(August 28 – 10:15 ET) – Queensway Financial Holdings Ltd. today reported second-quarter net income of $1.7 million, or 5¢ a share, versus a year-earlier loss of $21.8 million or $1.80.

“We are beginning to see the results of our efforts to reorganize and refocus our companies into fewer, more efficient operations,” said Jim Petcoff, president and CEO. “As we continue through 2000 our focus remains on two main goals: 1) Re-financing our corporate debt and funding our future growth; and 2) continuing to execute operating and underwriting improvements to increase profits from operations.”

Queensway is a specialty insurance group that provides a range of individual and commercial insurance products.

-IE Staff