Kingsway Consolidates Reporting Structure; James Zuhlke Resigns Post

January 14, 2004

Canada’s Kingsway Financial announced the consolidation of the reporting structures of both its U.S. and Canadian operations through the Toronto based holding company.

Effective immediately the presidents of all U.S. Subsidiaries will report directly to President and CEO Bill Star. “As a result of this restructuring, Mr. James Zuhlke has decided to tender his resignation as an officer and director and will pursue other interests,” said the announcement.

“Mr. Zuhlke has been a director of Kingsway Financial since 1989 and President and Chief Executive Officer of Kingsway America since 1998. The Board of Directors would like to thank Mr. Zuhlke for his contributions as a director and executive and wish him success in the future,” it continued.

Brian Williamson has assumed the primary responsibility for the Kingsway America office and has been appointed Vice President and Chief Financial Officer of Kingsway America Inc. Pursuant to the restructuring, his primary responsibility will be the consolidation of the financial reporting for the U.S. subsidiaries. He will report directly to Kingsway Financial.

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