Canadian Underwriter

Kingsway gains debt funding through banking syndicate

June 3, 2002   by Canadian Underwriter

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Specialty risks auto insurer Kingsway Financial Services Inc. (TSE: KFS) has received a $66.5 million credit facility from a banking syndicate consisting of Canadian Imperial Bank of Commerce (CIBC), LaSalle Bank National Association and HSBC Bank Canada. The insurer says the debt funds will be used for "general corporate purposes". Toronto-based debt rating agency, DBRS, assigned a BBB "with a stable trend" rating to Kingsway, noting that the company’s balance-sheet is acceptable.

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