Kingsway Financial Services Inc KFS

Financial Services Insurance - Property & Casualty

Kingsway Financial Services Inc. is a holding company that owns or controls subsidiaries primarily in the extended warranty and business services industries. Its segments include Extended Warranty and Kingsway Search Xcelerator. It serves the extended warranty industry through its subsidiaries, IWS Acquisition Corporation (IWS), Penn Warranty, Preferred Warranties and Trinity Warranty Solutions. IWS is a licensed motor vehicle service agreement company and is a provider of after-market vehicle protection services distributed by credit unions in approximately 24 states and the District of Columbia to their members, with customers in all 50 states. It serves the business services industry through its subsidiaries, CSuite Financial Partners, LLC (CSuite), Ravix Group, Inc., Secure Nursing Service, SPI Software, Digital Diagnostics, Inc., and Image Solutions LLC. CSuite is a professional services firm that provides experienced chief financial officers and other finance professionals.

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Kingsway Financial Services Inc

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Post by CanMan17on Apr 30, 2010 11:25am

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Post# 17048679

A.M. Best Withdraws Negative Lincoln Ratings

A.M. Best Withdraws Ratings of Lincoln General Insurance Company

OLDWICK, N.J., Apr 30, 2010 (BUSINESS WIRE)

A.M. Best Co. has affirmed the financial strength rating (FSR) of D (Poor) and issuer credit rating (ICR) of "c" of Lincoln General Insurance Company (Lincoln) (York, PA). The outlook for both ratings is negative. Concurrently, A.M. Best has withdrawn the ratings at the company's request and assigned an NR-4 to the FSR and an "nr" to the ICR.

On April 1, 2010, the Commonwealth Court of Pennsylvania ruled that the disposition of Lincoln by Kingsway Financial Services Inc. (KFSI) (Mississauga, Ontario) [NYSE/TSX: KFS] in October 2009 was legal. Accordingly, A.M. Best no longer evaluates Lincoln as a member of KFSI.

Currently, A.M. Best is unaware of any appeal of the court decision by the State Insurance Department of Pennsylvania. However, if there is an appeal and should the original decision be overturned, A.M. Best would evaluate Lincoln as a member of KFSI.

For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

SOURCE: A.M. Best Company