Brownstone Holdings Inc. picks up retail assets
Loyalist Insurance Group Ltd. announced today it reached an agreement to sell its retail insurance brokerage assets to U.S. firm Brownsthone Holdings Inc.
The estimated proceeds of the sale will be $5 million.
This transaction is expected to close in January 2008 and is subject to
final regulatory and shareholder approval.
Ancaster, Ont.-based Loyalist plans to use the funds to for “general corporate purposes,” which includes repaying all corporate liabilities.
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