Kingsway Financial Services Inc. says that A.M. Best has reaffirmed the financial strength ratings of its subsidiaries.
A.M. Best further commented that the affirmation of the ratings is due to Kingsway Financial’s continued financial support and its subsidiaries improved capital position offset by A.M. Best’s concerns about strong growth in certain of its subsidiaries and potential for inadequate loss reserves.
“We are pleased that our largest insurance company, Lincoln General, had its A- (Excellent) rating affirmed,” said Bill Star, president and CEO, in a release issued Friday. “Our insurance companies are well capitalized and we continue to strengthen our reserves and capital position. We are optimistic that our improving performance will be viewed favourably by A.M. Best in the future.”
The companies subsidiaries include Kingsway General Insurance Co., York Fire & Casualty Insurance Co. and Jevco Insurance Co. U.S. subsidiaries include Universal Casualty Co., American Service Insurance Co., Southern United Fire Insurance Co., Lincoln General Insurance Co., U.S. Security Insurance Co., American Country Insurance Co. and Avalon Risk Management, Inc.