Kingsway Financial Services Inc. announces Normal Course Issuer Bid

    TORONTO, Nov. 9 /CNW/ - Kingsway Financial Services Inc. ("Kingsway")
announced today that The Toronto Stock Exchange (the "Exchange") has accepted
a notice filed by Kingsway of its intention to make a Normal Course Issuer Bid
(the "Bid").
    The notice provides that Kingsway may, during the 12 month period
commencing November 13, 2007 and ending November 12, 2008, purchase on the
Exchange up to 2,780,000 common shares, being less than five percent (5%) of
the total number of common shares outstanding. As at November 1, 2007,
55,631,094 common shares were issued and outstanding. The price which Kingsway
will pay for any such shares will be the market price at the time of
acquisition. The actual number of common shares which may be purchased
pursuant to the Bid and the timing of any such purchases will be determined by
management of Kingsway. The average daily trading volume of common shares for
the most recently completed six calendar months is 167,418. All common shares
purchased pursuant to the Bid will be cancelled.
    Kingsway purchased 563,600 common shares during the twelve months
preceding the date of the notice at an average price of C$23.01. All of such
shares were purchased for cancellation.
    Kingsway believes that its common shares have been trading in a price
range which does not adequately reflect the value of such shares in relation
to the business of Kingsway and its future business prospects. As a result,
depending upon future price movements and other factors, Kingsway believes
that its outstanding common shares may represent an attractive investment to
Kingsway. Furthermore, the purchases are expected to benefit all persons who
continue to hold common shares by increasing their equity interest in

    Kingsway Financial Services Inc. is one of the largest truck insurers and
non-standard automobile insurers in North America based on A.M. Best data that
we have compiled. Kingsway's primary business is trucking insurance and the
insuring of automobile risks for drivers who do not meet the criteria for
coverage by standard automobile insurers. The Company currently operates
through thirteen wholly-owned insurance subsidiaries in Canada and the U.S.
Canadian subsidiaries include Kingsway General Insurance Company, York Fire &
Casualty 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, Mendakota Insurance Company and
Avalon Risk Management, Inc. 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: W. Shaun Jackson, Executive Vice President and
Chief Financial Officer, Tel: (905) 629-7888, Fax: (905) 629-5008, Web Site:

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