October 22, 2007
North Pointe Holdings Corporation Announces Sale of Home Pointe Insurance Company
SOUTHFIELD, MI - October 22, 2007 - North Pointe Holdings Corporation (Nasdaq: NPTE) today announced the sale of its Home Pointe Insurance Company subsidiary, which compromises North Pointe's Florida homeowners and dwelling fire operations, to American Capital Assurance Corp. (ACA). ACA is affiliated with Arx Holding Corp. and contracts Arx for administrative services. Arx has written property insurance in the State of Florida since January, 1998 through its subsidiaries American Strategic Insurance, Corp. (ASI) and ASI Assurance, Corp.
John Auer, Chief Executive Officer of ACA, Safe Harbour and ASI, said, "American Capital is committed to the Florida property insurance marketplace. We look forward to working with Home Pointe's agency force, both through creating new relationships and through strengthening relationships already contracted by ACA or ASI."
ACA is a subsidiary of Safe Harbour Holdings, LLC, a Florida domiciled insurance holding company. Safe Harbour was recently capitalized by a consortium of Arx Holding Corp., Flexpoint Partners, LLC, and New Capital Partners in order to pursue opportunities in the Florida property and casualty market. Flexpoint Partners and New Capital Partners are private equity funds that specialize in financial service investments.
The transaction is expected to close following the receipt of regulatory approval.