Kingsway to sell US$15 million in securities

Kingsway Financial Services Inc.’s (TSX: KFS) U.S. arm, Kingsway America Inc., says that last Thursday it executed an agreement for the private sale of US$15 million (Cdn$23.6 million) in 30-year floating rate trust preferred securities. The securities are issued by a financing subsidiary formed by Kingsway America, which has the right to call the securities at par after five years. The placement is expected to close December 4, 2002.The proceeds will be used to increase the capital of Kingsway’s U.S. insurance subsidiaries,” states a Kingsway release.