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Kingsway Financial withdraws its S&;P and DBRS ratings

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^{Published in Business and Finance on Friday, June 5th 2009 at 12:35 GMT, Last Modified on 2009-06-05 12:36:31 by Market Wire}  

 TORONTO, June 5 /CNW/ - (TSX:KFS, NYSE:KFS) Kingsway Financial Services withdraws its Standard and Poors and DBRS Ratings. Kingsway Financial Services announces today that its board has unanimously authorized management to withdraw ratings provided by Standard and Poors and by DBRS in connection with its outstanding debt and securities, including its outstanding debt and units of the Kingsway Limited Return of Capital Trust. The board has taken this decision as part of its ongoing cost cutting strategy. About the Company Kingsway Financial Services Inc. ("Kingsway" or the "Company") is a leading non-standard automobile insurer and commercial automobile insurer in North America. Kingsway's primary businesses are the insuring of automobile risks for drivers who do not meet the criteria for coverage by standard automobile insurers, and commercial automobile insurance. The Company operates through wholly-owned insurance subsidiaries in Canada and the U.S. which it is currently consolidating into three operating units to reduce overhead and strengthen its competitive position. The Company also operates reinsurance subsidiaries in Barbados and Bermuda. The common shares of Kingsway Financial Services Inc. are listed on the Toronto Stock Exchange and the New York Stock Exchange, under the trading symbol "KFS". The common shares of Kingsway Financial Services Inc. are listed on the Toronto Stock Exchange and the New York Stock Exchange, under the trading symbol "KFS". Forward-Looking Statements This press release includes forward-looking statements that are subject to risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. The words "anticipate", "expect", "believe", "may", "should", "estimate", "project", "intend", "forecast" or similar words are used to identify such forward-looking information. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management of Kingsway. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see Kingsway's securities filings, including its 2008 Annual Report under the heading Risk Factors in the Management's Discussion and Analysis section. The securities filings can be accessed on the Canadian Securities Administrators' website at [ www.sedar.com ], and on the EDGAR section of the U.S. Securities and Exchange Commission's website at [ www.sec.gov ] or through Kingsway's website at[ www.kingsway-financial.com ]. Kingsway disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. %SEDAR: 00003152E %CIK: 0001072627 

For further information: Kathleen Howie, Vice President, General Counsel & Corporate Secretary, Tel: (905) 677-8889; Fax: (905) 677-5008, Web Site: [ www.kingsway-financial.com ]