Kingsway had bought the hurricane insurance company about four years ago

Kingsway Financial Services of Canada is selling hurricane insurance company, Zephyr Insurance to Ocean Harbor Holding of Florida and the Hawaii-based investor group, MP Holdings for $31 million – reported Forbes.

Kingsway had bought Honolulu-based Zephyr about four years ago.

Kingsway stated that for the first half of 2009, Zephyr had gross premiums written of about $36 million, or 7% of the premiums of the Kingsway group of companies, reported Pacific Business News.

The sale is expected to be over before the end of the year. Zephyr’s staffers are to be retained.

Zephyr is a specialty property insurance company founded to cater to the Hawaii homeowners and residents from catastrophic loss due to hurricanes.