(August 8 – 14:15 ET) – Auto insurer Kingsway Financial Services Inc. is reporting improved results for the second quarter ended June 30.
Kingsway said net income was $7.2 million, compared to $3.2 million in the first quarter and $9.7 million reported in the same quarter last year. Earnings per share were 21¢ in the second quarter, compared with 27¢ reported last year.
During the second quarter, gross premiums written were a record $172 million, an increase of 24% over last year. The company said most of the growth came from its core “non-standard” automobile markets in Canada and the southern United States.
“I am pleased to report a significant improvement in earnings over the previous quarter,” Bill Star, president and CEO said in a statement. “With the substantial growth in written premiums and increased rate levels in many of our business lines, we expect continuing improvements in earnings during the second half of the year.”
Total assets at June 30, grew 5% to $1.12 billion, compared to $1.07 billion at the end of 1999. Kingsway’s return on equity was 11.5%.
-IE Staff