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Kingsway closes sale of nonstandard auto business

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Kingsway closes sale of nonstandard auto business

Kingsway Financial Services Inc. has closed the sale of its nonstandard automobile insurance companies, Mendota Insurance Co., Mendakota Insurance Co. and Mendakota Casualty Co., to Premier Holdings LLC.

Canada-based Kingsway said it used the final aggregate purchase price of $28.6 million to acquire limited liability investments, equity investments and other investments, which were owned by Mendota at the time of the closing, that have a carrying value of $22.9 million.

Approximately $5 million was placed into an escrow account to be used to satisfy potential indemnity obligations under the definitive stock purchase agreement.