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22 May 2012

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Lincoln deal raises spectre of Kingsway liquidation

3 December 2009

The controversial transactions undertaken by Kingsway Financial Services to shed its discontinued subsidiary Lincoln General could push the group into liquidation, AM Best has warned.

The US ratings agency said in a downgrade note that Kingsway's disposal of Lincoln could lead to a breach of its public debt covenants if it went into liquidation while still part of the group.

AM Best noted: "Kingsway's public debt is material, and a breach in covenants could lead to the liquidation of the...

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