Document:

<PAGE>

                                  EXHIBIT 10.3

                                December 4, 2002

STRICTLY PRIVATE & CONFIDENTIAL

LaSalle Bank National Association          Canadian Imperial Bank of Commerce
135 South LaSalle Street                   BCE Place, 161 Bay Street
Chicago, Illinois 60603                    Toronto, Ontario
United States of America                   Canada M5J 258

The Bank of Nova Scotia                    Wachovia Securities, Inc.
Suite 2700                                 One First Union Center
600 Peachtree Street N.E.                  301 S. College Street
Atlanta, Georgia 30308                     Charlotte, North Carolina 28288
United States of America                   United States of America

     Re:  Credit Facility in Favour of Kingsway Financial Services Inc. and
          Kingsway U.S. Finance Partnership (the "Borrowers")

Dear Ladies and Gentlemen:

     Reference is made to the Credit Agreement dated as of February 23, 1999, as
subsequently amended (the "Credit Agreement"), among the Borrowers, the Lenders
named in the Credit Agreement, LaSalle Bank National Association, as
Administrative Agent and Co-Syndication Agent and Canadian Imperial Bank of
Commerce, as Co-Syndication Agent and Documentation Agent. All capitalized terms
used but not elsewhere defined herein shall have the respective meanings
ascribed to such terms in the Credit Agreement.

     The purpose of this letter is to provide for the Lenders' consent and
waiver to certain actions of the Borrowers and to amend certain provisions of
the Credit Agreement.

     Consent to Indebtedness

     On September 9, 2002, the Lenders consented to the issuance of preferred
securities in the approximate amount of U.S. $75,000,000 (the "Trust I Preferred
Securities") through Kingsway Financial Capital Trust I, a Delaware statutory
trust beneficially held by the Borrowers ("Trust I"). Trust I intends to use the
proceeds of the public offering of the Trust I Preferred Securities to acquire
debentures (the "Trust I Debentures") from Kingsway U.S. Funding Inc., a newly
formed subsidiary of the Guarantor, which will in turn use the proceeds to
acquire subordinated notes from the Guarantor (the "Subordinated Notes"), which
Subordinated Notes will be on the same economic terms as the Trust Preferred
Securities.

     At the present time the Borrowers anticipate that the Borrowers will issue
approximately $57,500,000 of the amount of $75,000,000 Trust I Preferred
Securities to the issuance of which the Lenders have consented.

                                        1

<PAGE>

     In addition, the Borrowers contemplate raising capital of up to U.S.
$20,000,000 by issuing preferred securities (the "Trust II Preferred
Securities") through a Connecticut statutory trust ("Trust II") to a pooling
vehicle sponsored by Keefe Bruyette & Woods, Inc. ("KBW") and FTN Financial
Capital Markets ("FTN") (the "Pooling Vehicle"). Interests in the Pooling
Vehicle will be sold by KBW and FTN in a private placement offering ("Pooled
Securities Offering"). Trust II will use the proceeds from the sale of the Trust
II Preferred Securities to acquire debentures from the Guarantor (the "Trust II
Debentures"). The Trust II Debentures will have the same economic terms as the
Trust II Preferred Securities.

     The Borrowers believe that the issuance of the Trust II Debentures will be
Permitted Indebtedness if the Majority of the Lenders consent to the existence
and ranking of the contemplated indebtedness as required by Section 1.01(84)(v).
Therefore, in order to issue the Trust II Debentures, the Borrowers require and
request a consent from the Lenders to the issuance of the Trust II Debentures.

     The Borrowers also request a one time waiver of Section 8.03(5) to permit
(i) the Guarantor to guaranty the obligations of Trust II pursuant to the Trust
II Preferred Securities (the "Trust II Guarantee"), and (ii) Kingsway to
guaranty the obligations of the Guarantor under the Trust II Debenture (and the
Indenture relating thereto) and the Trust II Guaranty.

     The Borrowers obligations under the Trust II Debentures will be subordinate
to the Outstanding Obligations and will be pari passu with the Trust I
Debentures.

     Amendments

     The Borrowers will not include the proceeds of the Trust II Preferred
Securities offering in the calculation of the Tangible Net Worth under Section
8.02(3). The Borrowers intend to exclude the proceeds of the offering of the
Trust I Preferred Securities and the Trust II Preferred Securities from the
Funded Debt but intend to include the proceeds in the Total Capitalization for
the purpose of calculation of the Funded Debt to Total Capitalization ratio
under Section 8.02(1). The Borrowers believe that the definition of Total
Capitalization in Section 1.01(103) of the Credit Agreement must be amended by
deleting it its entirety and replacing it with the following:

     " "Total Capitalization" means without duplication the aggregate of (i)
Funded Debt, (ii) the proceeds of the offering of the Trust I Preferred
Securities and the Trust II Preferred Securities, plus (iii) shareholders equity
all of which shall be calculated on a Consolidated basis and in accordance with
GAAP."

     In addition, the following amendments are made:

     Section 1.01(98) (Definition of Subordinated Debt) by deleting the
remainder of that section after the word "Obligations."

     Section 8.03(7) (Material Contracts) is amended by deleting the period at
the end of the Section and inserting the following text at the end of that
Section:

<PAGE>

          "or (d) any material documents relating to the issuance of the Trust I
     Debentures, the Trust I Preferred Securities, the Trust II Debentures or
     the Trust II Preferred Securities."

                                      * * *

     In order to induce the consent and waiver of the Lenders hereunder and to
obtain the Lenders' and the Agents' agreement to the proposed amendment, each of
the Borrowers hereby (i) represents and warrants to the Lenders that no Default
or Event of Default exists under the Credit Agreement as of the date hereof, and
that the issuance and sale of Trust II Preferred Securities and the Trust II
Debentures and the guarantees by the Guarantor and Kingsway as described above
and the participation of the Borrowers and the Guarantor in the Pooled
Securities Offering to the extent described above, after giving effect to the
consent, waiver and amendment requested herein, shall not result in a Default or
an Event of Default under the Credit Agreement, (ii) agrees that a consent of
the Majority of the Lenders shall be required to redeem in cash the Trust II
Preferred Securities, (iii) agrees that upon the occurrence of an Event of
Default Trust II will not pay any dividends on the Trust II Preferred Securities
or redeem the Trust II Preferred Securities, (iv) agrees not to make any payment
of principal or interest in respect of the Trust I Debentures or the Trust II
Debentures following the occurrence of an Event of Default which is continuing
or make any such payment if the making of such payment would result in the
occurrence of a Default or Event of Default and (v) agrees that a Default or
Event of Default under the Credit Agreement will not result in a default or an
event of default in respect of the Trust II Debentures and acceleration of the
Outstanding Obligations under the Credit Agreement will not result in an
acceleration of the obligations under the Trust II Debentures.

     This consent, waiver and amendment is limited to the specific matters set
forth herein and, except as provided herein, does not in any way amend or alter
the Credit Agreement or the provisions thereof, which remain in full force and
effect. This consent, waiver and amendment shall not come into effect until the
Agent shall have received (i) all material documentation as determined by the
Agent in its sole discretion relating to the Trust II Preferred Securities
issuance, including, without limitation, all materials filed with any securities
commission, and the Agent and the Lenders shall be satisfied with the terms and
conditions thereof; and (ii) an acknowledgment/intercreditor agreement in form
and substance acceptable to the Agent to provide, among other things, for
subordination of the Trust II Debentures to the payment in full of the
Outstanding Obligations.

     Each Borrower hereby ratifies and confirms its liabilities, obligations and
agreements under the Credit Agreement and acknowledges and agrees that (a) it
has no defenses, claims or set-offs to the enforcement by the Lenders of such
liabilities, obligations and agreements, (b) each Lender has fully performed all
obligations to each Borrower thereunder which such Lender may have had or has on
and as of the date hereof, and (c) other than as specifically set forth herein,
each Lender (i) expressly reserves and preserves all of its rights and remedies
under the Credit Agreement and (ii) does not waive, diminish or limit any term
or condition contained in the Credit Agreement. The execution and delivery of
this consent, waiver and amendment by the Lenders shall not be deemed to
establish or create a custom or course of dealing among the Lenders and the
Borrowers.

<PAGE>

     Please acknowledge your approval of this consent, waiver and amendment by
countersigning below.

                                       Very truly yours,

                                       KINGSWAY FINANCIAL SERVICES INC.

                                       By: /s/ William G. Star
                                           -------------------------------------
                                           William G. Star
                                           President & Chief Executive Officer

                                       By: /s/ W. Shaun Jackson
                                           -------------------------------------
                                           W. Shaun Jackson
                                           Executive Vice President & Chief
                                           Financial Officer

<PAGE>

                                       KINGSWAY U.S. FINANCE PARTNERSHIP
                                       by its Managers
                                           James R. Zuhlke, President & CEO,
                                           KINGSWAY AMERICA INC.

                                       By: /s/ James R. Zuhlke
                                           -------------------------------------
                                           James R. Zuhlke
                                           Manager

                                           KINGSWAY AMERICA INC.

                                       By: /s/ James R. Zuhlke
                                           -------------------------------------

<PAGE>

      Accepted and Agreed this
      4 day of December, 2002

      CANADIAN IMPERIAL BANK OF COMMERCE

By:   /s/ Ralph Sehgal
      ----------------------------------
      Name: Ralph Sehgal
      Title: Executive Director

By:   /s/ Patti Perras Shugart
      ----------------------------------
      Name: Patti Perras Shugart
      Title: Managing Director

      THE BANK OF NOVA SCOTIA

By:   /s/ William E. Zarrett
      ----------------------------------
      Name: William E. Zarrett
      Title: Managing Director

      LASALLE BANK NATIONAL ASSOCIATION

By:   /s/ Brad Kronland
      ----------------------------------
      Brad Kronland
      Assistant Vice President

      FIRST UNION NATIONAL BANK

By:
      __________________________________
      Name:
      Title:

<PAGE>

      Accepted and Agreed this
      4 day of December, 2002

      LASALLE BANK NATIONAL ASSOCIATION,
      AS ADMINISTRATIVE AGENT

By:   /s/ Brad Kronland
      ----------------------------------
      Brad Kronland
      Assistant Vice President

      CANADIAN IMPERIAL BANK OF COMMERCE,
      AS DOCUMENTATION AGENT

By:   /s/ Ralph Sehgal
      ----------------------------------
      Name: Ralph Sehgal
      Title: Executive Director

By:   /s/ Warren Lobo
      ----------------------------------
      Name: Warren Lobo
      Title: Director

      CANADIAN IMPERIAL BANK OF COMMERCE
      NEW YORK AGENCY

By:   /s/ Ray Smith
      ----------------------------------
      Name: Ray Smith
      Title: Managing Director
             CIBC World Markets, As Agent

<PAGE>

      THIS SIXTH AMENDMENT TO CREDIT AGREEMENT, dated as of January 1, 2003, is
among:

                        KINGSWAY FINANCIAL SERVICES INC.
                      AND KINGSWAY U.S. FINANCE PARTNERSHIP

                                  As Borrowers

                                       AND

                       The Lenders named herein as Lenders

                                       AND

                       LASALLE BANK NATIONAL ASSOCIATION,
                As Administrative Agent and Co-Syndications Agent

                                       AND

                       CANADIAN IMPERIAL BANK OF COMMERCE,
                As Co-Syndications Agent and Documentation Agent

           WHEREAS:

      1.   Pursuant to a Credit Agreement made as of the 23rd day of February,
1999 among the parties hereto, as subsequently amended (the "Credit Agreement"),
the Lenders and the Agents established certain credit facilities in favour of
the Borrowers;

      2.   The Agents, the Lenders and the Borrowers have agreed to amend
certain terms and conditions of the Credit Agreement, in the manner hereinafter
set forth;

           FOR VALUABLE CONSIDERATION, the parties agree as follows:

                                    ARTICLE I

                           AMENDMENT TO INTERPRETATION

1.01  Additional Permitted Indebtedness. Section 1.01(84) of the Credit
Agreement is hereby amended by deleting the period found at the end of
sub-section 1.01(84)(xiv) and replacing such period with a semi-colon, by adding
the word "and" immediately following the semi-colon and by adding the following
as sub-section 1.01(84)(xv):

      "(xv) Indebtedness in connection with the issuance of preferred securities
      by a statutory trust to a pooling vehicle sponsored by *                ,
      and in connection with the issuance of preferred securities by a statutory
      trust to a pooling vehicle sponsored by *                   (together,
      such

--------------------
      *  An asterisk represents certain material which has been omitted
pursuant to a request for confidential treatment filed with the Securities and
Exchange Commission. Such omitted material will be filed separately with the
SEC.

<PAGE>

         Indebtedness are herein referred to as the "Second Round Trust Pool
         Securities") provided that (i) there shall be no redemption of the
         Second Round Trust Pool Securities into cash without the prior written
         consent of the Majority of the Lenders; (ii) a Default under the Credit
         Agreement is not a default or event of default in respect of such
         Indebtedness and acceleration of the Outstanding Obligations does not
         result in an acceleration of the obligations under the debentures
         issued in connection with the Second Round Trust Pool Securities (the
         "Second Round Trust Pool Debentures"); (iii) no cash dividends may be
         paid on the Second Round Trust Pool Securities or preference shares
         redeemed so long as a Default or Event of Default under the Credit
         Agreement has occurred and is continuing; and (iv) the terms and
         conditions of the Second Round Trust Pool Securities are otherwise
         satisfactory to the Majority of the Lenders, provided that the
         aggregate Indebtedness pursuant to the Second Round Trust Pool
         Debentures does not exceed US $30,000,000."

1.02     Amendment to Total Capitalization. Sub-section 1.01(103) of the Credit
Agreement is hereby deleted in its entirety and replaced with the following:

         "Total Capitalization" means without duplication the aggregate of (i)
         Funded Debt, (ii) the proceeds of the offering of the Trust I Preferred
         Securities, the Trust II Preferred Securities and the Second Round
         Trust Pool Securities, plus (iii) shareholders equity, all of which
         shall be calculated on a Consolidated basis in accordance with GAAP."

                                   ARTICLE II

                             AMENDMENT TO COVENANTS

2.01  Amendment to Funded Debt to Total Capitalization Covenant. Sub-section
8.02(1) of the Credit Agreement is hereby amended by deleting the period at the
end of the sub-section, replacing it with a semi-colon and inserting the
following language immediately thereafter:

      "provided that for the purposes of this covenant only the Second Round
      Trust Pool Debentures shall not be included in the calculation of Funded
      Debt but shall be included in the calculation of Total Capitalization."

2.02  Amendment to Capital Surplus Ratio Covenant. Sub-section 8.02(2) of the
Credit Agreement is hereby deleted in its entirety and replaced with the
following:

      "Capital Surplus Ratio. Kingsway shall maintain at all times a Capital
      Surplus Ratio on a Consolidated basis calculated quarterly on the last day
      of each fiscal quarter of Kingsway on a rolling four-quarter basis as
      follows:

<PAGE>

         (i)      from the Closing Date to and including June 30, 2002 of not
         greater than 2.75:1.00;

         (ii)     from July 1, 2002 to and including December 31, 2002 of not
         greater than 3.50:1.00;

         (iii)    from January 1, 2003 to and including March 31, 2003 of not
         greater than 3.25:1.00; and

         (iv)     thereafter of not greater than 2.75:1.00."

2.03     Amendment to Minimum Tangible Net Worth Covenant. Sub-section 8.02(3)
of the Credit Agreement is hereby amended by adding the following sentence at
the end of the sub-section:

         "For greater certainty, the proceeds of the Second Round Trust Pool
         Securities issuances shall not be included in the calculation of
         Minimum Tangible Net Worth."

2.04     Amendment to No Guarantees Covenant. Sub-section 8.03(5) of the Credit
Agreement is hereby amended by deleting subparagraph (vii) in its entirety and
by inserting the following immediately after sub-section 8.03(5)(vi):

         "(vii)   the Guarantees issued by Kingsway and the Guarantor in
         connection with the Second Round Trust Pool Securities issuances; and

         (viii)   as otherwise permitted hereunder."

2.05     Amendment to Material Contracts Covenant. Sub-section 8.03(7) is hereby
amended by deleting the period at the end of the sub-section and inserting the
following text at the end of that sub-section:

         "or (e) any material documents relating to the Second Round Trust Pool
Securities issuances."

2.06     Amendment to Restricted Payments Covenant. Sub-section 8.03(14) of the
Credit Agreement is hereby amended by deleting subclause (b) in its entirety and
replacing it with the following:

         "(b)     The Borrowers will not, and will not permit or cause the
         Guarantor or any of the Subsidiaries to:

                  (i)  make (or give any notice in respect of) any voluntary or
                  optional payment or prepayment of principal on any
                  Subordinated Debt, or directly or indirectly make any
                  redemption (including pursuant to any change of control
                  provision), retirement, defeasance or other acquisition for
                  value of any Subordinated Debt, or make any deposit or
                  otherwise set aside funds for any of the foregoing purposes;
                  or

<PAGE>

          (ii) make any payment of principal or interest in respect of the
          Second Round Trust Pool Debentures following the occurrence of an
          Event of Default which is continuing or make any such payment if the
          making of such payment would result in the occurrence of a Default or
          Event of Default."

                                  ARTICLE III

                     CONDITIONS PRECEDENT TO THIS AGREEMENT

3.01 Conditions Precedent.

     (a) Subject to the prior satisfaction of the conditions in sub-clause (c)
     of this Section 3.01, the amendment set forth in Section 2.02 of this Sixth
     Credit Amending Agreement shall become effective as of January 1, 2003.

     (b) Subject to the prior satisfaction of the conditions in sub-clause (c)
     of this Section 3.01, the amendments set forth in Sections 1.01, 1.02,
     2.01, 2.03, 2.04, 2.05 and 2.06 of this Sixth Credit Amending Agreement
     shall not come into effect and the Credit Agreement shall not be amended to
     reflect the Amendments contemplated therein until the Agent shall have
     received (i) all material documentation as determined by the Agent in its
     sole discretion relating to the Second Round Trust Pool Securities
     issuances, including, without limitation, all materials filed with any
     securities commission, and the Agent and the Majority of the Lenders shall
     be satisfied with the terms and conditions thereof; and (ii) an
     intercreditor agreement with the holders of the Second Round Trust Pool
     Debentures or such other evidence of subordination as may be satisfactory
     to the Agent and the Majority of the Lenders in respect of the obligations
     of the Borrowers or their Subsidiaries to the holders of the Second Round
     Trust Pool Debentures, to acknowledge, among other things, for
     subordination of the obligations of the Borrowers or the Guarantor in
     connection with the Second Round Trust Pool Debentures to the payment in
     full of the Outstanding Obligations.

     (c) The amendments set forth in this Sixth Credit Amending Agreement shall
     not become effective until (i) the execution and delivery of this Sixth
     Credit Amending Agreement by the Borrowers and the Majority of the Lenders
     and (ii) the receipt by each Lender executing this Sixth Credit Amending
     Agreement of an amendment fee in an amount equal to 20 basis points of each
     such Lender's respective commitment.

                                   ARTICLE IV

                                  MISCELLANEOUS

4.01 Nature of Amendments and Defined Terms. It is acknowledged and agreed that
the terms of this Sixth Credit Amending Agreement are in addition to and, unless
specifically provided for, shall not

<PAGE>

limit, restrict, modify, amend or release any of the understandings, agreements
or covenants as set out in the Credit Agreement. The Credit Agreement shall
henceforth be read and construed in conjunction with this Sixth Credit Amending
Agreement and the Credit Agreement together with all of the powers, provisions,
conditions, covenants and agreements contained or implied in the Credit
Agreement shall be and shall continue to be in full force and effect. References
to the "Credit Agreement" or the "Agreement" in the Credit Agreement or in any
other document delivered in connection with, or pursuant to, the Credit
Agreement, shall mean the Credit Agreement, as amended hereby. Capitalized terms
utilized in this agreement but not defined in this Agreement shall have the
meanings ascribed to such terms in the Credit Agreement.

4.02 Assignment. This Sixth Credit Amending Agreement shall enure to the benefit
of and be binding upon the parties hereto and their respective successors and
assigns but shall not be assignable by the Borrowers or either of them without
the prior written consent of the Agents and Lenders.

4.03 Severability. Any provision of this Sixth Credit Amending Agreement which
is prohibited or unenforceable in any jurisdiction shall not invalidate the
remaining provisions hereof and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

4.04 Governing Law. This Sixth Credit Amending Agreement shall be governed by
and construed in accordance with the laws of the Province of Ontario and the
laws of Canada applicable therein and shall be treated in all respects as an
Ontario contract and the parties hereby submit and attorn to the non-exclusive
jurisdiction of the courts of the Province of Ontario.

4.05 Further Assurances. The Borrowers shall from time to time and at all times
hereafter, upon every reasonable request from the Agents or the Lenders, make,
do, execute and deliver or cause to be made, done, executed and delivered, all
such further acts, deeds and assurances and things as may be necessary in the
opinion of the Agents for more effectually implementing and carrying out the
true intent and meaning of this Sixth Credit Amending Agreement.

4.06 Counterparts. This Sixth Credit Amending Agreement may be executed in any
number of counterparts, each of which shall constitute an original and all of
which, taken together, shall constitute one and the same agreement.

<PAGE>

     IN WITNESS WHEREOF the parties hereto have executed this Sixth Amendment to
Credit Agreement.

                                        KINGSWAY FINANCIAL SERVICES INC.

                                        By:  /s/ William G. Star
                                             -----------------------------------
                                             William G. Star
                                             President & Chief Executive Officer

                                        By:  /s/ W. Shaun Jackson
                                             -----------------------------------
                                             W. Shaun Jackson
                                             Executive Vice President & Chief
                                             Financial Officer

                                        KINGSWAY U.S. FINANCE PARTNERSHIP
                                        by its Partners
                                             KINGSWAY FINANCIAL SERVICES INC.

                                        By:  /s/ W. Shaun Jackson
                                             -------------------------------
                                             Name:  W. Shaun Jackson
                                             Title: Executive Vice President

                                        METRO CLAIM SERVICES INC.

                                        By:  /s/ W. Shaun Jackson
                                             -------------------------------
                                             Name:  W. Shaun Jackson
                                             Title: Secretary

<PAGE>

                                        CANADIAN IMPERIAL BANK OF COMMERCE

                                        By:  /s/ Ralph Sehgal
                                             -----------------------------------
                                             Name: Ralph Sehgal
                                             Title: Executive Director

                                        By:  /s/ Patti Perras Shugart
                                             -----------------------------------
                                             Name: Patti Perras Shugart
                                             Title: Managing Director

                                        LASALLE BANK NATIONAL ASSOCIATION

                                        By:  /s/ Brad Kronland
                                             -----------------------------------
                                             Brad Kronland
                                             Assistant Vice President

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        AS ADMINISTRATIVE AGENT

                                        By:  /s/ Brad Kronland
                                             -----------------------------------
                                             Brad Kronland
                                             Assistant Vice President

                                        CANADIAN IMPERIAL BANK OF COMMERCE,
                                        AS DOCUMENTATION AGENT

                                        By:  /s/ Warren Lobo
                                             -----------------------------------
                                             Name: Warren Lobo
                                             Title: Director

                                        By:  /s/ Ralph Sehgal
                                             -----------------------------------
                                             Name: Ralph Sehgal
                                             Title: Executive Director

                                        CANADIAN IMPERIAL BANK OF COMMERCE
                                        NEW YORK AGENCY

                                        By:  /s/ Geraldine Kerr
                                             -----------------------------------
                                             Name: Geraldine Kerr
                                             Title: Executive Director
                                                    CIBC World Markets, As Agent

<PAGE>

                                        THE BANK OF NOVA SCOTIA

                                        By:  /s/ William E. Zarrett
                                             -----------------------------------
                                            Name: William E. Zarrett
                                            Title: Managing Director

                                        FIRST UNION NATIONAL BANK

                                        By:  ___________________________________
                                             Name:
                                             Title:<PAGE>

                                  EXHIBIT 10.4

          THIS FOURTH CREDIT AMENDING AGREEMENT made as of the 4th day of
December, 2002.

A M O N G:

                        KINGSWAY FINANCIAL SERVICES INC.
                      AND KINGSWAY U.S. FINANCE PARTNERSHIP
                                  As Borrowers

                                       AND

                       The Lenders named herein as Lenders

                                       AND

                       CANADIAN IMPERIAL BANK OF COMMERCE,
                             As Administrative Agent

                                       AND

                       LASALLE BANK NATIONAL ASSOCIATION,
                              As Syndication Agent

          WHEREAS:

          1.   Pursuant to a Credit Agreement made as of the 28th day of May,
2002 among the parties hereto as amended by a credit amending agreement dated
September 24th, 2002, a second credit amending agreement also dated September
24/th/, 2002 and a third credit amending agreement dated as of October 30, 2002
(collectively the "Credit Agreement"), the Lenders and the Agents established
certain credit facilities in favour of the Borrowers;

          2.   The Agents, the Lenders and the Borrowers have agreed to amend
certain terms and conditions of the Credit Agreement in the manner hereinafter
set forth;

          FOR VALUABLE CONSIDERATION, the parties agree as follows:

                                    ARTICLE I

                           AMENDMENT TO INTERPRETATION

1.01 Amendment to Definition of Permitted Indebtedness. Sub-section
1.01(91)(xvi) of the Credit Agreement is hereby deleted in its entirety and
replaced with the following:

<PAGE>

     "(xvi)    Indebtedness in connection with preferred securities issued by
     Kingsway Financial Capital Trust I (the "Trust Preferred Securities
     Issuance"), provided that (i) there is no redemption of the preferred
     securities into cash without the prior written consent of the Majority of
     the Lenders, (ii) a default under the Credit Agreement is not a default or
     an event of default in respect of such Indebtedness and acceleration of the
     Outstanding Obligations does not result in an acceleration of the
     obligations under the debentures issued in connection with the Trust
     Preferred Securities Issuance (the "Debentures"), (iii) no cash dividends
     may be repaid or preference shares redeemed so long as a Default or Event
     of Default has occurred and is continuing under the Credit Agreement and
     (iv) the terms and conditions of the Trust Preferred Securities Issuance
     are otherwise satisfactory to the Majority of the Lenders, provided that
     the aggregate Indebtedness pursuant to (A) the Trust Preferred Securities
     Issuance and (B) the Indebtedness described in Section 1.01(91)(xvii) does
     not exceed US $80,000,000."

1.02 Additional Permitted Indebtedness. Section 1.01(91) of the Credit Agreement
is hereby amended by deleting the period found at the end of sub-section
1.01(91)(xvi) and replacing such period with a semi-colon, by adding the word
"and" immediately following the semi-colon and by adding the following as
sub-section 1.01(91)(xvii):

     "(xvii)   Indebtedness in connection with the issuance of preferred
     securities through KBW/FTN Insurance Preferred Securities issued by a
     pooling vehicle (the "Trust Pool Securities") provided that (i) there shall
     be no redemption of the Trust Pool Securities into cash without the prior
     written consent of the Majority of the Lenders; (ii) a default under the
     Credit Agreement is not a default or event of default in respect of such
     Indebtedness and acceleration of the Outstanding Obligations does not
     result in an acceleration of the obligations under the debentures issued in
     connection with the Trust Pool Securities (the "Trust Pool Debentures");
     (iii) no cash dividends may be repaid or preference shares redeemed so long
     as a Default or Event of Default under the Credit Agreement has occurred
     and is continuing; and (iv) the terms and conditions of the Trust Pool
     Securities are otherwise satisfactory to the Majority of the Lenders,
     provided that the aggregate Indebtedness pursuant to (A) the Trust
     Preferred Securities Issuance and (B) the Trust Pool Debentures does not
     exceed US $80,000,000."

                                       -2-

<PAGE>

                                   ARTICLE II

                             AMENDMENT TO COVENANTS

2.01 Amendment to Funded Debt to Total Capitalization Ratio. Sub-section 8.02(1)
of the Credit Agreement is hereby deleted in its entirety and replaced with the
following:

     "Funded Debt to Total Capitalization Ratio. The Canadian Borrower shall
     maintain at all times a ratio of Funded Debt to Total Capitalization on a
     Consolidated basis of not greater than 0.30:1.00 calculated quarterly on
     the last day of each fiscal quarter of the Canadian Borrower; provided that
     for the purposes of this covenant only neither the Debentures nor the Trust
     Pool Debentures shall be included in the calculation of Funded Debt but
     shall be included in the calculation of Total Capitalization."

2.02 Amendment to Minimum Tangible Net Worth Covenant. Sub-section 8.02(2) of
the Credit Agreement is hereby amended by adding the following sentence at the
end of such sub-section:

     "For greater certainty the proceeds of the Trust Preferred Securities
     Issuance and the Trust Pool Securities issuance shall not be included in
     the calculation of Minimum Tangible Net Worth."

2.03 Amendment to No Guarantees Covenant. Sub-section 8.03(5) of the Credit
Agreement is hereby amended by deleting subparagraph (xi) in its entirety and by
adding the following immediately following sub-section 8.03(5)(x):

     "(xi)  the guarantees issued by the US Borrower and the Canadian Borrower
            in connection with the Trust Pool Securities issuance; and

     (xii)  as otherwise permitted hereunder."

2.04 Amendment to Material Contracts Covenant. Sub-section 8.03(7) of the Credit
Agreement is hereby deleted in its entirety and replaced with the following:

     "(7) Material Contracts. Neither Borrower, nor Kingsway America nor any of
     the Subsidiaries shall cancel or terminate any material contract or amend
     or otherwise modify any material contract, or waive any default or breach
     under any material contract, or take any other action in connection with
     any material contract that could reasonably be expected to have a

                                       -3-

<PAGE>

     Material Adverse Effect. By way of example and not in limitation of the
     foregoing, the Borrowers will not consent to or enter into any amendment,
     supplement or other modification of any of the terms or provisions
     contained in, or applicable to, (a) any documents relating to preferred
     stock issued by the Canadian Borrower, (b) documents relating to any
     warrant or option granted by the Canadian Borrower if the effect of such
     amendment, supplement or other modification is to impose or increase any
     monetary obligation on any Borrower, (c) any constating documents of either
     Borrower other than any such amendment, supplement or other modification
     which is immaterial or which could not reasonably be expected to have in a
     Material Adverse Effect, (d) any material documents relating to the Trust
     Preferred Securities Issuance or the Trust Pool Securities issuance."

2.05 Amendment to Restricted Payments Covenant. Sub-section 8.03(14) of the
Credit Agreement is hereby amended by deleting subclause (b) in its entirety and
replacing it with the following:

     "(b) The Borrowers will not, and will not permit or cause Kingsway America
     or any of the Subsidiaries to:

          (i)  make (or give any notice in respect of) any voluntary or optional
     payment or prepayment of principal or any Subordinated Debt, or directly or
     indirectly make any redemption (including pursuant to any change of control
     provision), retirement, defeasance or other requisition for value of any
     Subordinated Debt, or make any deposit or otherwise set aside funds for any
     of the foregoing purposes; or

          (ii) make any payment of principal or interest in respect of the
     Debentures or the Trust Pool Debentures following the occurrence of an
     Event of Default which is continuing or make any such payment if the making
     of such payment would result in the occurrence of a Default or Event of
     Default."

                                  ARTICLE III

                     CONDITIONS PRECEDENT TO THIS AGREEMENT

3.01 Conditions Precedent. This Fourth Credit Amending Agreement shall not come
into effect and the Credit Agreement shall not be amended to reflect the
amendments contemplated herein until the Agent shall have received (i) all
material documentation as determined by the Agent in its sole discretion
relating to the Trust Pool Securities issuance, including, without limitation,
all materials filed with any securities commission, and the Agent and the
Lenders shall be satisfied with the terms and conditions

                                       -4-

<PAGE>

thereof; and (ii) an intercreditor agreement with the holders of the Trust Pool
Debentures in respect of the obligations of the Borrowers or their Subsidiaries
to the holders of the Trust Pool Debentures, to provide, among other things, for
subordination of the Trust Pool Debentures to the payment in full of the
Outstanding Obligations.

                                   ARTICLE IV

                                  MISCELLANEOUS

4.01  Nature of Amendments and Defined Terms. It is acknowledged and agreed that
the terms of this Fourth Credit Amending Agreement are in addition to and,
unless specifically provided for, shall not limit, restrict, modify, amend or
release any of the understandings, agreements or covenants as set out in the
Credit Agreement. The Credit Agreement shall henceforth be read and construed in
conjunction with this Fourth Credit Amending Agreement and the Credit Agreement
together with all of the powers, provisions, conditions, covenants and
agreements contained or implied in the Credit Agreement shall be and shall
continue to be in full force and effect. References to the "Credit Agreement" or
the "Agreement" in the Credit Agreement or in any other document delivered in
connection with, or pursuant to, the Credit Agreement, shall mean the Credit
Agreement, as amended hereby. Capitalized terms utilized in this agreement but
not defined in this Agreement shall have the meanings ascribed to such terms in
the Credit Agreement.

4.02  Assignment. This Fourth Credit Amending Agreement shall enure to the
benefit of and be binding upon the parties hereto and their respective
successors and assigns but shall not be assignable by the Borrowers or either of
them without the prior written consent of the Agents and Lenders.

4.03  Severability. Any provision of this Fourth Credit Amending Agreement which
is prohibited or unenforceable in any jurisdiction shall not invalidate the
remaining provisions hereof and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

4.04  Governing Law. This Fourth Credit Amending Agreement shall be governed by
and construed in accordance with the laws of the Province of Ontario and the
laws of Canada applicable therein and shall be treated in all respects as an
Ontario contract and the parties hereby submit and attorn to the non-exclusive
jurisdiction of the courts of the Province of Ontario.

4.05  Further Assurances. The Borrowers shall from time to time and at all times
hereafter, upon every reasonable request from the Agents or the Lenders, make,
do, execute and deliver or cause to be

                                       -5-

<PAGE>

made, done, executed and delivered, all such further acts, deeds and assurances
and things as may be necessary in the opinion of the Agents for more effectually
implementing and carrying out the true intent and meaning of this Fourth Credit
Amending Agreement.

4.06  Counterparts. This Fourth Credit Amending Agreement may be executed in any
number of counterparts, each of which shall constitute an original and all of
which, taken together, shall constitute one and the same agreement.

          IN WITNESS WHEREOF the parties hereto have executed this Fourth Credit
Amending Agreement.

                         KINGSWAY FINANCIAL SERVICES INC.

                         By:    /s/ William G. Star
                               -----------------------------------------------
                               Name: William G. Star
                               Title: President & Chief Executive Officer

                         By:    /s/ W. Shaun Jackson
                               -----------------------------------------------
                               Name: W. Shaun Jackson
                               Title: Executive Vice President
                                      & Chief Financial Officer

                         KINGSWAY U.S. FINANCE PARTNERSHIP
                         by its Partners
                               KINGSWAY FINANCIAL SERVICES INC.

                         By:    /s/ W. Shaun Jackson
                               -----------------------------------------------
                               Name: W. Shaun Jackson
                               Title: Executive Vice President

                               METRO CLAIM SERVICES INC.

                         By:    /s/ W. Shaun Jackson
                               -----------------------------------------------
                               Name: W. Shaun Jackson
                               Title: Secretary

                         CANADIAN IMPERIAL BANK OF COMMERCE,
                         AS CANADIAN LENDER

                         By:    /s/ Ralph Sehgal
                               -----------------------------------------------
                               Name: Ralph Sehgal
                               Title: Executive Director

                         By:    /s/ Warren Lobo
                               -----------------------------------------------
                               Name: Warren Lobo
                               Title: Director

                                       -6-

<PAGE>

                         HSBC BANK CANADA,
                         AS CANADIAN LENDER

                         By:    /s/ Martin J. Haythorne
                               -----------------------------------------------
                               Name: Martin J. Haythorne
                               Title: Assistant Vice President

                         By:   _______________________________________________
                               Name:
                               Title:

                         LASALLE BANK NATIONAL ASSOCIATION,
                         AS U.S. LENDER

                         By:    /s/ Bradley J. Kronland
                               -----------------------------------------------
                               Name: Bradley J. Kronland
                               Title: Assistant Vice President

                         By:    /s/ Robert Frentzel
                               -----------------------------------------------
                               Name: Robert Frentzel
                               Title: Senior Vice President

                         CANADIAN IMPERIAL BANK OF COMMERCE,
                         NEW YORK AGENCY, AS U.S. LENDER

                         By:    /s/ Ray Smith
                               -----------------------------------------------
                               Name: Ray Smith
                               Title: Managing Director

                         By:   _______________________________________________
                               Name:
                               Title:

                         CANADIAN IMPERIAL BANK OF COMMERCE,
                         AS ADMINISTRATIVE AGENT

                         By:    /s/ Ralph Sehgal
                               -----------------------------------------------
                               Name: Ralph Sehgal
                               Title: Executive Director

                         By:    /s/ Warren Lobo
                               -----------------------------------------------
                               Name: Warren Lobo
                               Title: Director

                                       -7-

<PAGE>

                         LASALLE BANK NATIONAL ASSOCIATION,
                         AS SYNDICATION AGENT

                         By:    /s/ Bradley J. Kronland
                               -----------------------------------------------
                               Name: Bradley J. Kronland
                               Title: Assistant Vice President

                         By:    /s/ Robert Frentzel
                               -----------------------------------------------
                               Name: Robert Frentzel
                               Title: Senior Vice President

                                       -8-

<PAGE>

                  THIS FIFTH CREDIT AMENDING AGREEMENT made as of the 1/st/ day
of January, 2003.

A M O N G:

                        KINGSWAY FINANCIAL SERVICES INC.
                      AND KINGSWAY U.S. FINANCE PARTNERSHIP
                                  As Borrowers

                                       AND

                       The Lenders named herein as Lenders

                                       AND

                       CANADIAN IMPERIAL BANK OF COMMERCE,
                             As Administrative Agent

                                       AND

                       LASALLE BANK NATIONAL ASSOCIATION,
                              As Syndication Agent

                  WHEREAS:

                  1. Pursuant to a Credit Agreement made as of the 28th day of
May, 2002 among the parties hereto as amended by a credit amending agreement
dated September 24th, 2002, a second credit amending agreement also dated
September 24/th/, 2002, a third credit amending agreement dated as of October
30, 2002, and a fourth credit amending agreement dated December 4/th/, 2002
(collectively the "Credit Agreement"), the Lenders and the Agents established
certain credit facilities in favour of the Borrowers;

                  2. The Agents, the Lenders and the Borrowers have agreed to
amend certain terms and conditions of the Credit Agreement in the manner
hereinafter set forth;

                  FOR VALUABLE CONSIDERATION, the parties agree as follows:

                                   ARTICLE V

                           AMENDMENT TO INTERPRETATION

5.01     Additional Permitted Indebtedness. Section 1.01(91) of the Credit
Agreement is hereby amended by adding the words "Kingsway Connecticut Statutory
Trust I to" after the word "by" at the beginning of sub-section 1.01(91)(xvii),
prior to clause (i) thereof, by deleting the period found at the end

                                       -9-

<PAGE>

of sub-section 1.01(91)(xvii) and replacing such period with a semi-colon, by
adding the word "and" immediately following the semi-colon and by adding the
following as sub-section 1.01(91)(xviii):

         "(xviii) Indebtedness in connection with the issuance of preferred
         securities by a statutory trust to a pooling vehicle sponsored by
         *        , and in connection with the issuance of preferred securities
         by a statutory trust to a pooling vehicle sponsored by *
         (together, such Indebtedness are herein referred to as the "Second
         Round Trust Pool Securities") provided that (i) there shall be no
         redemption of the Second Round Trust Pool Securities into cash without
         the prior written consent of the Majority of the Lenders; (ii) a
         default under the Credit Agreement is not a default or event of default
         in respect of such Indebtedness and acceleration of the Outstanding
         Obligations does not result in an acceleration of the obligations under
         the debentures issued in connection with the Second Round Trust Pool
         Securities (the "Second Round Trust Pool Debentures"); (iii) no cash
         dividends may be paid on the Second Round Trust Pool Securities or
         preference shares redeemed so long as a Default or Event of Default
         under the Credit Agreement has occurred and is continuing; and (iv) the
         terms and conditions of the Second Round Trust Pool Securities are
         otherwise satisfactory to the Majority of the Lenders, provided that
         the aggregate Indebtedness pursuant to the Second Round Trust Pool
         Debentures does not exceed US $30,000,000."

                                   ARTICLE VI

                             AMENDMENT TO COVENANTS

6.01     Amendment to Funded Debt to Total Capitalization Ratio. Sub-section
8.02(1) of the Credit Agreement is hereby deleted in its entirety and replaced
with the following:

         "Funded Debt to Total Capitalization Ratio. The Canadian Borrower shall
         maintain at all times a ratio of Funded Debt to Total Capitalization on
         a Consolidated basis of not greater than 0.30:1.00 calculated quarterly
         on the last day of each fiscal quarter of the Canadian Borrower;
         provided that, for the purposes of this covenant only, neither the
         Debentures nor the Trust Pool Debentures nor the Second Round Trust
         Pool Debentures shall be included in the calculation of

-----------------------

         * An asterisk represents certain material which has been omitted
pursuant to a request for confidential treatment filed with the Securities and
Exchange Commission. Such omitted material will be filed separately with the
SEC.

                                      -10-

<PAGE>

         Funded Debt but the Debentures, Trust Pool Debentures and Second Round
         Trust Pool Debentures shall be included in the calculation of Total
         Capitalization."

6.02     Amendment to Minimum Tangible Net Worth Covenant. Sub-section 8.02(2)
of the Credit Agreement is hereby amended by deleting the sentence at the end of
such sub-section and adding the following sentence at the end of such
sub-section:

         "For greater certainty the proceeds of the Trust Preferred Securities
         Issuance, the Trust Pool Securities issuance and the Second Round Trust
         Pool Securities issuances shall not be included in the calculation of
         Minimum Tangible Net Worth."

6.03     Amendment to Capital Surplus Ratio Covenant. Sub-section 8.02(4) of the
Credit Agreement is hereby deleted in its entirety and replaced with the
following:

         "Capital Surplus Ratio. The Canadian Borrower shall maintain at all
         times a Capital Surplus Ratio on a Consolidated basis calculated
         quarterly on the last day of each fiscal quarter of the Canadian
         Borrower on a rolling four-quarter basis as follows:

         (i)      from the Closing Date to and including June 30, 2002 of not
                  greater than 2.75:1.00;

         (ii)     from July 1, 2002 to and including December 31, 2002 of not
                  greater than 3.50:1.00;

         (iii)    from January 1, 2003 to and including March 31, 2003 of not
                  greater than 3.25:1.00; and

         (iv)     thereafter of not greater than 2.75:1.00."

6.04     Amendment to No Guarantees Covenant. Sub-section 8.03(5) of the Credit
Agreement is hereby amended by deleting subparagraphs (xi) and (xii) in their
entirety and by adding the following immediately following sub-section
8.03(5)(x):

         "(xi)    the guarantees issued by Kingsway America and the Canadian
                  Borrower in connection with the Trust Pool Securities
                  Issuance; and"

6.05     Further Amendment to No Guarantees Covenant. Sub-section 8.03(5) of
the Credit Agreement is hereby amended by adding the following immediately
following sub-section 8.03(5)(xi):

                                      -11-

<PAGE>

         "(xii)   the guarantees issued by Kingsway America and the Canadian
                  Borrower in connection with the Second Round Trust Pool
                  Securities issuances; and

         (xiii)   as otherwise permitted hereunder."

6.06     Amendment to Material Contracts Covenant. Sub-section 8.03(7) of the
Credit Agreement is hereby deleted in its entirety and replaced with the
following:

         "(7)     Material Contracts. Neither Borrower, nor Kingsway America nor
         any of the Subsidiaries shall cancel or terminate any material contract
         or amend or otherwise modify any material contract, or waive any
         default or breach under any material contract, or take any other action
         in connection with any material contract that could reasonably be
         expected to have a Material Adverse Effect. By way of example and not
         in limitation of the foregoing, the Borrowers will not consent to or
         enter into any amendment, supplement or other modification of any of
         the terms or provisions contained in, or applicable to, (a) any
         documents relating to preferred stock issued by the Canadian Borrower,
         (b) documents relating to any warrant or option granted by the Canadian
         Borrower if the effect of such amendment, supplement or other
         modification is to impose or increase any monetary obligation on any
         Borrower, (c) any constating documents of either Borrower other than
         any such amendment, supplement or other modification which is
         immaterial or which could not reasonably be expected to have in a
         Material Adverse Effect, (d) any material documents relating to the
         Trust Preferred Securities Issuance, the Trust Pool Securities
         issuance, and the Second Round Trust Pool Securities issuances."

6.07     Amendment to Restricted Payments Covenant. Sub-section 8.03(14) of the
Credit Agreement is hereby amended by deleting subclause (b) in its entirety and
replacing it with the following:

         "(b)     The Borrowers will not, and will not permit or cause Kingsway
         America or any of the Subsidiaries to:

                  (i)   make (or give any notice in respect of) any voluntary or
         optional payment or prepayment of principal on any Subordinated Debt,
         or directly or indirectly make any redemption (including pursuant to
         any change of control provision), retirement, defeasance or other
         acquisition for value of any Subordinated Debt, or make any deposit or
         otherwise set aside funds for any of the foregoing purposes; or

                                      -12-

<PAGE>

                (ii)  make any payment of principal or interest in respect of
         the Debentures, the Trust Pool Debentures or the Second Round Trust
         Pool Debentures following the occurrence of an Event of Default which
         is continuing or make any such payment if the making of such payment
         would result in the occurrence of a Default or Event of Default."

                                   ARTICLE VII

                     CONDITIONS PRECEDENT TO THIS AGREEMENT

7.01     Conditions Precedent.

(a) This Fifth Credit Amending Agreement other than Sections 2.03 and 2.04
(which shall come into effect upon satisfaction of the condition precedent set
out in Section 3.01(b)) shall not come into effect and the Credit Agreement
shall not be amended to reflect the amendments contemplated therein until (A)
the Agent shall have received (i) all material documentation as determined by
the Agent in its sole discretion relating to the Second Round Trust Pool
Securities issuances, including, without limitation, all materials filed with
any securities commission, and the Agent and the Lenders shall be satisfied with
the terms and conditions thereof; (ii) an intercreditor agreement with the
holders of the Second Round Trust Pool Debentures or such other evidence of
subordination as may be satisfactory to the Agent and the Majority of the
Lenders in respect of the obligations of the Borrowers or their Subsidiaries to
the holders of the Second Round Trust Pool Debentures, to provide, among other
things, for subordination of the obligations of the Borrowers or Kingsway
America in connection with the Second Round Trust Pool Debentures to the payment
in full of the Outstanding Obligations, and (B) the conditions precedent set out
in Sub-section 3.01(b) shall have been satisfied;

(b) Sections 2.03 and 2.04 of this Fifth Credit Amending Agreement shall come
into effect as of January 1, 2003 and the Credit Agreement shall be amended to
reflect the amendments contemplated herein upon (i) payment by the Borrowers to
each of the Lenders of an amendment fee in an amount equal to 20 basis points of
their respective Commitments, and (ii) execution and delivery of this Agreement
by the parties hereto.

                                  ARTICLE VIII

                                  MISCELLANEOUS

                                      -13-

<PAGE>

8.01 Nature of Amendments and Defined Terms. It is acknowledged and agreed that
the terms of this Fifth Credit Amending Agreement are in addition to and, unless
specifically provided for, shall not limit, restrict, modify, amend or release
any of the understandings, agreements or covenants as set out in the Credit
Agreement. The Credit Agreement shall henceforth be read and construed in
conjunction with this Fifth Credit Amending Agreement and the Credit Agreement
together with all of the powers, provisions, conditions, covenants and
agreements contained or implied in the Credit Agreement shall be and shall
continue to be in full force and effect. References to the "Credit Agreement" or
the "Agreement" in the Credit Agreement or in any other document delivered in
connection with, or pursuant to, the Credit Agreement, shall mean the Credit
Agreement, as amended hereby. Capitalized terms utilized in this agreement but
not defined in this Agreement shall have the meanings ascribed to such terms in
the Credit Agreement.

8.02 Assignment. This Fifth Credit Amending Agreement shall enure to the benefit
of and be binding upon the parties hereto and their respective successors and
assigns but shall not be assignable by the Borrowers or either of them without
the prior written consent of the Agents and Lenders.

8.03 Severability. Any provision of this Fifth Credit Amending Agreement which
is prohibited or unenforceable in any jurisdiction shall not invalidate the
remaining provisions hereof and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

8.04 Governing Law. This Fifth Credit Amending Agreement shall be governed by
and construed in accordance with the laws of the Province of Ontario and the
laws of Canada applicable therein and shall be treated in all respects as an
Ontario contract and the parties hereby submit and attorn to the non-exclusive
jurisdiction of the courts of the Province of Ontario.

8.05 Further Assurances. The Borrowers shall from time to time and at all times
hereafter, upon every reasonable request from the Agents or the Lenders, make,
do, execute and deliver or cause to be made, done, executed and delivered, all
such further acts, deeds and assurances and things as may be necessary in the
opinion of the Agents for more effectually implementing and carrying out the
true intent and meaning of this Fifth Credit Amending Agreement.

8.06 Counterparts. This Fifth Credit Amending Agreement may be executed in any
number of counterparts, each of which shall constitute an original and all of
which, taken together, shall constitute one and the same agreement.

                                      -14-

<PAGE>

        IN WITNESS WHEREOF the parties hereto have executed this Fifth Credit
Amending Agreement.

                               KINGSWAY FINANCIAL SERVICES INC.

                               By:  /s/ William G. Star
                                   --------------------------------------------
                                   Name: William G. Star
                                   Title: President & Chief Executive Officer

                               By:  /s/ W. Shaun Jackson
                                   ---------------------------------------------
                                   Name: W. Shaun Jackson
                                   Title: Executive Vice President
                                          & Chief Financial Officer

                               KINGSWAY U.S. FINANCE PARTNERSHIP
                               by its Partners
                                   KINGSWAY FINANCIAL SERVICES INC.

                               By:  /s/ William G. Star
                                   ---------------------------------------------
                                   Name: William G. Star
                                   Title: President & Chief Executive Officer

                                   METRO CLAIM SERVICES INC.

                               By:  /s/ W. Shaun Jackson
                                   ---------------------------------------------
                                   Name: W. Shaun Jackson
                                   Title: Secretary

                               CANADIAN IMPERIAL BANK OF COMMERCE,
                               AS CANADIAN LENDER

                               By:  /s/ Ralph Sehgal
                                   ---------------------------------------------
                                   Name: Ralph Sehgal
                                   Title: Executive Director

                               By:  /s/ Patti Perras Shugart
                                   ---------------------------------------------
                                   Name: Patti Perras Shugart
                                   Title: Managing Director

                               HSBC BANK CANADA,
                               AS CANADIAN LENDER

                               By:  /s/ Martin J. Haythorne
                                   ---------------------------------------------
                                   Name: Martin J. Haythorne
                                   Title: Assistant Vice President
                                          Corporate and Institutional Banking

                               By: _____________________________________________
                                   Name:
                                   Title:

                                      -15-

<PAGE>

                                   LASALLE BANK NATIONAL ASSOCIATION,
                                   AS U.S. LENDER

                                   By:   /s/ Bradley J. Kronland
                                        ----------------------------------------
                                        Name: Bradley J. Kronland
                                        Title: Assistant Vice President

                                   By:   /s/ George Kumis
                                        ----------------------------------------
                                        Name: George Kumis
                                        Title: Senior Vice President

                                   CANADIAN IMPERIAL BANK OF COMMERCE,
                                   NEW YORK AGENCY, AS U.S. LENDER

                                   By:   /s/ Geraldine Kerr
                                        ----------------------------------------
                                        Name: Geraldine Kerr
                                        Title: Executive Director
                                               CIBC World Markets, As Agent

                                   By:  ________________________________________
                                        Name:
                                        Title:

                                   CANADIAN IMPERIAL BANK OF COMMERCE,
                                   AS ADMINISTRATIVE AGENT

                                   By:   /s/ Warren Lobo
                                        ----------------------------------------
                                        Name: Warren Lobo
                                        Title: Director

                                   By:   /s/ Ralph Sehgal
                                        ----------------------------------------
                                        Name: Ralph Sehgal
                                        Title: Executive Director

                                   LASALLE BANK NATIONAL ASSOCIATION,
                                   AS SYNDICATION AGENT

                                   By:   /s/ Bradley J. Kronland
                                        ----------------------------------------
                                        Name: Bradley J. Kronland
                                        Title: Assistant Vice President

                                   By:   /s/ George Kumis
                                        ----------------------------------------
                                        Name: George Kumis
                                        Title: Senior Vice President

                                      -16-

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