Kingsway Financial acquires Mendota Insurance Co., based in Minnesota
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Hey there, time traveller!
This article was published 02/04/2007 (6851 days ago), so information in it may no longer be current.
TORONTO (CP) – Kingsway Financial Services Inc. (TSXS:KFS), a major insurer to truckers and high-risk drivers, said Monday it has closed the acquisition of Mendota Insurance Co. of St. Paul, Minn.
Mendota, a unit of The St. Paul Travelers Companies Inc., provides non-standard automobile insurance in 43 U.S. states and generated $175 million in premiums from that business last year. Financial terms of the acquisition, first disclosed in January, were not revealed.
“This acquisition is consistent with our growth strategy of specialty insurance products, particularly non-standard automobile in the United States,” said Bill Star, president and chief executive of Kingsway. “Mendota is a well run and profitable organization . . .”
Kingsway is a major insurance provider to truckers and higher-risk automobile drivers who do not meet the criteria for coverage by standard automobile insurers.
The company operates in Canada through units Kingsway General Insurance, York Fire & Casualty and Jevco. U.S. subsidiaries include Universal Casualty, American Service Insurance and Lincoln General.
Shares in the company were down- cents to $21.48 in Monday trading on the Toronto Stock Exchange.