Statement of Changes in Beneficial Ownership (Form 4)

Ownership Submission

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES 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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1. Name and Address of Reporting Person * STILWELL JOSEPH 2. Issuer Name and Ticker or Trading Symbol KINGSWAY FINANCIAL SERVICES INC [KFS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 200 CALLE DEL SANTO CRISTO 3. Date of Earliest Transaction (Month/Day/Year) (Street) SAN JUAN PR 00901 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Join/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code 4. Securities Acquired (A) or Disposed of (D) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) 6. Ownership Form: Direct (D) or Indirect (I) 7. Nature of Indirect Beneficial Ownership Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivate Security	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	5. Number of Derivative Securities Acquired (A) or Disposed of (D)	6. Date Exercisable and Expiration Date	7. Title and Amount of Securities Underlying Derivative Security	8. Price of Derivative Security	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)	11. Nature of Indirect Beneficial Ownership
Code	V	(A)	(D)	Date Exercisable	Expriation Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Director	10% Owner	Officer	Other
STILWELL JOSEPH 200 CALLE DEL SANTO CRISTO SAN JUAN, PR00901	X	X
Stilwell Value LLC 111 BROADWAY, 12TH FLOOR NEW YORK, NY10006		X
STILWELL ASSOCIATES L P 111 BROADWAY, 12TH FLOOR NEW YORK, NY10006		X
Stilwell Activist Fund, L.P. 111 BROADWAY, 12TH FLOOR NEW YORK, NY10006		X
Stilwell Activist Investments, L.P. 111 BROADWAY, 12TH FLOOR NEW YORK, NY10006		X
Stilwell Value Partners VII, L.P. 111 BROADWAY, 12TH FLOOR NEW YORK, NY10006		X

Signatures

/s/ Debra Rouse as Attorney-in-Fact for Joseph Stilwell	2021-12-02
**Signature of Reporting Person	Date
/s/ Debra Rouse as Attorney-in-Fact for Stilwell Value LLC	2021-12-02
**Signature of Reporting Person	Date
/s/ Debra Rouse as Attorney-in-Fact for Stilwell Associates, L.P.	2021-12-02
**Signature of Reporting Person	Date
/s/ Debra Rouse as Attorney-in-Fact for Stilwell Activist Fund, L.P.	2021-12-02
**Signature of Reporting Person	Date
/s/ Debra Rouse as Attorney-in-Fact for Stilwell Activist Investments, L.P.	2021-12-02
**Signature of Reporting Person	Date
/s/ Debra Rouse as Attorney-in-Fact for Stilwell Value Partners VII, L.P.	2021-12-02
**Signature of Reporting Person	Date

Explanation of Responses:

(*)	If the form is filed by more than one reporting person, see Instruction 5(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).
(1)	These are shares owned directly by Joseph Stilwell.
(2)	This Form 4 reports the following acquisitions on November 30, 2021: (a) Stilwell Activist Investments, L.P. ("SAI") acquired 3,467 shares at $5.40 USD per share, (b) Stilwell Activist Fund, L.P. ("SAF") acquired 657 shares at $5.40 USD per share, and (c) Stilwell Value Partners VII, L.P. ("SVP VII") acquired 1,054 shares at $5.40 USD per share; and on December 1, 2021: (a) SAI acquired 6,696 shares at $5.48 USD per share, (b) SAF acquired 1,269 shares at $5.48 USD per share, and (c) SVP VII acquired 2,035 shares at $5.48 USD per share.
(3)	These are shares owned directly by Stilwell Associates L.P. ("Associates") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of Associates. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
(4)	These are shares owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
(5)	These are shares owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.
(6)	These are shares owned directly by SVP VII and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

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