Stilwell Joseph - 16 Sep 2021 Form 4 Insider Report for KINGSWAY FINANCIAL SERVICES INC (KFS)

Role: Director, 10%+ Owner
Signature: /s/ Debra Rouse as Attorney-in-Fact for Joseph Stilwell
Issuer symbol: KFS
Transactions as of: 16 Sep 2021
Net transactions value: +$158,500
Form type: 4
Filing time: 20 Sep 2021, 16:01:59 UTC
Previous filing: 15 Sep 2021
Next filing: 24 Sep 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KFS	Common Stock	Purchase	$5,778	+1,080	+0.19%	$5.35	568,960	16 Sep 2021	See footnote	F2, F4
transaction	KFS	Common Stock	Purchase	$38,413	+7,180	+0.16%	$5.35	4,524,268	16 Sep 2021	See footnote	F2, F5
transaction	KFS	Common Stock	Purchase	$9,309	+1,740	+0.21%	$5.35	821,255	16 Sep 2021	See footnote	F2, F6
transaction	KFS	Common Stock	Purchase	$11,335	+2,159	+0.38%	$5.25	571,119	17 Sep 2021	See footnote	F2, F4
transaction	KFS	Common Stock	Purchase	$75,416	+14,365	+0.32%	$5.25	4,538,633	17 Sep 2021	See footnote	F2, F5
transaction	KFS	Common Stock	Purchase	$18,249	+3,476	+0.42%	$5.25	824,731	17 Sep 2021	See footnote	F2, F6
holding	KFS	Common Stock						162,500	16 Sep 2021	Direct	F1
holding	KFS	Common Stock						939,242	16 Sep 2021	See footnote	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These are shares owned directly by Joseph Stilwell.
F2	This Form 4 reports the following acquisitions on September 16, 2021: (a) Stilwell Activist Investments, L.P. ("SAI") acquired 7,180 shares at $5.35 USD per share, (b) Stilwell Activist Fund, L.P. ("SAF") acquired 1,080 shares at $5.35 USD per share, and (c) Stilwell Value Partners VII, L.P. ("SVP VII") acquired 1,740 shares at $5.35 USD per share; and on September 17, 2021: (a) Stilwell Activist Investments, L.P. ("SAI") acquired 14,365 shares at $5.25 USD per share, (b) Stilwell Activist Fund, L.P. ("SAF") acquired 2,159 shares at $5.25 USD per share, and (c) Stilwell Value Partners VII, L.P. ("SVP VII") acquired 3,476 shares at $5.25 USD per share
F3	These are shares owned directly by Associates and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of Associates. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
F4	These are shares owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
F5	These are shares owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
F6	These are shares owned directly by SVP VII and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.