March 23 - Canadian insurance company Kingsway Financial Services Inc said it expects shareholder equity in the fourth quarter to decline by $55 million.
“We still remain challenged by operational profitability, corporate overhead expense and interest expense. We will continue to address these challenges with further strategic actions.” Chief Executive Larry Swets said in a statement.
The company, which sells high-risk auto and truck insurance, forecast shareholder equity to decline by $1.06 on a per share basis.
Shares of Mississauga, Ontario-based Kingsway closed at C$1.06 on Tuesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Unnikrishnan Nair) (email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org)