Stilwell Joseph - 20 May 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: 20 May 2022
Net transactions value: +$51,040
Form type: 4
Filing time: 24 May 2022, 16:05:02 UTC
Previous filing: 19 May 2022
Next filing: 26 May 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	$24,857	+4,690	+0.09%	$5.30	4,947,346	20 May 2022	See footnote	F3, F4
transaction	KFS	Common Stock	Purchase	$4,680	+883	+0.14%	$5.30	643,728	20 May 2022	See footnote	F3, F5
transaction	KFS	Common Stock	Purchase	$8,035	+1,516	+0.16%	$5.30	928,237	20 May 2022	See footnote	F3, F6
transaction	KFS	Common Stock	Purchase	$10,177	+1,889	+0.04%	$5.39	4,949,235	23 May 2022	See footnote	F3, F4
transaction	KFS	Common Stock	Purchase	$3,292	+611	+0.07%	$5.39	928,848	23 May 2022	See footnote	F3, F6
holding	KFS	Common Stock						162,500	20 May 2022	Direct	F1
holding	KFS	Common Stock						939,242	20 May 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 May 20, 2022: (a) Stilwell Activist Investments, L.P. ("SAI") acquired 4,690 shares at $5.30; (b) Stilwell Activist Fund, L.P. ("SAF") acquired 883 shares at $5.30; and (c) Stilwell Value Partners VII, L.P. ("SVP VII") acquired 1,516 shares at $5.30; and on May 23, 2022: (a) SAI acquired 1,889 shares at $5.3874 and (b) SVP VII acquired 611 shares at $5.3874.
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 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.