Client Work Detail

On January 25, 2010, Kingsway Financial Services Inc. entered into a definitive purchase agreement to sell all of the issued and outstanding shares of Jevco Insurance Company to The Westaim Corporation for an aggregate purchase price of approximately 94.5% of the book value of Jevco Insurance Company as at December 31, 2009. Prior to the closing of the transaction, Kingsway Financial Services Inc. will be entitled to receive a dividend of up to $40 million from Jevco Insurance Company, subject to insurance regulatory approval. The transaction is subject to certain standard closing conditions including receipt of the approval of the Minister of Finance (Canada) and the approval of The Westaim Corporation shareholders in connection with certain associated financing activities. Completion of the transaction is not conditional on financing.

Ogilvy Renault LLP acted as counsel to Kingsway Financial Services Inc. with a team including Walied Soliman, Paul Fitzgerald, Evelyn Li and Kevin McPhee (Corporate / M&A), Marc Duquette (Regulatory), Kevin Ackhurst (Competition) Barry Segal (Tax), Anne Gallop and Michael Horvat (Employment and Labour), David Amato (Debt Finance), Richard King (Environmental) and Julie Paquette (Real Estate).