|
|
News Breaks
|
April 11, 2011
|
| 05:42 EDT |  | KFS |
| theflyonthewall.com: | Kingsway, Pennsylvania Dept. of Insurance move to resolve Lincoln issues | | Kingsway Financial Services announced that it has entered into a definitive agreement to purchase a minority stake in a newly formed holding company that, subject to regulatory approval, will own a majority of Walshire General Assurance Company, the sole shareholder of Lincoln General Insurance Company. The majority investor in the holding company, named LGIC Holdings, LLC, will be Tawa PLC. A majority of the charities who received the Walshire shares have accepted an offer to sell their stakes to LGIC Holdings, LLC. The transaction involves a change of control of Lincoln General, which must be approved by the Pennsylvania Department of Insurance. In that connection, the Department and Kingsway have been discussing a settlement of their dispute, whereby, if the change of control application is approved and the transaction subsequently closes, the appeal filed by the Department will be withdrawn and the litigation involving the Department, Kingsway and the charities will be discontinued. In anticipation of such a settlement, the parties have asked the Pennsylvania Supreme Court to postpone the oral argument of the Department's appeal. If the change of control application is denied, the investment will not close and the offer to the charities will be revoked according to its terms. :theflyonthewall.com |
|
|
News For KFS From The Last 14 Days Check below for free stories on KFS the last two weeks.
| Sign up for a free trial to see the rest of the stories you've been missing. |
There are no results for these search parameters.
|
|
|
|
