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Kingsway Financial Services Inc Announces Acquisition Of Vehicle Protection Service Business

Monday, 19 Nov 2012 09:01am EST 

Kingsway Financial Services Inc and its subsidiary, 1347 Capital LLC, announced that the Company has finalized the purchase of certain tangible and intangible assets and liabilities of Intercontinental Warranty Services, Inc. (IWS). IWS, based in Boca Raton, Florida, is a provider of after-market vehicle protection services to credit unions throughout the country. IWS is well-known in the credit union community for providing vehicle service agreements, mechanical breakdown insurance, and guaranteed asset protection to their members in conjunction with their auto loans. The tangible and intangible assets and liabilities of IWS are being acquired in a structured transaction for total consideration consisting of cash, future contingent payments and common equity in a newly formed entity. Kingsway expects the business to be immediately accretive to operating income and cash flow. This purchase marks the consummation of the previously announced execution of a definitive agreement, dated February 21, 2012, to acquire a specialty insurance business. Sandler O'Neill + Partners, L.P. acted as exclusive financial advisor to Kingsway, and Updike, Kelly & Spellacy, P.C. acted as legal counsel to Kingsway. Terms of the tranaction were not disclosed. 

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