A struggling Kingsway General Insurance Company will be tucked into the folds of Jevco Insurance Company on October 1 in order to cut losses, and that’s not good news for Riders Club members.
Kingsway Financial Services, which owns both Kingsway General Insurance and Jevco Insurance, lost $38.4 million in the second quarter of this year and is consolidating its U.S. and Canadian operations to save money.
New policies sold by Kingsway will be written under the Jevco name starting October 1, and starting in December, Kingsway renewals will also become Jevco insurance policies. Rates and terms of insurance will likely be affected, and the Kingsway Motorcycle Club discount will not transfer to Jevco.
That means CMG Riders Club members will no longer qualify for an insurance discount. Nor will other motorcycle club members in Canada.