(May 4 – 15:40 ET) – The president and executive vice president of specialty insurer Queensway Financial Holdings Ltd. have the resigned.

According to the company, the resignations of James Petcoff, president and CEO and Matthew Petcoff, executive vice president and COO have resigned as a result of the proposed sale of Queensway’s interest in North Pointe Financial Services, Inc. to the Argonaunt Group, Inc.

Both men have resigned as directors and officers of Queensway. They are expected to remain as directors and officers of North Pointe Financial Services following its sale to Argonaut.

Brian Reeve has also resigned as a director of Queensway. Harold Meloche, vice president and CFO of Queensway, has been appointed as a director of the company.