|By PR Newswire||
|March 7, 2014 09:15 AM EST||
TORONTO, March 7, 2014 /PRNewswire/ - (TSX: KFS) (NYSE: KFS) Kingsway Financial Services Inc. ("Kingsway" or the "Company") announced today that it has appointed Gordon G. Pratt, CEO of Fund Management Group ("FMG"), as Chairman of 1347 Capital LLC ("1347 Capital"), Kingsway's wholly owned merchant bank.
Founded in 2011, 1347 Capital identifies and targets specialty insurance businesses and special-situation investments, which it then acquires or finances with a goal of managing, improving, and growing in order to create value for Kingsway shareholders.
Founders of 1347 Capital have been active in public and private markets using financial tools appropriate for each situation. Together with Kingsway, these efforts to date have included:
- Formation, reverse merger and public stock offering of Atlas Financial Holdings, Inc.
- Founding of 1347 Property Insurance Holdings, Inc.
- Acquisition of three specialty insurance services businesses in private transactions
Kingsway CEO Larry G. Swets, Jr., stated, "Since the recent retirement of Kingsway's Senior Notes, we've expanded our focus on long-term value creation and seeking new opportunities through 1347 Capital. We are pleased that Gordon will help direct these efforts because of his proven track record in identifying and developing specialized investments in the insurance industry with substantial upside. I've worked with Gordon for many years and seen how his insight, experience, and bias for action build value for investors, partners, and people involved in FMG projects."
"Kingsway and 1347 Capital's approach complements FMG's view of the now rapidly-changing insurance industry," said Mr. Pratt. "Since its founding 10 years ago, FMG has operated with a view to 'find, buy, improve, build.' Our projects have proved out successfully, and we look forward to finding and building new opportunities with 1347 Capital for Kingsway and its shareholders. "
About Fund Management Group
FMG has sponsored and served as an early investor in both insurance-focused public company stock offerings, including FMG Acquisition Corp., a special purpose acquisition company that merged with United Insurance to form United Insurance Holdings Corp., and in private placements in insurance companies filing to go public, including Atlas Financial Holdings, Inc. and 1347 Property Insurance Holdings. Also active in private company investments, FMG has held controlling interests in Risk Enterprise Management Limited and Avalon Risk Management Insurance Agency LLC while acquiring minority interests in other insurance businesses. FMG subscribed to Kingsway's 2013 rights offering and was a lead investor both in 1347 Property Insurance Holdings' private placement and in Kingsway's recent preferred stock issue.
About Gordon G. Pratt
Mr. Pratt currently serves as Chairman of the board of directors for Atlas Financial Holdings, Inc. (NASDAQ: AFH) and for 1347 Property Insurance Holdings, Inc. (in registration). He is past Chairman of the board for privately-held Risk Enterprise Management Ltd. and for FMG Acquisition Corp. (OTC: FMGQ). He previously served as Vice Chairman of the board for United Insurance Holdings Corp. (NASDAQ: UIHC) and for privately-held Avalon Risk Management Insurance Agency LLC.
Since March 2004, Mr. Pratt has served as Chief Executive Officer of Fund Management Group LLC, a private investment and holding company. From June 2004 to April 2006, he served as the Senior Vice President, Corporate Development of the Willis Group in New York and London, prior to which he was an equity holder and Managing Director of Hales Capital Advisors LLC and the Managing Partner of Distribution Partners Investment Capital L.P., a private equity fund focused on the insurance industry. Before joining Hales, Mr. Pratt was a Senior Vice President and a member of the management committee of Conning & Company, where he helped to raise and invest capital for three Conning Private Equity funds. He began his career at The Chase Manhattan Bank, N.A. in New York. Mr. Pratt holds a bachelor's degree from Cornell University and a Master of Management degree from Northwestern University's Kellogg School of Management.
About the Company
Kingsway is a holding company functioning as a merchant bank with a focus on long-term value-creation. The Company owns or controls stakes in several insurance industry assets and utilizes its subsidiaries, 1347 Advisors LLC and 1347 Capital LLC, to pursue opportunities acting as an advisor, an investor and a financier. The common shares of Kingsway are listed on the Toronto Stock Exchange and the New York Stock Exchange under the trading symbol "KFS."
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as "expects", "believes", "anticipates", "intends", "estimates", "seeks" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect Kingsway management's current beliefs, based on information currently available. 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, including, without limitation, our potential inability to complete the proposed private placement. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, please refer to the section entitled "Risk Factors" in the Company's 2012 Annual Report on Form 10-K and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2013. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise.
SOURCE Kingsway Financial Services Inc.
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
Oct. 27, 2016 11:00 AM EDT Reads: 1,136
Intelligent machines are here. Robots, self-driving cars, drones, bots and many IoT devices are becoming smarter with Machine Learning. In her session at @ThingsExpo, Sudha Jamthe, CEO of IoTDisruptions.com, will discuss the next wave of business disruption at the junction of IoT and AI, impacting many industries and set to change our lives, work and world as we know it.
Oct. 27, 2016 11:00 AM EDT Reads: 183
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, discussed the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filterin...
Oct. 27, 2016 11:00 AM EDT Reads: 3,046
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Oct. 27, 2016 11:00 AM EDT Reads: 2,083
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
Oct. 27, 2016 10:30 AM EDT Reads: 2,075
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
Oct. 27, 2016 10:30 AM EDT Reads: 16,634
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Oct. 27, 2016 10:15 AM EDT Reads: 1,397
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It doe...
Oct. 27, 2016 10:15 AM EDT Reads: 2,032
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Oct. 27, 2016 10:15 AM EDT Reads: 3,210
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 27, 2016 09:15 AM EDT Reads: 2,156
By now most people have either created their configuration management solution or are just embarking on this journey. In his session at @DevOpsSummit at 19th Cloud Expo, Marco Ceppi, a DevOps Engineer working at Canonical, will discuss how to take configuration management to the next level with modelling and orchestration. He will also discuss how and why people are moving from a machine-centric view to a service/application-oriented view of deployments, and how you can leverage the knowledge a...
Oct. 27, 2016 09:00 AM EDT Reads: 2,050
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 27, 2016 08:45 AM EDT Reads: 11,585
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Oct. 27, 2016 08:15 AM EDT Reads: 525
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Oct. 27, 2016 07:30 AM EDT Reads: 1,952
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Oct. 27, 2016 07:30 AM EDT Reads: 1,612