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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1072627	Kingsway Financial Services Inc	KFS	Fire, Marine & Casualty Insurance (6331)	999999999

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1113303	Joseph Stilwell	111 Broadway, 12Th Floor New York NY 10006		Yes	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2017-12-28	2,566	$5.05	3,940,889	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Direct

Footnotes

This Form 4 reports an acquisition on December 28, 2017, by the following entity: Stilwell Activist Investments, L.P. (SAI) of 2,566 shares of KFS common stock at $5.0496 USD per share.
After giving effect to the transactions reported herein, the shares of KFS common stock reported under Column 5 of Table I above are held directly by the following persons or entities: Joseph Stilwell (162,500 shares); Stilwell Associates, L.P. (Associates) (903,066 shares); SAI (2,559,166 shares); and Stilwell Activist Fund, L.P. (SAF) (316,157 shares). Of the total shares of KFS common stock reported under Column 5 of Table I above, 3,778,389 shares are beneficially owned indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC, which is the general partner of SAI, Associates and SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein. The address of SAI, Associates and SAF is the same as the address reported in Item 1 of this Form 4.