Stilwell group increased its stake in Kingsway Financial Services (KFS)

Market Cap: $123 million | Kingsway Financial Services Inc. is a holding company. The Company operates as a merchant bank primarily engaged, through its subsidiaries, in the property and casualty insurance business

In November 2008, Stilwell Group requested a special shareholder meeting to remove the CEO and chairman and replace them with its two nominees. By January 2009, the group entered into a settlement agreement, leading to the CEO's resignation, board expansion from nine to ten seats, and appointment of Stilwell nominees to fill the two vacant seats. In May 2010, Stilwell Group representatives were re-elected to the board, and by July 2010, one of its representatives was appointed CEO of the company. In September 2013, another Stilwell Group representative, serving as Chairman, resigned from his positions. On December 15, 2017, Stilwell Group increased its stake to 19.2%, up from 9% in January 2009. On May 24, 2018, Stilwell Group opposed the re-election of Larry G. Swets, Jr., as a director, but at the May 30, 2018 AGM, Swets was re-elected to the board with 33% withheld votes. Stilwell Group further increased its stake to 24.7% on March 29, 2019, to 26.2% on September 9, 2020, to 28% on September 21, 2020, and finally to 29.4% on June 15, 2021.