gaap measures and explanations of their importance to our operations . operating ( loss ) income operating ( loss ) income represents one measure of the pretax profitability of our segments and is derived by subtracting direct segment expenses from direct segment revenues . revenues and expenses are presented in the consolidated statements of operations , but are not subtotaled by segment . however , this information is available in total and by segment in note 23 , `` segmented replace_table_token_36_th kingsway financial services inc. management 's discussion and analysis information , `` to the consolidated financial statements , regarding reportable segment information . the nearest comparable u.s. gaap measure is loss from continuing operations before income tax ( benefit ) expense which , in addition to operating ( loss ) income , includes net investment income , net realized gains , other-than-temporary impairment loss , other income , general and administrative expenses , restructuring expense , interest expense , amortization of intangible assets , contingent consideration expense , impairment of asset held for sale , loss on change in fair value of debt , ( loss ) gain on buy-back of debt , and equity in net income ( loss ) of investee . gross premiums written while net premiums earned is the related u.s. gaap measure used in the consolidated statements of operations , gross premiums written is the component of net premiums earned that measures insurance business produced before the impact of ceding reinsurance premiums , but without respect to when those premiums will be recognized as actual revenue . we use this measure as an overall gauge of gross business volume in insurance underwriting . net premiums written while net premiums earned is the related u.s. gaap measure used in the consolidated statements of operations , net premiums written is the component of net premiums earned that measures the difference between gross premiums written and the impact of ceding reinsurance premiums , but without respect to when those premiums will be recognized as actual revenue . we use this measure as an indication of retained or net business volume in insurance underwriting . underwriting ratios kingsway , like many insurance companies , analyzes performance based on underwriting ratios such as loss , expense and combined ratios . the loss ratio is derived by dividing the amount of net loss and loss adjustment expenses incurred by net premiums earned . the expense ratio is derived by dividing the sum of commissions and premium taxes and general and administrative expenses by net premiums earned . the combined ratio is the sum of the loss ratio and the expense ratio . a combined ratio below 100 % demonstrates underwriting profit whereas a combined ratio over 100 % demonstrates an underwriting loss . critical accounting estimates and assumptions the preparation of consolidated financial statements in conformity with u.s. gaap requires management to make estimates and assumptions that affect application of policies and the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year . actual results could differ from these estimates . estimates and their underlying assumptions are reviewed on an ongoing basis . changes in estimates are recorded in the accounting period in which they are determined . the critical accounting estimates and assumptions in the accompanying consolidated financial statements include the provision for unpaid loss and loss adjustment expenses , valuation of fixed maturities and equity investments , valuation of deferred income taxes , valuation of intangible assets , goodwill recoverability , deferred acquisition costs , fair value assumptions for debt obligations , and contingent consideration . provision for unpaid loss and loss adjustment expenses a significant degree of judgment is required to determine amounts recorded in the consolidated financial statements for the provision for unpaid loss and loss adjustment expenses . the process for establishing the provision for unpaid loss and loss adjustment expenses reflects the uncertainties and significant judgmental factors inherent in predicting future results of both known and unknown loss events . as such , the process is inherently complex and imprecise and estimates are constantly refined . the process of establishing the provision for unpaid loss and loss adjustment expenses relies on the judgment and opinions of a large number of individuals , including the opinions of the company 's actuaries . further information regarding estimates used in determining our provision for unpaid loss and loss adjustment expenses is discussed in the “ unpaid loss and loss adjustment expenses ” section of part i , item 1 of this annual report and note 14 , `` unpaid loss and loss adjustment expenses , `` to the consolidated financial statements . factors affecting the provision for unpaid loss and loss adjustment expenses include the continually evolving and changing regulatory and legal environment , actuarial studies , professional experience and expertise of the company 's claims departments ' personnel and independent adjusters retained to handle individual claims , the quality of the data used for projection purposes , existing claims management practices including claims handling and settlement practices , the effect of inflationary trends on future loss settlement costs , court decisions , economic conditions and public attitudes . during 2012 , the company moved responsibility for evaluating the adequacy of our provision for unpaid loss and loss adjustment expenses under the terms of our policies and vehicle service agreements to an external process for most of our operating subsidiaries . replace_table_token_37_th kingsway financial services inc. management 's discussion and analysis the provision is evaluated by the company 's actuaries with the results then shared with management , which is responsible for establishing the provision recorded in the consolidated balance sheets . in the year-end actuarial review process , an analysis of the provision for unpaid loss and loss adjustment expenses is completed for each insurance subsidiary and iws . story_separator_special_tag the decrease in the loss ratio is primarily due to unfavorable development of $ 13.8 million recorded during 2012 in the provision for property and casualty unpaid loss and loss adjustment expenses for losses incurred as of december 31 , 2011 compared to favorable development of $ 1.2 million recorded during 2013 in the provision for property and casualty unpaid loss and loss adjustment expenses for losses incurred as of december 31 , 2012 . the unfavorable development recorded in 2012 was primarily due to the increase in property and casualty unpaid loss and loss adjustment expenses of $ 11.4 million as a result of the insurance underwriting restructuring announced by the company on september 17 , 2012. the insurance underwriting expense ratio was 50.1 % in 2013 compared with 45.5 % in 2012 . the increase in the expense ratio for the year ended december 31 , 2013 is primarily due to the effect of quota-share arrangements entered into by mendota during these periods . the insurance underwriting combined ratio was 123.8 % in 2013 compared with 132.0 % in 2012 , reflecting the dynamics which affected the loss and expense ratios . the insurance underwriting operating loss includes policy fee income of $ 9.0 million and $ 7.8 million for the years ended december 31 , 2013 and 2012 , respectively ; however , when calculating expense and combined ratios under u.s. gaap , policy fee income is excluded . insurance services the insurance services service fee and commission income increase d 39.4 % to $ 49.5 million for the year ended december 31 , 2013 compared with $ 35.5 million for the year ended december 31 , 2012 . this increase was primarily driven by the inclusion of iws in 2013 following its acquisition during the fourth quarter of 2012. the insurance services operating income was $ 1.8 million for the year ended december 31 , 2013 compared with $ 4.5 million for the year ended december 31 , 2012 . the decrease in operating income in 2013 is due to reduced premium volumes managed by ars , increased loss and loss adjustment expenses at iws and operating losses at trinity , which was acquired during the fourth quarter of 2013. net investment income net investment income decrease d to $ 2.4 million in 2013 compared to $ 3.2 million in 2012 . the decrease is primarily a result of a decline in the company 's fixed maturities , which resulted from reduced volumes of business and acceleration of claim payments in insurance underwriting . additionally , yields on fixed maturities remain at historically low levels such that reinvestment of maturing investments occurs at yields lower than the yields on the maturing investments . net realized gains the company generated net realized gains of $ 3.5 million for the year ended december 31 , 2013 compared to $ 1.1 million for the year ended december 31 , 2012 . the net realized gains in 2013 resulted primarily from the sale of atlas financial holdings , inc. ( `` atlas `` ) common stock . during 2013 , the company realized a net gain of $ 2.6 million related to the sale of atlas common stock . the net realized gains in 2012 resulted from the liquidation of equity investments and fixed maturities in insurance underwriting offset by realized losses of $ 0.5 million related to the sale of atlas common stock . see note 6 , `` investments , `` and note 7 , `` investment in investee , `` to the consolidated financial statements for further details of the company 's atlas common stock sales . other-than-temporary impairment loss on july 8 , 2013 , the company announced that it had entered into a non-binding letter of intent with atlas to sell its holdings of atlas preferred stock for 90 % of liquidation value , or $ 16.2 million . on august 1 , 2013 , the company announced that the transaction replace_table_token_43_th kingsway financial services inc. management 's discussion and analysis had closed . as a result , the company recorded a write-down for other-than-temporary impairment related to its investment in atlas preferred stock of $ 1.8 million for the year ended december 31 , 2013 . as a result of the analysis performed by the company to determine declines in market value that are other-than-temporary , the company recorded write-downs for other-than-temporary impairment related to investment in investee and other investments of $ 2.2 million and $ 0.5 million , respectively , for the year ended december 31 , 2012 . there were no write-downs related to fixed maturities for other-than-temporary impairments for the years ended december 31 , 2013 and 2012 . other income and expenses not allocated to segments , net other income and expenses not allocated to segments was a net expense of $ 10.8 million in 2013 compared to $ 8.9 million in 2012 . the increase in net expense is primarily due to $ 0.6 million more in foreign exchange losses and $ 2.1 million more of corporate general and administrative expenses , including professional fees , salaries and benefits , offset by $ 0.8 million more of other income recorded in 2013 than 2012 . interest expense interest expense for 2013 was $ 7.3 million compared to $ 7.6 million in 2012 . amortization of intangible assets the company 's intangible assets related to vsa in-force , acquired database , customer-related relationships and non-compete agreement have definite useful lives and are amortized over their estimated useful lives . amortization of intangible assets was $ 2.2 million in 2013 compared to $ 1.0 million in 2012 . the increase is due to the inclusion of a full year of amortization expense related to the iws intangible assets acquired during the fourth quarter of 2012 , as well as the inclusion of amortization expense related to the trinity intangible asset acquired during the second quarter of 2013. see note 4

debt canadian senior debenture offering on july 10 , 2007 , a general partnership of the company , kingsway 2007 general partnership , issued c $ 100.0 million senior unsecured debentures at 6 % due on july 11 , 2012. these debentures bore interest at a fixed rate of 6 % per annum payable semi-annually from the date of issuance until july 11 , 2012. interest payments were made on january 10 and july 10 of each year , commencing january 10 , 2008. the net proceeds to the company amounted to c $ 99.2 million . the debentures were unconditionally guaranteed by the company and its subsidiary , kingsway america inc. ( `` kai '' ) . pursuant to the debt buy-back initiative previously mentioned , kingsway 2007 general partnership repurchased and retired most of the originally issued par value . on july 11 , 2012 , kingsway 2007 general partnership redeemed the remaining outstanding principal balance of c $ 1.7 million . u.s. senior note offering on january 29 , 2004 , kai completed the sale of $ 100.0 million 7.50 % senior notes due 2014. in march 2004 , an additional $ 25.0 million of these senior notes were issued . interest payments are to be made on february 1 and august 1 in each year . the notes are fully and unconditionally guaranteed by the company . the notes are redeemable at kai 's option in whole at any time or in part from time to time on or after february 1 , 2009 subject to the conditions stated in the trust indenture .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt canadian senior debenture offering on july 10 , 2007 , a general partnership of the company , kingsway 2007 general partnership , issued c $ 100.0 million senior unsecured debentures at 6 % due on july 11 , 2012. these debentures bore interest at a fixed rate of 6 % per annum payable semi-annually from the date of issuance until july 11 , 2012. interest payments were made on january 10 and july 10 of each year , commencing january 10 , 2008. the net proceeds to the company amounted to c $ 99.2 million . the debentures were unconditionally guaranteed by the company and its subsidiary , kingsway america inc. ( `` kai '' ) . pursuant to the debt buy-back initiative previously mentioned , kingsway 2007 general partnership repurchased and retired most of the originally issued par value . on july 11 , 2012 , kingsway 2007 general partnership redeemed the remaining outstanding principal balance of c $ 1.7 million . u.s. senior note offering on january 29 , 2004 , kai completed the sale of $ 100.0 million 7.50 % senior notes due 2014. in march 2004 , an additional $ 25.0 million of these senior notes were issued . interest payments are to be made on february 1 and august 1 in each year . the notes are fully and unconditionally guaranteed by the company . the notes are redeemable at kai 's option in whole at any time or in part from time to time on or after february 1 , 2009 subject to the conditions stated in the trust indenture .
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 Suspicious Activity Report : gaap measures and explanations of their importance to our operations . operating ( loss ) income operating ( loss ) income represents one measure of the pretax profitability of our segments and is derived by subtracting direct segment expenses from direct segment revenues . revenues and expenses are presented in the consolidated statements of operations , but are not subtotaled by segment . however , this information is available in total and by segment in note 23 , `` segmented replace_table_token_36_th kingsway financial services inc. management 's discussion and analysis information , `` to the consolidated financial statements , regarding reportable segment information . the nearest comparable u.s. gaap measure is loss from continuing operations before income tax ( benefit ) expense which , in addition to operating ( loss ) income , includes net investment income , net realized gains , other-than-temporary impairment loss , other income , general and administrative expenses , restructuring expense , interest expense , amortization of intangible assets , contingent consideration expense , impairment of asset held for sale , loss on change in fair value of debt , ( loss ) gain on buy-back of debt , and equity in net income ( loss ) of investee . gross premiums written while net premiums earned is the related u.s. gaap measure used in the consolidated statements of operations , gross premiums written is the component of net premiums earned that measures insurance business produced before the impact of ceding reinsurance premiums , but without respect to when those premiums will be recognized as actual revenue . we use this measure as an overall gauge of gross business volume in insurance underwriting . net premiums written while net premiums earned is the related u.s. gaap measure used in the consolidated statements of operations , net premiums written is the component of net premiums earned that measures the difference between gross premiums written and the impact of ceding reinsurance premiums , but without respect to when those premiums will be recognized as actual revenue . we use this measure as an indication of retained or net business volume in insurance underwriting . underwriting ratios kingsway , like many insurance companies , analyzes performance based on underwriting ratios such as loss , expense and combined ratios . the loss ratio is derived by dividing the amount of net loss and loss adjustment expenses incurred by net premiums earned . the expense ratio is derived by dividing the sum of commissions and premium taxes and general and administrative expenses by net premiums earned . the combined ratio is the sum of the loss ratio and the expense ratio . a combined ratio below 100 % demonstrates underwriting profit whereas a combined ratio over 100 % demonstrates an underwriting loss . critical accounting estimates and assumptions the preparation of consolidated financial statements in conformity with u.s. gaap requires management to make estimates and assumptions that affect application of policies and the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year . actual results could differ from these estimates . estimates and their underlying assumptions are reviewed on an ongoing basis . changes in estimates are recorded in the accounting period in which they are determined . the critical accounting estimates and assumptions in the accompanying consolidated financial statements include the provision for unpaid loss and loss adjustment expenses , valuation of fixed maturities and equity investments , valuation of deferred income taxes , valuation of intangible assets , goodwill recoverability , deferred acquisition costs , fair value assumptions for debt obligations , and contingent consideration . provision for unpaid loss and loss adjustment expenses a significant degree of judgment is required to determine amounts recorded in the consolidated financial statements for the provision for unpaid loss and loss adjustment expenses . the process for establishing the provision for unpaid loss and loss adjustment expenses reflects the uncertainties and significant judgmental factors inherent in predicting future results of both known and unknown loss events . as such , the process is inherently complex and imprecise and estimates are constantly refined . the process of establishing the provision for unpaid loss and loss adjustment expenses relies on the judgment and opinions of a large number of individuals , including the opinions of the company 's actuaries . further information regarding estimates used in determining our provision for unpaid loss and loss adjustment expenses is discussed in the “ unpaid loss and loss adjustment expenses ” section of part i , item 1 of this annual report and note 14 , `` unpaid loss and loss adjustment expenses , `` to the consolidated financial statements . factors affecting the provision for unpaid loss and loss adjustment expenses include the continually evolving and changing regulatory and legal environment , actuarial studies , professional experience and expertise of the company 's claims departments ' personnel and independent adjusters retained to handle individual claims , the quality of the data used for projection purposes , existing claims management practices including claims handling and settlement practices , the effect of inflationary trends on future loss settlement costs , court decisions , economic conditions and public attitudes . during 2012 , the company moved responsibility for evaluating the adequacy of our provision for unpaid loss and loss adjustment expenses under the terms of our policies and vehicle service agreements to an external process for most of our operating subsidiaries . replace_table_token_37_th kingsway financial services inc. management 's discussion and analysis the provision is evaluated by the company 's actuaries with the results then shared with management , which is responsible for establishing the provision recorded in the consolidated balance sheets . in the year-end actuarial review process , an analysis of the provision for unpaid loss and loss adjustment expenses is completed for each insurance subsidiary and iws . story_separator_special_tag the decrease in the loss ratio is primarily due to unfavorable development of $ 13.8 million recorded during 2012 in the provision for property and casualty unpaid loss and loss adjustment expenses for losses incurred as of december 31 , 2011 compared to favorable development of $ 1.2 million recorded during 2013 in the provision for property and casualty unpaid loss and loss adjustment expenses for losses incurred as of december 31 , 2012 . the unfavorable development recorded in 2012 was primarily due to the increase in property and casualty unpaid loss and loss adjustment expenses of $ 11.4 million as a result of the insurance underwriting restructuring announced by the company on september 17 , 2012. the insurance underwriting expense ratio was 50.1 % in 2013 compared with 45.5 % in 2012 . the increase in the expense ratio for the year ended december 31 , 2013 is primarily due to the effect of quota-share arrangements entered into by mendota during these periods . the insurance underwriting combined ratio was 123.8 % in 2013 compared with 132.0 % in 2012 , reflecting the dynamics which affected the loss and expense ratios . the insurance underwriting operating loss includes policy fee income of $ 9.0 million and $ 7.8 million for the years ended december 31 , 2013 and 2012 , respectively ; however , when calculating expense and combined ratios under u.s. gaap , policy fee income is excluded . insurance services the insurance services service fee and commission income increase d 39.4 % to $ 49.5 million for the year ended december 31 , 2013 compared with $ 35.5 million for the year ended december 31 , 2012 . this increase was primarily driven by the inclusion of iws in 2013 following its acquisition during the fourth quarter of 2012. the insurance services operating income was $ 1.8 million for the year ended december 31 , 2013 compared with $ 4.5 million for the year ended december 31 , 2012 . the decrease in operating income in 2013 is due to reduced premium volumes managed by ars , increased loss and loss adjustment expenses at iws and operating losses at trinity , which was acquired during the fourth quarter of 2013. net investment income net investment income decrease d to $ 2.4 million in 2013 compared to $ 3.2 million in 2012 . the decrease is primarily a result of a decline in the company 's fixed maturities , which resulted from reduced volumes of business and acceleration of claim payments in insurance underwriting . additionally , yields on fixed maturities remain at historically low levels such that reinvestment of maturing investments occurs at yields lower than the yields on the maturing investments . net realized gains the company generated net realized gains of $ 3.5 million for the year ended december 31 , 2013 compared to $ 1.1 million for the year ended december 31 , 2012 . the net realized gains in 2013 resulted primarily from the sale of atlas financial holdings , inc. ( `` atlas `` ) common stock . during 2013 , the company realized a net gain of $ 2.6 million related to the sale of atlas common stock . the net realized gains in 2012 resulted from the liquidation of equity investments and fixed maturities in insurance underwriting offset by realized losses of $ 0.5 million related to the sale of atlas common stock . see note 6 , `` investments , `` and note 7 , `` investment in investee , `` to the consolidated financial statements for further details of the company 's atlas common stock sales . other-than-temporary impairment loss on july 8 , 2013 , the company announced that it had entered into a non-binding letter of intent with atlas to sell its holdings of atlas preferred stock for 90 % of liquidation value , or $ 16.2 million . on august 1 , 2013 , the company announced that the transaction replace_table_token_43_th kingsway financial services inc. management 's discussion and analysis had closed . as a result , the company recorded a write-down for other-than-temporary impairment related to its investment in atlas preferred stock of $ 1.8 million for the year ended december 31 , 2013 . as a result of the analysis performed by the company to determine declines in market value that are other-than-temporary , the company recorded write-downs for other-than-temporary impairment related to investment in investee and other investments of $ 2.2 million and $ 0.5 million , respectively , for the year ended december 31 , 2012 . there were no write-downs related to fixed maturities for other-than-temporary impairments for the years ended december 31 , 2013 and 2012 . other income and expenses not allocated to segments , net other income and expenses not allocated to segments was a net expense of $ 10.8 million in 2013 compared to $ 8.9 million in 2012 . the increase in net expense is primarily due to $ 0.6 million more in foreign exchange losses and $ 2.1 million more of corporate general and administrative expenses , including professional fees , salaries and benefits , offset by $ 0.8 million more of other income recorded in 2013 than 2012 . interest expense interest expense for 2013 was $ 7.3 million compared to $ 7.6 million in 2012 . amortization of intangible assets the company 's intangible assets related to vsa in-force , acquired database , customer-related relationships and non-compete agreement have definite useful lives and are amortized over their estimated useful lives . amortization of intangible assets was $ 2.2 million in 2013 compared to $ 1.0 million in 2012 . the increase is due to the inclusion of a full year of amortization expense related to the iws intangible assets acquired during the fourth quarter of 2012 , as well as the inclusion of amortization expense related to the trinity intangible asset acquired during the second quarter of 2013. see note 4

