Kingsway Financial to divest York Fire & Casualty Insurance

Tue. August 26, 2008; Posted: 08:34 AM

Aug 26, 2008 (Datamonitor via COMTEX) -- KFS | Quote | Chart | News | PowerRating -- Kingsway Financial Services has entered into a definitive agreement to sell York Fire & Casualty Insurance Company to La Capitale General Insurance, a member company of the mutual company, La Capitale Financial Group.

The proposed transaction is expected to be completed during 2008 following the receipt of regulatory approvals.

Kingsway anticipates to receive gross proceeds from the transaction of C$95 million. Kingsway will use the proceeds of this transaction to retire its remaining short-term debt and to support future growth opportunities in its core business lines.

Scotia Capital is acting as financial advisor and Cassels Brock & Blackwell is acting as legal counsel to Kingsway.

Shaun Jackson, president and CEO of Kingsway, said: "The sale of York furthers Kingsway's strategy of focusing its resources on its core lines of business, such as non-standard automobile and trucking. In doing so we are building a stronger platform for achieving growth and sustainable profitability in our leading products, where we have true competitive advantages."

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