A.M. Best Reassigns FSR for Kingsway Subs

October 22, 2004

Toronto-based Kingsway Financial Services Inc. announced that A.M. Best has reaffirmed the financial strength ratings of its subsidiaries.

A.M. Best further commented that the affirmation of the ratings is due to Kingsway Financial’s continued financial support and its subsidiaries improved capital position offset by A.M. Best’s concerns about strong growth in certain of its subsidiaries and potential for inadequate loss reserves.

“We are pleased that our largest insurance company, Lincoln General, had its A- (Excellent) rating affirmed,” said Bill Star, president and CEO. “Our insurance companies are well capitalized and we continue to strengthen our reserves and capital position. We are optimistic that our improving performance will be viewed favourably by A.M. Best in the future.”

Kingsway’s primary business is trucking insurance and the insuring of automobile risks for drivers who do not meet the criteria for coverage by standard automobile insurers. The company currently operates through nine wholly-owned insurance subsidiaries in Canada and the U.S.

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