UPDATE 1-Kingsway Financial CEO to resign; co names replacement

Fri Apr 16, 2010 6:08pm EDT

* CEO Colin Simpson to resign on June 30

* Larry Swets to replace Simpson

April 16 (Reuters) - Canada's Kingsway Financial Services Inc (KFS.TO) said Chief Executive Colin Simpson is stepping down to pursue other career interests on June 30, and will be replaced by Larry Swets, the insurer's executive vice president of corporate development.

The company, which sells high-risk auto and truck insurance, said Simpson will remain on the company's board of directors.

Kingsway Financial appointed Simpson as its chief executive on April 23, 2009, after ousting incumbent Shaun Jackson, as it sought to cut costs and divest non-core businesses after posting a first-quarter loss that nearly doubled from a year earlier. [ID:nBNG491088]

However, the company has continued to post a string of quarterly losses and its shares have little changed since then.

Kingsway Financial shares closed up 8 percent at C$2.61 Friday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Anne Pallivathuckal)

FILED UNDER: