<SEC-DOCUMENT>0001193805-25-000657.txt : 20250514
<SEC-HEADER>0001193805-25-000657.hdr.sgml : 20250514
<ACCEPTANCE-DATETIME>20250514174111
ACCESSION NUMBER:		0001193805-25-000657
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250514
DATE AS OF CHANGE:		20250514

SUBJECT COMPANY:	

	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

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-78501
		FILM NUMBER:		25947359

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Frischer Charles L
		CENTRAL INDEX KEY:			0001402258
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	MAIL ADDRESS:	
		STREET 1:		3156 EAST LAURELHURST DRIVE, NE
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Frischer Charles
		DATE OF NAME CHANGE:	20070607
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001193805-20-000916</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Frischer Charles L -->
          <cik>0001402258</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>3</amendmentNo>
      <securitiesClassTitle>Common Stock, $0.01 par value per share</securitiesClassTitle>
      <dateOfEvent>04/11/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001072627</issuerCIK>
        <issuerCUSIP>496904202</issuerCUSIP>
        <issuerName>KINGSWAY FINANCIAL SERVICES INC.</issuerName>
        <address>
          <com:street1>10 S. RIVERSIDE PLAZA</com:street1>
          <com:street2>SUITE 1520</com:street2>
          <com:city>CHICAGO</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60606</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Charles L. Frischer</personName>
          <personPhoneNum>917-528-1465</personPhoneNum>
          <personAddress>
            <com:street1>3156 East Laurelhurst Drive</com:street1>
            <com:city>Seattle</com:city>
            <com:stateOrCountry>WA</com:stateOrCountry>
            <com:zipCode>98105</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001402258</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Charles Frischer</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>PF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>1863324.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1863324.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>1863324.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>6.8</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, $0.01 par value per share</securityTitle>
        <issuerName>KINGSWAY FINANCIAL SERVICES INC.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>10 S. RIVERSIDE PLAZA</com:street1>
          <com:street2>SUITE 1520</com:street2>
          <com:city>CHICAGO</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60606</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 3 to Schedule 13D (this "Amendment") amends certain information contained in the Schedule 13D filed by Charles Frischer on April 27, 2020, as amended by Amendment No. 1 to the Schedule 13D filed by Charles Frischer on May 15, 2020, as amended by Amendment No. 2 to the Schedule 13D filed by Charles Frischer on July 31, 2020, with respect to his interests in the Common Stock, par value $0.01 per share (the "Shares") of Kingsway Financial Services Inc., a Delaware corporation (the "Issuer") (the "13D").  Capitalized terms used but not defined herein have the meanings ascribed to them in the 13D.</commentText>
      </item1>
      <item5>
        <percentageOfClassSecurities>As of the date of this Amendment No. 3 to Schedule 13D, Mr. Frischer directly or through his IRA owns 1,852,798 Shares and 4,000 Class B Preferred Shares, par value $0.01 per share (the "Preferred Shares"). Each Preferred Share is convertible into approximately 2.6316 Shares. Accordingly, Mr. Frischer beneficially owns 1,863,234 representing approximately 6.8% of the total outstanding Shares, assuming conversion of all of Mr. Frischer's Preferred Shares.  The percentages set forth above and on the cover pages hereto represent the percentage of the outstanding Shares based on a total of 27,537,151 Shares outstanding as of May 8, 2025, which amount is derived from amount reported in the Issuer's Quarterly Report on Form 10-Q for the period ended March 31, 2025.</percentageOfClassSecurities>
        <numberOfShares>Mr. Frischer has sole voting and sole investment power with respect to 1,863,324 Shares.</numberOfShares>
        <transactionDesc>None.</transactionDesc>
        <listOfShareholders>Not applicable.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>As of April 11, 2025, Mr. Frischer is no longer a member of the Board of Directors of the Issuer.</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Charles Frischer</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Charles Frischer</signature>
          <title>Charles Frischer</title>
          <date>05/14/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
