11:48 AM EST - Kingsway Financial Services Inc. : reported a net loss for the fourth quarter that widened from a year ago and exceeded the company's own expectations, hurt by underwriting losses at its U.S. subsidiary Lincoln General Insurance in addition to goodwill impairment and losses on investments. The company also slashed its quarterly dividend payment and said it is looking at strategic alternatives regarding the future of Lincoln. The company's net loss for the fourth quarter was $360.37 million U.S., or $6.53 U.S. per share, compared to net loss of $103.49 million U.S., or $1.84 per share U.S., in the prior-year period. The net loss is $16.4 million U.S. greater than the higher end of the net loss originally estimated by the company, primarily due to higher than expected valuation allowance against the future tax asset. In early February, Kingsway forecast a net loss for the fourth quarter in a range of $324-344 million U.S or $5.88-$6.24 U.S.per share. Kingsway Financial Services Inc.
shares T.KFS are trading down $0.21 at $2.94.
