May 16, 2003 by Canadian Underwriter
Kingsway Financial Services Inc. (TSX: KFS) has completed the placement of US$17.5 million in 30-year floating rate trust preferred securities. The net proceed to the company will be about US$17 million. Kingsway says that the funds raised will be used as supporting capital in growing the companies various operations. The proceeds may also be used for repayment of existing credit facilities, the insurer notes.