North Pointe shareholders say 'yes' to merger with QBE

By Lisa Kerner

Charlotte, N.C., April 10 - North Pointe Holdings Corp. said its stockholders approved the company's merger with QBE Holdings, Inc. at a special meeting on Thursday.

Preliminary results indicate that 7,478,751 shares were voted at the meeting, representing 84% of North Pointe's outstanding voting shares, a company news release stated.

Of the shares present and voting, all but 422 were voted in favor of the adoption of the merger agreement, North Pointe said.

North Pointe expects the transaction to be completed before the end of May.

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

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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