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VANCOUVER, March 30 /PRNewswire-FirstCall/ -- Jupiter Resources, Inc. (OTC Bulletin Board: JPIT) is happy to announce it has entered into a Letter of Intent to buy 100% of the issued and conspicuous same shares of NatProv Holdings, Inc. ("NatProv"). NatProv, because of its 81%-owned operating subsidiary, is a specialty assurance companionship immolation reinsurance products in markets where customary reinsurance alternatives are limited. It also direct sells a diversity of possessions and catastrophe assurance products to businesses about the world.
For the year ended December 31, 2008, NatProv"s operating subsidiary had fat gross income of $15,006,827, network come of $5,833,870, and sum total shareholders" fairness of $29,851,191.
NatProv"s handle assurance accountability currently includes a set of accountability possessions and catastrophe assurance products, such as directors and officers answerability insurance, pecuniary guaranty insurance, surplusage and parasol answerability insurance, accountability come insurance, and inland maritime and outcome answerability insurance. The accountability of reinsurance is an organizing whereby the reinsurer agrees to indemnify its client assurance companionship against all or a section of the assurance risks underwritten close by the client beneath single or more assurance policies. As a reinsurer, NatProv assumes a section of the insurer"s danger in commerce representing a section of the bonus due close by the insured to the first insurer. Reinsurance provides an insurer with some benefits, including a reduction in network answerability on single risks and catastrophe defence from big or multiple losses. Reinsurance also provides the assurance companionship with additional underwriting amount close by permitting it to get larger risks and pen more accountability than would be feasible without a associated grow in skull and surplus.
NatProv"s reinsurance plan is to build a portfolio of customized "frequency" and "severity" reinsurance agreements with choose assurance companies that are designed to encounter the needs of the insurer that are not being met in the customary reinsurance marketplace. "Frequency" reinsurance contracts typically grasp a potentially big numeral of little losses from multiple events, whereas "severity" contracts be obsessed the possible representing important losses from single event. As an case in dot of a frequency reinsurance contract, NatProv"s reinsurance accountability currently consists of reinsuring non-standard individual automobile assurance policies representing a United States assurance carrier. The automobile assurance policies are designed to furnish coverage to drivers who customarily cannot get assurance from criterion carriers due to a diversity of factors. Such policies customarily are issued representing the least limits of coverage required beneath fit conditions laws and be obsessed more little single premiums. However, they be obsessed a more high frequency of losses.
NatProv intends to enlarge its reinsurance accountability to furnish reinsurance contracts to other business, possessions and catastrophe assurance companies providing frequency and strictness approach coverage. In adding to underwriting customized contracts, NatProv may also, from period to time, participate in customary reinsurance programs that it believes desire furnish it with favorable returns on equity. NatProv intends to back up reinsurance contracts lone where it believes it can model, analyze and watchdog its risks effectively. Its underwriters are accountable representing both its reinsurance and its handle possessions and catastrophe assurance contracts from origination to ending disposition, including underwriting, pricing, servicing, monitoring and claims proceeds. NatProv believes that this integrated close by desire convert to higher agreement management, higher client help and higher pecuniary returns above the extensive term.
NatProv"s investment strategy, its reinsurance strategy, is designed to increase returns above the extensive name while minimizing the danger of skull loss. Unlike the investment plan of numerous of its competitors, which risk chiefly in fixed-income securities either direct or because of fixed-fee arrangements with single or more investment managers, its investment plan is to risk in extensive and little positions chiefly in publicly-traded fairness and corporate accountability securities.
Jupiter Resources was incorporated in June 2006 to achievement a mineral order in Canada. Jupiter believes that late worldwide pecuniary conditions may be obsessed resulted in companies in the pecuniary services sector being at at attracting valuations. The Letter of Intent to get NatProv represents Jupiter"s access into this new accountability section of pecuniary services. Jupiter intends to hold up function of its contemporary mineral examination accountability segment.
The proposed deal is subject-matter to the discussion and accomplishment of decisive agreements, due diligence and regulatory approval.
Safe Harbor Statement
This tidings let go contains different forward-looking statements which consist of any assertion other than a reciting of factual actuality and can be identified close by the employ of forward-looking nomenclature such as "may," "expect," "anticipate," "estimate," "plan," "continue" or the contradictory thereof or other variations thereon or comparable terminology. The reader is cautioned that all forward-looking statements are speculative, and there are decided risks and uncertainties that could fountain-head existing events or results to disjoin from those referred to in such forward-looking statements.
We caution that these statements are more able close by important factors that could fountain-head existing results to disjoin in substance from those contained in the forward-looking statements, that these forward-looking statements are inevitably speculative, and there are decided risks and uncertainties that could fountain-head existing events or results to disjoin in substance from those referred to in such forward-looking statements. These risks and uncertainties embody those set down forth from period to period in our filings with the Securities and Exchange Commission. We are beneath no obligation, and do not assume any duty, to update these forward-looking statements at any time.
Jupiter Resources, Inc.
CONTACT: Vicki Smith representing Jupiter Resources, Inc., +1-212-631-5805,firstname.lastname@example.org