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Kingsway Financial to divest Zephyr Insurance Company

 

Thursday, Sep 10,2009, 5:36:49 PM   Click:

Canada-based Kingsway Financial Services has entered into a definitive agreement to sell Zephyr Insurance Company to Zephyr Acquisition Company, an acquisition vehicle of Ocean Harbor Holding and MP Holdings, a Hawaiian investor group.

The transaction is expected to be completed during the fourth quarter of 2009 subject to the receipt of regulatory approvals.

Kingsway anticipates receiving initial gross proceeds from the transaction of $31.5 million, plus a contingent, deferred earn-out amount.

Piper Jaffray Company is acting as the exclusive financial advisor and Cassels Brock Blackwell is acting as legal counsel to Kingsway. De Jonge and FL Advisors are acting as the financial advisors and Joseph Jacobs, George Matlock and Sullivan & Worchester are acting as legal counsel to Zephyr Acquisition Company.

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