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UPDATE 1-Kingsway Financial posts narrower Q2 loss
August 13, 2010 / 11:05 AM / 7 years ago

UPDATE 1-Kingsway Financial posts narrower Q2 loss

* Q2 loss $0.36/shr vs loss $0.70/shr year ago

* Net premiums earned fall 37 pct

* Says continues not to pay quarterly dividend

Aug 13 (Reuters) - Canadian property and casualty insurer Kingsway Financial Services Inc (KFS.TO) reported a narrower quarterly loss, helped by higher investment income.

Kingsway, which has not paid dividend in at least last four consecutive quarters, said it would not pay dividend for the second quarter.

The company reported net loss of $18.5 million, or 36 cents a share for the second quarter, compared with a loss of $38.4 million, or 70 cents a share, a year ago.

Excluding items, it reported net loss of 31 cents a share.

Kingsway, which sells high-risk auto and truck insurance, reported 37 percent drop in net premiums earned to $69.7 million.

The company’s investment income rose 6 percent to $11.7 million, while underwriting loss from its U.S. segment dropped 53 percent to 20.0 million.

The Mississauga, Ontario-based company’s shares, which have gained about 7 percent since last one month, closed at C$2.01 Thursday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Maju Samuel)

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