The financial problems infesting the world these days have started to snake into the motorcycle insurance industry, with word that Kingsway Financial is in difficulties.
Kingsway and its affiliates (notably Lincoln General Insurance Co), have specialized in niche areas of the insurance business … particularly long-haul trucking, "high-risk" drivers, risk protection for U.S. home builders, and California artisans (WTF? Thank God I’ve sold my pottery kiln), and (of concern to many Canadian riders) motorcycles.
Kingsway has announced that it’s laying off several hundred workers and is looking at a $344-million U.S. loss for the quarter ending December 31, 2008.
The biggest chunk of the loss was a writedown at Lincoln, plus the usual expected portfolio problems with investments.
Calls to Kingsway’s head office in Toronto on Feb. 11 were unanswered — as in 24 rings with not even an automated pickup.
i work at an insurance brokerage, and we are taking every step possible to move everyone out of kingsway and not writing new buisness there. if you’re insured there – don’t pay upfront – they might not make it through the year!!
I switched from Kingsway after only 1 riding season,they stuffed it to me so bad,and they have some brokers thinking they’re the only one out there offering ins these days for sport bikes.KIngsway needs a good shake up to bring them bac into the real world
Im currently insured with kingsway…my policy expires in june…hopefully everything is okay until then, i planned on switching companies, im paying way to much for a 125r!
The article was factual. Your anonymous response may have been factual. You chose to add insult… I think you are the bonehead here. Something along the lines of “The phone system was down, perhaps overloaded by many calls from concerned policyholders. Kingsway is (still in business so don’t panic yet or bankrupt and their clients are screwed) so you should (try calling again or look for another insurer)”
If you, perhaps, are affiliated with Kingway… maybe they should find someone with a better attitude.
The facts looked pretty straight to me…?
well…
Got any facts other than you don’t have to answer any phones?
Kingsway’s phones have been experiencing technical difficulties since Monday and Bell has been on-site. You should get your facts straight before posting, bonehead!