Joseph Stilwell - Mar 30, 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
Stock symbol: KFS
Transactions as of: Mar 30, 2022
Transactions value $: $192,500
Form type: 4
Date filed: 4/1/2022, 04:01 PM
Previous filing: Mar 30, 2022
Next filing: May 13, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KFS	Common Stock	Purchase	$48K	+8.73K	+0.97%	$5.50	909K	Mar 30, 2022	See footnote	F3, F4
transaction	KFS	Common Stock	Purchase	$7K	+1.27K	+0.03%	$5.50	4.89M	Mar 30, 2022	See footnote	F3, F5
transaction	KFS	Common Stock	Purchase	$29.5K	+5.37K	+0.59%	$5.50	914K	Mar 31, 2022	See footnote	F3, F4
transaction	KFS	Common Stock	Purchase	$90.3K	+16.4K	+0.34%	$5.50	4.9M	Mar 31, 2022	See footnote	F3, F5
transaction	KFS	Common Stock	Purchase	$17.6K	+3.21K	+0.51%	$5.50	635K	Mar 31, 2022	See footnote	F3, F6
holding	KFS	Common Stock						163K	Mar 30, 2022	Direct	F1
holding	KFS	Common Stock						939K	Mar 30, 2022	See footnote	F2

* 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 30, 2022: (a) Stilwell Value Partners VII, L.P. ("SVP VII") acquired 8,727 shares at $5.50; (b) Stilwell Activist Investments, L.P. ("SAI") acquired 1,273 shares at $5.50; and on March 31, 2022: (a) SVP VII acquired 5,368 shares at $5.50; (b) SAI acquired 16,427 shares at $5.50; and (c) Stilwell Activist Fund, L.P. ("SAF") acquired 3,205 shares at $5.50.
F4	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.
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 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.