Frontier Insurance Group has signed a non-binding letter agreement for the sale of all outstanding capital stock of Western Indemnity Insurance Co., a Texas corporation, for cash to Galtney Investment Inc. of Houston.
The proposed sale is subject to the completion of a mutually satisfactory definitive agreement and regulatory approval. Terms of the transaction will be disclosed upon completion of a definitive agreement. Banc of America Securities is acting as financial advisor to Frontier with regard to this transaction.Frontier is an insurance holding company that, through its subsidiaries, is a national underwriter and creator of specialty insurance products serving the needs of insureds in niche markets.
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