North Pointe Holdings Corporation Completes Acquisition by QBE Holdings, Inc.
April 30 2008 - 5:05PM
PR Newswire (US)
SOUTHFIELD, Mich., April 30 /PRNewswire-FirstCall/ -- North Pointe
Holdings Corporation (NASDAQ:NPTE) announced today the completion
of its acquisition by QBE Holdings, Inc. ("QBE"), a subsidiary of
QBE Insurance Group Ltd. (QBE.AX on the ASX). North Pointe is now a
wholly owned subsidiary of QBE. North Pointe common stock
(NASDAQ:NPTE) will be de-listed from the Nasdaq Exchange and will
cease trading after the close of trading at the Nasdaq Exchange
today, April 30, 2008. Under the terms of the merger agreement,
which North Pointe shareholders approved on April 10, 2008, North
Pointe shareholders of record will receive $16.00 in cash in
exchange for each share of common stock owned. About North Pointe
Holdings Corporation North Pointe Holdings is a property and
casualty insurer that markets both specialty commercial and
personal insurance products. With a focus on owner- operated
businesses, the company is the nation's largest insurer of
independent bowling centers and the largest insurer of liquor
liability insurance in Michigan. About QBE the Americas QBE the
Americas is a division of Australia's QBE Insurance Group Ltd, one
of the top 25 insurers and reinsurers worldwide. The Americas
division, headquartered in New York, is a leading North and South
American insurer and reinsurer. The division conducts business
through various property and casualty insurance subsidiaries in
eight countries. QBE the Americas is one of the top 20 property and
casualty insurers in the United States, with an estimated US$4.2
billion in gross written premium and a combined policyholders'
surplus of more than US$2.0 billion in 2008. DATASOURCE: North
Pointe Holdings Corporation CONTACT: Brian J. Roney, Chief
Financial Officer of North Pointe Holdings Corporation,
+1-248-358-1171, ; or Leslie Loyet, General Inquiries, of Financial
Relations Board, +1-312-640-6672,
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