Kingsway Financial Services announced that its board has unanimously authorized management to withdraw ratings provided by Standard and Poors and by DBRS in connection with its outstanding debt and securities, including its outstanding debt and units of the Kingsway Limited Return of Capital Trust.

A news release said that the board has taken this decision as part of its ongoing cost cutting strategy.

Kingsway saw first quarter losses this year that doubled last year’s. The property and casualty insurer has also been divesting non-core business and shuffling management.