Document:

<PAGE>

                                                                   Exhibit 10.10

                      TENTH AMENDMENT TO CREDIT AGREEMENT

                          PERTAINING TO CREDIT FACILITY

                                   ESTABLISHED

                                  IN FAVOUR OF

                        KINGSWAY FINANCIAL SERVICES INC.

                      AND KINGSWAY U.S. FINANCE PARTNERSHIP

<PAGE>

                                                                   Exhibit 10.10

              THIS TENTH AMENDMENT TO CREDIT AGREEMENT, dated as of June 20,
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

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)(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(84)(xviii):

       "(xviii) Indebtedness of the Borrowers in connection with the issuance of
       preferred securities by Kingsway Financial Capital Trust I, a Delaware
       statutory trust (the "Trust I Preferred Securities") provided that (i)
       there shall be no cash redemption of the Trust I Preferred Securities
       without the prior written consent of the Majority of the Lenders; (ii) a
       Default or an Event of Default under this Agreement is not a default or
       event of default in respect of such Indebtedness

<PAGE>

       and acceleration of the Outstanding Obligations does not result in an
       acceleration of the obligations under the debentures or the Guarantees
       issued in connection with the Trust I Preferred Securities (the "Trust I
       Debentures"); (iii) no cash dividends may be paid on the Trust I
       Preferred Securities so long as a Default or Event of Default under this
       Agreement has occurred and is continuing; and (iv) the terms and
       conditions of the Trust I Preferred Securities are otherwise satisfactory
       to the Majority of the Lenders, provided that the aggregate Indebtedness
       in respect of the Trust I Debentures does not exceed US $80,000,000."

                                   ARTICLE II

                             AMENDMENT TO COVENANTS

2.01   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
       and in a consistent manner as follows:

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

       (ii)   of not greater than 3.50:1.00, from July 1, 2002 to and including
              May 27, 2003;

       (iv)   of not greater than 3.25:1.00, from May 28, 2003 to and including
              July 12, 2003; and

       (iv)   not greater than 3.00:1.00, thereafter."

2.02   Amendment to No Guarantees Covenant. Sub-section 8.03(5) of the Credit
Agreement is hereby amended by: (A) deleting the word "and" at the end of
sub-section 8.03(5)(ix), and all of sub-section (x); and (B) inserting the
following immediately after sub-section 8.03(5)(ix):

       "(x)   the Guarantees issued by Kingsway in connection with the Trust I
              Preferred Securities issuance; and

       (xi)   as otherwise permitted hereunder."

                                  ARTICLE III

                     CONDITIONS PRECEDENT TO THIS AGREEMENT

3.01   Conditions Precedent. The amendment set forth in Section 2.01 of this
Tenth Amendment to Credit Agreement shall not become effective until the
execution and delivery of this Tenth Amendment to Credit Agreement by the
Borrowers and the Majority of the Lenders. The amendments set forth in this
Tenth Amendment to Credit Agreement, other than the amendment set forth in
Section 2.01, shall not become effective until (x) the execution and delivery of
this Tenth Amendment to Credit Agreement by the

<PAGE>

Borrowers and the Majority of the Lenders and (y) the receipt by the Agent of
(i) all material documentation as determined by the Agent in its sole discretion
relating to the Trust I Preferred Securities issuance, including, without
limitation, all materials filed with any securities commission, containing terms
and conditions satisfactory to the Agent and the Majority of the Lenders; (ii)
an intercreditor agreement with the holders of the Trust I Preferred Securities
and the Trust I 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, the Guarantor or their Subsidiaries to the holders
of the Trust I Preferred Securities and the Trust I Debentures, to provide,
among other things, for subordination of the obligations of the Borrowers, the
Guarantor and the Subsidiaries in connection with the Trust I Preferred
Securities and the Trust I Debentures to the payment in full of the Outstanding
Obligations; and (iii) Kingsway Financial Capital Trust I shall not incur any
debts, liabilities or obligations other than reasonable fees and expenses of the
trustees under the Trust I Debentures (acting solely in their capacity as
trustee and not in their individual capacity) and the principal, premium (if
any) and interest in respect of the Trust I Preferred Securities.

                                   ARTICLE IV

                                  MISCELLANEOUS

4.01   Nature of Amendments and Defined Terms. It is acknowledged and agreed
that the terms of this Tenth Amendment to Credit 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 Tenth Amendment to Credit 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. Capitalised terms utilised 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 Tenth Amendment to Credit 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 Tenth Amendment to Credit 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.

<PAGE>

4.04   Governing Law. This Tenth Amendment to Credit 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 Tenth Amendment to Credit Agreement.

4.06   Counterparts. This Tenth Amendment to Credit 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 Tenth 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
                                -------------------------------------------
                                W. Shaun Jackson
                                Executive Vice President and Chief Financial
                                Officer

                                METRO CLAIM SERVICES INC.

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

                         CANADIAN IMPERIAL BANK OF COMMERCE

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

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

                         LASALLE BANK NATIONAL ASSOCIATION

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

<PAGE>

                         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
                                -------------------------------------------
                                Ralph Sehgal
                                Executive Director

                         By:    /s/ Warren Logo
                                -------------------------------------------
                                Warren Lobo
                                Director

                         CANADIAN IMPERIAL BANK OF COMMERCE
                         NEW YORK AGENCY

                         By:    /s/ Geraldine Kerr
                                -------------------------------------------
                                Geraldine Kerr
                                Executive Director

                         THE BANK OF NOVA SCOTIA

                         By:    /s/ N. Bell
                                -------------------------------------------
                                N. Bell
                                Senior Manager

                         WACHOVIA BANK, NATIONAL ASSOCIATION

                         By:
                                ___________________________________________
                                Name:
                                Title:<PAGE>

                                                                   EXHIBIT 11.11

                     ELEVENTH AMENDMENT TO CREDIT AGREEMENT

                         PERTAINING TO CREDIT FACILITY

                                  ESTABLISHED

                                  IN FAVOUR OF

                        KINGSWAY FINANCIAL SERVICES INC.

                     AND KINGSWAY U.S. FINANCE PARTNERSHIP

<PAGE>

                                                                   Exhibit 10.11

     THIS ELEVENTH AMENDMENT TO CREDIT AGREEMENT, dated as of August 31, 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 1

                          AMENDMENT TO INTERPRETATION

     1.01 Amendment to the Definition of Funded Debt. Sub-section 1.01(41) of
the Credit Agreement is hereby amended by deleting it in its entirety and
replacing it with the following:

     "Funded Debt" means the aggregate indebtedness of the Borrowers on a
Consolidated basis including, without limitation: (i) Capitalized Lease
Obligations, (ii) Purchase Money Obligations, (iii) contingent liabilities under
outstanding letters of credit (excluding undrawn letters of credit the
beneficiary of which is a Borrower, Guarantor, any Subsidiary of a Borrower,
State National Specialty Insurance Company Inc., State and County Mutual
Insurance Company or General Reinsurance Corporation), and (iv) all principal
and interest and all fees incurred in respect of such indebtedness; and, for
greater certainty, for the purposes of calculating the ratio of Total Funded
Debt to Total Capitalization pursuant to sub-section 8.02(1), "Funded Debt"
shall exclude the gross proceeds of the offerings of the Trust I Debentures, the
Trust II Debentures, the Second Round Trust Pool Debentures, the Third Round
Trust Pool Debentures and the Fourth Round Trust Pool Debentures."

     1.02 Additional Permitted Indebtedness. Section 1.01(84) of the Credit
Agreement is hereby amended by:

<PAGE>

     (a) deleting sub-section 1.10(84)(xv) in its entirety and replacing it with
the following:

          "Indebtedness in connection with the issuance of preferred securities
     by a statutory trust to a pooling vehicle sponsored by Sandler O'Neill &
     Partners L.P. (the "Second Round Trust Pool Securities") provided that (i)
     there shall be no cash redemption of the Second Round Trust Pool Securities
     without the prior written consent of the Majority of the Lenders; (ii) a
     Default or an Event of Default under this 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 (the "Second Round Trust Pool Debentures")
     or the Guarantees issued in connection with the Second Round Trust Pool
     Securities; (iii) no cash dividends may be paid on the Second Round Trust
     Pool Securities so long as a Default or Event of Default under this
     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 in
     respect of the Second Round Trust Pool Debentures does not exceed US
     $15,464,000."

     (b) deleting the period found at the end of sub-section 1.01(84)(xviii) 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)(xix):

     "(xix) Indebtedness of the Borrowers in connection with the issuance,
     pursuant to up to four transactions, of preferred securities to one or more
     pooling vehicles by any one of up to four statutory trusts (the "Fourth
     Round Trust Pool Securities"); provided that:

            (i) there shall be no cash redemption of any of the Fourth Round
            Trust Pool Securities without the prior written consent of the
            Majority of the Lenders;

            (ii) a Default or an Event of Default under this 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 Fourth Round Trust Pool Securities (the "Fourth
            Round Trust Pool Debentures"), or any Guarantees issued in
            connection with the Fourth Round Trust Pool Debentures;

            (iii) no cash dividends may be paid on the Fourth Round Trust Pool
            Securities so long as a Default or Event of Default under this
            Agreement has occurred and is continuing;

            (iv) the Administrative Agent has received: (A) all material
            documentation as determined by the Agent in its sole discretion
            relating to the Fourth Round Trust Pool Debentures, the Fourth
            Round Trust Pool Securities, including, without limitation, all
            materials filed with any securities commission, containing terms
            and conditions satisfactory to the Agent and the Majority of the
            Lenders; and (B) and executed intercreditor agreement with the
            holders of the Fourth Round Trust Pool Securities and the Fourth
            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, the Guarantor or their Subsidiaries to the holders of
            the Fourth Round Trust Pool Securities and the Fourth Round Trust
            Pool Debentures, to provide, among other things, for
            subordination of the obligations of the Borrowers, the Guarantor
            and the Subsidiaries in connection with the Fourth Round Trust
            Pool Securities and the Fourth Round Trust Pool Debentures to the
            payment in full of the Outstanding Obligations;

                                      -2-

<PAGE>

          (v) none of the statutory trusts issuing the Fourth Round Trust Pool
          Debentures shall incur any debts, liabilities or obligations other
          than reasonable fees and expenses of the trustees under the Fourth
          Round Trust Pool Debentures (acting solely in its capacity as trustee
          and not in their individual capacity), and the principal, premium (if
          any) and interest in respect of the Fourth Round Trust Pool
          Securities;

          (vi) the aggregate indebtedness in respect of the Fourth Round Trust
          Pool Debentures does not exceed US $65,000,000 in the aggregate,
          without the prior written consent of the Majority of the Lenders; and

          (vii) the terms and conditions of each of the Fourth Round Trust Pool
          Securities are otherwise satisfactory to the Majority of the Lenders."

     1.03 Amendment to the Definition of Total Capitalization. Sub-section
1.01(103) of the Credit Agreement is hereby amended by deleting it in its
entirety and replacing it with the following:

     "Total Capitalization" means without duplication the sum of (i) Funded
     Debt, plus (ii) shareholders equity including, for greater certainty, the
     gross proceeds of the offerings of the Trust I Preferred Securities, the
     Trust II Preferred Securities, the Second Round Trust Pool Securities, the
     Third Round Trust Pool Securities and the Fourth Round Trust Pool
     Securities, all of which shall be calculated in respect of Kingsway on a
     Consolidated basis in accordance with GAAP."

                                   ARTICLE II

                             AMENDMENT TO COVENANTS

     2.01 Amendment to Funded Debt to Total Capitalization Ratio Covenant.
Sub-section 8.02(1) of the Credit Agreement is hereby amended by deleting it in
its entirety and replacing it with the following:

     "Kingsway 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 Kingsway;
     provided that, for the purposes of the covenant only, neither the Trust I
     Debentures nor the Trust II Debentures nor the Second Round Trust Pool
     Debentures nor the Third Round Trust Pool Debentures nor the Fourth Round
     Trust Pool Debentures shall be included in the calculation of Funded Debt
     but the Trust I Debentures, Trust II Debentures, the Second Round Trust
     Pool Debentures, the Third Round Trust Pool Debentures and the Fourth Round
     Trust Pool Debentures shall be included in the calculation of Total
     Capitalization."

     2.02 Amendment to Minimum Tangible Net Worth Covenant. Sub-section 8.02(3)
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 offerings of the Trust I
     Preferred Securities, the Trust II Preferred Securities, the Second Round
     Trust Pool Securities, the Third Round Trust Pool Securities, the Fourth
     Round Trust Pool Securities and any other preferred securities issued by
     Kingsway or any of its Subsidiaries 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: (A) deleting the word "and" at the end of
sub-section 8.03(5)(x), and all of sub-section (xi); and (B) inserting the
following immediately after sub-section 8.03(5)(x):

                                      -3-

<PAGE>

     "(xi)  the Guarantees issued by Kingsway or the Guarantor in connection
            with the Fourth Round Trust Pool Securities issuance;

     (xii)  the Guarantee issued by Kingsway to guarantee the reinsurance
            obligations of Lincoln General Insurance Company to Clarenden
            Insurance Company; provided that the Lenders shall have received
            copies, certified by the Chief Financial Officer of Kingsway, of the
            executed guarantee and all material documentation relating thereto,
            all in form and substance acceptable to the Majority of the Lenders;
            and

     (xiii) as otherwise permitted hereunder."

     2.04 Amendment to Material Contracts Covenant. Sub-section 8.03(7)(d) of
the Credit Agreement is hereby amended by deleting it in its entirety and
replacing it with the following:

     "(d) any material documents relating to the offering of the Trust I
     Preferred Securities, the Trust II Preferred Securities, the Second Round
     Trust Pool Securities, the Third Round Trust Pool Securities and the Fourth
     Round Trust Pool Securities and any declaration of trust, indemnities,
     indentures, guarantees and other documents, agreements and instruments in
     connection therewith."

     2.05 Amendment to Restricted Payments Covenant. Sub-section 8.03(14) of the
Credit Agreement is hereby amended by deleting sub-clause (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

     (ii) make any payment (including, without limitation, any payment of
     principal, premium (if any) or interest) in respect of the Trust I
     Debentures, the Trust I Preferred Securities, the Trust II Debentures, the
     Trust II Preferred Securities, the Second Round Trust Pool Debentures, the
     Second Round Trust Pool Securities, the Third Round Trust Pool Securities,
     the Third Round Trust Pool Securities, the Fourth Round Trust Pool
     Debentures or the Fourth Round Trust Pool Securities or any other
     securities issued by any Borrower, the Guarantor or any of their
     Subsidiaries or any guarantees or indemnities in respect thereof 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."

     2.06 Amendment to Section 10.11. Section 10.11 of the Credit Agreement is
hereby amended by deleting the reference therein to "Section 10.20" and
replacing such reference with "Section 10.18".

                                  ARTICLE III

                     CONDITIONS PRECEDENT TO THIS AGREEMENT

     3.01 Conditions Precedent. The amendments set forth in this Eleventh
Amendment to Credit Agreement shall not become effective until the execution and
delivery of this Eleventh Amendment to Credit Agreement by the Borrowers and the
Majority of the Lenders, and the receipt by the

                                      -4-

<PAGE>

Administrative Agent and the Majority of the Lenders of such documentation as
they may reasonably require to effect the amendments contemplated in this
Eleventh Amendment to Credit Agreement.

                                   ARTICLE IV

                                 MISCELLANEOUS

     4.01 Nature of Amendments and Defined Terms. It is acknowledged and agreed
that the terms of this Eleventh Amendment to Credit 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 Eleventh Amendment to Credit 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" of
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. Capitalised terms utilised 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 Eleventh Amendment to Credit 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 Eleventh Amendment to Credit
Agreement which is prohibited or unenforceable in any jurisdiction shall not
invalidate the remaining provisions hereof 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 Eleventh Amendment to Credit 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 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 Eleventh Amendment to Credit Agreement.

     4.06 Counterparts. This Eleventh Amendment to Credit 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.

                                      -5-

<PAGE>

     IN WITNESS WHEREOF the parties hereto have executed this Eleventh 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
                              -----------------------------------------------
                              W. Shaun Jackson
                              Executive Vice President & Chief Financial Officer

                              METRO CLAIM SERVICES INC.

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

                          CANADIAN IMPERIAL BANK OF COMMERCE

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

                          By: /s/ Pattie Perras Shugart
                              -----------------------------------------------
                              Pattie Perras Shugart
                              Managing Director

                          LASALLE BANK NATIONAL ASSOCIATION

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

                                      -6-

<PAGE>

                                       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
                                           -------------------------------------
                                           Ralph Sehgal
                                           Executive Director

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

                                       CANADIAN IMPERIAL BANK OF COMMERCE
                                       NEW YORK AGENCY

                                       By: /s/ Geraldine Kerr
                                           -------------------------------------
                                           Geraldine Kerr
                                           Executive Director

                                       THE BANK OF NOVA SCOTIA

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

                                       WACHOVIA BANK, NATIONAL ASSOCIATION

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                      -7-

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