Kingsway Financial withdraws its S&P and DBRS ratings

    TORONTO, June 5 /CNW/ - (TSX:KFS, NYSE:  KFS) Kingsway Financial Services
withdraws its Standard and Poors and DBRS Ratings.
    Kingsway Financial Services announces today that its board has
unanimously authorized management to withdraw ratings provided by Standard and
Poors and by DBRS in connection with its outstanding debt and securities,
including its outstanding debt and units of the Kingsway Limited Return of
Capital Trust. The board has taken this decision as part of its ongoing cost
cutting strategy.

    About the Company

    Kingsway Financial Services Inc. ("Kingsway" or the "Company") 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". 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".

    Forward-Looking Statements

    This press release includes forward-looking statements that are subject
to risks and uncertainties. These statements relate to future events or future
performance and reflect management's current expectations and assumptions. The
words "anticipate", "expect", "believe", "may", "should", "estimate",
"project", "intend", "forecast" or similar words are used to identify such
forward-looking information. Such forward-looking statements reflect
management's current beliefs and are based on information currently available
to management of Kingsway. A number of factors could cause actual events,
performance or results to differ materially from the events, performance and
results discussed in the forward-looking statements. For information
identifying important factors that could cause actual results to differ
materially from those anticipated in the forward-looking statements, see
Kingsway's securities filings, including its 2008 Annual Report under the
heading Risk Factors in the Management's Discussion and Analysis section. The
securities filings can be accessed on the Canadian Securities Administrators'
website at, and on the EDGAR section of the U.S. Securities and
Exchange Commission's website at or through Kingsway's website at Kingsway disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.

    %SEDAR: 00003152E          %CIK: 0001072627

For further information:

For further information: Kathleen Howie, Vice President, General Counsel
& Corporate Secretary, Tel: (905) 677-8889; Fax: (905) 677-5008, Web Site:

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