Mich.-based North Pointe Holdings Corp. today announced that it has entered into a purchase agreement to acquire all of Capital City Holding Company Inc.’s outstanding stock. In addition, the purchase of this property and casualty insurance holding company located in South Carolina will include Davis-Garvin Holdings, Inc., Capital Excess & Surplus Brokers, Inc., Southeastern Claims Services, Inc., Safeco Products, Inc. and certain affiliates.
Capital City Holding Company, Inc. owns Capital City Insurance Co., a South Carolina property and casualty insurance company that specializes in workers compensation and other commercial specialty coverages for the forestry industry and other “main street” commercial risks. The Capital City companies offer property and casualty insurance generally to individuals and small-to- medium sized businesses in the southeastern United States, and perform insurance agency and other ancillary services in connection with their insurance activities.
Capital City brings a network of 130 independent agents as well as two affiliates that serve as product distributors. The company is rated B++ by A.M. Best, and for the fiscal year ended December 31, 2006, Capital City reported approximately $64 million in gross written premiums, and over $180 million in total assets.
The purchase price for the Capital City entities is expected to be approximately $41 million. The acquisition of the Capital City entities is subject to obtaining regulatory approval and other conditions customary to closing.
Source: North Pointe Holdings Corp.
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