KFS CFO Kent Hansen increases Kingsway (NYSE: KFS) stake with ESPP purchase

Rhea-AI Filing Summary

Kingsway Financial Services Inc. Chief Financial Officer and Executive Vice President Kent A. Hansen reported a small open-market purchase of company stock through an employee share purchase plan. On March 13, he acquired 146 shares of common stock at $10.71 per share. Following this transaction, he directly holds 120,107 common shares, which the footnotes indicate include previously granted restricted stock awards.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hansen Kent A

(Last) (First) (Middle)

10 S. RIVERSIDE PLAZA

SUITE 1520

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KINGSWAY FINANCIAL SERVICES INC [ KFS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO & EVP

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/13/2026		P		146(1)	A	$10.71	120,107(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares of Common Stock were acquired pursuant to the Kingsway America Inc. Employee Share Purchase Plan, as amended and restated effective May 29, 2014 (the "ESPP"). Pursuant to the ESPP, eligible employees may contribute an amount up to 5% of adjusted salary for each regular payroll period and, to the extent such employee has been employed by Kingsway America Inc. and its subsidiaries for 12 months, the company will make a matching contribution equal to 100% of such employee's contribution. The employee contributions and company contributions are used to purchase, as soon as administratively practicable after the date of such contributions, shares of Kingsway Financial Services Inc. The shares are acquired by the administrator of the ESPP on the open market through the services of a duly registered stockbroker.

2. Includes 7,102 shares of restricted stock granted on March 26, 2024 and 13,818 shares of restricted stock granted on December 4, 2024.

	/s/Debra S. Rouse, attorney-in-fact for Kent A. Hansen	03/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did KFS CFO Kent Hansen report on this Form 4?

Kent A. Hansen, CFO and EVP of Kingsway Financial Services Inc. (KFS), reported buying 146 common shares. The purchase occurred on March 13 at a price of $10.71 per share in an open-market transaction executed via the company’s employee share purchase plan.

How many KFS shares does Kent Hansen own after the reported transaction?

After the March 13 purchase, Kent A. Hansen directly owns 120,107 Kingsway Financial Services Inc. common shares. Footnotes state this total includes 7,102 restricted shares granted on March 26, 2024 and 13,818 restricted shares granted on December 4, 2024.

What was the size and price of Kent Hansen’s latest KFS share purchase?

Hansen acquired 146 shares of Kingsway Financial Services Inc. common stock at $10.71 per share. This was an open-market purchase reported with transaction code “P,” indicating a standard buy in the market or a private transaction under SEC rules.

How were the KFS shares in this Form 4 acquired by the CFO?

The shares were acquired through the Kingsway America Inc. Employee Share Purchase Plan. Under this plan, eligible employees contribute up to 5% of adjusted salary and, after 12 months, receive a 100% matching contribution, with both used to buy KFS shares on the open market.

What does the Kingsway employee share purchase plan offer to KFS employees?

The Kingsway America Inc. Employee Share Purchase Plan allows eligible employees to contribute up to 5% of adjusted salary. After at least 12 months of employment, the company matches 100% of those contributions, and combined funds are used to purchase Kingsway Financial Services Inc. shares on the open market.

Does this KFS Form 4 involve any derivative securities or option exercises?

No, this Form 4 only reports a non-derivative common stock purchase. The transaction summary shows zero derivative transactions and no option exercises, gifts, tax-withholding dispositions, or restructuring entries associated with this filing for Kingsway Financial Services Inc. CFO Kent A. Hansen.