Kingsway Financial Services has reported a net loss of $4.9m or loss of $0.09 per share, for the second quarter of 2011, compared to a net loss of $23.3m, or loss of $0.45 per share for the same quarter in 2010.
Revenues for the quarter increased to $59.14m from $57.55m in the prior year quarter.
The gross premiums written for the second quarter of 2011 were $31.9m compared to $50.2m for the same period last year.
The company’s investment income was $11.5m for the quarter, compared to $26.5 for the same quarter prior year.
Kingsway financial services is a non-standard automobile insurer in the US. The company’s primary businesses are the insuring of automobile risks for drivers.
It operates through wholly-owned insurance subsidiaries in the US which it is currently consolidating into three operating units.