Source: The Canadian Press

Kingsway Financial Services Inc. (TSX:KFS) says it has decided to change external audit firms, replacing KPMG LLP with BDO USA.

It didn’t give a reason for the switch.

Kingsway said KPMG had made no reservations on the Kingsway financial statements for the two most recently completed financial years. Also, there were no “reportable events” between Kingsway and the audit firm, which suggests there were no significant problems with Kingsway’s books.

Kingsway has changed its business strategy over the past few years under new management and is currently focused on insuring automobiles for drivers who do not meet the criteria for coverage by standard automobile insurers.

The company previously had a broader mandate, including insurance for commercial truck drivers in the United States and high-risk car drivers in Canada.

The company’s Canadian business adopted the Jevco brand last year and Jevco Insurance Co. was sold early this year to Westaim Corp. (TSX:WED).