Mississauga, Ont., has entered into a definitive agreement to sell York Fire & Casualty Insurance Co. to La Capitale General Insurance Inc., a member company of the mutual company, La Capitale Financial Group Inc., Quebec City, owned by members of Quebec's civil service. Completion of the transaction is expected during 2008, following the receipt of regulatory approvals.
York writes standard personal lines automobile and property insurance in Ontario and Alberta. For the first six months of 2008, York had gross premiums written of approximately C$48 million, or 5% of the premiums of the Kingsway group of companies, and produced an underwriting loss.
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