Kingsway Wraps Up Sale Of York

It’s a done deal: Kingsway Financial Services Inc. has closed its previously announced sale of York Fire & Casualty Insurance Company for C$95 million to La Capitale General Insurance Inc.

In completing the sale, Kingsway announced it expects to record a pre-tax gain of approximately C$44 million—subject to audits– in its third quarter financial results.

The gain is lower than expected due to the recapitalization requirement under the terms of the purchase agreement, resulting from the valuation of York’s investment portfolio and their underwriting results for the third quarter, according to a company statement.

This story was originally published by Canadian Insurance Top Broker.