Business Moves
North Pointe Holdings Corp., American Capital Assurance Corp.
Mich.-based North Pointe Holdings Corp. announced it has signed an agreement to sell its Home Pointe Insurance Co. subsidiary — which comprises North Pointe’s Florida homeowners and dwelling fire operations — to American Capital Assurance Corp., a subsidiary of Safe Harbour Holdings LLC, a Florida domiciled insurance holding company. The purchase price for the acquisition is equal to Home Pointe’s current GAAP book value, approximately $15.3 million.
In December 2004, North Pointe, through one of its subsidiaries, began offering new homeowners and dwelling fire insurance to former policyholders of an unaffiliated insurer that was in liquidation in Florida.
In June 2006, North Pointe decided to reduce Florida commercial and residential property exposure caused by restrictions in the reinsurance market and regulatory constraints in Florida. The result was a significant reduction in probable maximum loss, wind exposure, as well as commercial and residential policies. As part of this planned exposure reduction, the Florida homeowners book of business has been under strategic review.
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. Arx Holding Corp., through three subsidiary property and casualty insurance companies, has focused primarily on the homeowners market in Florida and Texas, while Flexpoint Partners and New Capital Partners are private equity funds that specialize in financial services investments.
North Pointe Holdings is a property and casualty insurer that markets both specialty commercial and personal insurance products.
Selective Insurance
Selective Insurance Group Inc., a holding company for seven property and casualty insurance companies, announced that its principal operating subsidiary, Selective Insurance Company of America, is establishing a new Midwestern Regional office in Carmel, Ind.
The move is expected to create 40 new jobs. Selective sells commercial, personal, bond and flood insurance.
The new office at 11711 North Meridian St. and will hire additional underwriters and industry professionals.
Ranked as the 46th largest property and casualty insurance group in the United States by A.M. Best, Selective employs more than 2,100 associates throughout the Midwest and east coast.
One Beacon Insurance Group
Canton, Mass.-based One Beacon Insurance Group recently announced that it will begin offering property/casualty products to small-business owners in Indiana through independent agent partners. OneBeacon’s local small-business operation will be led by Territorial Manager Mary Conley, based in Indianapolis.
OneBeacon offers coverage through 14 programs that target more than 360 classes. The OnePac platform is Web-based and designed as a one-touch application with imbedded underwriting rules so agents can submit their business and quickly turn their attention to their sales and marketing activities. In addition to Indiana, OnePac is available in the Midwestern states of Illinois, Kansas, Minnesota and Missouri.