KINGSWAY ADDS TO Q3 RESERVES, DELAYING OFFERING

Canadian non-standard motor insurer Kingsway Financial Services has announced that its third-quarter net income will be reduced by C$20m owing to an addition for reserves for unpaid claims by its Kingsway General subsidiary. Analysts had expected the group to post earnings of C$25m for the period. The reserves are related to the unit’s non-standard motor business in Alberta, commercial motor business in Ontario and its trucking lines. The company also said that it was postponing a previously announced US$50m offering of trust preferred securities until at least October 20, when it reports quarterly earnings. Kingsway also revealed that it has terminated talks for the acquisition of an unnamed US insurer, and that it is not engaged in any discussions for any other acquisition.