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Workers' comp insurer Stonetrust to be acquired by Canada-based Wintaai

Ontario-based Wintaai Holdings has agreed to acquire Stonetrust Commercial Insurance Co., a regional monoline workers' compensation insurance company, from Dhandho Holdings LP.

Led by President and CEO Michael Dileo, Stonetrust has $64 million in policyholder surplus and $169 million in assets. It is licensed in 28 states and has operations in Louisiana, Texas, Oklahoma, Arkansas, Mississippi and Nebraska. Stonetrust expects to retain its current management and staff after the deal closes.

Wintaai Holdings is a unit of Toronto-based investment advisory firm Chou Associates Management Inc. Francis Chou, Wintaai Holdings' chairman and CEO, has worked as senior vice president at Fairfax Financial Holdings Ltd. in the past.

The deal is expected to close in the first quarter of 2018, subject to the approval of the Nebraska Department of Insurance.