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    • Jevco sale applauded for ending uncertainty
        © Thompson’s World Insurance News 2010. No reproduction without written consent.
        The sale of Kingsway Financial’s only remaining Canadian subsidiary to publicly- traded money management company Westaim Corp. is being welcomed here as good news.
        AMAC Consultants chair John McArthur noted the deal for Jevco Insurance will bring some stability to an uncertain situation for customers and brokers alike.
        And MSA Research president and ceo Joel Baker said it marks the end of Kingsway’s odyssey in Canada but leaves in its tracks an insurer well-positioned for the future.
        “Jevco itself is a well-managed company and it should do well given the financial backing it is getting.
        “I’m sure that OSFI is eager to see this deal go through given Kingsway’s troubles.”
        Jevco ceo Serge Lavoie said the transaction is designed to bring financial strength and stability to the company and bring comfort to its business partners.
        Westaim. president Cameron MacDonald said the acquisition will complete its transformation into a company with a new focus on the Canadian insurance business.
        The Toronto-based Westaim is a holding company controlled by value fund manager Goodwood and Alberta Investment Management Corp., a Crown corporation known as AIMCo.
        Alberta Finance Ministry communications director Bart Johnson said AIMCo makes these decisions without consultation with government and they’re given very broad authority to make these decisions as they see fit.
        An extensive report in our February 1, 2010 edition includes more details on the outside comments, statements by the companies involved and the recent history of Kingsway. If you are not a regular reader, click on Subscribe on the left hand side of the page to get it every week.
        
    		 


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