Kingsway Financial's newest board member ready to make changes

By Lisa Kerner

Charlotte, N.C., April 28 - Joseph Stilwell, elected to the board of Kingsway Financial Services Inc. on Thursday, said he will work with the company's new chief executive officer, Colin Simpson, and current board members to achieve certain goals.

According to a schedule 13D/A filed on Tuesday with the Securities and Exchange Commission, Stilwell believes that to maximize shareholder value and lower risk, Kingsway should be a non-standard auto insurer and sell or run off all other businesses and use the proceeds to repurchase its public debt securities and common shares.

Stilwell and affiliates beneficially own 5,425,000 shares, or 9.9%, of the Mississauga, Ont., property and casualty insurance company's outstanding stock.

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