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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, provides property and casualty insurance products in the United States. Segments The company operates in two segments, Insurance Underwriting and Insurance Services. Insurance Underwriting This segment’s property and casualty insurance business operations are conducted primarily through various subsidiaries, such as Mendota Insurance Company (Mendota); Mendakota Insurance Company (Mendakota); Mendakota Casualty Company (MCC); Kingsway Amigo Insurance Company (Amigo); and Kingsway Reinsurance Corporation (collectively, Insurance Underwriting). The insurance subsidiaries in Insurance Underwriting 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. Insurance Underwriting provides non-standard automobile insurance to individuals who do not meet the criteria for coverage by standard automobile insurers. Insurance Underwriting has policyholders in 12 states. Products Insurance Underwriting 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 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 typically represent higher than normal risks and pay higher insurance rates for comparable coverage. The company often cancels policies for non-payment of premium and, following a period of lapse in coverage, insureds frequently return to purchase a new policy at a later date. As a result, its non-standard automobile insurance policies experience a retention rate that is lower than that experienced for standard market risks. This creates an on-going requirement to replace non-renewing policyholders with new policyholders and to react promptly to issue cancellation notices for non-payment of premiums to mitigate potential bad debt write-offs. Most of its insureds pay their premiums on a monthly installment basis, and the company typically limits its risk related to non-payment of premiums by requiring a deposit for future insurance premiums and the prepayment of subsequent installments. In the United States, automobile insurers are generally required to participate in various involuntary residual market pools and assigned risk plans that provide automobile insurance coverage to individuals or other entities that are unable to purchase such coverage in the voluntary market. Participation in these pools in most jurisdictions is in proportion to voluntary writings of selected lines of business in those jurisdictions. Marketing and Distribution The company’s strategy focuses on developing and maintaining strong relationships with its independent agents. Insurance Underwriting's products and services are marketed through approximately 3,700 independent agencies. Insurance Services This segment includes various subsidiaries of the company, such as IWS Acquisition Corporation (IWS) and Trinity Warranty Solutions LLC (Trinity). IWS is a licensed motor vehicle service agreement company and is a provider of after-market vehicle protection services distributed by credit unions in 26 states to their members. Trinity is a provider of warranty products and maintenance support to consumers and businesses in the heating, ventilation, air conditioning (HVAC), standby generator, c

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TEV/Sales 0.2x
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