Kingsway Financial Services reports fourth quarter and year end losses. The Canadian Press
TORONTO — Troubled insurer Kingsway Financial Services Inc. (TSX:KFS) is reporting a net loss of $75.5 million, or $1.46 per diluted share.
The Mississauga, Ontario-based company also says it had a net loss of $290.3 million, or $5.38 per diluted share, for the year that ended December 31, 2009.
Kingsway focuses on non-standard automobile insurance in the United States.
Kingsway says both its gross and net premiums written in the fourth quarter of 2009 dropped by 30 per cent and 33 per cent, respectively, compared to the year-ago period.
Kingsway says the decrease is due to the various steps it took to discontinue unprofitable programs.
The company says poor economic conditions in the U.S. are also to blame.
Kingsway says in a statement released late Wednesday that the fourth quarter results include a $37 million write down of the book value and goodwill associated with Jevco to reflect the fair market value of the sale to Westaim.
