Kingsway Financial Services Inc. has sold its 25% equity investment in USA Insurance Group to BISYS Group Inc.

USA Insurance Group, based in Florida, is a managing general agency serving the commercial property and casualty insurance marketplace specializing in commercial automobile lines, primarily commercial trucking, charter buses, limousines and contract school buses.

BISYS paid approximately US$19.6 million in a mix of BISYS stock and cash. Kingsway says the sale will generate a realized gain to Kingsway of approximately US$14.3 million.

The after tax benefit from the sale is expected to be approximately US$9.4 million, which will be included in Kingsway’s results for the fourth quarter of 2003.