Mich.-based North Pointe Holdings Corp. announced that it has closed its acquisition of Capital City Holding Company, Inc. The transaction included the purchase of a property and casualty insurance holding company located in South Carolina, as well as, Davis-Garvin Holdings, Inc., Capital Excess & Surplus Brokers, Inc., Southeastern Claims Services, Inc., Safeco Products, Inc. and certain affiliates. The purchase price for the Capital City entities was $41 million, comprised of approximately $17 million in cash and $24 million in short-term debt financing.
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 U. S., and perform insurance agency and other ancillary services in connection with their insurance activities.
Rated B++ by A.M. Best, Capital City has a network of 130 independent agents, as well as two affiliates that serve as product distributors. For the fiscal year ended Dec. 31, 2006, Capital City reported approximately $64 million in gross written premiums, and over $180 million in total assets.
North Pointe Holdings is a property and casualty insurer that markets both specialty commercial and personal insurance products.
Source: North Pointe Holdings Corp.
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