TORONTO, April 23 /CNW/ - Kingsway Financial Services Inc. (TSX:KFS,
NYSE: KFS) announced today that it has appointed Colin Simpson as President and
Chief Executive Officer, effective immediately. Mr. Simpson was previously the
Chief Operating Officer and executive in charge of the Company's
transformation program. At the Annual General Meeting of Shareholders held
today, Bill Andrus, Robert Cassels, Peter Copestake, Walter E. Farnam, Terry
Kavanagh, J. Brian Reeve, Spencer L. Schneider, Jack Sullivan and Larry J.
Swets were elected as directors. Mr. Swets had originally been appointed to
the Board as a nominee of the Stilwell Group. Immediately after the Annual
Meeting, Mr. Swets tendered his resignation as a Director. Joseph Stilwell,
principal of the Stilwell Group, was today appointed as a director of Kingsway
in Mr. Swets' place. In addition the Board today has elected a new Chair,
Spencer L. Schneider.
Mr. Schneider commented, "The appointment of Mr. Simpson as President and
CEO demonstrates our commitment to continue the execution of the
transformation program previously announced and increase shareholder value by
returning to consistent profitability."
About the Company
Kingsway Financial Services Inc. ("Kingsway") is a leading non-standard
automobile insurer and commercial automobile insurer in North America.
Kingsway's 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. The Company also operates reinsurance subsidiaries in
Barbados and Bermuda. The common shares of Kingsway Financial Services Inc.
are listed on the Toronto Stock Exchange and the New York Stock Exchange,
under the trading symbol "KFS".
%SEDAR: 00003152E %CIK: 0001072627
For further information:
For further information: Shelly Gobin, Senior Vice President and Chief
Financial Officer, Tel: (905) 677-8889, Fax: (905) 677-5008, Web Site: