Kingsway appoints David H. Atkins as non-executive Chairman

    TORONTO, Jan. 14 /CNW/ - (TSX:KFS, NYSE:  KFS) Kingsway Financial Services
Inc. ("Kingsway") today announced the resignation for health reasons of F.
Michael Walsh as non-executive Chairman of the Board of Directors. Mr. Walsh
will continue as a Director of Kingsway. The Directors of the Company have
unanimously elected David H. Atkins to the position of non-executive Chairman
of Kingsway effective immediately.
    Mr. Atkins stated: "Michael Walsh, having served the Company very ably
for many years, has decided to step down as Chairman. He has presided over the
recent transformation of the Company, involving changes in management,
management practices and business operations. Our thanks go to him and we are
delighted that he has decided to remain on the Board."
    Mr. Atkins has been a Director of Kingsway since June 1999 and the Chair
of the Audit Committee for nine years. Mr. Atkins is a graduate in law from
Oxford University and a Fellow of the Institute of Chartered Accountants of
Ontario. Mr. Atkins was previously involved with Lang Michener's Corporate
Insurance Group as a Senior Advisor and prior to that was the Senior Partner
of Coopers & Lybrand's financial services practice. Mr. Atkins is currently
the Chairman of the Swiss Reinsurance group in Canada and has several other
directorships of publicly listed companies. Mr. Atkins has been involved in a
significant number of high profile and complex acquisitions, mergers, and
corporate conversions. He has consulted to financial agencies on reporting
under Canadian, U.S., and international accounting standards and has advised
governments on commercialization and privatization of their insurance
    "I am pleased that the Board has elected and David has agreed to serve as
non-executive Chairman of Kingsway", said W. Shaun Jackson, President and
Chief Executive Officer. "David has provided leadership and guidance to the
Board and Management in his role as a Director and Chair of the Audit
Committee. Michael's decision to continue as a director is very positive for
the Company. He has made a very valuable contribution over the years,
especially during these current challenging economic times. I look forward to
continuing to work with David and the other members of the Board as Kingsway
continues to implement its change program to return the Company to
underwriting profitability."

    About the Company

    Kingsway Financial Services Inc. is one of the largest non-standard
automobile insurers and truck insurers in North America based on A.M. Best
data that we have compiled. Kingsway's primary business is the insuring of
automobile risks for drivers who do not meet the criteria for coverage by
standard automobile insurers and trucking insurance. The Company currently
operates through eleven wholly-owned insurance subsidiaries in Canada and the
U.S. Canadian subsidiaries include Kingsway General Insurance Company and
Jevco Insurance Company. U.S. subsidiaries include Universal Casualty Company,
American Service Insurance Company, Southern United Fire Insurance Company,
Lincoln General Insurance Company, U.S. Security Insurance Company, American
Country Insurance Company, Zephyr Insurance Company, Mendota Insurance Company
and Mendakota Insurance Company. 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:

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