TORONTO, Oct. 1, 2015 /CNW/ - The Westaim Corporation
("Westaim" or the "Company") (TSXV: "WED") today
announced that Houston International Insurance Group, Ltd. ("HIIG")
has acquired the business and assets of Capital Risk Underwriters,
Inc. ("CRU"), a managing general underwriting agency based in
Orlando, Florida specializing in
the pest control business.
CRU has issued HIIG insurance policies for the past three years
and its management has been known to HIIG management for more than
25 years. This transaction is part of the continuing growth
of the HIIG Specialty Division.
In connection with the transaction, Mr. Michael H. Schmidt, President and founder of
CRU, has become Senior Vice President of HIIG Specialty and he and
his team will continue to service its producers and customers.
CRU will operate under the HIIG–CRU name.
About Westaim
Westaim is a publicly traded Canadian investment company
specializing in providing long-term capital to businesses operating
primarily within the global financial services industry. Westaim
invests, directly and indirectly, through acquisitions, joint
ventures and other arrangements, with the objective of providing
its shareholders with capital appreciation and real wealth
preservation. Westaim's strategy is to pursue investment
opportunities with a focus towards the financial services industry
and grow shareholder value over the long-term.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Except for statements of historical fact contained herein,
information in this press release may constitute "forward-looking
information" within the meaning of Canadian securities laws. Other
than statements of historical fact, all statements that involve
various known and unknown risks, uncertainties and other factors
are "forward-looking statements". There can be no assurance that
such statements will prove accurate. Results and future events
could differ materially from those anticipated in such statements.
Readers of this press release are cautioned not to place undue
reliance on these "forward-looking statements". Except as otherwise
required by applicable law, Westaim expressly disclaims any
intention or obligation to update publicly any forward-looking
information, whether as a result of new information, future events
or otherwise.
SOURCE Westaim Corporation