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The consolidation of Southern United and Hamilton allows Hamilton to expand into Southern United's core profitable states, said Kingsway in a statement.
Southern United, of Mobile, Ala., will get a new president and chief executive officer -- Roberto Espin, who will also continue the same roles with Hamilton, according to a company statement. Hamilton, of Miami, operates insurance subsidiary U.S. Security Insurance Co.
Espin will begin reviewing Southern United "to ensure that only profitable business is retained going forward," said Shaun Jackson, president and chief executive officer of Kingsway. The company has been "challenged" in terms of its size and scope of operation, Jackson noted.
According to an A.M. Best credit report, Southern United writes primarily nonstandard private passenger automobile insurance in mainly South Carolina, Alabama, Louisiana and Georgia. Business is marketed through independent agents.
Shares of Kingsway (NYSE: KFS | Quote | Chart | News | PowerRating) were trading at $5.55 a share at market close on Nov. 10, down 5.93% from the previous close.
Southern United Fire Insurance Co. currently has a Best's Financial Strength Rating of B+ (Good).
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
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