CastlePoint to ‘De-register’ Unsold Securities

Bermuda-based CastlePoint Holdings, Ltd. announced that it “plans to file on or about March 7, 2008 a post-effective amendment to de-register the securities remaining unsold under its currently effective resale registration statement on Form S-1 filed with the SEC (File No. 333-134628).”

CastlePoint said it is “seeking to terminate the resale registration statement in light of the SEC’ s amendments to Rule 144, effective February 15, 2008, which would enable non-affiliate shareholders of the Company’ s shares covered by the resale registration statement to freely resell those shares if the conditions of the amended Rule 144 are met.

“These conditions now include only a six-month holding period if the Company has been current in its SEC reporting obligations, which the Company is, and the non-affiliate has not been an affiliate of the Company for at least three months prior to the resale.

“Furthermore, if a non-affiliate has held the shares for one year and has not been an affiliate for at least three months prior to the resale, the non-affiliate may sell an unlimited amount of shares without any other conditions or restrictions. The Company has received waivers of its obligations to maintain effectiveness of the resale registration statement from all affiliates currently known to the Company whose securities were covered by the resale registration statement. As a result, the Company will no longer maintain effectiveness of the resale registration statement.”

Source: CastlePoint Holdings – www.castlepoint.bm