Kingsway Financial Services says its first quarter profit jumped 77% thanks to strong performance by its U.S. operations.

The insurer of high-risk drivers says net income was $16.3 million, or 33¢ a share, for the quarter ended March 31. That’s up from $9.2 million, or 27¢ a share, in the corresponding period last year.

The company says that In the first quarter last year amortization of goodwill reduced earnings per share by 4¢.

Net premiums written in the quarter increased 93% to $400.3 million from $207 million a year ago and revenue rose to $327.9 million, from $177.6 million.

Return on equity was 11.9%, down from 13.1% in the previous year.

Diluted and basic earnings per share increased to 33 cents for the quarter, compared to 27 cents for the first quarter of 2001. Earnings per share increased by 22% in the quarter on 43% more shares outstanding compared to the same quarter last year..

“The continued growth in revenue and profit is very pleasing”, said Bill Star, president and CEO. “We are off to a very positive start to the year, particularly from our U.S. operations which now represent three-quarters of our business. We continue to see exceptional opportunities for profitable growth in the United States and an improvement in market conditions in Canada.”