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Legal action against Kingsway
- By ILS corp
- Published 11/19/2009
- ILSTV Stories
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Kingsway donated all of its holdings in Walshire General Assurance - sole shareholder of Lincoln General Insurance - to a number of charities last month, removing Lincoln General from Kingsway's stable of companies.
But the Pennsylvania Department of Insurance announced it planned to pursue legal action to unwind the donations because it did not approve the October 19 deal. The department contends the change in control without approval violates Pennsylvania law.
Kingsway says the donations were lawfully made and that the department has no legal basis for demanding they be reversed.
Last month, Kingsway, which has endured several quarters of poor financial results as well as a revolt by dissident shareholders, said the divestiture of Walshire would help it meet regulatory and contractual obligations, including servicing a $10-million surplus note facility agreement.
Kingsway, headquartered in Mississauga, Ontario, deals principally in non-standard insurance for individual and businesses in Canada and the United States.
During heavy trading on November 17, the stock was down $1.21 to $1.73 with more than six million shares traded on the Toronto Stock Exchange.
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6 Responses to "Legal action against Kingsway" 
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said this on 16 Mar 2012 5:26:26 AM EDT
It depends on the claim type, and which state you are lnivig in. Most states will allow an insurer to drop you, for 2 or more non-catastrophic claims in three years. Non-cat, means, excluding storms that cause massive damage to lots of houses like hurricane ike. Most storms are NOT cat storms.However. If the weather claims are NOT cat claims, they count against you. Even in states which do not allow homeowners to cancel for claims, the insurance companies can find OTHER legal reasons to cancel you like for having unrepaired damage, or doing inspections and finding other increase in hazard issues.
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said this on 23 Mar 2012 6:15:18 AM EDT
Paki, aunque con retraso, te comunico que todos los que lo solicist teis a trav s de los coemntarios est is admitidos/as
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said this on 29 Mar 2012 4:20:38 AM EDT
Paki, aunque con retraso, te comunico que todos los que lo solicist teis a trav s de los coemntarios est is admitidos/as
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said this on 03 Apr 2012 3:54:14 AM EDT
It depends on the claim type, and which state you are living in. Most states will allow an insurer to drop you, for 2 or more non-catastrophic claims in three years. Non-cat, means, excluding storms that cause massive damage to lots of houses – like hurricane ike. Most storms are NOT cat storms.However. If the weather claims are NOT cat claims, they count against you. Even in states which do not allow homeowners to cancel for claims, the insurance companies can find OTHER legal reasons to cancel you – like for having unrepaired damage, or doing inspections and finding other “increase in hazard” issues.
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said this on 10 Apr 2012 9:36:51 PM EDT
UNlike medical insurance where it is illegal, home owners CAN drop you if you make too many claims. It might sound unfair but for them you are a bad risk, so they can and will drop you. I thought most homewoenrs insurance do NOT cover weather related damages anyway. What kind of damage are you talking about? Flood or tree dow nand hit your car type? Flood is covered by flood insurance, not homewoenrs. And if it’s tree down or hurricane took off your roof, it’s not likely it will happene that many times if at all. If it does, I suggest you move!
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