Kingsway Financial Services Inc. announced it has completed its formation of Maison Insurance Company, a property and casualty insurance company primarily writing wind and hail homeowners coverage in Louisiana.
Maison received its certificate of authority from the Louisiana Department of Insurance on November 15, 2012 and participated in the depopulation program offered by Louisiana Citizens Property Insurance Corporation finalized earlier this month.
The company will be led by President and Chief Executive Officer Doug Raucy, who has previously led the successful startup of two similar homeowners insurance companies in recent years. Kingsway expects the business to be immediately accretive to operating income and cash flow.
“Maison is another example of the type of opportunity we expect to create or pursue as we continue to focus on rebuilding shareholder value at Kingsway. Doug and his team know the Louisiana homeowners market very well, and we are excited to partner with Louisiana agents moving forward,” said Larry G. Swets, Jr., Kingsway’s president and chief executive officer.
Source: Kingsway Financial Services Inc.
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