KeyBanc Downgrades CastlePoint Holdings (CPHL) to Hold
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KeyBanc downgrades CastlePoint Holdings (NASDAQ: CPHL) from Buy to Hold due to Q208 results and the pending acquisition of the Tower Group (NASDAQ: TWGP).
The believes that CPHL shares are now adequately valued after Tower Group’s $490 million, or $12.68 per share bid.
Also, CPHL reported Q208 EPS of $0.35 below KeyBanc's estimate and the consensus of $0.38. The firm said, "The miss was due to a higher than anticipated combined ratio in the reinsurance segment, which we believe is experiencing heightened price competition."
CastlePoint Holdings, Ltd., through its subsidiaries, provides property and casualty insurance, and reinsurance business solutions, products, and services primarily to small insurance companies and program underwriting managers in the United States.
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