Kingsway Financial Services Inc. is reporting record financial results for the quarter and year ended Dec. 31, 2001.

Kingsway, whose main business is insuring vehicles for drivers considered too risky by standard automobile insurers, said net income for the fourth quarter was $10 million, or 23¢ a share. That compares with $7.4 million or 22¢ a share, in the corresponding period last year.

Net premiums written in the quarter increased to $275 million compared with $162 million last year.

Revenue was $297.6 million, up from $165.8 million.

“I am extremely pleased to report record earnings for the fourth quarter and for 2001”, said Bill Star, president and CEO. “In 2001 we reported record earnings for each quarter, producing an underwriting profit for the year which is particularly satisfying given the deteriorating results of our industry in Canada and the United States. We have built a strong foundation on which to profitably grow the company in these times of opportunity. We accomplished a great deal in 2001, and I look forward to 2002 with optimism and the expectation of continued growth and increased profitability.”