Canada’s Kingsway Financial Services Inc. announced that it has sold its minority stake in USA Insurance Group for U.S.$19.6 million to BISYS Group Inc. of New York
Kingsway owned around 25 percent of the outstanding shares of USA Insurance. It said the “net proceeds of the sale, which was comprised of cash and stock of BISYS, amounted to approximately US$19.6 million which will generate a realized gain to Kingsway of approximately US$14.3 million.”
After tax benefits are expected to be approximately US$9.4 million which Kingsway said would be included in its fourth quarter 2003 results.
“USA Insurance Group is based in Florida and is a managing general agency serving the commercial property and casualty insurance marketplace specializing in commercial automobile lines, primarily commercial trucking, charter buses, limousines and contract school buses,” said the announcement.
Was this article valuable?
Here are more articles you may enjoy.
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims 
Three Sentenced in Bear-Suit Attacks Insurance Fraud Case 
Are ‘Moderate’ Hurricanes Getting Squeezed Out of the Atlantic? 
Viewpoint: Japan’s $550B Bet on America—What it Means for the US Insurance Market 
