Kingsway financial services inc. (KFS)
Balance Sheet / TTM
Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11
Assets
Investments [Abstract]
Fixed maturities, at fair value (amortized cost of $17,269 and $12,432, respectively)

17,309

20,787

20,165

12,260

11,076

11,361

12,687

14,541

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity Securities, FV-NI

157

202

934

856

1,577

2,433

2,855

4,589

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fixed maturities, at fair value (amortized cost of $11,316 and $14,707, respectively)

-

-

-

-

-

-

-

-

54,750

56,965

58,640

61,764

61,326

63,003

62,012

55,559

-

-

-

56,195

-

-

-

-

-

-

-

-

-

-

-

-

Equity investments, at fair value (cost of $2,038 and $4,854, respectively)

-

-

-

-

-

-

-

-

17,222

19,441

21,045

23,230

21,518

21,508

26,303

27,559

-

-

-

19,618

-

-

-

-

-

-

-

-

-

-

-

-

Limited liability investments

3,838

3,891

4,697

4,790

5,316

-

-

-

26,771

25,533

23,424

22,974

-

-

-

20,141

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Limited liability investments, at fair value

29,559

33,047

30,101

26,015

-

-

-

-

10,259

8,220

10,333

10,700

29,091

21,768

20,240

0

-

-

-

7,294

-

-

-

-

-

-

-

-

2,413

-

-

-

Limited liability investments

-

-

-

-

-

-7,078

-9,095

-9,094

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Alternative Investment

-

-

-

-

31,564

31,416

31,508

32,211

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investment Owned, at Fair Value

2,035

2,661

2,911

3,090

4,615

4,620

4,829

4,870

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Real Estate Investments, Other

10,662

10,662

10,662

10,662

10,662

10,662

10,662

10,662

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fixed maturities, at fair value (amortized cost of $59,366 and $56,000, respectively)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

59,764

58,733

58,812

-

48,648

51,784

51,456

54,151

65,275

72,256

71,010

79,534

90,168

102,963

105,032

93,651

Equity investments, at fair value (cost of $24,666 and $16,579, respectively)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

25,296

24,446

24,635

-

14,932

16,707

9,982

7,137

16,523

31,110

3,304

3,548

2,350

3,225

3,264

2,960

Limited liability investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,377

12,688

11,098

-

6,997

6,935

4,701

4,406

2,579

2,268

1,476

2,333

-

-

-

97

Other Investments

750

895

800

2,079

3,316

3,316

3,316

3,721

9,294

7,550

7,349

9,368

7,251

5,435

4,060

4,077

4,102

3,527

3,551

3,576

2,000

2,000

2,000

3,000

3,107

3,031

2,000

2,000

0

0

488

488

Short-term investments, at cost which approximates fair value

-

-

-

-

151

151

151

151

151

151

151

401

670

670

935

400

400

400

400

-

401

401

401

501

586

586

586

585

335

335

3,335

20,334

Short-term investments, at cost which approximates fair value

154

154

153

152

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

400

-

-

-

-

-

-

-

-

-

-

-

-

Total investments

64,464

72,299

70,423

59,904

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investments

-

-

-

-

68,277

71,037

75,103

79,839

118,447

117,860

120,942

128,437

119,856

112,384

113,550

107,736

104,939

99,794

98,496

87,083

72,978

77,827

68,540

69,195

88,070

109,251

78,376

88,000

95,266

106,523

112,119

117,530

Cash and cash equivalents

13,078

10,899

13,352

14,619

9,045

10,618

11,863

5,377

30,614

33,776

33,687

36,475

30,705

39,887

40,984

51,701

75,785

86,175

63,566

71,234

87,273

67,520

72,080

98,589

86,037

71,351

90,821

80,813

60,871

63,101

72,646

85,486

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

-

-

-

-

-

-

-

20,362

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Restricted cash

20,762

17,320

17,178

16,959

14,167

13,760

12,471

14,985

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity Method Investments

994

1,119

918

951

2,827

4,947

5,331

5,230

4,458

5,355

5,501

3,116

3,129

4,018

1,702

1,772

1,712

1,904

1,975

2,115

2,222

-

7,661

0

0

0

26,526

41,733

47,173

47,904

46,730

48,592

Accrued investment income

453

417

413

420

359

301

346

507

829

893

728

790

535

496

506

594

856

703

805

141

884

980

1,096

614

708

635

1,356

2,263

2,999

2,652

1,921

1,999

Premiums receivable, net of allowance for doubtful accounts of $115 and $115, respectively

-

-

-

-

-

-

-

-

30,396

30,113

33,561

31,564

33,570

31,915

32,670

27,090

30,052

29,792

33,971

28,885

30,600

30,044

32,609

32,035

33,536

34,864

39,968

35,598

33,922

27,608

40,016

28,732

Service fee receivable, net of allowance for doubtful accounts of $413 and $191, respectively

6,407

5,246

5,018

3,434

6,787

5,218

5,766

4,431

2,631

1,408

1,559

1,320

1,278

950

765

911

-

-

-

964

-

-

-

-

-

-

-

-

-

-

-

-

Other receivables, net of allowance for doubtful accounts of $201 and $184, respectively

10,854

10,554

10,318

9,523

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other receivables, net of allowance for doubtful accounts of zero and zero, respectively

-

-

-

-

8,986

8,864

8,489

7,247

5,967

6,765

7,014

3,299

4,979

3,107

3,452

3,789

-

-

-

5,145

-

-

-

-

-

-

-

-

-

-

-

-

Service fee receivable, net of allowance for doubtful accounts of $269 and $247, respectively

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,388

1,115

734

-

22,243

23,489

22,622

19,012

17,227

19,313

16,889

15,173

15,683

18,752

14,569

12,947

Other receivables, net of allowance for doubtful accounts of $806 and $806, respectively

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,815

6,852

5,214

-

5,273

9,450

5,106

4,097

12,668

4,852

4,435

4,750

5,579

5,789

5,883

6,322

Reinsurance recoverable

-

-

-

-

-

-

-

-

-

569

679

-

830

959

1,176

1,422

1,687

1,505

3,247

3,652

4,003

5,852

7,569

10,335

15,308

15,133

14,665

8,557

10,472

5,685

1,293

697

Prepaid reinsurance premiums

-

-

-

-

-

-

-

-

-

-

-

-

49

91

134

-

49

91

134

8

55

102

148

6,816

8,260

11,835

10,238

7,316

7,891

3,188

3,650

2,024

Beginning balance, net

8,247

7,724

7,220

6,904

6,899

6,662

6,428

6,325

13,550

13,709

14,113

13,609

14,553

13,824

13,440

12,143

12,541

12,617

13,203

12,197

12,463

12,625

12,559

12,392

10,691

11,797

12,685

14,102

8,039

7,634

8,403

8,116

Income taxes recoverable

-

-

-

-

-

-

-

-

-

-

-

-

0

66

60

61

56

57

54

74

-

-

-

0

-

-

-

-

0

7,132

7,416

8,134

Property, Plant and Equipment, Net

100,110

101,178

102,151

103,142

104,196

105,246

106,975

108,008

109,066

114,809

115,855

116,961

91,239

5,373

5,458

5,577

5,687

5,795

5,851

5,975

1,261

1,421

1,671

1,662

1,952

2,159

2,448

2,709

3,323

12,479

12,856

13,040

Right-of-use asset

2,502

2,265

2,494

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Goodwill

82,104

82,104

82,104

74,659

74,659

80,843

80,843

80,843

71,061

71,061

71,061

71,061

10,078

10,078

10,078

10,078

10,078

10,078

10,078

10,078

10,588

10,588

10,588

10,588

9,484

9,484

9,105

8,421

510

510

39,631

510

Intangible Assets, Net (Excluding Goodwill)

87,100

87,775

88,451

83,266

83,790

78,935

79,191

79,446

87,901

88,187

88,477

89,017

123,178

14,865

14,441

14,736

15,043

15,350

15,663

15,980

47,698

48,095

48,504

48,918

50,061

50,569

50,025

50,583

39,121

39,121

-

39,121

Other assets

5,319

5,394

5,017

4,459

2,560

3,592

4,330

4,302

4,410

4,539

4,530

5,372

4,823

3,124

3,128

3,412

3,180

3,282

3,341

3,638

3,672

3,909

3,525

4,039

4,073

4,542

3,974

4,045

1,923

1,831

372

831

Assets held for sale

-

-

-

-

112,034

115,107

118,880

110,145

-

-

-

-

-

-

-

-

-

-

-

54,553

-

-

-

-

-

-

-

-

-

-

-

-

Assets held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

54,200

-

-

-

-

-

-

-

-

-

-

-

-

-

Asset held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,167

5,167

6,347

6,347

7,291

7,291

8,737

8,737

8,737

-

-

0

Total Assets

402,394

404,294

405,057

378,240

494,586

505,130

516,016

506,685

479,330

489,044

497,707

501,021

438,802

241,137

241,544

241,022

268,868

275,110

310,532

301,722

306,380

297,069

300,625

324,639

345,366

353,076

370,248

372,800

341,509

349,909

367,505

374,081

Liabilities and Shareholders' Equity
Liabilities:
Other Liabilities

19,117

16,518

16,080

14,786

11,327

11,254

10,778

10,359

14,617

19,912

19,781

20,587

20,411

20,456

20,227

19,959

42,823

40,728

41,255

35,836

41,329

39,143

37,538

36,821

31,829

34,533

34,038

34,740

27,432

28,437

32,275

26,269

Income taxes payable

2,584

2,482

2,556

2,400

2,501

2,801

2,876

2,644

2,439

2,352

2,283

2,051

2,031

-

-

0

-

-

-

-

80

246

921

2,984

2,944

2,821

2,827

2,879

-

-

-

0

Deferred income tax liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,902

2,880

2,859

-

5,076

4,738

4,456

4,173

-

-

-

3,054

-

-

-

-

Deferred income tax liability

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,882

3,602

3,322

-

2,772

2,653

2,653

2,653

Deferred Revenue

63,312

61,522

59,443

47,130

45,985

44,368

43,582

41,113

37,252

37,883

35,952

35,822

36,641

35,999

34,771

34,319

34,733

34,696

34,452

35,096

50,477

50,277

49,262

48,788

49,242

49,198

48,813

48,987

14,031

13,545

12,331

11,128

Unpaid loss and loss adjustment expenses

1,857

1,937

1,439

2,073

2,292

2,594

1,423

1,329

46,192

45,874

48,201

53,795

48,991

52,195

52,870

55,471

55,438

58,219

59,522

63,895

68,156

72,658

77,285

84,534

89,986

96,703

97,923

103,116

-

-

-

120,258

Bank loans

10,757

11,674

12,701

3,917

4,167

4,417

4,667

4,917

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Vehicle service agreements

-

-

-

-

-

-

-

-

2,777

2,794

2,773

2,915

3,055

2,975

2,975

2,975

-

-

-

2,975

-

-

-

-

-

-

-

-

-

-

-

-

Total unpaid loss and loss adjustment expenses

-

-

-

-

-

-

-

-

48,969

48,668

50,974

56,710

52,046

55,170

55,845

58,446

2,975

2,975

2,975

66,870

2,975

3,052

3,128

3,128

2,882

3,140

3,281

3,448

-

-

-

0

Total unpaid loss and loss adjustment expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

58,413

61,194

62,497

-

71,131

75,710

80,413

87,662

92,868

99,843

101,204

106,564

104,953

99,650

106,057

120,258

Unearned premiums

-

-

-

-

-

-

-

-

40,036

40,770

44,041

40,176

42,650

41,122

41,555

35,234

37,752

37,848

42,565

36,432

38,396

38,176

40,979

48,577

47,846

47,308

52,116

45,047

44,070

41,906

45,641

39,423

Reinsurance payable

-

-

-

-

-

-

-

-

-

87

100

-

241

284

272

145

452

557

785

525

49

96

145

1,033

4,235

7,620

10,637

4,956

9,107

4,376

2,443

1,913

Note payable

-

-

-

-

-

-

-

-

187,401

188,328

189,213

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

2,418

2,418

2,418

LROC preferred units

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

67,234

69,572

-

13,987

11,778

10,789

8,845

Note payable

-

-

-

-

-

-

-

-

-

-

-

-

190,931

-

-

0

-

-

-

-

0

0

0

14,356

26,356

26,356

25,888

23,730

22,921

27,947

27,982

28,337

Notes payable

195,841

197,039

198,191

199,316

200,434

201,543

202,608

203,648

-

-

-

190,074

-

-

-

-

-

-

-

13,618

-

-

-

-

-

-

-

-

-

-

-

-

LROC preferred units, at fair value

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

12,473

-

14,106

14,806

14,291

14,854

14,286

14,204

14,903

13,655

-

-

-

-

Subordinated debt, at fair value

50,565

50,224

50,392

50,023

53,614

52,822

53,458

52,105

49,388

48,210

45,508

43,619

38,774

36,302

37,370

39,898

39,865

42,324

41,543

40,659

39,418

35,754

28,471

28,471

22,790

26,674

28,781

23,774

24,942

20,603

19,174

16,432

Lease liability

2,604

2,410

2,655

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net deferred income tax liabilities

29,019

28,984

28,951

28,537

28,498

28,819

28,786

28,763

49,759

49,726

48,668

48,720

6,086

2,968

2,946

2,924

-

-

-

2,837

-

-

-

-

-

-

-

-

-

-

-

-

Liabilities held for sale

-

-

-

-

107,076

112,866

114,888

105,900

-

-

-

-

-

-

-

-

-

-

-

21,653

-

-

-

-

-

-

-

-

-

-

-

-

Liabilities held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

20,537

-

-

-

-

-

-

-

-

-

-

-

-

-

Total Liabilities

375,656

372,790

372,408

348,182

455,894

461,484

463,066

450,778

429,861

435,936

436,520

437,759

389,811

192,301

192,986

190,925

216,940

220,227

258,966

253,526

260,062

258,946

256,476

287,719

296,278

312,159

322,529

307,386

264,215

253,313

261,763

257,676

Redeemable Class A preferred stock, no par value; 1,000,000 and unlimited number authorized at September 30, 2019 and December 31, 2018, respectively; 222,876 and 222,876 issued and outstanding at September 30, 2019 and December 31, 2018, respectively; redemption amount of $7,591 and $7,278 at September 30, 2019 and December 31, 2018, respectively

6,555

6,297

6,046

5,800

5,957

5,692

5,433

5,180

5,452

6,444

6,436

6,427

6,419

6,411

6,402

6,394

6,386

6,377

6,360

6,330

-

-

-

0

-

-

-

-

-

-

-

-

Shareholders' Equity:
Common stock, no par value; 50,000,000 and unlimited number authorized at September 30, 2019 and December 31, 2018, respectively; 21,866,959 and 21,787,728 issued and outstanding at September 30, 2019 and December 31, 2018, respectively

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity [Abstract]
Shareholders' Equity [Abstract]
Class A preferred stock, no par value; unlimited number authorized; 262,876 and zero issued and outstanding at September 30, 2014 and December 31, 2013, respectively

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,330

6,343

6,402

-

-

-

-

-

-

-

-

-

Class A preferred stock, no par value; unlimited number authorized; zero issued and outstanding at December 31, 2013

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.00

-

-

-

-

Common stock, no par value; unlimited number authorized; 19,709,706 and 16,429,761 issued and outstanding at September 30, 2014 and December 31, 2013, respectively

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

308,734

296,621

296,621

0

296,621

296,621

296,621

296,489

Additional paid-in capital

353,665

353,778

353,886

353,890

353,514

356,247

356,211

356,171

355,721

354,422

354,127

353,882

343,106

342,864

341,847

341,646

341,443

341,249

341,045

340,844

340,595

325,631

325,427

324,803

15,955

15,824

15,757

312,378

15,631

15,504

15,372

15,403

Accumulated deficit

-384,080

-379,872

-379,218

-382,196

-368,689

-365,128

-354,669

-310,953

-308,854

-307,328

-299,432

-297,668

-310,493

-311,292

-310,547

-297,209

-306,655

-305,764

-309,923

-312,050

-312,596

-305,636

-300,640

-298,930

-287,906

-289,784

-279,501

-262,069

-248,369

-218,230

-212,214

-201,208

Accumulated other comprehensive income

38,419

39,325

39,922

40,768

37,166

36,546

35,844

-3,852

-3,966

-1,467

-879

-208

9,195

9,500

9,143

-2,486

9,090

11,271

8,755

8,670

8,300

10,366

10,973

9,601

11,222

16,862

14,433

14,762

13,752

13,047

14,588

12,749

Shareholders' equity attributable to common shareholders

8,004

13,231

14,590

12,462

21,991

27,665

37,386

41,366

42,901

45,627

53,816

56,006

41,808

41,072

40,443

41,951

43,878

46,756

39,877

37,464

42,629

36,704

42,162

35,474

48,005

39,523

47,310

65,071

77,635

106,942

114,367

123,433

Noncontrolling interests in consolidated subsidiaries

12,179

11,976

12,013

11,796

10,744

10,289

10,131

9,361

1,116

1,037

935

829

764

1,353

1,713

1,752

1,664

1,750

5,329

4,402

3,689

1,419

1,987

1,446

1,083

1,394

409

343

-341

-10,346

-8,625

-7,028

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

20,183

25,207

26,603

24,258

32,735

37,954

47,517

50,727

44,017

46,664

54,751

56,835

42,572

42,425

42,156

43,703

45,542

48,506

45,206

41,866

46,318

38,123

44,149

36,920

49,088

40,917

47,719

65,414

77,294

96,596

105,742

116,405

Total Liabilities, Class A preferred stock and Shareholders' Equity

402,394

404,294

405,057

378,240

494,586

505,130

516,016

506,685

479,330

489,044

497,707

501,021

438,802

241,137

241,544

241,022

268,868

275,110

310,532

301,722

306,380

297,069

300,625

324,639

345,366

353,076

370,248

372,800

341,509

349,909

367,505

374,081