Kingsway Names Two Execs, Private Placement Raises $10 Million

October 3, 2003

William G. Star, President & CEO of Toronto based truck and non-standard auto insurer Kingsway Financial Services Inc., announced the appointments of John McGlynn as President and CEO of Kingsway General Insurance Company and Roger Beck as President and CEO of American Country Insurance Company.

“Mr. McGlynn brings over 20 years of insurance experience to his new position. Most recently he was Vice President, Finance of Kingsway Financial Services Inc. Prior to joining Kingsway, Mr. McGlynn was President & Chief Operating Officer of an Ontario based property and casualty insurer and held various executive positions within the property and casualty industry in Canada, the United States and Europe,” said the bulletin.

“Mr. Beck brings over 15 years of insurance experience to his new role at American Country. Most recently Mr. Beck was Vice President of Lincoln General responsible for pricing and audit,” the announcement continued. “Prior to joining Lincoln General, Mr. Beck held various managerial positions in marketing, underwriting, pricing and product management with major U.S. based property and casualty insurers.”

Starr commented, “I am pleased to announce these well deserved promotions for John and Roger. I am confident that they will bring their extensive knowledge, expertise and leadership skills to their new roles. It is particularly pleasing to be able to announce these internal promotions from within the Kingsway group, recognizing the depth of executive talent at our disposal.”

In a separate bulletin Kingsway announced “the completion of a private placement of trust preferred securities of approximately US$10 million in 30-year floating rate trust preferred securities, with net proceeds of approximately US$9.7 million. The net proceeds of the offering will be used to provide additional capital to Kingsway’s subsidiaries to support the growth of our business and for general corporate purposes, which may include the repayment of existing credit facilities.”

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