KFS CFO Kent Hansen buys 116 shares via ESPP

Kingsway Financial Services Inc. executive Kent A. Hansen, the company’s CFO and EVP, purchased 116 shares of common stock on January 15, 2026 at $13.54 per share.

Rhea-AI Filing Summary

Kingsway Financial Services Inc. executive Kent A. Hansen, the company’s CFO and EVP, purchased 116 shares of common stock on January 15, 2026 at $13.54 per share. The shares were acquired through the Kingsway America Inc. Employee Share Purchase Plan, which uses employee and company matching contributions to buy stock on the open market.

After this transaction, Hansen beneficially owns 119,593 common shares directly, including 7,102 restricted shares granted on March 26, 2024 and 13,818 restricted shares granted on December 4, 2024.

Insider Trade Summary

Net Buyer: 116 shares

Net Buy 1 txn

Insider Hansen Kent A

Role CFO & EVP

Bought 116 shs ($2K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	116	$13.54	$2K

Holdings After Transaction: Common Stock — 119,593 shares (Direct)

Footnotes (2)

1. F1. 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. F2. Includes 7,102 shares of restricted stock granted on March 26, 2024 and 13,818 shares of restricted stock granted on December 4, 2024.

FAQ

What did Kingsway Financial Services (KFS) disclose about CFO Kent Hansen’s recent share purchase?

Kingsway reported that CFO and EVP Kent A. Hansen bought 116 common shares on January 15, 2026 at $13.54 per share. The purchase was made through the company’s Employee Share Purchase Plan using employee and matching company contributions.

How many Kingsway Financial Services (KFS) shares does CFO Kent Hansen now own?

After the January 15, 2026 transaction, Kent A. Hansen beneficially owns 119,593 Kingsway Financial Services common shares directly. This total includes previously granted restricted stock awards reported in the filing’s explanatory footnotes.

What is the Kingsway America Inc. Employee Share Purchase Plan mentioned in the KFS Form 4?

The Employee Share Purchase Plan allows eligible employees to contribute up to 5% of adjusted salary each payroll period. After 12 months of employment, Kingsway America Inc. matches 100% of those contributions to buy Kingsway Financial Services shares on the open market.

How are shares acquired under the KFS Employee Share Purchase Plan actually purchased?

Under the plan, combined employee and company matching contributions are used to buy Kingsway Financial Services common shares. A plan administrator acquires the shares on the open market through a duly registered stockbroker as soon as administratively practicable after contributions are made.

What restricted stock grants were included in Kent Hansen’s total KFS share ownership?

Hansen’s reported total of 119,593 shares includes 7,102 restricted shares granted on March 26, 2024 and 13,818 restricted shares granted on December 4, 2024, alongside other directly held common shares.

Was the KFS insider transaction made directly by CFO Kent Hansen or through another entity?

The Form 4 lists the transaction as direct ownership for Kent A. Hansen, with no footnote indicating a separate trust, partnership, or LLC. The shares are held directly in his name following acquisition via the Employee Share Purchase Plan.

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Accepted by SEC EDGAR 01/29/2026 - 06:33 PM Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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)
01/15/2026

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	01/15/2026		P		116(1)	A	$13.54	119,593(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. RouseI, attorney-in-fact for Kent A. Hansen	01/29/2026
	** 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.