Source: The Canadian Press
Kingsway Financial Services Inc. has managed to halve its second-quarter losses to US$18.5 million.
The Toronto-area company (TSX:KFS), which reports in U.S. currency, said the loss amounted to or 36 cents per share.
That compares to a deeper US$38.4 million loss, or 70 cents per share, a year ago.
Kingsway has spent the past year tightening and reworking its operations to focus on non-standard automobile insurance in the United States for drivers who don’t qualify for conventional insurance.
In the first quarter, the company had sold its Jevco Insurance Co., which contributed a US$2.2 million loss to the second quarter.
All in all, the company said it faced US$1.2 million in restructuring charges during the three month period ended June 30.
Kingsway also booked an underwriting loss of US$20 million on its insurance business, and its corporate division posted a US$4.5 million profit.
Kingsway Financial halves second quarter losses to US$18.5 million
Toronto company has tightened its operations
- By: Canadian Press
- August 13, 2010 August 13, 2010
- 07:50