North Pointe Holdings acquired by QBE for $146 million

By Lisa Kerner

Charlotte, N.C., April 30 - QBE Holdings Inc. said it completed the acquisition of North Pointe Holdings Corp., further expanding QBE's presence in the United States.

North Pointe is now a wholly owned subsidiary of QBE, according to a company news release.

In January, North Pointe agreed to be acquired by QBE in a cash transaction valued at $146 million, or some $16 per share.

"QBE's strategy of focused diversification and North Pointe's book of business is complementary to our specialty insurance division and further increases our U.S. distribution through its agency network," QBE president and chief executive officer Tim Kenny said in a QBE news release.

North Pointe is a property and casualty insurer located in Southfield, Mich.

QBE Holdings is a subsidiary of QBE Insurance Group Ltd. based in Sydney, Australia.

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