Jupiter Resources to buy insurer NatProv Holdings Inc.

Jupiter Resources, Inc., an importer and exporter of goods (in addition to other business activities, including mining interests), has announced its intention to enter into the insurance market, signing a letter of intent to purchase 100% of the issued and outstanding common shares of NatProv Holdings Inc.
NatProv, through its 81%-owned operating subsidiary, is a specialty insurance company offering reinsurance products in markets where traditional reinsurance alternatives are limited. It also directly sells a variety of property and casualty insurance products to businesses around the world.
NatProv’s operating subsidiary in 2008 had gross revenue of $15 million, a net income of $5.8 million and total shareholders’ equity of $29.8 million.
Jupiter Resources was incorporated in June 2006 to exploit a mineral claim in Canada.
“Jupiter believes that recent global financial conditions may have resulted in companies in the financial services sector being available at attractive valuations,” the company says in a press release. “The letter of intent to acquire NatProv represents Jupiter’s entry into this new business segment of financial services. Jupiter intends to suspend operation of its current mineral exploration business segment.”
NatProv’s direct insurance business currently includes directors and officers liability insurance, financial guarantee insurance, excess and umbrella liability insurance, business income insurance and inland marine and product liability insurance.
The deal is subject to regulatory approval.