June 25, 2001 by Canadian Underwriter
Lloyd’s intermediary Universal Star Ventures Corporation announces that the sale of the assets of subsidiary Ken Davies & Associates Insurance Services Inc. to Canadian Farm Insurance Services Inc. has been finalized. The sale had been announced in February, but did not become effective until April.
At the time, Universal Star said the sale would allow the company to focus more on the profitability of its Calgary wholesale operations.
With the sale closure, Universal Star also announces a new venture to sell long term disability covers through the facilities of a large Lloyd’s underwriting agency. An existing book of business has been transferred to Universal’s office, and further business will be added later in the summer.
“Our ongoing plans are to continue development in the “niche” insurance market,” the company states in a press release.