(February 23 – 10:00 ET) – The “under review” rating for several subsidiaries of Queensway Financial Holdings Limited have been changed to “positive” by rating agency, A.M. Best Co., following Queensway’s announcement to selloff the subsidiaries.

North Pointe Insurance Company, Hermitage Insurance Company, Kodiak Insurance Company, Consolidated Property & Casualty Insurance Company and Universal Fire and Casualty Insurance Company have gotten the new “positive” rating.

“The rating action follows the announcement that Queensway has
entered into a letter of intent to sell the shares of North Pointe, Hermitage and Kodiak to Argonaut Group, Inc. The letter of intent also contemplates the possible sale of Consolidated Property & Casualty Company and Universal Fire and Casualty Insurance Company,” says A.M. Best.

The rating agency will continue to monitor the progress of these transactions which require assorted regulatory approvals.