Mississauga, Ont.-based Kingsway Financial Services’ board has unanimously authorized management to withdraw ratings provided by Standard and Poors Corp. and DBRS in connection with its outstanding debt and securities.
The board has taken this decision as part of its ongoing cost-cutting strategy. Beleaguered Kingsway is a non-standard automobile insurer and commercial automobile insurer in North America. Its primary businesses are the insuring of automobile risks for drivers who do not meet the criteria for coverage by standard automobile insurers and commercial automobile insurance.
The company operates through wholly-owned insurance subsidiaries in Canada and the U.S., which it is currently consolidating into three operating units to reduce overhead and strengthen its competitive position. Kingsway also operates reinsurance subsidiaries in Barbados and Bermuda.