Joseph Stilwell - Mar 13, 2023 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 13, 2023
Transactions value $: -$1,448,329
Form type: 4
Date filed: 3/15/2023, 04:01 PM
Previous filing: Mar 8, 2023
Next filing: Mar 22, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KFS	Common Stock	Sale	-$390K	-43.1K	-0.85%	$9.03	5.01M	Mar 13, 2023	See footnote	F2, F3
transaction	KFS	Common Stock	Sale	-$51.3K	-5.68K	-0.85%	$9.03	659K	Mar 13, 2023	See footnote	F2, F4
transaction	KFS	Common Stock	Sale	-$73.6K	-8.15K	-0.85%	$9.03	946K	Mar 13, 2023	See footnote	F2, F5
transaction	KFS	Common Stock	Sale	-$72.5K	-8.03K	-0.85%	$9.03	931K	Mar 13, 2023	See footnote	F2, F6
transaction	KFS	Common Stock	Sale	-$572K	-63.5K	-1.27%	$9.00	4.94M	Mar 14, 2023	See footnote	F2, F3
transaction	KFS	Common Stock	Sale	-$79.9K	-8.88K	-1.35%	$9.00	651K	Mar 14, 2023	See footnote	F2, F4
transaction	KFS	Common Stock	Sale	-$106K	-11.7K	-1.24%	$9.00	934K	Mar 14, 2023	See footnote	F2, F5
transaction	KFS	Common Stock	Sale	-$104K	-11.6K	-1.24%	$9.00	920K	Mar 14, 2023	See footnote	F2, F6
holding	KFS	Common Stock						163K	Mar 13, 2023	Direct	F1

* 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 sales: on March 13, 2023: (a) Stilwell Activist Investments, L.P. ("SAI") sold 43,139 shares at $9.0293; (b) Stilwell Activist Fund, L.P. ("SAF") sold 5,684 shares at $9.0293; (c) Stilwell Value Partners VII, L.P. ("SVP VII") sold 8,151 shares at $9.0293; and Stilwell Associates LP ("Associates") sold 8,026 shares at $9.0293; and on March 14, 2023: (a) SAI sold 63,519 shares at $9.0013; (b) SAF sold 8,881 shares at $9.0013; (c) SVP VII sold 11,740 shares at $9.0013; and Associates sold 11,560 shares at $9.0013.
F3	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.
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 SVP VII 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 SVP VII. 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 Associates and indirectly by Joseph Stilwell in his capacity as the managing member and owner of 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.