Baton Rouge-based Stonetrust Commercial Insurance Co. has been sold by Dhandho Holdings to Ontario, Canada-based Wintaai Holdings Ltd.
The price was not disclosed.
Stonetrust is a regional workers’ compensation company with about $70 million in policyholder surplus and $180 million in assets. The company is licensed in 28 states and currently operates in Louisiana, Texas, Oklahoma, Arkansas, Mississippi and Nebraska.
Wintaai is a subsidiary of Chou Associates Management Inc., an investment advisory firm that manages a series of mutual funds, including Chou Associates Fund, Chou RRSP Fund, Chou Europe Fund, Chou Asia Fund and Chou Bond Fund.
"We’re excited about acquiring Stonetrust and are ready to support its plans for continued profitable growth and expansion into new states,” said Wintaai Chairman and CEO Francis Chou.
Stonetrust is led by President and CEO Michael G. Dileo, and no management or personnel changes are expected as a result of the acquisition.
Stonetrust was acquired by California-based Dhandho in 2014.