Kingsway Financial Posts Q3 Profit as Continuing Operations Improve
In the third quarter capital review for net income that has about five cents per share in profitability. An insurance company in the Toronto has reported took in less revenue from premiums but did better on underwriting losses, investments and continuing operations. And it also recorded $17.8 million gain from its consolidation of KLROC Trust, which it now controls. The Kingsway was reorganized and narrowed in the business.
The company’s strategy when it happen drops in revenue reflects of discontinuing unprofitable lines of business. Some of company gets focus for insurance in the United States only. Similar, but it also non-standard auto policies in Ontario was insurance for commercial truckers in the United States.
The Kingsway was posted a loss of $118.1 million or $2.19 per share, including $28.7 million with losses from its continuing operations in the third quarter of 2009. In the same day, company also posted a loss in the second quarter of 2010 but was profitable in the first quarter. In the third quarter, a Gross premium was written about 24 percent from a year earlier to $62.8 million from $82.8 million. In the fact, $300,000 from investment income and $6.4 million from realized investment gains.