Canadian Firm To Buy Allstate's Pembridge

Queensway Financial Holdings Ltd. says it has entered into an agreement to acquire Pembridge Insurance Services Corp., a property and casualty insurer located in Chicago, IL, from Allstate.

Pembridge General Insurance Co. (PGIC), a Pembridge subsidiary, underwrites and markets taxi and other commercial automobile insurance, non-standard personal automobile insurance and specialty commercial property and casualty risks. PGIC has a strong presence in the Chicago taxi and limousine market. Direct written premium in 1997 totaled US$14.4 million and was written substantially in the greater Chicago area. Taxis and commercial automobiles represents the largest portion of the business.

Queensway says the companies will become subsidiaries of Queensway's North Pointe Financial Services Group. The transaction and its completion are subject to various regulatory approvals and closing is expected to occur by the end of October 1998.