XTSE:KFS Kingsway Financial Services Inc Insider Activity 3 Filing - 1/1/2012

Effective Date 1/1/2012

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FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  STILWELL JOSEPH
2. Date of Event Requiring Statement (Month/Day/Year)
01/01/2012
3. Issuer Name and Ticker or Trading Symbol
KINGSWAY FINANCIAL SERVICES INC [KFS]
(Last)
(First)
(Middle)
111 BROADWAY, 12TH FLOOR
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed (Month/Day/Year)
(Street)

NEW YORK, NY 10006
6. Individual or Joint/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 Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 8,840,422(1)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Call Option (Obligation to Sell)   (2) 01/07/2016 Common Stock 100,000 $5.68 D(3)  
Call Option (Obligation to Sell)   (2) 01/07/2016 Common Stock 100,000 $13 D(4)  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
STILWELL JOSEPH
111 BROADWAY, 12TH FLOOR
NEW YORK, NY 10006
  X   X    
Stilwell Value LLC
111 SW BROADWAY, 12TH FLOOR
NEW YORK, NY 10006
    X    

Signatures

/s/ Joseph David Stilwell 01/03/2012
** Signature of Reporting Person Date

/s/ Joseph Stilwell, Managing Member of Stilwell Value LLC 01/03/2012
** 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) Joseph Stilwell, Stilwell Value Partners III, L.P., Stilwell Value Partners IV, L.P., Stilwell Associates, L.P., and Stilwell Associates Insurance Fund of the S.A.L.I. Multi-Series Fund L.P. directly own 500,000; 3,000,000; 3,000,000; 2,105,479; and 234,943 shares of common stock, respectively. The aggregate shares reported are owned indirectly by all reporting owners through Joseph Stilwell's capacities as the managing member and 99% owner of Stilwell Value LLC, which is the general partner of Stilwell Value Partners III, Stilwell Value Partners IV, and Stilwell Associates, and the managing and sole member of Stilwell Advisers LLC, which provides investment advice to Stilwell SALI Fund.
(2) The option becomes exercisable in five equal annual installments beginning January 7, 2010.
(3) Pursuant to an option agreement between Stilwell Value Partners III, L.P. and Spencer Schneider.
(4) Pursuant to an option agreement between Stilwell Associates, L.P. and Spencer Schneider.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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XTSE:KFS Kingsway Financial Services Inc Insider Activity 3 Filling

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XTSE:KFS Kingsway Financial Services Inc Insider Activity 3 Filing - 1/1/2012
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