included in risk sharing agreements with CastlePoint Insurance
Company, the United States based insurance company subsidiary of
CastlePoint Holdings, Ltd. CastlePoint Holdings� insurance and
reinsurance company subsidiaries, which include CastlePoint
Insurance Company and CastlePoint Reinsurance Co., Ltd., are each
rated �A-� (Excellent) by A.M. Best. About AequiCap AequiCap
Insurance Company, headquartered in Ft. Lauderdale, Florida, is a
leading provider of Workers Compensation and Commercial Auto
Insurance in the state of Florida. Its affiliate, AequiCap Program
Administrators, provides services in underwriting, marketing,
policy issuance and loss control both for AequiCap Insurance
Company and for other third party insurers. In 2006, Aequicap
Program Administrators generated total writings in excess of $150
million. About CastlePoint Holdings, Ltd. CastlePoint, a
Bermuda-based holding company, through its subsidiaries,
CastlePoint Reinsurance Company, CastlePoint Management Corp., and
CastlePoint Insurance Company, provides property and casualty
insurance and reinsurance business solutions, products and services
to small insurance companies and program underwriting agents in the
United States. CPHL-F Cautionary Note Regarding Forward-Looking
Statements The Private Securities Litigation Reform Act of 1995
provides a "safe harbor" for forward-looking statements. This press
release or any other written or oral statements made by or on
behalf of CastlePoint may include forward-looking statements that
reflect CastlePoint's current views with respect to future events
and financial performance. All statements other than statements of
historical fact included in this press release are forward-looking
statements. Forward-looking statements can generally be identified
by the use of forward-looking terminology such as "may," "will,"
"plan," "expect," "intend," "estimate," "anticipate," "believe" or
"continue" or their negative or variations or similar terminology.
All forward-looking statements address matters that involve risks
and uncertainties. Accordingly, there are or will be important
factors that could cause CastlePoint's actual results to differ
materially from those indicated in these statements. The company
believes that these factors include but are not limited to
ineffectiveness or obsolescence of its business strategy due to
changes in current or future market conditions; increased
competition on the basis of pricing, capacity, coverage terms or
other factors; greater frequency or severity of claims and loss
activity, including as a result of natural or man-made catastrophic
events, than CastlePoint's underwriting, reserving or investment
practices anticipate based on historical experience or industry
data; the ability to obtain necessary governmental licenses; the
ability to hire and retain executive officers and other key
personnel; the ability to make certain acquisitions in a timely
fashion necessary to fulfill the company's business plan; the
effects of acts of terrorism or war; developments in the world's
financial and capital markets that adversely affect the performance
of the company's investments; changes in regulations or laws
applicable to CastlePoint, its subsidiaries, brokers or customers
including tax laws in Bermuda and the United States; acceptance of
CastlePoint's products and services, including new products and
services; changes in the availability, cost or quality of
reinsurance and failure of CastlePoint's reinsurers to pay claims
timely or at all; decreased demand for the company's insurance or
reinsurance products; the effects of mergers, acquisitions and
divestitures; changes in rating agency policies or practices;
changes in legal theories of liability under CastlePoint's
insurance policies or the policies that it reinsures; changes in
accounting policies or practices; and changes in general economic
conditions, including inflation and other factors. Forward-looking
statements speak only as of the date on which they are made, and
CastlePoint undertakes no obligation to update publicly or revise
any forward-looking statement, whether as a result of new
information, future developments or otherwise. For more information
visit CastlePoint's website at http://www.castlepoint.bm/.
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