Kingsway files for normal course issuer bid

The Toronto Stock Exchange has accepted a notice filed by Kingsway Financial Services Inc. (TSX:KFS) that states the insurers intention to make a Normal Course Issuer Bid.
The notice provides that Kingsway may during the 12-month period commencing November 8, 2005 and ending November 7, 2006 purchase on the Exchange up to 2,823,000 common shares, being less than 5% of the total number of common shares outstanding.
As at October 26, 2005, 56,475,121 common shares were issued and outstanding. The price, which Kingsway will pay for any such shares, will be the market price at the time of acquisition. The actual number of common shares that may be purchased pursuant to the Bid and the timing of any such purchases will be determined by management of Kingsway. All common shares purchased pursuant to the Bid will be cancelled.
Kingsway says that its common shares have been trading in a price range that does not adequately reflect the value of such shares in relation to the business of Kingsway and its future business prospects. The purchases are expected to benefit all common share holders by increasing their equity interest in Kingsway.