Kingsway hosts Analysts & Investors Day

Prices will firm up and standard insurers will tighten underwriting rules, Kingsway Financial Services Inc. president Bill Star says, addressing media and stakeholders at the company’s first annual Analyst & Investor Day. “The result could see more business bypassing standard insurers to the non-standard market,” he adds.

Through the morning, the company’s U.S. and Canadian executives discussed company figures, posting an underwriting profit well ahead of industry averages, which indicate other companies are running at a loss.

The company made headway into the U.S. market just last year but has already amassed heavy premiums South. Standard insurers tightening the rules will bode well for the company, which specializes its business in non-standard auto — 53% of their total premium volume. “We have a very disciplined operating strategy. We focus on the good risks within niche markets, ensure positive underwriting margins, refuse to sacrifice underwriting profitability, terminate unprofitable lines quickly and make acquisitions that enhance shareholder value,” notes Star.

The acquisition of U.S.-based Walshire Assurance provides Kingsway with licenses in 40 states. The company indicates it’ll expand into ten new states in the coming year. Star says Kingsway will prioritize merging product offerings to ensure niche lines are available through all subsidiaries.