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. 20549

STATEMENT OF CHANGES IN 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. 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 __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
111 BROADWAY, 12TH FLOOR, 
3. Date of Earliest Transaction (Month/Day/Year)
03/22/2019
(Street)

NEW YORK, NY 10006
4. If Amendment, Date Original Filed(Month/Day/Year)
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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               162,500 (1) D  
Common Stock               903,066 I See footnote (2)
Common Stock 03/22/2019   P   8,073 (3) A $ 2.4 431,835 I See footnote (4)
Common Stock 03/22/2019   P   62,434 (3) A $ 2.4 3,392,335 I See footnote (5)
Common Stock 03/22/2019   P   70,000 (3) A $ 2.4 390,000 I See footnote (6)
Common Stock 03/25/2019   P   2,706 (3) A $ 2.4271 434,541 I See footnote (4)
Common Stock 03/25/2019   P   20,931 (3) A $ 2.4271 3,413,266 I See footnote (5)
Common Stock 03/25/2019   P   25,000 (3) A $ 2.4271 415,000 I See footnote (6)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
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
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

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 BROADWAY, 12TH FLOOR
NEW YORK, NY 10006
    X    
STILWELL ASSOCIATES L P
111 BROADWAY, 12TH FLOOR
NEW YORK, NY 10006
    X    
Stilwell Activist Fund, L.P.
111 BROADWAY
12TH FLOOR
NEW YORK, NY 10006
    X    
Stilwell Activist Investments, L.P.
111 BROADWAY
12TH FLOOR
NEW YORK, NY 10006
    X    
Stilwell Value Partners VII, L.P.
111 BROADWAY, 12TH FLOOR
NEW YORK, NY 10006
    X    

Signatures

 /s/ Pilar Torres as Attorney-in-Fact for Joseph Stilwell   03/26/2019
**Signature of Reporting Person Date

 /s/ Pilar Torres as Attorney-in-Fact for Stilwell Value LLC   03/26/2019
**Signature of Reporting Person Date

 /s/ Pilar Torres as Attorney-in-Fact for Stilwell Associates, L.P.   03/26/2019
**Signature of Reporting Person Date

 /s/ Pilar Torres as Attorney-in-Fact for Stilwell Activist Fund, L.P.   03/26/2019
**Signature of Reporting Person Date

 /s/ Pilar Torres as Attorney-in-Fact for Stilwell Activist Investments, L.P.   03/26/2019
**Signature of Reporting Person Date

 /s/ Pilar Torres as Attorney-in-Fact for Stilwell Value Partners VII, L.P.   03/26/2019
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) 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.
(3) This Form 4 reports the following acquisitions: (a) on March 22, 2019, Stilwell Activist Fund, L.P. ("SAF") acquired 8,073 shares at $2.4000 USD per share; Stilwell Activist Investments, L.P. ("SAI") acquired 62,434 shares at $2.4000 USD per share; and Stilwell Value Partners VII, L.P. ("SVP VII") acquired 70,000 shares at $2.4000 USD per share; and (b) on March 25, 2019, SAF acquired 2,706 shares at $2.4271 USD per share; SAI acquired 20,931 shares at $2.4271 USD per share; and SVP VII acquired 25,000 shares at $2.4271 USD per share.
(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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