Queensway consolidates Alliance

Queensway Financial Holdings Ltd. (QFH) has entered into an agreement to acquire Alliance Insurance Group, a property and casualty insurance holding company located in Chicago, Illinois. Alliance, posting gross premiums written totalling $17 million in 1997, specializes through subsidiaries in writing general liability and property coverages for small to medium sized businesses in 39 states on an excess and surplus lines basis. The transaction, costing $17 million, will include Alliance and its affiliates Alliance General Insurance Company and Bermuda-based Armagh Insurance Company Ltd. and Beacon Insurance Company Ltd.