Queensway Financial Holdings Limited entered an agreement to sell the shares of its subsidiary, Atlantic Alliance Fidelity and Surety Co. to The Guarantee Company of North America. The closing of the transaction is subject to normal closing conditions, including obtaining regulatory approvals.
“Atlantic Alliance’s surety business was not a core part of Queensway’s business. The proceeds of the sale will be used to reduce debt. The sale emphasizes our commitment to expense reduction and corporate streamlining,” said James G. Petcoff, Queensway’s President and Chief Executive Officer.
Queensway is a specialty insurance group that provides a range of individual and commercial insurance coverages. Queensway operates through a number of subsidiaries located in the United States and Canada.
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