What’s New: In Brief (November 12, 2007)

Kingsway Financial Services Inc. has issued a statement clarifying and correcting certain remarks made in the course of a conference call regarding the companys 2007 Q3 statements held on Nov. 8, 2007.
During the conference call, statements were made which could imply that the estimated adverse reserve development at Lincoln General has been primarily driven by industry factors rather than Lincoln’s data, which was not the case, Kingsway said in the statement.
For 2007 Q3, the company engaged an independent actuary to provide a review of reserve adequacy, the company noted.
The assumptions used in this review were consistent with assumptions used in the review for the prior quarter, the releases states. The results of this review and the assumptions used in preparing same were “rolled forward” to determine their estimated point as at Sept. 30, 2007.
Kingsway said its policy which it followed for 2007 Q3 is to set the reserves at each of its insurance subsidiaries at the end of each fiscal year at or above the point estimate indicated by the independent actuary.
During the conference call, the company’s president stated that the reserves estimated by the chief actuary for U.S. operations for the company’s Lincoln General subsidiary was slightly less than or very close to the unpaid claim liabilities estimated by the independent actuary and that the independent actuary’s estimate was slightly higher, Kingsway stated in its release. These statements were not correct and require clarification.

Blue Goose Ontario and Most Loyal Gander Chris Giffin are welcoming people to attend 2007s hottest Christmas party of the insurance industry.
The so-called Galabration will be held on Wednesday, Nov. 28, 2007, at The Boiler House, a cultural, culinary and entertainment destination in Torontos famed Distillery District. The Boiler Houses award winning design includes a 22-foot wine rack, intimate private rooms and hand-crafted, heavy timber tables.
The Blue Goose Galabration is the perfect time to impress a loved one or special client, the organization notes in a statement.
The ticket price of Cdn$125 per person includes wine with dinner, hors d’oeuvres during the cocktail reception, live entertainment by Terri Oliver and her band, Shugga, dancing and fellowship!
Those interested in attending can RSVP to tcoemtzis@giffinkoerth.com and lmalwyn@cl-na.com. Maximum capacity is 194 people and so organizers are expecting to sell out quickly.