Kingsway Re-opens Note Offering

March 15, 2004

Canada’s Kingsway Financial Services Inc. announced that Kingsway America Inc., its wholly owned subsidiary, agreed to sell an additional U.S.$25 million of 7.50 percent Senior Notes due 2014, fully and unconditionally guaranteed by Kingsway Financial, in a private offering, subject to market and other customary conditions.

Canada’s Kingsway Financial Services Inc. announced that Kingsway America Inc., its wholly owned subsidiary, agreed to sell an additional U.S.$25 million of 7.50 percent Senior Notes due 2014, fully and unconditionally guaranteed by Kingsway Financial, in a private offering, subject to market and other customary conditions.

“The notes to be issued will be of the same series of securities as the U.S.$100 million Senior Notes issued on January 28, 2004. The price to investors will be 100.663 percent of the face amount of the notes, and interest will accrue from January 28, 2004, the initial date of issuance of the Senior Notes,” said the bulletin.

“The notes will be redeemable at Kingsway America’s option on or after February 1, 2009. Kingsway America intends to use the net proceeds to repay short-term bank indebtedness.”

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