Kingsway Financial Services Inc. has entered into a $66.5 million unsecured credit facility with a syndicate of three banks, including Canadian Imperial Bank of Commerce, LaSalle Bank National Association and HSBC Bank Canada. The facility is a revolving credit facility, which will be used for general corporate purposes.

DBRS has assigned an initial corporate debt rating for the company of BBB with a “stable” trend.

“Through a combination of strong organic growth and acquisitions, Kingsway has built up reasonable market share in its targeted business lines in recent years and the Company’s historical results support its strong commitment to stringent underwriting”, says DBRS.

The investment mix is conservative, says DBRS, and although the rated debt is issued at the holding company level, the balance sheet overall is acceptable.