Toronto-based Kingsway Financial Services Inc. said it will consolidate the operations of Southern United Fire Insurance Co., based in Mobile, Alabama, with Hamilton Risk Management, its subsidiary based in Miami, Florida.
The move comes after Kingsway reported a $17.4 million loss for the third quarter.
The company said that Roberto Espin has been appointed president and chief executive officer at Southern United. Espin will also continue in his current role as president and CEO of Hamilton Risk which operates the insurance subsidiary, U.S. Security Insurance Co.. U.S. Security is a predominantly non-standard automobile insurance carrier licensed in Florida and South Carolina.
The company said that the consolidation of the two companies will enable Hamilton Risk to continue its expansion plans into Southern United’s core profitable states.
Kingsway Financial also named Leslie DiMaggio as vice president, Operational Effectiveness. DiMaggio was formerly the president and CEO of Southern United. In her new group role, DiMaggio will work with operating subsidiaries to derive operational efficiencies and cost containment and reduction measures throughout the Kingsway group of companies.
Kingsway Financial Services Inc. is one of the largest non-standard automobile insurers and truck insurers in North America based on A.M. Best data. The company also provides commercial and personal property insurance, motorcycle insurance and other specialty insurance.
Source: Kingsway Financial Services Inc.