Allstate, Queensway Financial Complete Pembridge Subsidiary Sale

Allstate says it has completed the sale of Pembridge Insurance Services Corp. (Pembridge), a property casualty insurer in Chicago, to Queensway Financial Holdings, Toronto. Pembridge, is a subsidiary of Pembridge, Inc., which Allstate purchased in April 1998.

Pembridge General Insurance Co. specializes in taxi and commercial automobile insurance, nonstandard auto, and specialty commercial property/casualty insurance. Direct written premium totaled $14.4 million for 1997 and was written substantially in the greater Chicago area.

The companies will become subsidiaries of Queensway's North Pointe Financial Service Group. Queensway is a financial services holding company specializing in insuring personal and commercial automobile risks in Canada and the United States, and commercial liability, medical malpractice and property risks in the United States.