KWY on NYSE
KINGSWAY Corp
Holding company1
In its 2026 annual report the company says: “The Company owns and operates a collection of high-quality B2B and B2C services companies that are asset-light, growing, and that have recurring revenues. The Company owns or controls subsidiaries primarily in the business services and extended warranty industries.”4 It is headquartered in Chicago, Illinois.1 Its shares trade on NYSE under the symbol KWY.1
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Last updated Oct 21, 2026.
Overview
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- TickerKWY on NYSE1
- IndustryFire, Marine & Casualty Insurance1
- HeadquartersChicago, Illinois1
- Incorporated inDE2
- Business address10 S. Riverside Plaza, Suite 1520, Chicago, Il 606062
- Filer categoryAccelerated filer, Smaller reporting company2
- Legal formCorporation
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Kingsway is a holding company with operating subsidiaries located in the United States and is the only publicly-traded US company employing the Search Fund model to acquire and build great businesses. The Company owns and operates a collection of high-quality B2B and B2C services companies that are asset-light, growing, and that have recurring revenues. Kingsway seeks to compound long-term shareholder value on a per share basis via its decentralized management model, its talented team of operators, and its tax-advantaged corporate structure.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-1.8%Operating margin5
-7.6%Net margin5
23.4%Revenue growth, 20255
-67.6%Return on equity5
4.66×Debt to equity5
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs97¢$131.2M
- Income tax3¢$3.8M
Out of $135.0M in revenue.5 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Service fee and other revenue | $135.0M | $109.4M |
| Total revenues | $135.0M | $109.4M |
| Claims authorized on vehicle service agreements | $25.7M | $24.6M |
| Cost of services sold | $50.4M | $37.7M |
| General and administrative expenses | $61.2M | $44.9M |
| Total operating expenses | $137.4M | $107.2M |
| Operating (loss) income | -$2.4M | $2.2M |
| Net investment income | $1.6M | $1.4M |
| Net realized and unrealized investment gains | $714.0K | $1.9M |
| Non-operating other revenue, net | $377.0K | $192.0K |
| Interest expense | -$5.4M | -$4.8M |
| Amortization of intangible assets | -$8.2M | -$6.3M |
| Impairment of goodwill and intangible assets | -$706.0K | -$2.8M |
| Total other expenses, net | -$11.6M | -$10.4M |
| Loss from continuing operations before income tax benefit | -$14.0M | -$8.3M |
| Income tax benefit | -$3.8M | -$147.0K |
| Loss from continuing operations | -$10.3M | -$8.1M |
| Income from discontinued operations, net of taxes | $0 | $438.0K |
| Loss on disposal of discontinued operations, net of taxes | $0 | -$620.0K |
| Net loss | -$10.3M | -$8.3M |
| Noncontrolling interests in consolidated subsidiaries | $562.0K | $977.0K |
| Redeemable noncontrolling interests in consolidated subsidiaries | -$83.0K | $0 |
| Less: Dividends on preferred stock | $1.2M | $179.0K |
| Net loss attributable to common shareholders | -$11.9M | -$9.5M |
| Net loss from continuing operations attributable to common shareholders | -$11.9M | -$9.3M |
| Net loss from discontinued operations attributable to common shareholders | $0 | -$182.0K |
| Net loss attributable to common shareholders | -$11.9M | -$9.5M |
| Continuing operations (in dollars per share) | -$0 | -$0 |
| Discontinued operations (in dollars per share) | $0 | -$0 |
| Basic loss per share - net loss attributable to common shareholders (in dollars per share) | -$0.43 | -$0.35 |
| Continuing operations (in dollars per share) | -$0 | -$0 |
| Discontinued operations (in dollars per share) | $0 | -$0 |
| Diluted loss per share - net loss attributable to common shareholders (in dollars per share) | -$0.43 | -$0.35 |
| Basic: (in shares) | 27.9M shares | 27.2M shares |
| Diluted: (in shares) | 27.9M shares | 27.2M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $8.3M | $5.5M | |||
| Restricted cash | $8.0M | $7.6M | |||
| Investments (including $40,241 and $36,765, respectively, at fair value) (Note 7) | $41.6M | $41.3M | |||
| Deferred contract costs | $14.9M | $13.9M | $13.7M | ||
| Income taxes receivable | $0 | $574.0K | |||
| Property and equipment, net of accumulated depreciation of $2,587 and $1,720, respectively | $6.4M | $1.6M | |||
| Right-of-use asset | $7.0M | $2.4M | |||
| Goodwill | $69.1M | $56.5M | $50.4M | ||
| Intangible assets, net of accumulated amortization of $34,013 and $25,844, respectively | $52.3M | $40.0M | |||
| Other assets | $10.1M | $7.8M | |||
| Total Assets | $231.5M | $186.6M | |||
| Accrued expenses and other liabilities | $28.7M | $20.6M | |||
| Income taxes payable | $28.0K | $0 | |||
| Deferred service fees | $87.2M | $83.1M | |||
| Debt (including $13,698 and $13,409, respectively, at fair value) (Note 11) | $70.7M | $57.5M | |||
| Lease liability | $7.3M | $2.7M | |||
| Net deferred income tax liabilities | $3.2M | $4.4M | |||
| Total Liabilities | $197.1M | $168.3M | |||
| Redeemable preferred stock, $0.01 par value; 650,000 and 330,000 authorized, issued and outstanding at December 31, 2025 and December 31, 2024, respectively; redemption amount of $16,250 and $8,250 at December 31, 2025 and December 31, 2024, respectively | $16.2M | $8.2M | |||
| Redeemable noncontrolling interest in consolidated subsidiary | $792.0K | $792.0K | $0 | ||
| Common stock, $0.01 par value; 50,000,000 authorized; 29,651,671 and 28,119,776 issued at December 31, 2025 and December 31, 2024, respectively; and 28,625,744 and 27,136,749 outstanding at December 31, 2025 and December 31, 2024, respectively | $296.0K | $281.0K | |||
| Additional paid-in capital | $394.8M | $376.5M | |||
| Treasury stock, at cost; 1,025,927 and 983,027 outstanding at December 31, 2025 and December 31, 2024, respectively | -$6.5M | -$6.2M | |||
| Accumulated deficit | -$373.4M | -$361.5M | |||
| Accumulated other comprehensive loss | -$60.0K | -$718.0K | |||
| Shareholders' equity attributable to common shareholders | $15.2M | $8.4M | |||
| Noncontrolling interests in consolidated subsidiaries | $2.2M | $1.6M | |||
| Total Shareholders' Equity | $17.4M | $10.1M | $24.6M | ||
| Total Liabilities, Redeemable Preferred Stock, Redeemable Noncontrolling Interest and Shareholders' Equity | $231.5M | $186.6M | |||
| Investments, fair value | $40.2M | $36.8M | |||
| Property and equipment, accumulated depreciation | $2.6M | $1.7M | |||
| Intangible assets accumulated amortization | $34.0M | $25.8M | |||
| Long-Term Debt, Fair Value | $13.7M | $13.4M | |||
| Temporary equity, par value (in dollars per share) | $0.01 | $0.01 | |||
| Temporary equity, authorized (in shares) | 650.0K shares | 330.0K shares | |||
| Temporary equity, issued (in shares) | 650.0K shares | 330.0K shares | |||
| Temporary equity, outstanding (in shares) | 650.0K shares | 330.0K shares | |||
| Temporary equity, redemption | $16.2M | $8.2M | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ||
| Common stock, authorized (in shares) | 50.0M shares | 50.0M shares | |||
| Common stock, issued (in shares) | 29.7M shares | 28.1M shares | |||
| Common stock, outstanding (in shares) | 28.6M shares | 27.1M shares | |||
| Treasury stock (in shares) | 1.0M shares | 983.0K shares |
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $8.3M | $5.5M | |||
| Restricted cash | $8.0M | $7.6M | |||
| Investments (including $40,241 and $36,765, respectively, at fair value) (Note 7) | $41.6M | $41.3M | |||
| Deferred contract costs | $14.9M | $13.9M | $13.7M | ||
| Income taxes receivable | $0 | $574.0K | |||
| Property and equipment, net of accumulated depreciation of $2,587 and $1,720, respectively | $6.4M | $1.6M | |||
| Right-of-use asset | $7.0M | $2.4M | |||
| Goodwill | $69.1M | $56.5M | $50.4M | ||
| Intangible assets, net of accumulated amortization of $34,013 and $25,844, respectively | $52.3M | $40.0M | |||
| Other assets | $10.1M | $7.8M | |||
| Total Assets | $231.5M | $186.6M | |||
| Accrued expenses and other liabilities | $28.7M | $20.6M | |||
| Income taxes payable | $28.0K | $0 | |||
| Deferred service fees | $87.2M | $83.1M | |||
| Debt (including $13,698 and $13,409, respectively, at fair value) (Note 11) | $70.7M | $57.5M | |||
| Lease liability | $7.3M | $2.7M | |||
| Net deferred income tax liabilities | $3.2M | $4.4M | |||
| Total Liabilities | $197.1M | $168.3M | |||
| Redeemable preferred stock, $0.01 par value; 650,000 and 330,000 authorized, issued and outstanding at December 31, 2025 and December 31, 2024, respectively; redemption amount of $16,250 and $8,250 at December 31, 2025 and December 31, 2024, respectively | $16.2M | $8.2M | |||
| Redeemable noncontrolling interest in consolidated subsidiary | $792.0K | $792.0K | $0 | ||
| Common stock, $0.01 par value; 50,000,000 authorized; 29,651,671 and 28,119,776 issued at December 31, 2025 and December 31, 2024, respectively; and 28,625,744 and 27,136,749 outstanding at December 31, 2025 and December 31, 2024, respectively | $296.0K | $281.0K | |||
| Additional paid-in capital | $394.8M | $376.5M | |||
| Treasury stock, at cost; 1,025,927 and 983,027 outstanding at December 31, 2025 and December 31, 2024, respectively | -$6.5M | -$6.2M | |||
| Accumulated deficit | -$373.4M | -$361.5M | |||
| Accumulated other comprehensive loss | -$60.0K | -$718.0K | |||
| Shareholders' equity attributable to common shareholders | $15.2M | $8.4M | |||
| Noncontrolling interests in consolidated subsidiaries | $2.2M | $1.6M | |||
| Total Shareholders' Equity | $17.4M | $10.1M | $24.6M | ||
| Total Liabilities, Redeemable Preferred Stock, Redeemable Noncontrolling Interest and Shareholders' Equity | $231.5M | $186.6M | |||
| Investments, fair value | $40.2M | $36.8M | |||
| Property and equipment, accumulated depreciation | $2.6M | $1.7M | |||
| Intangible assets accumulated amortization | $34.0M | $25.8M | |||
| Long-Term Debt, Fair Value | $13.7M | $13.4M | |||
| Temporary equity, par value (in dollars per share) | $0.01 | $0.01 | |||
| Temporary equity, authorized (in shares) | 650.0K shares | 330.0K shares | |||
| Temporary equity, issued (in shares) | 650.0K shares | 330.0K shares | |||
| Temporary equity, outstanding (in shares) | 650.0K shares | 330.0K shares | |||
| Temporary equity, redemption | $16.2M | $8.2M | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ||
| Common stock, authorized (in shares) | 50.0M shares | 50.0M shares | |||
| Common stock, issued (in shares) | 29.7M shares | 28.1M shares | |||
| Common stock, outstanding (in shares) | 28.6M shares | 27.1M shares | |||
| Treasury stock (in shares) | 1.0M shares | 983.0K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$10.3M | -$8.3M |
| Income from discontinued operations, net of taxes | $0 | -$438.0K |
| Loss on disposal of discontinued operations, net of taxes | $0 | $620.0K |
| Equity in net loss of limited liability investments | $1.0K | $162.0K |
| Depreciation and amortization expense | $9.2M | $7.0M |
| Stock-based compensation expense | $1.7M | $1.8M |
| Net realized and unrealized investment gains | -$714.0K | -$1.9M |
| Impairment of goodwill and intangible assets | $706.0K | $2.8M |
| Loss on change in fair value of contingent consideration | $0 | $270.0K |
| Deferred income taxes, adjusted for liabilities acquired | -$4.1M | -$537.0K |
| Other non-cash items | $479.0K | $488.0K |
| Service fee receivable, net, adjusted for assets acquired | $779.0K | $1.3M |
| Deferred contract costs | -$1.0M | -$155.0K |
| Other assets, adjusted for assets acquired | -$1.0M | -$360.0K |
| Deferred service fees | $4.0M | -$887.0K |
| Other, net, adjusted for liabilities acquired | $131.0K | -$1.3M |
| Cash (used in) provided by operating activities - continuing operations | -$3.0K | $605.0K |
| Cash provided by operating activities - discontinued operations | $0 | $462.0K |
| Net cash (used in) provided by operating activities | -$3.0K | $1.1M |
| Proceeds from sales and maturities of fixed maturities | $10.6M | $7.8M |
| Proceeds from sales of equity investments | $0 | $77.0K |
| Purchases of fixed maturities | -$9.5M | -$7.8M |
| Net proceeds from limited liability investments, at fair value | $153.0K | $2.3M |
| Net proceeds from sale of discontinued operations | $0 | $1.1M |
| Acquisition of businesses, net of cash acquired | -$29.2M | -$20.1M |
| Net purchases of property and equipment, adjusted for assets acquired | -$1.6M | -$709.0K |
| Other, net | -$46.0K | $272.0K |
| Cash used in investing activities - continuing operations | -$29.6M | -$16.8M |
| Cash used in investing activities - discontinued operations | $0 | $0 |
| Net cash used in investing activities | -$29.6M | -$16.8M |
| Proceeds from issuance of common stock, net | $15.6M | $0 |
| Proceeds from issuance of preferred stock | $8.0M | $8.2M |
| Cash paid for repurchase of common stock | -$345.0K | -$2.5M |
| Cash paid to acquire noncontrolling interest | $0 | -$2.5M |
| Distributions to noncontrolling interest holders | $0 | -$1.4M |
| Payment of preferred stock dividends | -$1.0M | -$13.0K |
| Payment of contingent consideration from acquisition | -$420.0K | -$650.0K |
| Taxes paid related to net share settlements of restricted stock awards | -$122.0K | -$2.3M |
| Principal proceeds from debt, net of debt issuance costs of $389 in 2025 and $287 in 2024 | $26.3M | $34.6M |
| Principal payments on debt | -$15.2M | -$21.6M |
| Cash provided by financing activities - continuing operations | $32.7M | $11.9M |
| Cash used in financing activities - discontinued operations | $0 | -$435.0K |
| Net cash provided by financing activities | $32.7M | $11.4M |
| Net increase (decrease) in cash and cash equivalents and restricted cash from continuing operations | $3.1M | -$4.4M |
| Interest | $5.3M | $4.7M |
| Income taxes - state and local | $237.0K | -$112.0K |
| Contingent consideration for acquisition of businesses | $980.0K | $0 |
| Seller phantom equity awards issued for acquisition of businesses | $3.3M | $0 |
| Notes payable issued for acquisition of businesses | $1.9M | $0 |
| Notes payable extinguished in exchange for common stock | -$1.0M | $0 |
| Common stock issued in exchange for notes payable | $1.2M | $0 |
| Payment of debt issuance costs | $389.0K | $287.0K |
No quarter-by-quarter statement was filed.
Corporate structure
KINGSWAY Corp sits at the top of its group. 35 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of KINGSWAY Corp
- Capricorn Fund Managers Ltd Filed SCHEDULE 13G/A on KINGSWAY Corp, latest Jul 13, 2026 (2 filings since Feb 5, 2026)
- David Capital Partners, LLC Filed SCHEDULE 13D/A on KINGSWAY Corp, latest May 20, 2026 (6 filings since Jan 12, 2022)
- MIRABELLA FINANCIAL SERVICES LLP Filed SCHEDULE 13G/A on KINGSWAY Corp, latest Apr 10, 2026 (3 filings since Jan 31, 2025)
- Joseph Stilwell Filed SCHEDULE 13D/A on KINGSWAY Corp, latest Dec 19, 2025 (16 filings since Nov 29, 2021)
- Gregory Paul Hannon Filed SCHEDULE 13D/A on KINGSWAY Corp, latest Dec 18, 2025 (2 filings since Apr 9, 2025)
- Palm Management (US) LLC Filed SCHEDULE 13D/A on KINGSWAY Corp, latest Dec 18, 2025 (2 filings since Apr 2, 2025)
- Greenhaven Road Investment Management, L.P. Filed SCHEDULE 13G on KINGSWAY Corp, latest Nov 6, 2025
- Charles Frischer Filed SCHEDULE 13D/A on KINGSWAY Corp, latest May 14, 2025
- KINGSWAY Corp Chicago, Illinois
- @Work International Pty LTD Subsidiary · Australia
- Advanced Plumbing & Drain, LLC Subsidiary · Delaware, United States
- Argo Holdings Fund I, LLC Subsidiary · Delaware, United States
- Argo Management Group, LLC Subsidiary · Delaware, United States
- CSuite Financial Partners, LLC Subsidiary · California, United States
- DDI Acquisition LLC Subsidiary · Delaware, United States
- Digital Diagnostics Inc Subsidiary · Florida, United States
- Efficient Plumbing, LLC Subsidiary · Nebraska, United States
- Geminus Holding Company, Inc Subsidiary · Delaware, United States
- Image Solutions LLC Subsidiary · North Carolina, United States
- IWS Acquisition Corporation Subsidiary · Florida, United States
- Kingsway America II Inc. Subsidiary · Delaware, United States
- Kingsway America Inc. Subsidiary · Delaware, United States
- Kingsway Amigo Insurance Company Subsidiary · Florida, United States
- Kingsway General Insurance Company Subsidiary · Ontario, Canada
- Kingsway Plumbing Holdco LLC Subsidiary · Delaware, United States
- Kingsway Search Xcelerator Inc. Subsidiary · Delaware, United States
- Kingsway Warranty Holdings LLC Subsidiary · Delaware, United States
- Longhorns Acquisition LLC Subsidiary · Delaware, United States
- M.L.C. Plumbing, LLC Subsidiary · Indiana, United States
- Pegasus Acquirer Holdings LLC Subsidiary · Delaware, United States
- Preferred Warranties, Inc Subsidiary · Pennsylvania, United States
- Prime Auto Care Inc Subsidiary · Delaware, United States
- PWI Holdings, Inc Subsidiary · Pennsylvania, United States
- Ravix Acquisition LLC Subsidiary · Delaware, United States
- and 9 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What KINGSWAY Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $8.9M5 Dec 31, 2025 | $3.3M5 Dec 31, 2024 | +172.0% |
| Accumulated depreciation | $2.6M5 Dec 31, 2025 | $1.7M5 Dec 31, 2024 | +50.4% |
| Property and equipment, net | $6.4M5 Dec 31, 2025 | $1.6M5 Dec 31, 2024 | +305.5% |
| Operating-lease assets (leased space) | $7.0M5 Dec 31, 2025 | $2.4M5 Dec 31, 2024 | +193.5% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $8.3M5 Dec 31, 2025 | $5.5M5 Dec 31, 2024 | +51.2% |
| Marketable securities, current | $178.0K5 Dec 31, 2025 | $169.0K5 Dec 31, 2024 | +5.3% |
| Debt securities available for sale | $36.8M5 Dec 31, 2025 | $37.0M5 Dec 31, 2024 | −0.5% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $69.1M5 Dec 31, 2025 | $56.5M5 Dec 31, 2024 | +22.3% |
| Intangible assets, net (excluding goodwill) | $52.3M5 Dec 31, 2025 | $40.0M5 Dec 31, 2024 | +30.5% |
| Accumulated amortization | $34.0M5 Dec 31, 2025 | $25.8M5 Dec 31, 2024 | +31.6% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $1.8M5 Dec 31, 2025 | $714.0K5 Dec 31, 2024 | +146.8% |
| Finished goods | $977.0K5 Dec 31, 2025 | $148.0K5 Dec 31, 2024 | +560.1% |
Properties, in its own words
Leased Properties
Kingsway Search Xcelerator leases facilities with an aggregate square footage of approximately 146,637 at ten locations in eight states. The latest expiration date of the existing leases is in June 2035. The facilities consist of office space, as well as storage and warehousing spaces.
The rest of Item 2
Extended Warranty leases facilities with an aggregate square footage of approximately 16,825 at four locations in three states. The latest expiration date of the existing leases is in March 2032.
The Company leases a facility for its corporate office with an aggregate square footage of approximately 3,219 at one location in one state. The expiration date of the existing lease is in February 2028.
The properties described above are in good condition. We consider our office facilities suitable and adequate for our current levels of operations.
Item 2 of the 10-K filed Mar 12, 2026.4
Leadership
Who has led KINGSWAY Corp, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
201520202025
- Chief executive officerLarry G. Swets Jr. Jan 3, 2012 to Aug 31, 201814
- PresidentLarry G. Swets Jr. Jan 3, 2012 to Jul 17, 201714
- Chief financial officerKent A. Hansen Feb 28, 2020 to now15
Board members and other officers (15)
- Principal Accounting OfficerHassan Baqar Jan 3, 2012 to Feb 1, 201916
- Executive Vice PresidentBradley Scott Diericx Sep 28, 2012 to Sep 28, 201217
- Board memberAdam Jonathan Patinkin Apr 8, 2025 to now18
- Board memberJoshua Horowitz Apr 8, 2025 to now19
- Board memberCharles Frischer May 23, 2022 to Feb 18, 202520
- Board memberCorissa J. Briglia Sep 21, 2020 to Sep 21, 202021
- Board memberDouglas Levine Jun 7, 2018 to now22
- Board memberHassan Baqar Aug 2, 2016 to Aug 2, 201623
- Board memberLarry G. Swets Jr. Feb 7, 2014 to Sep 17, 201824
- Board memberGary Schaevitz Feb 28, 2014 to Dec 22, 201725
- Board memberGregory Paul Hannon Jan 3, 2012 to now26
- Board memberJoseph Stilwell Jan 3, 2012 to now27
- Board memberSpencer L. Schneider Jan 3, 2012 to Jan 3, 201228
- Board memberTerence Michael Kavanagh Jan 3, 2012 to now29
- General counselPaul R. Hogan Jun 7, 2019 to Apr 2, 202130
Named in SEC Form D filings
People the company listed in its private-offering notices.
- Executive OfficerJohn T Fitzgerald named Feb 25, 202531
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- @Work International Pty LTD Australia3
- Advanced Plumbing & Drain, LLC Delaware3
- Argo Holdings Fund I, LLC Delaware3
- Argo Management Group, LLC Delaware3
- CSuite Financial Partners, LLC California3
- DDI Acquisition LLC Delaware3
- Digital Diagnostics Inc Florida3
- Efficient Plumbing, LLC Nebraska3
- Geminus Holding Company, Inc Delaware3
- IWS Acquisition Corporation Florida3
- Image Solutions LLC North Carolina3
- Kingsway America II Inc. Delaware3
- Kingsway America Inc. Delaware3
- Kingsway Amigo Insurance Company Florida3
- Kingsway General Insurance Company Ontario3
- Kingsway Plumbing Holdco LLC Delaware3
- Kingsway Search Xcelerator Inc. Delaware3
- Kingsway Warranty Holdings LLC Delaware3
- Longhorns Acquisition LLC Delaware3
- M.L.C. Plumbing, LLC Indiana3
- PWI Holdings, Inc Pennsylvania3
- Pegasus Acquirer Holdings LLC Delaware3
- Preferred Warranties, Inc Pennsylvania3
- Prime Auto Care Inc Delaware3
All 34 listed subsidiaries
- Ravix Acquisition LLC Delaware3
- Ravix Group, Inc Delaware3
- Red Shield (Barbados) Inc. Barbados3
- Roundhouse Electric & Equipment Co., Inc. Texas3
- Secure Nursing Service LLC Delaware3
- Steel Bridge Acquisition LLC Delaware3
- Systems Products International Inc Florida3
- The Penn Warranty Corporation Pennsylvania3
- Trinity Warranty Solutions, LLC Delaware3
- Vertical Market Solutions LLC Delaware3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- KINGSWAY FINANCIAL SERVICES INCOct 30, 1998 to May 11, 20262
Timeline
- Aug 6, 20268-K Results of operations32
- May 21, 20268-K Shareholder vote33
- May 19, 20268-K Bylaws or fiscal year changed; Regulation FD disclosure; Other events34
- May 11, 20268-K Entered a material agreement; Regulation FD disclosure35
- May 7, 20268-K Results of operations36
- Mar 16, 20268-K Regulation FD disclosure37
- Mar 12, 20268-K Results of operations38
- Nov 6, 20258-K Results of operations39
- Aug 7, 20258-K Results of operations40
- Jul 7, 20258-K Entered a material agreement; New debt or obligation; Regulation FD disclosure41
- Jun 25, 20258-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure42
- May 21, 20258-K Shareholder vote43
- Jan 3, 2012New chief executive Larry G. Swets Jr. becomes CEO14
Calendar
Coming up
- Nov 5, 2026Reports results for the quarter ending Sep/202644
When it reported results
- Aug 6, 2026Reported quarterly or annual results32
- May 7, 2026Reported quarterly or annual results36
- Mar 12, 2026Reported quarterly or annual results38
- Nov 6, 2025Reported quarterly or annual results39
- Aug 7, 2025Reported quarterly or annual results40
- May 8, 2025Reported quarterly or annual results45
- Mar 17, 2025Reported quarterly or annual results46
- Nov 6, 2024Reported quarterly or annual results47
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
533 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 393 insider forms, 33 large holders, 1 private raises, 27 other. The latest 20:
- Sep 30, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 30, 20264 PRIMARY DOCUMENT EDGAR
- Sep 30, 20264 PRIMARY DOCUMENT EDGAR
- Sep 16, 20264 PRIMARY DOCUMENT EDGAR
- Sep 16, 20264 PRIMARY DOCUMENT EDGAR
- Sep 1, 20264 PRIMARY DOCUMENT EDGAR
- Sep 1, 20264 PRIMARY DOCUMENT EDGAR
- Aug 20, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 18, 20264 PRIMARY DOCUMENT EDGAR
- Aug 18, 20264 PRIMARY DOCUMENT EDGAR
- Aug 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- Jul 31, 20264 PRIMARY DOCUMENT EDGAR
- Jul 31, 20264 PRIMARY DOCUMENT EDGAR
- Jul 16, 20264 PRIMARY DOCUMENT EDGAR
- Jul 16, 20264 PRIMARY DOCUMENT EDGAR
- Jul 13, 2026SCHEDULE 13G/A EDGAR
- Jul 1, 20264 PRIMARY DOCUMENT EDGAR
- Jul 1, 20264 PRIMARY DOCUMENT EDGAR
The 533 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
406 open-market trades by officers, directors and large owners since October 2021: 355 buys and 51 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 30, 2026 | Horowitz JoshuaDirector | Buy | 858 | $9.23 | $7.9K | Form 4 |
| Sep 30, 2026 | Fitzgerald John Taylor MaloneyPresident and CEO | Buy | 269 | $9.30 | $2.5K | Form 4 |
| Sep 30, 2026 | Hansen Kent ACFO & EVP | Buy | 169 | $9.30 | $1.6K | Form 4 |
| Sep 28, 2026 | Horowitz JoshuaDirector | Buy | 2,717 | $9.28 | $25.2K | Form 4 |
| Sep 15, 2026 | Hansen Kent ACFO & EVP | Buy | 159 | $9.82 | $1.6K | Form 4 |
| Sep 15, 2026 | Fitzgerald John Taylor MaloneyPresident and CEO | Buy | 254 | $9.82 | $2.5K | Form 4 |
| Aug 31, 2026 | Hansen Kent ACFO & EVP | Buy | 149 | $10.45 | $1.6K | Form 4 |
| Aug 31, 2026 | Fitzgerald John Taylor MaloneyPresident and CEO | Buy | 239 | $10.45 | $2.5K | Form 4 |
| Aug 20, 2026 | Horowitz JoshuaDirector | Buy | 769 | $9.89 | $7.6K | Form 4 |
| Aug 19, 2026 | Horowitz JoshuaDirector | Buy | 7,034 | $9.84 | $69.2K | Form 4 |
| Aug 18, 2026 | Horowitz JoshuaDirector | Buy | 1,300 | $9.75 | $12.7K | Form 4 |
| Aug 17, 2026 | Fitzgerald John Taylor MaloneyPresident and CEO | Buy | 254 | $9.87 | $2.5K | Form 4 |
| Aug 17, 2026 | Hansen Kent ACFO & EVP | Buy | 158 | $9.87 | $1.6K | Form 4 |
| Aug 13, 2026 | Stilwell JosephDirector | Sale | 100,000 | $10.00 | $1.0M | Form 4 |
| Jul 30, 2026 | Hansen Kent ACFO & EVP | Buy | 174 | $8.98 | $1.6K | Form 4 |
| Jul 30, 2026 | Fitzgerald John Taylor MaloneyPresident and CEO | Buy | 278 | $8.98 | $2.5K | Form 4 |
| Jul 15, 2026 | Hansen Kent ACFO & EVP | Buy | 161 | $9.76 | $1.6K | Form 4 |
| Jul 15, 2026 | Fitzgerald John Taylor MaloneyPresident and CEO | Buy | 256 | $9.76 | $2.5K | Form 4 |
| Jun 30, 2026 | Hansen Kent ACFO & EVP | Buy | 149 | $10.45 | $1.6K | Form 4 |
| Jun 30, 2026 | Fitzgerald John Taylor MaloneyPresident and CEO | Buy | 239 | $10.45 | $2.5K | Form 4 |
All 406 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Capricorn Fund Managers LtdSCHEDULE 13G/A, 2 filings Feb 5, 2026 to Jul 13, 202648
- David Capital Partners, LLCSCHEDULE 13D/A, 6 filings Jan 12, 2022 to May 20, 202649
- MIRABELLA FINANCIAL SERVICES LLPSCHEDULE 13G/A, 3 filings Jan 31, 2025 to Apr 10, 202650
- Joseph StilwellSCHEDULE 13D/A, 16 filings Nov 29, 2021 to Dec 19, 202551
- Gregory Paul HannonSCHEDULE 13D/A, 2 filings Apr 9, 2025 to Dec 18, 202552
- Palm Management (US) LLCSCHEDULE 13D/A, 2 filings Apr 2, 2025 to Dec 18, 202553
- Greenhaven Road Investment Management, L.P.SCHEDULE 13G, 1 filing Nov 6, 202554
- Charles FrischerSCHEDULE 13D/A, 1 filing May 14, 202555
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Kent A. Hansen.EVP & Chief Financial Officer | $375.0K | $682.5K56 | |
| 2025 | John T. FitzgeraldPresident & Chief Executive Officer | $600.0K | $637.8K56 | |
| 2024 | Kent A. Hansen.EVP & Chief Financial Officer | $375.0K | $762.2K56 | |
| 2024 | John T. FitzgeraldPresident & Chief Executive Officer | $600.0K | $637.2K56 |
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- Private raises (Form D) $6.0M
Figures by year
| Year | Private raises (Form D) | Total |
|---|---|---|
| 2025 | $6.0M | $6.0M |
Private raises
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 72. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How KINGSWAY Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARKINGSWAY Corp1
- CIK0001072627
- Employer ID (EIN)85-17922914
- Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)6331 Fire, Marine & Casualty Insurance1
- SEC reviewing officeOffice of Finance, Division of Corporation Finance1
- Business address10 S. Riverside Plaza, Suite 1520, Chicago, IL 606061
- Phone(312) 766-21441
- Shares outstanding28,931,000 as of Aug 6, 202612
- Public float$217.8M as of Jun 30, 20254
- AuditorPlante & Moran, PLLC, Chicago, Illinois PCAOB ID 166; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceOct 30, 19981
- Filings1,996 in all: 4 (1,223), 6-K (202), 8-K (155), SC 13D/A (66), 10-Q (47), 4/A (31), SC 13G/A (24), 3 (21)1
All 58 form types
SC 13G (21), UPLOAD (19), CORRESP (18), DEF 14A (16), 10-K (15), SCHEDULE 13D/A (14), 40-F (10), SC 13D (10), F-3/A (9), ARS (7), DEFA14A (7), S-8 (7), 10-Q/A (5), 144 (5), NT 10-Q (5), 6-K/A (4), D (3), EFFECT (3), PRE 14A (3), SC TO-T/A (3), SCHEDULE 13G (3), SCHEDULE 13G/A (3), 3/A (2), 424B4 (2), 8-K/A (2), F-X/A (2), NT 10-K (2), RW (2), S-1/A (2), S-4/A (2), SCHEDULE 13D (2), 10-K/A (1), 15-12G (1), 40-F/A (1), 424B3 (1), 425 (1), 5 (1), 8-A12B (1), 8-A12G (1), F-10 (1), F-3 (1), F-4 (1), F-4/A (1), F-X (1), PRER14A (1), S-1 (1), S-3 (1), S-4 (1), S-8 POS (1), SC TO-T (1)
- Latest filingsAnnual report (10-K) Mar 12, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Apr 6, 2026
Latest 8-K (8-K) Aug 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.01 per share | KFS | New York Stock Exchange |
From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks KINGSWAY Corp names in Item 1A of its 10-K filed Mar 12, 2026: 40 risks under these headings, as written.4
- FINANCIAL RISK
- We have outstanding recourse debt and acquisition financing, which could adversely affect our ability to obtain financing in the future, react to changes in our business and satisfy our obligations.
- Increases in interest rates would increase the cost of servicing our outstanding recourse debt and could adversely affect our results of operation.
- Our operations are restricted by the terms of our debt indentures, which could limit our ability to plan for or react to market conditions or meet our capital needs.
- We may not be able to realize our investment objectives, which could significantly reduce our earnings and liquidity.
- Our business, financial condition and results of operations could be materially and adversely affected by public health crises and changes in international and national economic and industry conditions.
- Financial disruption or a prolonged economic downturn could materially and adversely affect the credit, investment and financial markets which, in turn, could materially adversely affect our business, results of operations or financial condition.
- Worldwide armed conflicts and the related implications may negatively impact our operations.
- International trade policies, including tariffs, sanctions and trade barriers, may adversely affect our business, financial condition, results of operations and prospects.
- Our cash, cash equivalents and investments could be adversely affected if the financial institutions in which we hold our cash, cash equivalents and investments fail.
- We have generated net operating loss carryforwards for U.S. income tax purposes, but our ability to use these net operating losses could be limited by our inability to generate future taxable income.
- We have generated U.S. NOLs, but our ability to preserve and use these U.S. NOLs could be limited or impaired by future ownership changes.
The other 29 risks
- Expiration of our tax benefit preservation plan could increase the probability that we will experience an ownership change as defined under Section 382.
- We will only be able to utilize our U.S. NOLs against the future taxable income generated by companies we acquire if we are able to include the acquired companies in our U.S. consolidated tax return group.
- We have outstanding preferred stock with rights senior to our common stock, and may issue additional preferred stock in the future.
- COMPLIANCE RISK
- If we fail to comply with insurance, securities or other applicable laws or regulatory requirements, our business, results of operations, financial condition or cash flow could be adversely affected.
- Material weaknesses in our internal control over financial reporting could result in material misstatements in our consolidated financial statements.
- STRATEGIC RISK
- The achievement of our strategic objectives is highly dependent on effective change management.
- We may experience difficulty continuing to retain our holding company staff.
- The highly competitive environment in which we operate could have an adverse effect on our business, results of operations or financial condition.
- Engaging in acquisitions involves risks, and, if we are unable to effectively manage these risks, our business could be materially harmed.
- OPERATIONAL RISK
- Our Extended Warranty subsidiaries' deferred service fees may be inadequate, which would result in a reduction in our net income and could adversely affect our financial condition.
- Extended Warranty's reliance on credit unions and dealers, as well as our overall reliance on automobile sales could adversely affect our ability to maintain business.
- Our reliance on a limited number of warranty and maintenance support clients and customers could adversely affect our ability to maintain business.
- CSuite’s focus on serving private equity backed businesses creates exposure to general mergers and acquisitions ("M&A") activity.
- Ravix's concentration in venture-capital-funded startups creates exposure to the venture capital funding cycles.
- SNS may experience increased costs that reduce its revenue and profitability if applicable government regulations change.
- Healthcare is a regulated industry and modifications, inaccurate interpretations or violations of any applicable statutory or regulatory requirements may result in material costs or penalties as well as litigation and could reduce SNS’ revenue and profitability.
- SNS’ profitability could be adversely impacted if SNS is unable to adjust its nurse pay rates as the bill rates decline.
- SNS may be unable to recruit and retain enough quality nurses to meet the demand.
- Image Solutions may be unable to recruit and retain enough quality IT professionals to meet the demand.
- Revenue and growth of certain of our business lines depend on sustained customer retention and repeat work; the loss of key customers or reduced repeat business could harm results.
- Roundhouse faces regional and industry-specific risks given concentration in the Permian Basin and customer segment of midstream natural gas pipeline operators and utilities.
- Roundhouse’s business includes equipment sales that may be subject to supply chain constraints, delivery delays, and pricing pressures.
- Roundhouse faces inherent health, safety, and operational risks associated with providing mission-critical field services at customer sites.
- Certain of our business operations rely on the availability of skilled labor and effective execution in field services and shop repair; labor shortages, wage inflation, or operational disruptions could reduce margins and impair service levels.
- Our skilled trades operations involve inherent safety risks that could result in worker injuries, property damage, regulatory liabilities and increased operating costs.
- Changes in the skilled trade customer demand or customer concentration in certain markets could adversely affect our results of operations.
- Disruptions or security failures in our information technology systems, including as a result of cybersecurity incidents, could create liability for us and/or limit our ability to effectively monitor, operate and control our operations and adversely affect our reputation, business, financial condition, results of operation and cash flows.
- Our success depends on our ability to price accurately the risks we underwrite.
- HUMAN RESOURCES RISK
- Our business depends upon key employees, and if we are unable to retain the services of these key employees or to attract and retain additional qualified personnel, our business could be adversely affected.
Legal proceedings
In connection with its operations in the ordinary course of business, the Company and its subsidiaries are named as defendants in various actions for damages and costs allegedly sustained by the plaintiffs. While it is not possible to estimate reasonably the loss, or range of loss, if any, that would be incurred in connection with any of the various proceedings at this time, it is possible an individual action could result in a loss having a material adverse effect on the Company's business, results of operations or financial condition.
See Note 25, "Commitments and Contingent Liabilities," to the Consolidated Financial Statements, for further information regarding the Company's legal proceedings.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARKINGSWAY Corp filings on SEC EDGAR
- 2SEC EDGARKINGSWAY Corp filings on SEC EDGAR
- 3
- 4
- 5SEC EDGARKINGSWAY Corp 10-K for fiscal 2025
- 6SEC EDGARKINGSWAY Corp 10-K for fiscal 2019
- 7SEC EDGARKINGSWAY Corp 10-K for fiscal 2020
- 8SEC EDGARKINGSWAY Corp 10-K for fiscal 2021
- 9SEC EDGARKINGSWAY Corp 10-K for fiscal 2022
- 10SEC EDGARKINGSWAY Corp 10-K for fiscal 2023
- 11SEC EDGARKINGSWAY Corp 10-Q for fiscal 2026
- 12SEC EDGARKINGSWAY Corp 10-Q for fiscal 2026
- 13SEC EDGARKINGSWAY Corp 10-K for fiscal 2019
- 14
- 15
- 16
- 17
- 18SEC EDGARAdam Jonathan Patinkin, Board member
- 19SEC EDGARJoshua Horowitz, Board member
- 20SEC EDGARCharles Frischer, Board member
- 21SEC EDGARCorissa J. Briglia, Board member
- 22SEC EDGARDouglas Levine, Board member
- 23SEC EDGARHassan Baqar, Board member
- 24SEC EDGARLarry G. Swets Jr., Board member
- 25SEC EDGARGary Schaevitz, Board member
- 26SEC EDGARGregory Paul Hannon, Board member
- 27SEC EDGARJoseph Stilwell, Board member
- 28SEC EDGARSpencer L. Schneider, Board member
- 29
- 30SEC EDGARPaul R. Hogan, General counsel
- 31
- 32SEC EDGARResults of operations
- 33SEC EDGARShareholder vote
- 34
- 35
- 36SEC EDGARResults of operations
- 37SEC EDGARRegulation FD disclosure
- 38SEC EDGARResults of operations
- 39SEC EDGARResults of operations
- 40SEC EDGARResults of operations
- 41
- 42
- 43SEC EDGARShareholder vote
- 44NasdaqNasdaq calendar
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- 49
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