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Kingsway Financial Services Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 14, 2012 02:23PM
Kingsway Financial Services Inc. (KFS) filed Quarterly Report for the period ended 2012-03-31. Kingsway Finl has a market cap of $33.14 million; its shares were traded at around $0.63 with and P/S ratio of 0.14.
Highlight of Business Operations:The decrease in premiums written and earned is due to significant reductions in premium volumes in the non-standard automobile line of business. Insurance Underwriting has withdrawn from a number of states, increased its rate adequacy in the states where it continues to actively produce business and discontinued unprofitable programs and unaffiliated managing general agent relationships. Furthermore, net premiums written declined by a greater percent than gross premiums written due to a quota share reinsurance arrangement entered into by Amigo for the three months ended March 31, 2012.
The Insurance Services service fee and commission income increased 5.6% to $9.5 million for the three months ended March 31, 2012 compared with $9.0 million for the three months ended March 31, 2011. The Insurance Services operating income increased to $1.7 million for the three months ended March 31, 2012 compared with $1.0 million for the three months ended March 31, 2011. These increases are derived from higher revenues and operating income at ARS which are the result of ARS managing higher premium volumes for the three months ended March 31, 2012 as compared to the three months ended March 31, 2011.
Stocks Discussed: KFS,