Stilwell Joseph - 18 Nov 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: 18 Nov 2021
Net transactions value: +$110,000
Form type: 4
Filing time: 22 Nov 2021, 15:23:15 UTC
Previous filing: 16 Nov 2021
Next filing: 24 Nov 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	$6,980	+1,269	+0.22%	$5.50	579,415	18 Nov 2021	See footnote	F2, F4
transaction	KFS	Common Stock	Purchase	$36,828	+6,696	+0.15%	$5.50	4,588,977	18 Nov 2021	See footnote	F2, F5
transaction	KFS	Common Stock	Purchase	$11,192	+2,035	+0.24%	$5.50	838,066	18 Nov 2021	See footnote	F2, F6
transaction	KFS	Common Stock	Purchase	$6,980	+1,269	+0.22%	$5.50	580,684	19 Nov 2021	See footnote	F2, F4
transaction	KFS	Common Stock	Purchase	$36,828	+6,696	+0.15%	$5.50	4,595,673	19 Nov 2021	See footnote	F2, F5
transaction	KFS	Common Stock	Purchase	$11,192	+2,035	+0.24%	$5.50	840,101	19 Nov 2021	See footnote	F2, F6
holding	KFS	Common Stock						162,500	18 Nov 2021	Direct	F1
holding	KFS	Common Stock						939,242	18 Nov 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 November 18, 2021: (a) Stilwell Activist Investments, L.P. ("SAI") acquired 6,696 shares at $5.50 USD per share, (b) Stilwell Activist Fund, L.P. ("SAF") acquired 1,269 shares at $5.50 USD per share, and (c) Stilwell Value Partners VII, L.P. ("SVP VII") acquired 2,035 shares at $5.50 USD per share; and on November 19, 2021: (a) SAI acquired 6,696 shares at $5.50 USD per share, (b) SAF acquired 1,269 shares at $5.50 USD per share, and (c) SVP VII acquired 2,035 shares at $5.50 USD per share.
F3	These are shares owned directly by Stilwell Associates L.P. ("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.