Ashmere Insurance Co. and its immediate parent, National Fidelity Holdings, on Oct. 23 signed a nonbinding letter of intent to sell all of the issued and outstanding shares of Ashmere Insurance to an unnamed independent third party.
Terms of the deal were not disclosed in a regulatory filing.
Ashmere has been subject to an order by Florida's insurance regulator for administrative supervision to facilitate an orderly wind-down of its business since early August. That move came after the July termination of an agreement for the sale of Ashmere's ultimate parent, Deerfield Insurance Holdings Inc.
