TORONTO, March 31 /PRNewswire-FirstCall/ - (TSX: KFS) (NYSE: KFS) Kingsway Financial
Services Inc. ("Kingsway" or the "Company") today announced its
financial results for the fourth quarter and year ended December 31,
2010. All amounts are in U.S. dollars unless indicated otherwise.
The Company reported a net loss of $46.3 million or a loss of $0.89 per
share diluted for the fourth quarter and a net loss of $38.2 million or
a loss of $0.73 per share diluted for the year.
September 30, 2010shareholders' equity was $149.9 million and book value per share was
$2.88. After reflecting the sale of American Country Insurance Company
and American Service Insurance Company, Inc. and the fourth quarter
results the shareholders' equity at December 31, 2010 is $94.8 million
and book value per share $1.82. The changes in book value, as
previously announced are, due to:
-
Approximately $21 million of loss reserve strengthening in the Company's
insurance subsidiaries, primarily in Universal Casualty Company,
related to periods prior to fourth quarter 2010;
-
Approximately $10 million of non-cash impairments and adjustments to
certain operating assets and liabilities;
-
Approximately $9 million relating to the disposition and fourth quarter
operating results of American Country Insurance Company and American
Service Insurance Company, Inc.;
-
With the remainder from fourth quarter results of operation and expenses
of the holding company including interest expense.
Effective with the release of its first quarter 2011 financial results,
Kingsway will be required to report under the principles of
International Financial Reporting Standards, or IFRS. Under IFRS, the
Company will record its outstanding debt at fair market value rather
than cost. Based upon market data available at the time of today's
release, the Company estimates the difference between debt at cost and
debt at fair market value to be approximately $50 million. The
Company's December 31, 2010 book value per share is $1.82, but, after
reporting under IFRS, book value will increase by approximately $0.97
before taking into account the effect of income taxes on the fair value
adjustment. This will result in pro forma book value per share of
approximately $2.79 before any potential tax effects.
Major events for 2010:
-
On March 29, 2010 the Company closed the sale of Jevco Insurance
Company for C$263.3;
-
The Company repurchased $143.3 million of its debt in 2010, which
resulted in a gain of $19.2 million;
-
On June 30, 2010 the Company acquired a 100% interest in JBA Associates,
Inc. a managing general agency specializing in assigned risk automotive
insurance;
-
On December 31, 2010, the Company closed the going-public transaction
involving its subsidiaries American Country Insurance Company and
American Service Insurance Company, Inc.;
-
During the year, the Company completed the purchase of 1,500,000
Kingsway Linked Return of Capital ("KLROC") units. As a result, the
Company beneficially owns and controls 2,333,715 units of KLROC Trust
representing 74.8% of the issued and outstanding units. The Company
consolidated the KLROC Trust which resulted in a gain on consolidation
of $17.8 million in 2010;
-
On June 14, 2010, the Company announced its intention to sell its wholly
owned subsidiary, Mendota Insurance Company ("Mendota"). Following a
lengthy process, Kingsway is no longer pursuing the sale of Mendota
after its attempts did not yield an acceptable offer. Kingsway is
refocusing Mendota to operate on a smaller and more profitable premium
base beginning in 2011.
Operational results for 2010:
-
Net loss of $54.0 million was recorded in the US segment for 2010;
-
Net loss of $7.1 million was recorded in the Corporate segment for 2010;
-
91.6% of gross premiums written in 2010 were generated from non-standard
automobile, the core line of business;
-
Investment income increased to $16.4 million in 2010 compared to $0.1
million in 2009.
Dividend
The Board of Directors has decided that a dividend will not be declared
for the fourth quarter of 2010
Financial Results
|
|
|
|
|
| Three months ended December 31 | Year ended December 31 |
|
| 2010 |
2009
|
Change
| 2010 |
2009
|
Change
|
|
Gross premiums written
|
$
| 45.4 |
53.8
|
(15.6%)
|
$
| 214.0 |
261.9
|
(18.3%)
|
|
Net premiums earned
|
| 50.4 |
51.8
|
(2.7%)
|
| 222.5 |
298.2
|
(25.4%)
|
|
Underwriting profit (loss)
|
| (46.9) |
(53.9)
|
13.0%
|
| (108.4) |
(86.1)
|
(25.9%)
|
|
Investment income (loss)
|
| 1.4 |
(14.6)
|
n/m
|
| 16.4 |
0.1
|
n/m
|
|
Net realized gains (loss)
|
| 2.7 |
-
|
n/m
|
| 9.2 |
11.0
|
(16.4%)
|
|
Loss from continuing operations
|
| (45.1) |
(70.9)
|
36.4%
|
| (61.1) |
(69.6)
|
12.2%
|
|
Net loss
|
| (46.3) |
(75.5)
|
38.7%
|
| (38.2) |
(290.3)
|
86.8%
|
|
Diluted loss per share- continuing operations
|
| (0.87) |
(1.37)
|
36.5%
|
| (1.17) |
(1.29)
|
9.3%
|
|
Diluted loss per share- net loss
|
| (0.89) |
(1.46)
|
39.0%
|
| (0.73) |
(5.38)
|
86.4%
|
|
Loss ratio
|
| 139.5% |
87.9%
|
51.6%
|
| 96.5% |
79.4%
|
17.1%
|
|
Expense ratio
|
| 53.5% |
116.2%
|
(62.7%)
|
| 52.2% |
49.5%
|
2.7%
|
|
Combined ratio
|
| 193.0% |
204.1%
|
(11.1%)
|
| 148.7% |
128.9%
|
19.8%
|
n/m- not meaningful
Fourth Quarter Results
Gross premiums written in the fourth quarter of 2010 decreased by 15.6%
to $45.4 million compared to $53.8 million reported in the fourth
quarter of 2009. The decrease is due to the various steps taken to
discontinue unprofitable programs and the discontinuation of the
managing general agent distribution channel for non-standard automobile
insurance and the move away from higher limit commercial business.
Also contributing to the reduction in non-standard automobile premium
volumes is the continuing poor economic conditions in much of the U.S.
The non-standard automobile insurance market tends to contract during
periods of high unemployment.
Net premiums earned were $50.4 million in the fourth quarter of 2010, a
decrease of 2.7% compared to $51.8 million for the fourth quarter of
2009. This decrease is attributed to the same factors as those for
gross premiums written as described above.
The combined ratio was 193.0% in 2010 compared with 204.1% in 2009,
which produced an underwriting loss of $46.9 million compared with a
loss of $53.9 million in 2009. The underwriting loss in 2010 is
primarily a result of the increase in the loss ratio to 139.5% from
87.9% due to unfavourable development on the non-standard automobile
line of business which relates primarily to business written at UCC and
continuing elevated loss ratios at Amigo. Also contributing to the
decrease in the underwriting loss is a decrease in the expense ratio to
53.5% from 116.2%, primarily due to costs associated with the
transformation program and increased legal and other professional fees
in 2009.
Investment income increased to a gain of $1.4 million in the fourth
quarter of 2010 compared to loss of $14.6 million for the fourth
quarter of 2009, primarily due to foreign exchange loss recorded as
part of miscellaneous investment.
In the fourth quarter of 2010, the Company had net realized gains of
$2.7 million, as compared to nil in the fourth quarter of 2009. The
realized gains in the fourth quarter of 2010 pertain to disposal of
securities in the Company's fixed income portfolio.
In the fourth quarter of 2010, we incurred a loss from continuing
operations of $45.1 million compared to a loss from continuing
operations of $70.9 million in 2009. The loss in the fourth quarter of
2010 is largely due to underwriting losses. The loss in the fourth
quarter of 2009 is largely due to underwriting losses, a significant
decline in investment income due to foreign exchange losses and lower
yields on a smaller portfolio.
In the fourth quarter of 2010, we incurred a net loss of $46.3 million
compared to net loss of $75.5 million reported for the fourth quarter
of 2009. The diluted loss per share was $0.89 in 2010 compared to
diluted loss per share of $1.46 for 2009.
For the years ended December 31, 2010 and 2009
Gross Premiums Written
During the year ended December 31, 2010, gross premiums written were
$214.0 million compared to $261.9 million for the year ended December
31, 2009, representing an 18% decrease.
The decrease in gross premiums written is due to significant reductions
in premium volumes in the non-standard and commercial automobile lines
of business. The reduction in non-standard automobile premium is due to
the various steps taken to discontinue unprofitable programs and the
discontinuation of the managing general agent distribution channel,
primarily at UCC. Also contributing to the reduction in non-standard
automobile premium volumes is the continuing poor economic conditions
in much of the U.S. The non-standard automobile insurance market tends
to contract during periods of high unemployment as is currently being
experienced in the U.S.
The reduction in commercial automobile premium represents the Company's
move away from higher limit commercial business.
Net Premiums Written
Net premiums written decreased 25% to $203.7 million for the year ended
December 31, 2010 compared with $273.1 million for the year ended
December 31, 2009. This decrease is attributed to the same factors as
described in the 'Gross Premiums Written' section above.
Net Premiums Earned
Net premiums earned decreased 25% to $222.5 million for the year ended
December 31, 2010, compared with $298.2 million for 2009. This decrease
is attributed to the same factors as described in the 'Gross Premiums
Written' section above. The extent of the decrease is mitigated by the
larger volume of business written in 2009 which is partially earned in
2010.
Investment Income
Investment income, excluding net realized gains, increased to $16.4
million in 2010, compared to $0.1 million in 2009. The increase in
investment income is due to $2.2 million of foreign exchange gain as
compared to $12.9 million of foreign exchange loss in 2009 and to lower
yields and a reduction in the duration and risk profile of the
portfolio. Also contributing to the reduction in interest income is the
reduction in the size of the portfolio as a result of the reduced
volumes of business in the Company's continuing operations, the
acceleration of claim payments and debt and equity buybacks and other
corporate initiatives.
Net Realized Gains
The Company incurred net realized gains in 2010 of $9.2 million compared
to $11.0 million in 2009. The net gain in 2010 is primarily due to
gains realized from the liquidation of fixed income securities in the
Company's insurance subsidiaries in the third and fourth quarters.
There were no impairments recorded during 2010 for other than
temporarily impaired securities. The net gain in 2009 is due to gains
realized from the liquidation of fixed income securities in the
Company's captive reinsurance company in Barbados to facilitate the
related party reinsurance commutation transactions, partially offset by
realized losses on the disposal of the Company's common equity
portfolio and impairments for other than temporarily impaired
securities.
Claims Incurred
The loss ratio for 2010 was 96.5% compared to 79.4% for 2009 due to
increasing ultimate loss estimates for current and prior accident
years. The results for 2010 reflect an increase in the provision for
unpaid claims occurring prior to December 31, 2009. This increase
amounted to approximately $14.4 million which increased the ratio by
6.5 percentage points for 2010. The results in 2009 reflect an increase
in the provision for unpaid claims occurring prior to December 31, 2008
of $1.8 million which increased the ratio by 0.6 percentage points.
Consolidated case reserves for individual claims increased 9% to $118.6
million as at December 31, 2010 compared to $108.4 million at December
31, 2009, and IBNR decreased 28% to $56.1 million at December 31, 2010
compared to $78.3 million at December 31, 2009.
Underwriting Expenses
The expense ratio was 52.2% in 2010 and 49.5% in 2009. The higher ratio
in 2010 is due to net premium earned decreasing at a greater rate than
expense reductions. Expenses included increased legal and other
professional fees.
Gain on Buy-Back of Debt
During 2010, Kingsway America, Inc ("KAI") and Kingsway 2007 General
Partnership ("KGP") purchased and cancelled $143.3 million par value of
its senior unsecured debentures for $124.1 million recording a gain of
$19.2 million. During 2009, KAI and KGP purchased and cancelled $21.6
million par value of its senior unsecured debentures for $12.3 million,
recording a gain of $9.5 million.
Gain on Consolidation of Debt
During 2010, the Company recorded a gain of $17.8 million related to the
KLROC Units held by KFS Capital, as a result of the consolidation of
the KLROC Trust. See Note 19(c) of the consolidated financial
statements for further details of the KLROC Trust consolidation.
Combined Ratio
The combined ratio was 148.7% in 2010 compared with 128.9% in 2009,
which produced an underwriting loss of $108.4 million in 2010 compared
with a loss of $86.1 million in 2009. The underwriting loss is
attributable to the factors described in the 'Claims Incurred' and
'Underwriting Expenses' sections above.
Interest Expense
Interest expense for 2010 was $14.8 million, compared to $23.9 million
in 2009, representing a 38% decrease. The decrease is primarily due to
the significant repurchase of debt during 2010. See Gain on Buy-Back of
Debt above.
Net Income and Earnings Per Share
In 2010 we incurred a loss from continuing operations of $61.1 million
compared to a loss from continuing operations of $69.6 million in 2009.
The loss in 2010 is largely due to underwriting losses and adverse
development. These factors have been partially offset by net realized
gains on investments and the buyback of the Company's debt which
resulted in a gain and lowered interest expense. The Company also
recorded a gain on the consolidation of debt.
In 2010, we incurred a net loss of $38.2 million compared to net loss of
$290.3 million reported for 2009. The diluted loss per share was $0.73
for 2010 compared to a diluted loss per share of $5.38 for 2009.
Book Value Per Share
Book value per share decreased by 44.5% to $1.82 at December 31, 2010
from $3.28 at December 31, 2009. The decline in book value is due to
the factors impacting net income as described above.
Summarized (without notes) consolidated balance sheets, statements of
operations and comprehensive loss follow and form part of this news
release.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
|
As at December 31
|
|
|
|
|
|
|
|
|
| 2010 |
|
|
2009
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
| $ | 140,567 |
|
|
$
|
49,577
|
|
|
Securities
|
|
| 146,684 |
|
|
|
280,686
|
|
|
Investment in investee
|
|
| 49,079 |
|
|
|
-
|
|
|
Accrued investment income
|
|
| 1,957 |
|
|
|
2,348
|
|
|
Financed premiums
|
|
| 13,572 |
|
|
|
15,237
|
|
|
Accounts receivable and other assets
|
|
| 48,938 |
|
|
|
67,692
|
|
|
Funds held in escrow
|
|
| 22,259 |
|
|
|
-
|
|
|
Due from reinsurers and other insurers
|
|
| 7,651 |
|
|
|
(164)
|
|
|
Deferred policy acquisition costs
|
|
| 13,952 |
|
|
|
19,550
|
|
|
Income taxes recoverable
|
|
| 17,991 |
|
|
|
15,622
|
|
|
Future income taxes
|
|
| 503 |
|
|
|
8,879
|
|
|
Capital assets
|
|
| 12,469 |
|
|
|
25,925
|
|
|
Goodwill and intangible assets
|
|
| 43,959 |
|
|
|
37,543
|
|
|
Assets held for sale
|
|
| - |
|
|
|
1,434,460
|
|
|
|
| $ | 519,581 |
|
|
$
|
1,957,355
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Loans payable
|
| $ | - |
|
|
$
|
66,222
|
|
|
Accounts payable and accrued liabilities
|
|
| 42,385 |
|
|
|
57,395
|
|
|
Unearned premiums
|
|
| 66,879 |
|
|
|
85,635
|
|
|
Unpaid claims
|
|
| 174,708 |
|
|
|
186,685
|
|
|
Senior unsecured debentures
|
|
| 37,469 |
|
|
|
176,764
|
|
|
LROC preferred units
|
|
| 15,884 |
|
|
|
-
|
|
|
Subordinated indebtedness
|
|
| 87,450 |
|
|
|
87,415
|
|
|
Liabilities held for sale
|
|
| - |
|
|
|
1,127,900
|
|
|
|
| $ | 424,775 |
|
|
$
|
1,788,016
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
| 296,139 |
|
|
|
295,291
|
|
|
Contributed surplus
|
|
| 15,440 |
|
|
|
20,549
|
|
|
Retained earnings (deficit)
|
|
| (231,815) |
|
|
|
(193,572)
|
|
|
Accumulated other comprehensive income
|
|
| 15,042 |
|
|
|
47,071
|
|
|
|
|
| 94,806 |
|
|
|
169,339
|
|
|
|
| $ | 519,581 |
|
|
$
|
1,957,355
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except per share amounts)
|
Years ended December 31
|
|
|
|
|
|
|
|
|
|
|
|
| 2010 |
|
|
2009
|
|
|
2008
|
|
|
Gross premiums written
|
| $ | 214,048 |
|
|
$
|
261,947
|
|
|
$
|
345,676
|
|
|
Net premiums written
|
| $ | 203,723 |
|
|
$
|
273,095
|
|
|
$
|
332,642
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net premiums earned
|
| $ | 222,481 |
|
|
$
|
298,211
|
|
|
$
|
339,966
|
|
|
Net investment income
|
|
| 16,353 |
|
|
|
144
|
|
|
|
31,494
|
|
|
Net realized investment gains (losses)
|
|
| 9,243 |
|
|
|
10,956
|
|
|
|
(7,242)
|
|
|
|
|
| 248,077 |
|
|
|
309,311
|
|
|
|
364,218
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Claims incurred
|
|
| 214,681 |
|
|
|
236,801
|
|
|
|
224,324
|
|
|
Commissions and premium taxes
|
|
| 27,378 |
|
|
|
47,694
|
|
|
|
51,160
|
|
|
General and administrative expenses
|
|
| 83,990 |
|
|
|
85,066
|
|
|
|
81,364
|
|
|
Restructuring costs
|
|
| 4,803 |
|
|
|
14,783
|
|
|
|
-
|
|
|
Interest expense
|
|
| 14,825 |
|
|
|
23,912
|
|
|
|
35,022
|
|
|
Amortization of intangible assets
|
|
| 6,621 |
|
|
|
10,602
|
|
|
|
9,618
|
|
|
Goodwill impairment
|
|
| - |
|
|
|
-
|
|
|
|
50,074
|
|
|
|
|
| 352,298 |
|
|
|
418,858
|
|
|
|
451,562
|
|
|
Loss from continuing operations before unusual item and income taxes
|
|
| (104,221) |
|
|
|
(109,547)
|
|
|
|
(87,344)
|
|
|
Gain on buy-back of debt
|
|
| 19,157 |
|
|
|
9,501
|
|
|
|
652
|
|
|
Gain on consolidation of debt
|
|
| 17,821 |
|
|
|
-
|
|
|
|
-
|
|
|
Loss from continuing operations before income taxes
|
|
| (67,243) |
|
|
|
(100,046)
|
|
|
|
(86,692)
|
|
|
Income taxes (recovery)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
| (14,494) |
|
|
|
(37,766)
|
|
|
|
(15,566)
|
|
|
Future
|
|
| 8,376 |
|
|
|
7,356
|
|
|
|
27,728
|
|
|
|
|
| (6,118) |
|
|
|
(30,410)
|
|
|
|
12,162
|
|
|
Loss from continuing operations
|
| $ | (61,125) |
|
|
$
|
(69,636)
|
|
|
$
|
(98,854)
|
|
|
Income (loss) from discontinued operations, net of taxes
|
|
| (7,508) |
|
|
|
(222,836)
|
|
|
|
(341,510)
|
|
|
Gain (loss) on disposal of discontinued operations, net of taxes
|
|
| 30,390 |
|
|
|
2,185
|
|
|
|
34,499
|
|
|
Net loss
|
| $ | (38,243) |
|
|
$
|
(290,287)
|
|
|
$
|
(405,865)
|
|
|
Per share amounts (in dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share - continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
| $ | (1.17) |
|
|
$
|
(1.29)
|
|
|
$
|
(1.79)
|
|
|
Diluted
|
| $ | (1.17) |
|
|
$
|
(1.29)
|
|
|
$
|
(1.79)
|
|
|
Loss per share - discontinuing loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
| $ | 0.44 |
|
|
$
|
(4.09)
|
|
|
$
|
(5.56)
|
|
|
Diluted
|
| $ | 0.44 |
|
|
$
|
(4.09)
|
|
|
$
|
(5.56)
|
|
|
Loss per share - net loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
| $ | (0.73) |
|
|
$
|
(5.38)
|
|
|
$
|
(7.35)
|
|
|
Diluted
|
| $ | (0.73) |
|
|
$
|
(5.38)
|
|
|
$
|
(7.35)
|
|
|
Dividends declared per common share (in Canadian dollars)
|
| $ | - |
|
|
$
|
0.04
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands of U.S. dollars)
|
Years ended December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
2009
|
|
|
2008
|
|
|
Comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(38,243)
|
|
|
$
|
(290,287)
|
|
|
$
|
(405,865)
|
|
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Change in unrealized gains (losses) on available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains arising during the year, net of income taxes(1) |
|
|
972
|
|
|
|
7,170
|
|
|
|
14,201
|
|
|
Recognition of realized losses (gains) to net income, net of
income taxes (2) |
|
|
(1,583)
|
|
|
|
(24,064)
|
|
|
|
(11,361)
|
|
|
• Unrealized gains (losses) on translating financial statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of self-sustaining foreign operations
|
|
|
6,271
|
|
|
|
34,489
|
|
|
|
(56,988)
|
|
|
Recognition of currency translation gain on disposal of subsidiary
|
|
|
(34,075)
|
|
|
|
-
|
|
|
|
-
|
|
|
• Gain (loss) on cash flow hedge
|
|
|
(3,614)
|
|
|
|
6,603
|
|
|
|
(8,845)
|
|
|
Other comprehensive income (loss)
|
|
|
(32,029)
|
|
|
|
24,198
|
|
|
|
(62,993)
|
|
|
Comprehensive income (loss)
|
|
$
|
(70,272)
|
|
|
$
|
(266,089)
|
|
|
$
|
(468,858)
|
|
(1) Net of income tax (recovery) of $563 in 2010, $(7,403) in 2009.
(2) Net of income tax of $815 in 2010, $3,530 in 2009.
Forward Looking Statements
This press release includes "forward looking statements" that are
subject to risks and uncertainties. These statements relate to future
events or future performance and reflect management's current
expectations and assumptions. The words "anticipate", "expect",
"believe", "may", "should", "estimate", "project", "outlook",
"forecast" or similar words are used to identify such forward looking
information. Such forward looking statements reflect management's
current beliefs and are based on information currently available to
management of the Company. A number of factors could cause actual
events, performance or results to differ materially from the events,
performance and results discussed in the forward-looking statements.
For information identifying important factors that could cause actual
results to differ materially from those anticipated in the forward
looking statements, see the Company's securities filings, including its
2010 Annual Report under the heading Risk Factors in the Management's
Discussion and Analysis section. The securities filings can be
accessed on the Canadian Securities Administrators' website at www.sedar.com, and on the EDGAR section of the U.S. Securities and Exchange
Commission's website at www.sec.gov or through the Company's website at www.kingsway-financial.com. The Company disclaims any intention or obligation to update or revise
any forward looking statements, whether as a result of new information,
future events or otherwise.
Additional Information
Additional information about Kingsway, including a copy of its Annual
Report for the year ended December 31, 2010, can be accessed on the
Canadian Securities Administrators' website at www.sedar.com, and on the EDGAR section of the U.S. Securities and Exchange
Commission's website at www.sec.gov or through the Company's website at www.kingsway-financial.com.
SOURCE Kingsway Financial Services Inc.