Stilwell Joseph - 22 Mar 2022 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: 22 Mar 2022
Net transactions value: +$110,000
Form type: 4
Filing time: 24 Mar 2022, 16:03:21 UTC
Previous filing: 22 Mar 2022
Next filing: 28 Mar 2022
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	$45,182	+8,215	+0.17%	$5.50	4,868,270	22 Mar 2022	See footnote	F3, F4
transaction	KFS	Common Stock	Purchase	$9,818	+1,785	+0.28%	$5.50	629,160	22 Mar 2022	See footnote	F3, F5
transaction	KFS	Common Stock	Purchase	$46,722	+8,495	+0.17%	$5.50	4,876,765	23 Mar 2022	See footnote	F3, F4
transaction	KFS	Common Stock	Purchase	$8,278	+1,505	+0.24%	$5.50	630,665	23 Mar 2022	See footnote	F3, F5
holding	KFS	Common Stock						162,500	22 Mar 2022	Direct	F1
holding	KFS	Common Stock						939,242	22 Mar 2022	See footnote	F2
holding	KFS	Common Stock						876,808	22 Mar 2022	See footnote	F6

* 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	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.
F3	This Form 4 reports the following acquisitions on March 22, 2022: (a) Stilwell Activist Investments, L.P. ("SAI") acquired 8,215 shares at $5.50; and (b) Stilwell Activist Fund, L.P. ("SAF") acquired 1,785 shares at $5.50 USD per share; and on March 23, 2022: (a) SAI acquired 8,495 shares at $5.50 USD per share; and (b) SAF acquired 1,505 shares at $5.50 USD per share.
F4	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.
F5	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.
F6	These are shares owned directly by Stilwell Value Partners VII, L.P. ("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.