North Pointe Holdings Announces $5 Million Repurchase Authorization

Southfield, Mich.-based North Pointe Holdings Corporation today announced that its Board of Directors has authorized the repurchase of up to $5 million of the Company’s outstanding common stock over the next 24 months in open market purchases or privately negotiated transactions.

“The share repurchase authorization reflects our confidence in our business strategy and our ability to manage risk and produce profitable growth over time,” said James Petcoff, chairman and chief executive officer. “We are committed to producing value for our shareholders. Given the current valuation of our stock and our strong balance sheet, we can provide the financial flexibility to invest in our growth initiatives while at the same time capitalizing on the value that we believe our shares represent at the current market price.”

According to the company statement, North Pointe may purchase shares from time to time on the open market at prevailing market prices or through privately negotiated transactions in accordance with the Securities and Exchange Commission (SEC) rules and regulations, which may include repurchase plans under SEC Rule 10b5-1. The repurchase program has a 24-month time limit, and depending on market conditions and other factors, purchases under this program may be commenced or suspended at any time, or from time to time, without prior notice. There can be no assurance that the entire authorized amount, or any lower amount, will be purchased under the authorization.

North Pointe Holdings is a property and casualty insurer that markets both specialty commercial and personal insurance products. With a focus on owner-operated businesses, the company identifies itself as the nation’s largest insurer of independent bowling centers and the largest insurer of liquor liability insurance in Michigan.

Source: North Pointe Holdings Corp.