74 (19% to U$0. and Canada together
with our dominant niche market positions provide us with a strong foundation
as we enter 2006 .61 (U$0. Gross premiums written were
$2.2 million) related to Zephyr Insurance in Hawaii
which was acquired in the fourth quarter of 2005. For the quarter, the U. Net realized gains after-tax were $7.12 (U$0.7 million (U$61.6 million (U$56.23 billion (U$3. Despite
unrealized currency translation adjustment decreasing book value per share by
$0.2 million) compared to $2,030.S. 100.1% 95.3%
--------------------------------------- --------
Total 68.7%
-------------- ---------------------------------
Total 4.1% 1.

3 . Copies of these filings
are available either on the SEC's website at www. Its newbuilding program today consists of 12 vessels
(5 Suezmax, 2 Aframax, 4 Handymax, 1 LNG) of 1.3 million dwt.

FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters
discussed in this press release are forward-looking statements that involve
risks and uncertainties that could cause actual results to differ materially
from those predicted by such forward-looking statements.

reminiscence organon

-------------------------------------------------------------------------
Q4 2005 Highlights
------------------
- Diluted earnings per share increased 16% to a Q4 record $0. Pricing is
generally stable and we continue to see growth opportunities in the extremely
fragmented U.S.0 million) last year.0 million)
last year and for the year were $740 .4 million)
for the quarter compared with $550.47 billion
(U$1.4% last year) which produced
an underwriting profit of $12.1% (97. For the year, investment income increased by 17% to
$112.57 (20 % to U$14.
The carrying value of the investment portfolio, including cash increased
9% to $3,389.kingsway-financial. Kingsway's primary business is trucking
insurance and the insuring of automobile risks for drivers who do not meet the
criteria for coverage by standard automobile insurers. U. are listed on
the Toronto Stock Exchange and the New York Stock Exchange, under the trading
symbol "KFS".57 $14.25

KINGSWAY FINANCIAL SERVICES INC.3% 70.55 $0.

Language Weaver was founded in 2002 to commercialize a unique
approach to automatic language translation using proprietary
statistical translation algorithms that resulted from 20 person-years
of invention and development at the University of Southern
California's Information Sciences Institute (USC/ISI ). Currently it operates a fleet of 26 vessels (including three
chartered-in, one Aframax and two Suezmaxes vessels) of approximately
2.

4literature gaye

Net operating income is a non-GAAP measure defined by the
Company as net income excluding after-tax net realized gains and losses on
investments.S. Net premiums earned from
Canadian operations increased by 3% to $165.4 million) or
$0.83 (U$0.8% of the $2,757.8 million (9% to
U$1,844. At December 31, 2005 the provision for unpaid claims comprised case
reserves for individual claims amounting to $1,335. Best.8% 26.8%
-----------------------------------------------
----- ------------------------------------------
Expense Ratio
Canada 30.8% 27.5% 29.2% 28.9% 27.2% 2.9%
-----------------------------------------------
------------------ -----------------------------
As a % of unpaid claims
(note 3):
Canada 0.4% 4.1, a
linguistics-based text mining application , and Text Mining for
Clementine(TM) 3. "The SPSS-Language Weaver text mining solution will enable
governments to automatically translate and rapidly understand the key
information within intelligence documents and draw more accurate
conclusions about future events and actions."
In addition to government applications, the SPSS text mining
solutions and Language Weaver translation option will be offered to
other industries for commercial use at a later date.

naturalia prophesying

Kingsway increases net income by 24% for the year and its dividend by 25%

9 million (24% to
U$10.25)
- Fair value of investment portfolio increased 7% to $60.93)
-------------------------------------------- -----------------------------

Net income for the quarter increased 16% to $42.85 billion
(U$1.3 million) for the same
quarter last year.2 million
(U$319.S.00) per share outstanding at the end of 2004. At December 31,
2005, 30% of the fixed income portfolio matures in less than one year and 45%
matures after one year and in less than five years.9 million ($1,218. 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
2004 Annual Report under the heading Risks and Uncertainties in the
Management's Discussion and Analysis section .S. The Company also
operates reinsurance subsidiaries in Barbados and Bermuda.

KINGSWAY FINANCIAL SERVICES INC.9% 72. Underwriting Results:

The underwriting results for the Company's operations were as
follows:

Quarter to Dec 31: 12 months to Dec 31:
2005 2004 2005 2004
-----------------------------------------------
Underwriting Profit
Canada $12,094 $(8,619) $27,163 $13,575
U.6% 68.

Business Editors/High-Tech Editors

CHICAGO----SPSS Inc.
"This integration of our SMTS technology with SPSS' text mining
and predictive analytic software opens up many exciting opportunities,
not only in support of government security efforts, but also in the
realm of medical technology breakthroughs and pharmaceutical research
and development," said Bryce Benjamin, CEO of Language Weaver.

About SPSS

SPSS Inc. Forward looking statements can be
identified by phrases such as "anticipates," "believes," "estimates,"
"expects," "plans," "intends," "could," "designed," "should be" and
other similar expressions which denote expectations of future events
rather than statements of fact.5 years compared to 12 years of the
world average .

gaye athenian

0 million (20% to
U$35.8%
- Book value per share increased 16% to $16.
Return on equity (annualized) was 18.2%
in the fourth quarter of 2004, and was 18.2 million (U$84.3 million ), compared with $579.
Net premiums earned declined 5% to $522.31 billion (U$1.8 million (U$131 .4 million (U$6.

Further Information
-------------------
The discussion and analysis of our results of operation and information
in this press release is an update of the information set forth in our 2004
Annual Report.

Forward Looking Statements
-------------- ------------
This press release includes "forward looking statements" that are subject
to risks and uncertainties. Best.8% 17.7%
--------------------------- --------------------
Total 97.3% 70.2x

Interest Coverage Ratio 7. and
Europe.
These products combine with Language Weaver 's recently announced 3.1 and LexiQuest Mine 3.com or
1-800-543-2185.spss. The
online archive of the broadcast will be available within one hour of the live
call.

beare heavens

9 million)
- Net operating income increased 18% to $34.0)
- Combined ratio improved to 97.57 (20% to U$14.3 million in the fourth quarter of 2004 and in U.63),
compared to $0.5 million) or $0.00 billion) for 2004.9 million ) compared to
$760.8 million (U$9.1 million) compared with $390.11) diluted earnings per share compared with $6.60 (U$0.37 (U$0.
Provisions for unpaid claims increased by 6% to $2,144. 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.M.8%
Expense ratio 28.2% 25.9% 72.0% 68. 7. Financial Strength:

Some of the key indicators of the Company's financial strength are as
follows:

December December
31, 31,
2005 2004
----------------------
Rolling four quarter calculations:

Net Premiums Written to Estimated
Statutory Surplus Ratio 2.

Please allow extra time prior to the call to visit the site and download
the streaming media software required to listen to the Internet broadcast.

Website: http://www.

refutations jowett

64 (U$0. During
the year we continued to build our book value per share and strengthen our
capital position, and as a result I am pleased to announce that the Board has
today approved a (25%) increase in our quarterly dividend.7 million (26% to U$106.S. For 2005, net premiums earned were $2. On an after-tax basis,
net realized gains were $34.9 million (U$16.

Balance Sheet
-------------
Total assets as at December 31, 2005 are $4. Dollar Reporting
---------------------
As previously announced, the Company will report its results in U. The call may be accessed by telephone at 1-800-814-4857. is the largest truck insurer in North
America and the seventh largest non-standard automobile insurer in North
America according to A.0% 68.2% 18.S. (25,579) (8,038) (26,191) (28,530)
-----------------------------------------------
Total $(22,625) $(28,273) $(29,002) $(67,782)
-----------------------------------------------
------------------- ----------------------------
As a % of net premiums
earned (note 2):
Canada (1.0%
U.
Readers should be cautioned as to the limited usefulness of the
selected financial information presented below.65 $12.86
-------------- -----------------------------------------------------------
Earnings per share
Basic $0. ("TEN") (NYSE: TNP) will report earnings for the second quarter 2005
after the close of the market on Thursday, August 4th, 2005.

moralia naturalia

8% for the year compared to 17.
"I am very pleased to again report record earnings. For the year, gross premiums written by U.74 billion) for 2004 .3% compared to 72.3% compared to 70.3% last year.
For the year, net realized gains were $45.7 million) or
$0. The Company currently
operates through eleven wholly-owned insurance subsidiaries in Canada and the
U.
CONSOLIDATED BALANCE SHEETS
(In thousands of Canadian dollars )
Dec 31 Dec 31
2005 2004
(unaudited)
ASSETS ----------- ------------
Cash + cash equivalents $ 129,133 $ 104,698
Investments 3,260,808 2,999,841
Accrued investment income 29,222 25,297
Accounts receivable and other assets 328,854 395,241
Due from reinsurers and other insurers 259,318 312,996
Deferred policy acquisition costs 173,088 170,576
Income taxes recoverable - 12,535
Future income taxes 67,383 57,871
Capital assets 83,280 70,336
Goodwill and intangible assets 82,724 80,919
----------- -----------
$4,413,810 $4,230,310
----------- -----------
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY

LIABILITIES
Bank indebtedness $ 13,685 $ 72,002
Loans payable 77,016 -
Accounts payable and accrued liabilities 150,802 132,635
Fund withheld payable to reinsurer - 94,586
Income taxes payable 7,929 -
Unearned premium 755,052 762,472
Unpaid claims 2,144,817 2,030,449
Senior unsecured indebtedness 223,375 228,250
Subordinated indebtedness 105,251 108,781
----------- -----------
3,477,927 3,429,175
----------- -----------
SHAREHOLDERS' EQUITY

Share capital 475,498 471,886
Issued and outstanding number of common shares
56,480,453 - December 31, 2005
56,210,250 - December 31, 2004
Contributed surplus 4,029 2,285
Currency translation adjustment (156,359) (133,967)
Retained earnings 612,715 460,931
----------- -----------
935,883 801,135
----------- -----------
$4,413,810 $4,230,310
----------- -----------
-------- --- -----------

KINGSWAY FINANCIAL SERVICES INC.1%
-----------------------
-----------------------

Note 1 - (Increase) decrease in estimates for unpaid claims from prior
accident years reflected in current financial year results.55 0. These
risks and uncertainties, which may not be currently ascertainable and
many of which are beyond the Company 's control, may cause the
Company's actual results, performance or achievements to be materially
different than the results, performance or achievements expressed in
or implied by the forward-looking statements .

Aristotle's principle writings include:
The Organon (including, among others, The Categories , Topics, and On Sophistical Refutations)
The Physics
On the Heavens
On Generation and Corruption
Meteorology
History of Animals
On the Parts of Animals
On the Movement of Animals
On the Soul
Parva Naturalia
The Metaphysics
Nichomachean Ethics
Magna Moralia
Eudemian Ethics
The Politics
Constitution of Athens
The Rhetoric
The Poetics

edghill reminiscence

63)
- Income before income taxes increased 16% to $42.2% from 97.8 million)
- Return on equity of 18.39 per share
(10% to U$51.86 (32% to U$2. 2005 was an
outstanding year in which we delivered record earnings for each quarter and
for the year," said Bill Star, President + Chief Executive Officer . markets.7 million (U$141.2 million ($13.0625 per share. The Company's senior debt is rated investment grade "BBB-
"(stable) by Standard and Poor's and "BBB" (stable) by Dominion Bond Rating
Services . The common shares of Kingsway Financial Services Inc.65 $2.74 $0.9%
U.7% 98.4%
-----------------------------------------------
Total 28. 71.8%) 12.3% 2.4% 7.
Note 2 - Increase (decrease) in current financial year reported combined
ratio.S. "We
look forward to working with SPSS to turn these possibilities into
realities."

Availability

Text Mining for Clementine 3. (NASDAQ:SPSS) is a leading worldwide provider of
predictive analytics software and solutions. More than 250,000 commercial, academic, and public
sector customers rely on SPSS technology to help increase revenue,
reduce costs, improve important processes, and detect and prevent
fraud. Founded in 1968, SPSS is headquartered in Chicago,
Illinois.languageweaver . ATHENS, Greece, Tsakos Energy Navigation
Ltd.

athenian gaye

74 (19% to
U$0.8 million)
- Net income increased 16% to $42.1 million (34% to U$135.9 million from U$29.8 million) compared with $403. The decline in premiums written by our U. Gross premiums written from Canadian operations were $157.3 million (U$403.17 billion
(U$1.7% (97.1 million) in the quarter and
$60.7% (105.39 (U$0 .20 (U$1. Using this
measure, it is estimated that an immediate hypothetical 100 basis point
parallel increase in interest rates would decrease the market value of our
fixed maturity investments by $77.5 million fair value fixed maturity investment portfolio.41 billion (U$3.7 million
last year) and a provision for Incurred But Not Reported claims of
$808. dollars commencing with the first quarter of 2006. Kingsway General, York Fire and American Service are rated "B++"
(very good).2% 97 . (175) 18,447 33,464 37,723
-----------------------------------------------
Total $11,919 $9 ,828 $60,627 $51,298
-------------------------------------- ---------
-----------------------------------------------
Combined Ratio
Canada 92.1% 97.2% 97.S.5%
-----------------------
Total 1.5% 25.

2005 2004
-------------------------------------------------------------------------
Q4 Q3 Q2 Q1 Q4
------------ -------------------------------------------------------------
Gross premiums written $439,267 $452,341 $478,446 $524,606 $473,951
---------------------------------------------------- ---------------------
Net premiums earned 445,372 461,446 469,300 415,825 451,332
-------------------------------------------------------------------------
Total revenue 478,502 495,557 497,305 451,853 478,843
--------------------------------- ----------------------------------------
Net realized gains
(after tax) 6,358 8,011 3,188 11,094 5,748
---------------------------------------------- ---------------------------
Underwriting profit 10,102 10,023 14,296 15,369 8,122
-------------------------------------------------------------------------
Net income 35,901 31,339 29,647 38,121 29,828
------------------------------ -------------------------------------------
Book value per share $14.
SPSS and Language Weaver announced their alliance in conjunction
with the releases of the SPSS products LexiQuest Mine 3.
Text Mining for Clementine and LexiQuest Mine also analyze Dutch,
English, French, German, Italian, Japanese and Spanish text.m.

shortness sophistical

8 - Kingsway Financial Services Inc.8 million (37% to
U$154.32 (U$1.4 million) or $2. U. Trucking, non-standard
automobile and commercial automobile premiums represented 31%, 29% and 12%,
respectively, of gross premiums written for the year compared with 29%, 35%
and 12%, respectively, last year.56 billion (U$1.21 billion (U$1. Premiums ceded to reinsurers
represented 8% of gross premiums written (4% for the year) compared to 13% in
the same quarter last year (13% for the year).7 million (U$304.
operations combined ratio was 100.1 million (loss of $8. Net realized gains amounted to $9.31 (U$1.25).8 million) as at December 31, 2004. A live
broadcast of the conference call can be accessed at
http://www.com.8%

Underwriting profit $11,919 $9,828 $60,627 $51,298
Return on equity
(annualized ) 18.
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
For the three months and year ended December 31, 2005 and 2004
(In thousands of Canadian dollars)

Quarter to Dec 31: 12 months to Dec 31:
2005 2004 2005 2004
(unaudited )
-------------------------------------------------------------------------
Retained earnings ,
beginning of period $573,461 $424,587 $460,931 $329,926

Net income for the period 42,078 36,344 163,075 131,005

Common share dividends (2,824) - (11,291) -
---------------------------------------------- ---------------------------
Retained earnings,
end of period $612,715 $460,931 $612,715 $460,931
----------------------------------------------------------- --------------
-------------------------------------------------------------------------

KINGSWAY FINANCIAL SERVICES INC.4% 6.7x

Total Bank and Senior Debt to Capitalization
Ratio 23.

ABOUT TSAKOS ENERGY NAVIGATION
TEN expects to operate a fleet of 38 vessels of 4.

edghill beare

1 million)
- Annualized return on equity improved to 18. Net income for the year increased 24%
to a record $163.0 million (U$101.0 million) reported last year.89 billion) for 2005, compared to $2.8 million
(U$134. For U.S. The Canadian
operations combined ratio improved to 92. For
the year, U. For the year, the loss
ratio for Canadian operations improved to 68.5 million (U$7. Further information about our financial results and condition
can be found in the Company's Annual Report and other filings.7% 98.3% 97.1 % 1.3% 5.52 $0. (NASDAQ:SPSS),
a leading global provider of predictive analytics software, and
Language Weaver, Inc., a leading global provider of statistical
machine translation software (SMTS) for the automation of human
language translation, today announced a jointly developed text mining
solution that can quickly translate and analyze critical information
from government intelligence documents.gov or from the
Company's investor relations department. Eastern Time, TEN will host a
conference call to review second quarter results as well as management's
outlook for the business.

beare sleeplessness

37)
- Income before income taxes increased 28% to $186.8% in 2004
- Underwriting profit increased 18% to record $60.52) diluted earnings per share compared with
$29.2 million
(U$330.3 million)
compared with $160.6 million last year). operations combined ratio was 97.6 million last year).S.9 million) compared with $25.30) diluted earnings per share last year.8 million), compared to
$3,104.5 million (U$2,582.newswire.33
Diluted: $0.
Note 3 - Increase (decrease) compared to estimated unpaid claims at the
end of the preceding fiscal year.

SPSS and Language Weaver Unveil Solution for Rapid Interpretation of Government Intelligence Documents

The Language Weaver
translation technology will be offered as an option with the latest
versions of SPSS' text mining solutions, available now in the U.

4literature hardie

37) over
$2.S.93
(U$1.

Premiums
--------
During the fourth quarter, gross premiums written declined 11 % to
$515.0 million
(U$474.61 billion
(U$2.5 million (8% to U$304.
operations were $1.4 million (U$414.4 million (1% to U$445. operations, net premiums earned decreased 9% to
$356.6 million) in the same quarter of 2004.2 million (U$18.09) per share
outstanding at the end of 2004.
dollars commencing with the 2005 Annual Report.86 $2.0%
Combined ratio 97.4% 18.7% 97.7%
U. 2. For additional information, please visit www. Its resulting
product, statistical machine translation software, provides the
highest quality output to date from machine translation. Website: www.
The call, which will be simultaneously broadcast live over the Internet,
can be accessed at http://audioevent.8 million dwt with an average age of 6.tenn.

This subcategory includes links to e-texts, both in HTML and in text format, of the works of the Greek philosopher Aristotle.

heavens jenkinson

43) diluted earnings per share
for the fourth quarter of 2004.S.1 million (U$609.7 million last year),
and for Canadian operations was 96.

Investment Income
-----------------
For the quarter, investment income increased 16% to $29.6 million
(U$8.13 (U$0.2 million)
compared with $26.7 million) or $0. The fair value of the
investment portfolio including cash represents $60.4 million (U$1,689.S.7% 105.4% 96.S. 28.6% 0.1% 2.2x 6.63 0.53
------- ------------------------------------------------------------------

KINGSWAY FINANCIAL SERVICES INC. These risks and
uncertainties are described in the Company's filings with the
Securities and Exchange Commission ("SEC").

Tsakos Energy Navigation Announces Second Quarter 2005 Conference Call and Webcast

On Friday, August 5th, 2005, at 10:00 a.

sleeplessness tranlations

1 million (20% to U$35.1 million compared to
$36. For the year, net operating income increased
18% to $128.42 billion) last year.5 million ) for the quarter compared to $175.66 billion (U$1.4 million (U$501.7 million (U$20.4 million (U$28.32 ) per share outstanding as
compared to $73.
Duration is a measure used to estimate the extent market values of fixed
maturity investments change with changes in interest rates.cgi?eventID(equal sign)21172617
followed by the number sign or through a link from our website at
http://www. A rebroadcast of the conference call will also be
available and can be accessed through our website .M.
SUPPLEMENTARY INFORMATION TO PRESS RELEASE
As at December 31, 2005 and 2004
(In thousands of Canadian dollars)

1.53
Diluted 0.52 0.
CONSOLIDATED STATEMENTS OF CASHFLOWS
For the three months and year ended December 31, 2005 and 2004
(In thousands of Canadian dollars)

Quarter to Dec 31: 12 months to Dec 31:
2005 2004 2005 2004
(unaudited)
-----------------------------------------------
Cash provided by (used in):

Operating activities:
Net income $42,078 $36,344 $163,075 $131,005

Items not affecting cash:
Amortization 1,992 2,171 9,317 10,377
Future income taxes (2,695) (8,886) (8,153) 10,508
Net realized gains (9,601) (8,474) (45,929) (26,658)
Amortization of bond
premiums + discounts 1,473 4,531 13,227 25,965
----------------------- -----------------------
33,247 25,686 131,537 151,197

Net change in other
non-cash balances: 7,355 111,668 170,294 353,966
------------------- ---- -----------------------
40,602 137,354 301,831 505,163

Financing activities:
Increase of share
capital 619 276 3,612 3,218
Common share dividends (2,824) - (11,291) -
Increase (decrease) in
bank indebtedness and
loans payable 7,483 (738) 21,731 (82,808)
Increase in senior
unsecured indebtedness - - - 163,284
----------------------- -----------------------
5 ,278 (462) 14,052 83,694
Investing activities:
Purchase of investments (911,370) (663,831) (3,130,950) (3,145,974)
Proceeds from sale of
investments 906,702 542,743 2,844,058 2,559,877
Financed premiums
receivable , net 6,452 (15,838) 4,365 (22,283)
Purchase of subsidiaries,
net of cash acquired 14,004 - 14,004 -
Net change to capital
assets (13,149) (4,299) (22,925) (16,662)
----------------------- -----------------------
2,639 (141,225) (291,448) (625,042)
Increase (decrease) in
cash during period 48,519 (4,333) 24,435 (36,185)

Cash and cash equivalents,
beginning of period 80,614 109,031 104,698 140,883
----------------------- -----------------------
Cash and cash equivalents,
end of period $129,133 $104,698 $129,133 $104,698
- ---------------------- -----------------------
-------------------- --- -----------------------

The company
has more than 50 patents pending on its SMTS technology worldwide. These forward-looking statements
involve factors that are subject to risks and uncertainties .sec.
To participate in the call from the United States or Canada, please dial
(877) 589-6201 approximately five minutes prior to the starting time.

sophistical tranlations

Diluted earnings per share increased 16% to $0.3 million (7% to U$439. operations decreased 11%
to $357.6 million (U$49.1 million (U$20.9 million (U$38.50)
diluted earnings per share compared with $21.6 million (U$40.

U.

Increase in Quarterly Dividend
------------------------------
The Board of Directors today approved a 25% increase in the payment of
the Company's quarterly dividend to an amount of $0. Canadian subsidiaries include Kingsway General Insurance Company, York
Fire + Casualty Insurance Company and Jevco Insurance Company.
subsidiaries include Universal Casualty Company, American Service Insurance
Company, Southern United Fire Insurance Company, Lincoln General Insurance
Company, U.75 $0.32

Weighted average shares
outstanding in ('000s):
Basic: 56,476 56,194 56,423 56,124
Diluted: 57,057 56,639 56,963 56,549

Claims ratio 68.1% 27.9% 69. The company's predictive
analytics technology connects data to effective strategic action by
drawing reliable conclusions about current conditions and critical
future events.gr

posterior naturalia

6 million (23% to
U$29.2% in Q4 2004
- Underwriting profit increased 21% to $11.86 (32% to U$2. dollars increased 20%
to U$35.1 million (increased 34% to U$135.79) last year.6 million (23%
to U$29.4 million (U$24.1 million) or $0.52 (U$0.5 million) last year.5 million (U$582.5 million ) and
$652.8 million) year to date.3% last year).9 million
(U$5.1 million) or $0.

About the Company
-----------------
Kingsway Financial Services Inc.2% 97.8% 26 .0%
-----------------------------------------------
-----------------------------------------------
Loss Ratio
Canada 62.1 are
available immediately, with the option of the Arabic or Chinese
translation and link analysis.com

About Language Weaver, Inc.com

Safe Harbor Statement

This press release contains forward-looking information made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.

sophistical jowett

S.53) for the same quarter of 2004.26 (U$1.49 ) for 2004.6 million (U$583.
Net premiums written decreased 7% to $473. Premiums ceded to reinsurers
included $10.
For the year, net premiums earned from U.9% last year), with an underwriting
profit of $27. operations improved to 68.0 million) in the same quarter
of 2004. Quarterly results will be
reported in U. Security Insurance Company, American Country Insurance Company,
Zephyr Insurance Company and Avalon Risk Management, Inc.8% 1.S. The Conference ID is
8103187.

reminiscence gaye

0 million), over the
$131.87) diluted
earnings per share compared with $109.0 million) in the same quarter last year. The decline in gross premiums
written by our Canadian operations is mainly attributable to Alberta non-
standard automobile where the majority of our premiums are now ceded to the
residual market facility.79 billion) compared with $2.S.

Underwriting Profit + Combined Ratio
------------------------------------
The combined ratio was 97.S.10) diluted earnings per share in the same
quarter of 2004.4 million) last year.40 in the year, book value per share increased by 16% since the beginning
of the year to $16.9 million (13% to U$2,914.39 (U$51. For each of our insurance
subsidiaries the provision for unpaid claims are at least 100% of the point
estimate recommended by their independent appointed actuary as at December 31,
2005.

Conference Call
---------------
The Company will have its quarterly conference call today at 5:00pm
(EST).64 $2.8% 68.S.1%

4.0
version of SMTS technology to deliver the ability to automatically
translate Arabic and Chinese into English, and linguistically analyze
the translated text to extract key concepts and gain deeper
understanding. More than 95 percent of the Fortune 1000 companies are SPSS
customers. These forward-looking statements speak only as of the date
on which they are made.

sophistical posterior

TORONTO, Feb.7% compared to 98.8 million.4% in
2004.28 billion) compared to $1 .8 million (U$144.27 billion (U$1.6 million) for the same
quarter of 2004.4 million
(U$74.2 million ) compared with $8.7 million) or $0.3 million) or $1.3 million) or
$1.8 million at December 31, 2005 , representing
2.52 billion) at the end of 2004.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months and year ended December 31, 2005 and 2004
(In thousands of Canadian dollars , except for per share amounts)

Quarter to Dec 31: 12 Months to Dec 31:
2005 2004 2005 2004
(unaudited)
---------------- -------------------------------

Gross premiums written $515,304 $578,989 $2,297,899 $2,610,070
----------------------- -----------------------
----------------------- -----------------------

Net premiums written $473,259 $506,399 $2,214,182 $2,265,956
-------------- --------- -----------------------
----------------------- --------- --------------
Revenue:
Net premiums earned $522,439 $550,943 $2,170,860 $2,314,103
Investment income 29,221 25,109 112,563 96,429
Net realized gains 9,601 8,474 45,929 26,658
----------------------- -----------------------
561,261 584 ,526 2,329,352 2,437,190
Expenses:
Claims incurred 360,226 396,898 1,483,343 1,639,094
Commissions and
premium taxes 97,338 98 ,988 438,760 431,070
General and
administrative
expenses 52,956 45,229 188,130 192,641
Interest expense 8,288 6,948 31,345 27,494
Amortization of
intangibles 474 161 950 690
----------------------- ------ -----------------
519,282 548,224 2,142,528 2,290,989
----------------------- -----------------------
Income before income taxes 41,979 36,302 186,824 146,201
Income taxes (recovery) (99) (42) 23,749 15,196
----------------------- ---------- -------------
Net income $42,078 $36,344 $163,075 $131,005
----------------------- -----------------------
----------------------- -----------------------
Earnings per share:
Basic: $0.8% 25.4% 27.6% 77.4%
U. Summary of Quarterly Results in U.68 $0.67 0.
"Government security agencies that face a glut of foreign language
text documents critically need English translation and timely analysis
of such documents, and often lack the personnel to do the translation
work," said Olivier Jouve, SPSS vice president, data mining and text
mining. Language
Weaver's software is available as licensed software in server and
standalone versions. To
participate in the call outside the United States or Canada, please dial
(706) 643 -3115 five minutes prior to the starting time.com/248011 approximately ten
minutes before the start of the call.

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5 million)
- Combined ratio improved to 97.4%

For the Year
- -----------
- Diluted earnings per share increased 23% to $2.4% in the quarter compared to 18 .S.3 million) or $1.
operations compared to the previous year is mainly attributable to competitive
pricing in some non-standard automobile markets and the termination of certain
programs.78 billion ) in the same
period last year.2% for the year) resulting in an
underwriting profit of $11.7% (97.7% last year) which
produced an underwriting profit of $33.3 million) last year.71) per share
outstanding at December 31, 2005 compared to $67.93) per common
share at December 31, 2005.S.

89 $2.2% 28.4%
Book value per share $16.3% 72.S.0x 2.47 $11. For additional information, please
visit sales@spss.
Bidirectional language pairs available include: Arabic/English,
Chinese/English, French/English, and Spanish/English; unidirectional
languages include Somali to English and Hindi to English.mshow.

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"Our
disciplined underwriting approach has led to an improved combined ratio and
record underwriting profits in 2005 on lower premium volume than 2004. Our diversification in the U.
For the quarter gross premiums written from U.28 billion) last year, and for
the Canadian operations were $705.0 million) compared to $96.
Net unrealized gains at December 31, 2005 on the investment portfolio
were $21. Net unrealized gains on the common shares
portfolio were $46. The first
dividend payment at this rate will be made on March 31, 2006 to shareholders
of record as at March 15, 2006.ca/en/webcast/viewEvent .S. Lincoln General
Insurance Company, Universal Casualty Insurance Company, Jevco Insurance
Company and Kingsway Reinsurance (Bermuda) are all rated "A-" Excellent by
A.3% 70.2% 97. Investments:

-------------------------------------------------------------------------
December 31, 2005
----------------------------- --------------------------------------------
Carrying Fair
Amount value
-------------------------------------------------------------------------
Term deposits $ 445,511 $ 443,957
Bonds:
Government 498,131 497,533
Corporate 1,839,376 1,815,958
Preferred shares 1,500 1,572
Common shares 376,616 423,280
Financed premiums 99,674 99,674
---------------------------- ---------------------------------------------
$3,260,808 $3,281,974
------------------------------------------------------------------- ------
-------------------------------------------------------------------------

-------------------------------------------------------------------------
December 31, 2004
-------------------------------------- -----------------------------------
Carrying Fair
Amount value
-------------------------------------------------------------------------
Term deposits $ 317,853 $ 317,626
Bonds:
Government 590,050 592,693
Corporate 1,662,783 1,666,447
Common shares 324,323 391 ,964
Financed premiums 104,832 104,832
-------- -----------------------------------------------------------------
$2,999,841 $3,073,562
----------------------------------------------- --------------------------
------------------------------------------------------------------ -------

2.S.S. dollars over the previous five
quarters

The selected financial information disclosed below has been
translated using the Bank of Canada monthly average exchange rate for
the income statement and the month end rate for the balance sheet .25 $13. In light of these risks and
uncertainties, the inclusion of forward-looking statements in this
press release should not be regarded as a representation by the
Company that any future results, performance or achievements will be
attained. The call, which will be hosted by TEN's senior
management, may contain information beyond what is included in the earnings
press release.1 million dwt by
mid-2007.

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6 million (26% to
U$49. For the year, diluted
earnings per share increased by 23% to a record $2."

Net Operating Income
--------------------
Net operating income for the quarter increased 18% to $34.30 billion (U$1. operations represented 68% of gross premiums
written in 2005, compared with 71% last year.6 million) for the same quarter of last
year, and were $2.21 billion) compared to $1.5 million ($37.6 million (25% to U$93.2 million) or $0.80 billion )
compared to $4.2 million) at the end
of 2004.9 million ($811.S.9% 27.2%
U.93 $12.64 $0. The Company assumes no obligation to update
the forward-looking statements contained in this press release. Two hours after the completion of the conference call, a digital
recording of the call will be available for seven days, and can be accessed by
dialling (800) 642-1687 if from inside the United States or Canada and
(706) 645-9291 if from outside the United States or Canada and entering the
Conference ID 8103187. TEN undertakes no
obligation to publicly update any forward -looking statement, whether as a
result of new information, future events, or otherwise.

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(TSE:KFS , NYSE:KFS) today announced financial results for the fourth quarter
and year ended December 31, 2005 (Cdn dollars except where indicated).3)
- Net income increased 24% to $163.5 million)
compared with $506.82 billion) for the year compared to
$2.9 million (U$451.8 million) in the same quarter last year. operations were $1.9 million), respectively.9 million (U$10.1% (95.2% last year
and for the U.2 million (21% to
U$24.8 million last year).8%
---------- -------------------------------------
----------------------------- ------------------
Favourable (Unfavourable)
change in estimated
unpaid claims for prior
accident years (note 1):
Canada $2,954 $(20,235) $(2,811) $(39,252)
U.1, which extends the Clementine data mining workbench
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