TORONTO, Aug. 31, 2011 /CNW/ - (TSX:KFS, NYSE:KFS) Kingsway Financial Services Inc. ("Kingsway" or the
"Company") today announced another in a series of strategic actions
intended to position the Company to rebuild shareholder value over the
long term. The Company announced its subsidiary, 1347 Advisors LLC
("1347 Advisors"), was formed to provide strategic consulting,
corporate development, corporate finance, and actuarial services to
Kingsway, Kingsway affiliates, and third-party clients.
In its first transaction, announced earlier today, 1347 Advisors signed
a management services agreement effective August 29, 2011 with United
Insurance Holdings Corporation ("United", ticker UIHC.OB), a Florida
based homeowners insurer. 1347 Advisors will provide services relating
to the Chief Financial Officer role, corporate development, and
strategic consulting.
Kingsway intends to use transactions, such as the one announced earlier
today with United, as well as the creation of 1347 branded companies to
leverage the skills of its team and enhance its merchant banking
capabilities as a way of creating value for Kingsway's shareholders.
Forward Looking Statements
This press release includes "forward looking statements" that are
subject to risks and uncertainties. Such forward looking statements
relate to future events or performance, but reflect Kingsway
management's current beliefs, based on information currently available.
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
Kingsway's securities filings, including its 2009 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, 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. Except as expressly required by applicable
securities law, 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.
About the Company
Kingsway Financial Services Inc. is an insurance holding company. The
Company's primary businesses are the insuring and servicing of
automobile risks for drivers who do not meet the criteria for coverage
by standard automobile insurers. The common shares of the Company are
listed on the Toronto Stock Exchange and the New York Stock Exchange,
under the trading symbol "KFS".