Queensway Financial Holdings Limited - Company Announcement

Business Wire, Dec 24, 1998

TORONTO--(BUSINESS WIRE)--Dec. 24, 1998--Queensway Financial Holdings Limited ("Queensway") (TSE:QFH) announced that it has entered into an agreement to acquire Bowling Insurance Group, Ltd. ("Bowling") of Hamilton, Bermuda.

Bowling reinsures selected layers of general liability, property and workers' compensation insurance for bowling centers in Michigan and other states. Bowling's premium volume in the year to October 1998 was US$1.6 million.

The purchase price is US$8.5 million. The transaction and its completion are subject to various regulatory approvals and other closing conditions. Closing is expected to occur in the January 1999.

Queensway is a financial services holding company which seeks to achieve a superior rate of return on invested capital and to build long-term value for shareholders through its focus on investments in the property and casualty insurance sector in North America. The primary business of the company's principal subsidiaries is the insurance of personal and commercial automobile risks in Canada and the United States, and commercial liability, medical malpractice and property risks in the United States.