Profile: Kingsway Financial Services Inc (KFS.N)
21 Feb 2017
Kingsway Financial Services Inc., incorporated on September 19, 1989, is a holding company. The Company operates as a merchant bank primarily engaged, through its subsidiaries, in the property and casualty insurance business. The Company operates through Insurance Underwriting segment. The Company's Insurance Underwriting segment provides non-standard automobile insurance to individuals who do not meet the criteria for coverage by standard automobile insurers. The Company's Insurance Underwriting segment has its policy holders in approximately 10 states of the United States.
Insurance Underwriting Segment
The Company's property and casualty insurance business operations are conducted primarily through its subsidiaries, such as Mendota Insurance Company (Mendota), Mendakota Insurance Company (Mendakota), Mendakota Casualty Company (MCC), Kingsway Amigo Insurance Company (Amigo) and Kingsway Reinsurance Corporation (collectively, Insurance Underwriting). The Insurance Underwriting segment primarily markets automobile insurance products that provide coverage in three areas: liability, accident benefits and physical damage. Liability insurance provides coverage for claims against the Company's insured's legally responsible for automobile accidents, which have injured third-parties or caused property damage to third-parties. Accident benefit policies or personal injury protection policies provide coverage for loss of income, medical and rehabilitation expenses for insured persons who are injured in an automobile accident, regardless of fault. Physical damage policies cover damages to an insured automobile arising from a collision with another object or from other risks, such as fire or theft.
The non-standard automobile insurance is principally provided to individuals who do not qualify for standard automobile insurance coverage because of their payment history, driving record, place of residence, age and vehicle type or other factors. The Company's gross premiums written for non-standard automobile insurance is approximately $116.4 million. The Insurance Underwriting's products and services are marketed through approximately 3,700 independent agencies. Its Texas business is originated through an affiliated managing general agent and written through an unaffiliated Texas county mutual insurance company.
Kingsway Financial Services Inc
45 St Clair Ave W Suite 400
TORONTO ON M4V 1K9