CastlePoint Holdings, Ltd. Holds Annual Meeting of Shareholders; Announces Results of Shareholder Votes
August 01 2007 - 8:58AM
Business Wire
CastlePoint Holdings, Ltd. (NASDAQ:CPHL) today announced the
results of the shareholder votes at the Company�s Annual General
Meeting of Members (Shareholders) held in Hamilton, Bermuda on July
30, 2007. Robert S. Smith was elected as a Class A director for a
three year term until the Annual General Meeting of Members in
2010. Shareholders also approved the following matters, which had
been proposed by the Company�s Board of Directors: the addition of
1,000,000 shares to the Company�s Long-Term Equity Compensation
Plan. amendment of the bye-laws to authorize the board of directors
to determine the number of directors. reclassification of terms of
directors in order that there shall be a non-employee director in
each class of directors. As a result, Mr. Smith will remain a Class
A director, Mr. Robbie will remain a Class B director whose term
expires at the Annual General Meeting of Members in 2009, and Mr.
Van Gorder will become a Class C director whose term expires at the
Annual General Meeting of Members in 2008. Mr. Doyle will become a
class B director. Mr. Lee will remain a class C director. reduction
of share premium and the crediting of the contributed surplus
account with the difference. The shareholders also ratified the
selection of PricewaterhouseCoopers as independent auditors for the
Company, and for the Company�s two Bermuda based subsidiaries,
CastlePoint Bermuda Holdings, Ltd., and CastlePoint Reinsurance
Company, Ltd., for 2007. Finally, the shareholders approved the
election of Joseph Beitz, Gregory Doyle and Joel Weiner as
directors of CastlePoint Bermuda Holdings, Ltd. and CastlePoint
Reinsurance Company, Ltd. 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 negatives 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 or its subsidiaries underwriting,
reserving or investment practices anticipate based on historical
experience or industry data; the Company�s inability to obtain
necessary governmental licenses; the Company�s inability to hire
and retain executive officers and other key personnel; the
Company�s inability 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, or
lack thereof, 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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