Fourth-quarter profit doubled at specialty insurer Kingsway Financial Services Inc., as underwriting surged in both Canada and the United States.

The insurer said today that net income was $36.3 million, or 64¢ a share, in the quarter, up from $18 million, or 32¢ a share, in the year-earlier period.

Kingsway also said it was initiating a quarterly dividend of 5¢ per share.

Revenue was $584.5 million in the quarter, down from $668 million.

Gross premiums written were $579 million, compared with $651.6 million in the year-before quarter, while underwriting profit in the quarter was $9.8 million, compared with a loss of $34.3 million.

Claims incurred fell to $396.9 million from $484.7 million.

Return on equity on an annualized basis was 18.2% compared with 10.1% last year.

With most of its operations in the United States, the insurer said it will report future results in U.S. dollars.

Kingsway shares closed Thursday up 44¢, or 2.23%, at $19.75.