Kingsway Financial Services has reported a net loss of $18.5m or loss of $0.36 per share, for the second quarter of 2010, compared to a net loss of $38.4m, or loss of $0.70 per share for the same quarter in 2009.
The gross premiums written for the second quarter of 2010 were $58.9m compared to $86.7m for the same period last year.
The company’s investment income was $11.7m for the quarter compared to $11m for the same quarter prior year.
The company posted a loss of $2.2m on the disposal of Jevco Insurance Company generated by the disposition of property below carrying value.
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.