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Kingsway Financial Services Inc Announces Restructuring Of Insurance Services And Insurance Underwriting Segments


Monday, 17 Sep 2012 09:13am EDT 

Kingsway Financial Services Inc announced that it is restructuring Insurance Services and Insurance Underwriting segments. As part of the Insurance Services restructuring, Bradley Diericx will be joining the Company on September 17, 2012 as an Executive Vice President. As part of the Insurance Underwriting restructuring, Kingsway will post $11.4 million, or $0.87 per share, in additional unpaid loss and loss adjustment expenses. This amount includes $9.4 million related to the Company's Kingsway Amigo Insurance Company business primarily to increase prior accident year unpaid loss and loss adjustment expenses on Amigo's commercial automobile and personal injury protection coverages. This amount also includes $2.0 million related to the Company's Mendota Insurance Company and Mendakota Insurance Company business primarily to increase prior accident year unpaid loss and loss adjustment expenses on their personal automobile physical damage, uninsured motorist and bodily injury coverages. Kingsway also intends to streamline non-standard property and casualty insurance business operations under one management team led by William A. Hickey, Jr., Kingsway's EVP, CFO, and COO. After the restructuring, the Insurance Underwriting segment principally includes the following subsidiaries of the Company: Mendota, Mendakota, Universal Casualty Company, Amigo, KAI Advantage Auto, Inc., Kingsway Reinsurance Corporation and Kingsway Reinsurance (Bermuda) Ltd. 

Company Quote

5.638
0.258 +4.80%
22 Apr 2014