Kingsway Financial completes sale of Zephyr
Kingsway Financial completes sale of Zephyr Insurance
- On 12:53 pm EDT, Friday October 30, 2009
PORTLAND, Ore. (AP) -- Kingsway Financial Services Inc. said Friday that it has completed the sale of Zephyr Insurance Company Inc. for $31.5 million.
The Canadian company sold the specialty property insurance business to Zephyr Acquisition Co., which is part of Ocean Harbor Holding Inc. and MP Holdings, a Hawaiian investor group.
Zephyr was created specifically to protect Hawaii homeowners and residents from catastrophic loss due to hurricanes.
Shares of Kingsway Financial fell 19 cents, or 4.7 percent, to $3.82 in afternoon trading Friday.
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