Toronto-based Kingsway Financial Services Inc. has obtained approval from the Financial Services Commission of Ontario (FSCO) to implement increased rates and to eliminate certain rating classes for Private Passenger Automobile Business offered by Kingsway General in Ontario.
“I am pleased to report that we have obtained approval for an overall rate increase as well as the elimination of certain classes of business,” Bill Star, president and CEO, said. “The implementation of these changes should enable us to return this product to underwriting profitability and to continue to provide availability of this much needed product in the Ontario market. We would like to thank the FSCO for their cooperation and assistance in completing this process in a timely manner.”
Under the revised rate filing, certain classes of business are eliminated on July 1, 2002 for new business and for renewal business on Aug. 1. In addition, approval has been obtained for an average base rate increase of approximately 8.5 percent across all classes of business that will be effective Sept. 1 for new business and Oct. 1 for renewal business.
Kingsway General does not currently offer policy terms of greater than six months for this product. In the first quarter of 2002, gross premiums written from this product were $12.6 million, or 3 percent of the total of the Kingsway Group.
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