A.M. Best Takes Various Rating Actions on Kingsway Financial Subsidiaries.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength ratings of the U.S. and Canadian subsidiaries of Kingsway Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Inc.'s (KFSI) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , NYSE NYSE See: New York Stock Exchange : KFS KFS Klippel-Feil Syndrome KFS Key Factor for Success KFS Knife, Fork, Spoon (piece of military kit carried on web belt) KFS Keane Federal Systems, Inc. KFS Kaiser-Friedrich-Straße ). (See listing below.) A.M. Best has also affirmed the financial strength rating of A- (Excellent) of KFSI's captive reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. , Kingsway Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. (Bermuda) Ltd. (KRL KRL - Knowledge Representation Language. A frame-based language. ["An Overview of KRL, a Knowledge Representation Language", D.G. Bobrow and T. Winograd, Cognitive Sci 1:1 (1977)]. ) (Bermuda). Concurrently, A.M. Best has affirmed the debt rating of "bbb-" of KFSI's CAD78 million 8.25% senior debentures, due 2007. The outlook on all ratings remains negative. The affirmation of the ratings is due to KFSI's continued financial support and the subsidiaries' improved capital positions. The overall premium growth rate has shown a marked reduction. Additionally, KFSI has entered into two new quota share For This article is about quota shares (shares of the quota). For other usages of quota, see, see . A quota share is a specified number or percentage of the allotment as a whole (quota), that is prescribed to each individual entity (see Non-tariff barriers to trade). treaties providing its Canadian subsidiaries and Lincoln General Insurance Company (Pennsylvania) with much needed surplus relief and protection. However, A.M. Best remains concerned about the continued strong growth in some of the individual companies within the Kingsway group and the potential for inadequate loss reserves. A.M. Best will continue to monitor the progress of each of the KFSI insurance companies as they continue to improve upon capital adequacy and operating performance through controlled growth, disciplined and conservative reserving and underwriting, efficient expense management and prudent investing practices. The financial strength ratings of A- (Excellent) have been affirmed with a negative outlook for the following subsidiaries of Kingsway Financial Services Inc.: --Lincoln General Insurance Company --Universal Casualty Company --JEVCO Insurance Company --Kingsway Reinsurance (Bermuda) Ltd. The financial strength ratings of B++ (Very Good) have been affirmed with a negative outlook for the following U.S. and Canadian property/casualty subsidiaries of Kingsway Financial Services Inc.: --American Service Insurance Company, Inc. --Kingsway General Insurance Company --York Fire & Casualty Insurance Company The financial strength ratings of B+ (Very Good) have been affirmed with a negative outlook for the following U.S. property/casualty subsidiaries of Kingsway Financial Services Inc.: --American Country Insurance Company --Southern United Fire Insurance Company The financial strength rating of B (Fair) has been affirmed with a negative outlook for Kingsway Financial Services Inc.'s, U.S. property/casualty subsidiary, U.S. Security Insurance Company Inc. The following debt rating has been affirmed with a negative outlook: Kingsway Financial Services Inc. -- --"bbb-" on CAD78 million 8.25% senior debentures, due 2007 For current Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. and independent data on the captive and alternative insurance market, please visit http://www.ambest.com/captive/. For current Best's Ratings, independent data and analysis on more than 470 reinsurance companies, please visit http://www.ambest.com/reinsurance/. For a list of A.M. Best's Debt Ratings, please visit http://www.ambest.com/debtratings/. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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