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Kingsway Announces Restructuring Of Its Insurance Services And Insurance Underwriting Segments

Stocks in this article: KFS

TORONTO, Sept. 17, 2012 /PRNewswire/ - (TSX: KFS, NYSE: KFS) Kingsway Financial Services Inc. ("Kingsway" or the "Company") today announced that it is restructuring its Insurance Services and Insurance Underwriting segments.

"These restructuring changes are intended to create a new leadership team from within the Company's ranks, bring additional talent into the organization, grow the insurance services side of the business, and create the foundation for returning our insurance underwriting operations to profitability" said Larry G. Swets, Jr., Kingsway's President and Chief Executive Officer.

As part of the Insurance Services restructuring, Bradley Diericx will be joining the Company on September 17, 2012 as an Executive Vice President.  Mr. Diericx was most recently with Johnson Lambert LLP ("Johnson Lambert"), an insurance-focused CPA firm, where he was a partner and leader of their Midwest practice.  Prior to his role at Johnson Lambert, Mr. Diericx held executive roles at GE Reinsurance Corporation and the Insurance Corporation of Hannover.

Mr. Diericx will be responsible for the oversight of the Company's Insurance Services segment, which will include the previously announced specialty insurance business the Company intends to acquire.  Kingsway recently received approval from the Florida Office of Insurance Regulation to acquire this specialty insurance business and is now pursuing the remaining state approvals to close the acquisition during the fourth quarter of 2012.

"Brad brings a wealth of insurance industry leadership and knowledge to our team," continued Mr. Swets, "and his connections within the insurance space will help us to enhance and grow our insurance services businesses, including the new opportunities to be presented when we complete the acquisition of the specialty insurance business.  Following completion of that transaction, we expect to pursue a variety of acquisition opportunities as we implement our plans for growth."

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