(November 22 – 10:00 ET) – Queensway Financial is selling the Atlantic Alliance Fidelity and Surety Co. to the Guarantee Co. of North America.

In a terse news release, Queensway says it has entered into an agreement to sell the shares of its subsidiary, Atlantic Alliance. No price was disclosed. The closing of the transaction is subject to normal closing conditions, including obtaining regulatory approvals.

“Atlantic Alliance’s surety business was not a core part of Queensway’s business. The proceeds of the sale will be used to reduce debt. The sale emphasizes our commitment to expense reduction and corporate streamlining,” said James Petcoff, Queensway’s president and CEO.

Last week, Queensway anounced it is also exiting the commercial auto liability insurance market in southern Florida and winding up the affairs of Queensway Casualty Insurance Co.
-IE Staff