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Kingsway said that this is a further step in its strategic plan to ensure that synergies, cost reduction and operational efficiencies are achieved within the US operations and underperforming business is decisively addressed.
Roberto Espin has been appointed as the new president and CEO at Southern United. Mr Espin will also continue in his current role as the president and CEO of Hamilton Risk which operates the insurance subsidiary, US Security Insurance Company. The consolidation of the two companies will enable Hamilton Risk to continue its expansion plans into Southern United's core profitable states, according to Kingsway.
At Kingsway Financial, Leslie DiMaggio has been appointed as the new vice president of operational effectiveness. Ms DiMaggio was formerly the president and CEO of Southern United.
In her new group role, she will be responsible for ensuring the development and implementation of operational projects in a cost effective manner. Ms DiMaggio will work with operating subsidiaries to derive operational efficiencies and cost containment and reduction measures throughout the Kingsway group of companies. She will report to Dennis Fielding, senior vice president and chief administration officer.
Shaun Jackson, president and CEO of Kingsway Financial, said: "Roberto and his team will be reviewing the operational and financial performance of Southern United in each of the states where it operates to ensure that only profitable business is retained going forward. The combined entity should benefit from a lower expense ratio.
"Leslie's new role is very important to ensure that Kingsway successfully implements information technology and operational projects to achieve the most efficient use of resources and cost reduction throughout the group."
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