TransactionsKingsway Completes Sale of Zephyr Insurance Company, Inc.Published: 11/02/2009 By Miho Felicio, Gordon Goodman, Tom Kapsales, Bernice Karn, Laurie LaPalme On October 30, 2009, Kingsway Financial Services Inc. closed the sale of Zephyr Insurance Company, Inc. to Zephyr Acquisition Company, an acquisition vehicle of Ocean Harbor Holding Inc. and MP Holdings LLC, a Hawaiian-based investor group, for initial gross proceeds of $31.5 million U.S., plus a contingent, deferred earn-out amount. Zephyr is a specialty property insurance company founded specifically to protect Hawaii homeowners and residents from catastrophic loss due to hurricanes. For the first six months of 2009, Zephyr had gross premiums written of approximately US$36 million, or 7% of the premiums of the Kingsway group of companies, and produced an underwriting profit. Cassels Brock & Blackwell LLP acted as legal counsel to Kingsway Financial Services Inc. with a team that included Gordon Goodman (Financial Services), Laurie LaPalme (Business Law), Miho Felicio (Business Law), Tom Kapsales (Real Estate) and Bernice Karn (Intellectual Property). |