Arognaut Group Inc. announced that one of its subsidiaries has signed a definitive purchase and sale agreement with Queensway Financial Holdings Ltd. to acquire the shares of North Pointe Financial Services Inc., Hermitage Insurance Co., Consolidated Property & Casualty Insurance Co., and Universal Fire and Casualty Insurance Co. for $40 million in cash.
Argonaut stated the transaction, subject to certain adjustments, is expected to add to its earnings from the first year. Currently, the transaction is subject to various required approvals, and, having already been approved by the Boards of Directors of both companies, should be completed in the second quarter of 2001.
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