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Zephyr Acquisition is an "acquisition vehicle" of Ocean Harbor Holding Inc. and MP Holdings LLC, a Hawaiian-based investor group, Kingsway said in a statement. Zephyr Insurance, with about $36 million in gross written premiums for the first six months of 2009, is a specialty property insurance company in Hawaii to specifically protect policyholders from losses due to hurricanes. The company has said it's in the midst of consolidating to slash overhead and boost its competitive position. Most recently, Kingsway said it disposed of its interest in U.S. unit Lincoln General Insurance Co., by donating stock in the company to charity. Kingsway explained that its indirect wholly owned subsidiary, Kingsway America Inc., got rid of its interest in its wholly owned subsidiary, Walshire General Assurance Co. ? the sole shareholder of Lincoln General (BestWire, Oct. 20, 2009). Kingsway outlined a plan in February to cut costs, which included consolidating operations in the United States and Canada ? a move the company said is expected to save $80 million by the end of 2010. Nine companies are to become three operating units, and about 750 employees are to be laid off within two years (BestWire, Feb. 9, 2009). Kingsway consolidated two of its Canadian units in September. Jevco Insurance Co. assumed the assets and liabilities of Kingsway General Insurance Co., effective Oct. 1. Both subsidiaries are wholly owned by Kingsway, which said folding KGIC into Jevco will contribute to a reduction in the company's operating expenses (BestWire, Sept. 23, 2009). In January, Kingsway reached a settlement with shareholders, the Stilwell Group, pertaining to the group's demand that its former president and chief executive officer W. Shaun Jackson be removed from that board, along with F. Michael Walsh, nonexecutive chairman of the board (BestWire, Jan. 8, 2009). The two sides agreed that Jackson leave the board and Walsh remain a director and the nonexecutive chairman. Joseph Stilwell, principal of the Stilwell Group, was appointed a director. New York-based Stilwell Group, owners of about 9% of Kingsway stock, has demanded massive changes throughout the company. Kingsway reported a second-quarter net loss of $38.4 million from a net profit of $6.3 million last year, due to continued "transformation" efforts to restore the company to profitability. (BestWire, Aug. 7, 2009). Kingsway General Insurance Co. has a current Best's Financial Strength Rating of B (Fair). (By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com) For full details for KFS click here.
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