Queensway Pens Intent Letter to Sell Coachman Ins. Company

April 13, 2001

Queensway will enter into a binding letter of intent to sell the shares of its subsidiary, Coachman Insurance Company, to SGI Canada Insurance Services Ltd. Making final the deal will be the completion of due diligence, an audit of an April 30, accounts and obtaining regulatory and other approvals and consents. The transaction is expected to close by May 31.

In other news, Queensway, which is a specialty insurance group providing a range of individual and commercial insurance coverages, will enter into an agreement to sell the shares of its subsidiary, Queensway Investment Counsel Limited to Kevin Charlebois, director of Queensway and QICL’s president. The transaction is subject to mutually acceptable definitive documentation and should close by May 9.

These two additional sales, along with a previously announced sale of substantially all of Queensway’s U.S. operations to Argonaut Group Inc., will, when finished, basically represent the disposition of all of Queensway’s operating companies. The proceeds of the sales will be applied to outstanding indebtedness. Queensway’s Board of Directors will continue to manage the sale process and to consider the alternatives which are available to the company.

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