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.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
State Farm Adjuster’s Opinion Does Not Override Policy Exclusion in MS Sewage Backup 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
