Insight and Intelligence on the London & International Insurance Markets

4 February 2012

US judge slams Kingsway charity scheme

13 April 2010

The Pennsylvania Department of Insurance has lost its lawsuit against Kingsway Financial Services (KFSI), with judges finding that the firm did not technically violate the law when it disposed of the Lincoln General Insurance unit by donating it to charities.

However, Judge Dan Pellegrini slammed the troubled Canadian insurer's "bizarre" scheme to jettison its failing subsidiary, accusing it of "bribing 20 charities to take the stock".

Pellegrini was one of three judges presiding in the Commonwealth Court of Pennsylvania. The...

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