Kingsway Financial To Consolidate Its Canadian Business ...

Kingsway Financial Services has announced that its JEVCO Insurance Company (JEVCO) will assume the assets and liabilities of Kingsway General Insurance Company (KGIC), effective October 1, 2009. Both KGIC and JEVCO are subsidiaries of Kingsway.

JEVCO will be Kingsway's marketing brand in Canada, and all new and renewal business will be written on JEVCO paper as of October 1st. Serge Lavoie continues as president and CEO of the combined Canadian entity, said the company.

Colin Simpson, president and CEO of Kingsway, said: "We believe that JEVCO's 20-year track record of profitability gives us a strong foundation for achieving greater financial stability in our Canadian business portfolio. The consolidation of Kingsway's Canadian business is a key component of our business plan to rebuild Kingsway's reputation and deliver greater value to our shareholders and business partners."

It is expected that the consolidation of Kingsway's Canadian operations will contribute to a reduction in Kingsway's operating expenses. In addition, JEVCO will put even greater focus on the products where it already has proven expertise, such as non-standard automobile, motorcycles, recreational vehicles, and surety, as well as commercial auto and property.

Source: Kingsway Financial To Consolidate Its Canadian Business ...