Kingsway to take over AXA Canada’s fleet business

TORONTO (May 22, 2000) Ð The insurance arm of Kingsway Financial Services Inc. has acquired the renewal rights for the truck-fleet business of AXA Canada. Financial terms were not disclosed. Existing AXA brokers will have access to the coverages offered by Kingsway General, and Kingsway General will pay an overriding commission to AXA based on the amount of business that Kingsway retains.

The business, comprised of 10 or more vehicles, produced annual premiums in 1999 of $23 million. AXA Canada announced earlier this year that it would no longer insure truck fleets beginning July 1, 2000. Kingsway reported that its premiums from long-haul trucking and other commercial automobile classes were $85.9 million in 1999, approximately 17% of total premiums written.

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