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Ashmere signs nonbinding letter to sell to independent third party

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Ashmere signs nonbinding letter to sell to independent third party

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.