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Kingsway Financial Services Inc. Message Board

  • grim_reaper_666_arrived grim_reaper_666_arrived Sep 17, 2009 3:37 PM Flag

    Rumors have it that .......

    Kingsway will shut down all commercial lines business.

    Probably makes sense, they should focus all their attention on personal lines. They can't seem to get the commercial lines straight.

    For those who don't know, insurance claims take years to settle, not months.

    Hence this is why the "reserve" changes years later.

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    • Why the consolidation of Kingsway General & Jevco in Canada? Is that a corporate accounting manuever related

    • It's not a rumor. They let go of the entire Elk Grove CL team on Weds keeping only a handful of key individuals to handle the runoff.

      The Zephyr sale was their only chance of making payroll over the next few weeks. Post-it notes are a commodity in this company. There are buffoons at every.single.level of this organization.

      Why the run-up in stock price? Does anyone really think the quarterly report will be any better this time around? Please listen to the next investor call and listen to the evasive monkey-a*s responses to the investor questions.

      And beware the ficticious assets on this company's books. Not only do they have no idea what their reserves should be, they have absolutly no idea what their true receivables are. Not a clue. They don't even have a process to non-admit >90 day receiveables - I can vouch for this. Guys, if I were you I would NOT be signing off on those quarterly/annual reports.

      Don't even get me started on the veil that is Avalon.

      • 1 Reply to inkyboo1
      • Could anyone care to tell me what are those ficticious assets on this company's books referred to by the previous post? Please be a little bit specific, general observations and guesses are not welcome. Are there any real assets still left? I thought they still have lots of assets on the books according to their last Qrtly report.

    • Trust me, they have no clue about personal lines either.

 
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