CastlePoint Doubles Quarterly Dividend to $0.05 Per Share
April 01 2008 - 7:13PM
Business Wire
CastlePoint Holdings, Ltd. (NASDAQ:CPHL) announced today that the
Company's Board of Directors has doubled its regular quarterly
dividend for its common stock to $0.05 from $0.025 per share. The
$0.05 dividend will be payable June 30, 2008�to stockholders of
record as of June 16, 2008. Subject to Board of Directors approval
for future dividends, this represents an increase to an annualized
rate of $0.20 per share. Michael H. Lee, Chairman and Chief
Executive Officer of CastlePoint Holdings, Ltd. stated, "In view of
our strong earnings and operating cash flow for 2007, our first
full year of operations, we are pleased to be able to increase our
quarterly dividend beginning in the Second Quarter of 2008. The
increase in the Company's dividend represents our continued
confidence in our business and growth prospects." 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," �project�, �guide or guidance�, "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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