Kingsway acquisition gets regulator, board approval

The latest acquisition for specialty insurer Kingsway Financial Services (TSE, NYSE: KFS) has passed two hurdles. The purchase of American Country Insurance Company in Illinois has been approved by the state regulator and is being endorsed by the board of parent company American Country Holdings Inc. Kingsway is offering US$2.10 for each common share, US$12 per preferred share and US$0.175 per Class A common share for all outstanding and issued shares in the company. The board is recommending the offer to shareholders, determining that it is fair and in the best interests of American Country and its shareholders.However, Kingsway notes that not all conditions of the offer have been met as yet, and the offer is scheduled to expire April 1, 2002, unless extended.