<SEC-DOCUMENT>0001127602-25-011806.txt : 20250408
<SEC-HEADER>0001127602-25-011806.hdr.sgml : 20250408
<ACCEPTANCE-DATETIME>20250408160053
ACCESSION NUMBER:		0001127602-25-011806
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250408
DATE AS OF CHANGE:		20250408

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Horowitz Joshua
		CENTRAL INDEX KEY:			0001612424
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15204
		FILM NUMBER:		25821868

	MAIL ADDRESS:	
		STREET 1:		72-38 113TH STREET
		STREET 2:		APARTMENT 3L
		CITY:			FOREST HILLS
		STATE:			NY
		ZIP:			11375

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KINGSWAY FINANCIAL SERVICES INC
		CENTRAL INDEX KEY:			0001072627
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		EIN:				999999999
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		10 S. RIVERSIDE PLAZA
		STREET 2:		SUITE 1520
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		(312) 766-2144

	MAIL ADDRESS:	
		STREET 1:		10 S. RIVERSIDE PLAZA
		STREET 2:		SUITE 1520
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-03-31</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001072627</issuerCik>
        <issuerName>KINGSWAY FINANCIAL SERVICES INC</issuerName>
        <issuerTradingSymbol>KFS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001612424</rptOwnerCik>
            <rptOwnerName>Horowitz Joshua</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O PALM MANAGEMENT (US) LLC</rptOwnerStreet1>
            <rptOwnerStreet2>19 WEST ELM STREET</rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06830</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>115000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>by Palm Global Small Cap Master Fund LP</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.25</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2025-12-29</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2025-12-29</value>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>22500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.25</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2025-12-29</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2025-12-29</value>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>252500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>by Palm Global Small Cap Master Fund LP</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Palm Management (US) LLC, as the investment manager of Palm Global Small Cap Master Fund LP (&quot;Palm Global&quot;), may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by Palm Global. Due to his positions as a portfolio manager and special limited partner of Palm Global and as an employee of Palm Management (US) LLC, Mr. Horowitz may be deemed to be a beneficial owner of the shares of common stock disclosed as directly owned by Palm Global. Palm Management (US) LLC and Mr. Horowitz expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein.</footnote>
        <footnote id="F2">Mr. Horowitz and Palm Global have entered into an option agreement, dated March 31, 2025, with Stilwell Value LLC, to acquire 22,500 and 252,500 shares of common stock, respectively, at an exercise price of $8.25 per share, which options are exercisable by Mr. Horowitz and Palm Global together in whole, and not in part, on December 29, 2025 and expire at 5:00 p.m. Eastern Time on December 29, 2025.</footnote>
    </footnotes>

    <remarks>Power of attorney is attached hereto as Exhibit 24</remarks>

    <ownerSignature>
        <signatureName>/s/ Debra Rouse, attorney-in-fact for Joshua Horowitz</signatureName>
        <signatureDate>2025-04-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>doc1.txt
<DESCRIPTION>POWER OF ATTORNEY (PUBLIC): POA
<TEXT>
POWER OF ATTORNEY

Know all by these presents that the undersigned hereby constitutes
and appoints each of
Kent Hansen, Debra Rouse, Ninette Lewis Voiles and Kelly
Marketti, signing singly,
 as the undersigned?s true and lawful attorney-in-fact to:

(1) execute for and on behalf of the undersigned all reports
to be filed by the
undersigned pursuant to Section 16  of the Securities
Exchange Act of 1934, as
amended (the ?Exchange Act?), and the rules promulgated
thereunder
 (including Forms 3, 4, and 5 and any successor forms)
(the ?Section 16 Reports?)
 with respect to the equity
 securities of Kingsway Financial Services Inc.
 (the ?Company?);

(2) 	do and perform any and all acts for and on behalf of the
undersigned that may be necessary or desirable
 to complete and execute any such Section 16 Report, complete
and execute any amendment or amendments thereto,
 and file such report with the United States Securities and Exchange
 Commission and any stock exchange or similar
authority; and

(3) 	take any other action of any type whatsoever in
connection with the foregoing that, in the opinion of
 such attorney-in-fact, may be of benefit to, in the best
interest of, or legally required by, the undersigned,
 it being understood that the documents executed by such attorney
-in-fact on behalf of the undersigned pursuant
 to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such a
ttorney-in-fact may approve in such attorney-in-fact?s discretion.

      The powers granted above may be exercised by each such
 attorney-in-fact on behalf of the undersigned,
 individually, and on behalf of the undersigned in the
undersigned?s individual capacity and in any fiduciary
 or representative capacity in which the undersigned may be acting.
	The undersigned hereby grants to each such
attorney-in-fact full power and authority to do and perform
 any and every act and thing whatsoever requisite, necessary,
 or proper to be done in the exercise of any of the
 rights and powers herein granted, as fully to all intents
and purposes as the undersigned might or could do if
 personally present, with full power of substitution or
revocation, hereby ratifying and confirming all that such
 attorney-in-fact, or such attorney-in-fact?s substitute
or substitutes, shall lawfully do or cause to be done by
 virtue of this Power of Attorney and the rights and powers
 herein granted.  The undersigned acknowledges that
 the foregoing attorneys-in-fact, in serving in such capacity
 at the request of the undersigned, are not assuming
, nor is the Company assuming, any of the undersigned?s
responsibilities to comply with Section 16 of the Exchange Act.

	This Power of Attorney shall be effective as of the date
set forth below and shall continue in full force
 and effect until the undersigned is no longer required to file
 Section 16 Reports with respect to the equity
 securities of the Company, unless earlier revoked by the
undersigned in a signed writing delivered to the foregoing
 attorneys-in-fact. This Power of Attorney amends, modifies
and replaces in its entirety any and all prior powers of
 attorney given by the undersigned with respect to the equity
 securities of the Company.
IN WITNESS WHEREOF, the undersigned has caused this Power of
 Attorney to be executed as of this 31st day of March 2025.




Signature: /S/ Joshua S. Horowitz
Name:           Joshua S. Horowitz


	2

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
