Toronto-based Kingsway Financial Services announced today it has reached a definitive agreement to acquire Mendota Insurance Company, a nonstandard auto specialist, from The St. Paul Travelers Companies.
Financial terms for the deal, that includes St. Paul, Minn.-based Mendota's wholly owned subsidiaries Mendakota Insurance Company and Mendota Insurance Agency, were not announced.
Mendota is the dedicated nonstandard automobile insurance operation of St. Paul Travelers, which wrote roughly $175 million of nonstandard auto business in 2006. The company is licensed in 43 states and currently writes business in 20 through a network of about 6,000 independent agency locations.
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