Kingsway Financial (NYSE: KFS) CFO Hansen Acquires Shares Under ESPP

Rhea-AI Filing Summary

Kingsway Financial Services Inc. officer Kent A. Hansen, who serves as CFO and EVP, reported a small open-market purchase of company stock. On 11/28/2025, he acquired 120 shares of common stock at a price of $13.03 per share, bringing his total beneficial ownership to 136,350 shares, held directly.

The filing explains that these shares were acquired under the Kingsway America Inc. Employee Share Purchase Plan. Under this plan, eligible employees can contribute up to 5% of adjusted salary, and after 12 months of employment the company matches 100% of the employee’s contribution, with both contributions used to buy Kingsway Financial Services Inc. shares on the open market. His total holdings include prior restricted stock grants made in December 2022, March 2024, and December 2024.

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

OMB APPROVAL

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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)
11/28/2025

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	11/28/2025		P		120(1)	A	$13.03	136,350(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 8,370 shares of restricted stock granted on December 15, 2022, 14,204 shares of restricted stock granted on March 26, 2024, and 20,728 shares of restricted stock granted on December 4, 2024.

	/s/ Robert E. Buckner II, attorney-in-fact for Kent A. Hansen	12/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did KFS report in this Form 4?

The report shows that Kent A. Hansen, CFO and EVP of Kingsway Financial Services Inc. (KFS), acquired 120 shares of common stock on 11/28/2025 at $13.03 per share.

How many KFS shares does the reporting person beneficially own after this transaction?

After the reported purchase, Kent A. Hansen beneficially owns 136,350 shares of Kingsway Financial Services Inc. common stock, all reported as held directly.

What is the relationship of the reporting person to Kingsway Financial Services Inc. (KFS)?

The reporting person, Kent A. Hansen, is an officer of Kingsway Financial Services Inc., serving as CFO & EVP, and is not identified as a director or 10% owner in this filing.

How were the KFS shares in this Form 4 acquired?

The 120 shares were acquired under the Kingsway America Inc. Employee Share Purchase Plan (ESPP), where employee and matching company contributions are used to buy Kingsway Financial Services Inc. shares on the open market through a registered stockbroker.

What does the KFS employee share purchase plan allow employees to do?

Under the ESPP, eligible employees may contribute up to 5% of adjusted salary each regular payroll period. After 12 months of employment, the company makes a 100% matching contribution, and both contributions are used to purchase KFS shares.

What restricted stock awards are included in the reporting person’s KFS holdings?

The beneficial ownership figure includes 8,370 shares of restricted stock granted on December 15, 2022, 14,204 shares granted on March 26, 2024, and 20,728 shares granted on December 4, 2024.