Last C$6.08 CAD
Change Today -0.17 / -2.72%
Volume 9.2K
As of 3:59 PM 04/23/14 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

45 St. Clair Avenue West

Suite 400

Toronto, ON M4V 1K9

Canada

Phone: 416-848-1171

Fax: 416-850-5439

Kingsway Financial Services Inc., through its subsidiaries, engages in the property and casualty insurance business in the United States and Puerto Rico. Segments The company operates through two segments, Insurance Underwriting and Insurance Services. INSURANCE UNDERWRITING This segment provides non-standard automobile and homeowners insurance to individuals and commercial automobile insurance to businesses and conducts business in 18 states primarily in Florida, Illinois, Texas, California, Nevada, and Colorado. This segment also offers personal automobile insurance to drivers who do not meet the criteria for coverage by standard automobile insurers. The company's property and casualty insurance business operations are conducted primarily through various subsidiaries, such as Mendota Insurance Company; Mendakota Insurance Company; Universal Casualty Company; Maison Insurance Company; Kingsway Amigo Insurance Company; KAI Advantage Auto, Inc.; Kingsway Reinsurance Corporation; and Kingsway Reinsurance (Bermuda) Ltd. (collectively, ‘Insurance Underwriting’). These subsidiaries issue insurance policies and retain the risk of operating profit or loss related to the ultimate loss and loss adjustment expenses incurred on the underlying policies. Products The company primarily markets automobile insurance products, which provide coverage in three major areas, such as liability, accident benefits, and physical damage. Liability insurance provides coverage for claims against the company's insureds 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. Non-Standard Automobile: 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, vehicle type or other factors. Such drivers represent higher than normal risks and pay higher insurance rates for comparable coverage. Commercial Automobile: Commercial automobile policies provide coverage for individual unit or small fleet commercial vehicles. Allied Lines: Allied lines premium relates to Kingsway Amigo Insurance Company’s participation in the National Flood Insurance Program. The program is a cooperative undertaking of the insurance industry and the Federal Emergency Management Agency, which allows participating property and casualty insurance companies to write and service the Standard Flood Insurance Policy in their own names. Homeowners: Homeowners policies provide coverage for wind and hail-related property losses of residential dwellings and certain contents. Marketing and Distribution Insurance Underwriting's products and services are marketed through approximately 5,500 independent agencies. Strategy The company’s strategy focuses on developing and maintaining strong relationships with its independent agents. INSURANCE SERVICES This segment includes various subsidiaries of the company, such as Assigned Risk Solutions Ltd. (ARS); Northeast Alliance Insurance Agency, LLC (NEA); and IWS Acquisition Corporation (IWS), (collectively, ‘Insurance Services’). This segment is organized under ARS and IWS. ARS and NEA are organized to run as one business under the ARS name. ARS is a licensed property and casualty agent, full service managing general agent and third-party administrator focused primarily on the assigned risk market. ARS is licensed to administer business in 22 states primarily in the states of New York and New Jersey. IWS is a licensed motor vehicle service agreement company and is a provider of after-market vehicle protection services. Products ARS markets the same type of insurance products as Insurance Underwriting segment. ARS does not retain the risk of operating profit or loss related to the ultimate loss and loss adjustment expenses incurred on the underlying policies. This risk is borne by the insurance companies, which partner with ARS in their marketing efforts. IWS markets and administers vehicle service agreements and related products for new and used automobiles throughout the United States and Puerto Rico. A vehicle service agreement is an agreement between IWS and the vehicle purchaser under which IWS agrees to replace or repair, for a specific term, designated vehicle parts in the event of a mechanical breakdown. IWS serves as the administrator on various contracts it originates. In addition to marketing vehicle service agreements, IWS brokers a guaranteed asset protection product (GAP) through its distribution channel. GAP covers a consumer's out-of-pocket amount, related to an automobile loan or lease, if the vehicle is stolen or damaged beyond repair. Marketing and Distribution ARS markets its products through approximately 5,000 independent agencies. IWS markets its products primarily through credit unions. IWS distributes and markets its products in 26 states and Puerto Rico. Strategy ARS' strategy focuses on developing and maintaining strong relationships with its assigned risk partners, as well as the insurance companies, which it represents. Acquisitions In 2012, the company acquired Intercontinental Warranty Services, Inc., a provider of after-market vehicle protection services distributed by credit unions throughout the United States and Puerto Rico to their members. History Kingsway Financial Services Inc. was founded in 1989. The company was incorporated under the Business Corporations Act (Ontario) in 1989.

 

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