KWY on NYSE

KINGSWAY Corp

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.3 From its latest annual report

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Last updated Oct 19, 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

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.3 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 margin4
-7.6%Net margin4
23.4%Revenue growth, 20254
-67.6%Return on equity4
4.66×Debt to equity4

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.4 The company lost money this year.

Financial statements

Revenue567894$135.0M in 2025+125% since 2019
0$50.0M$100.0M$150.0M2019: $59.9M$59.9M20192020: $47.6M$47.6M2020−21%2021: $78.4M$78.4M2021+65%2022: $93.3M$93.3M2022+19%2023: $103.2M$103.2M2023+11%2024: $109.4M$109.4M2024+6%2025: $135.0M$135.0M2025+23%
Operating income567894-$2.4M in 2025+70% since 2019
-$6.0M-$4.0M-$2.0M0$2.0M$4.0M2019: -$1.4M-$1.4M20192020: -$5.2M-$5.2M2020+271%2021: -$474.0K-$474.0K2021−91%2022: -$3.6M-$3.6M2022+654%2023: $954.0K$954.0K20232024: $2.2M$2.2M2024+127%2025: -$2.4M-$2.4M2025
Net income57894-$10.3M in 2025+48% since 2019
-$20.0M-$10.0M0$10.0M$20.0M$30.0M2019: -$6.9M-$6.9M20192020: -$7.8M-$7.8M2020+13%2021: $1.9M$1.9M20212022: $15.1M$15.1M2022+710%2023: $24.0M$24.0M2023+59%2024: -$8.3M-$8.3M20242025: -$10.3M-$10.3M2025+24%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
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 shares27.2M shares
Diluted: (in shares)27.9M shares27.2M shares

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Leadership

Who has led KINGSWAY Corp, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Kent A. Hansen2020–now
201520202025
Board members and other officers (15)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerJohn T Fitzgerald named Feb 25, 202530

Former names

  • KINGSWAY FINANCIAL SERVICES INCOct 30, 1998 to May 11, 20262

Timeline

  1. Jan 3, 2012New chief executive Larry G. Swets Jr. becomes CEO13

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:

  1. Sep 30, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Sep 30, 20264 PRIMARY DOCUMENT EDGAR
  3. Sep 30, 20264 PRIMARY DOCUMENT EDGAR
  4. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  5. Sep 16, 20264 PRIMARY DOCUMENT EDGAR
  6. Sep 1, 20264 PRIMARY DOCUMENT EDGAR
  7. Sep 1, 20264 PRIMARY DOCUMENT EDGAR
  8. Aug 20, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  10. Aug 18, 20264 PRIMARY DOCUMENT EDGAR
  11. Aug 17, 20264 OWNERSHIP DOCUMENT EDGAR
  12. Aug 6, 20268-K EDGAR
  13. Aug 6, 202610-Q EDGAR
  14. Jul 31, 20264 PRIMARY DOCUMENT EDGAR
  15. Jul 31, 20264 PRIMARY DOCUMENT EDGAR
  16. Jul 16, 20264 PRIMARY DOCUMENT EDGAR
  17. Jul 16, 20264 PRIMARY DOCUMENT EDGAR
  18. Jul 13, 2026SCHEDULE 13G/A EDGAR
  19. Jul 1, 20264 PRIMARY DOCUMENT EDGAR
  20. 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.

DateWhoTradeSharesPriceValueFiling
Sep 30, 2026Horowitz JoshuaDirectorBuy858$9.23$7.9KForm 4
Sep 30, 2026Fitzgerald John Taylor MaloneyPresident and CEOBuy269$9.30$2.5KForm 4
Sep 30, 2026Hansen Kent ACFO & EVPBuy169$9.30$1.6KForm 4
Sep 28, 2026Horowitz JoshuaDirectorBuy2,717$9.28$25.2KForm 4
Sep 15, 2026Hansen Kent ACFO & EVPBuy159$9.82$1.6KForm 4
Sep 15, 2026Fitzgerald John Taylor MaloneyPresident and CEOBuy254$9.82$2.5KForm 4
Aug 31, 2026Hansen Kent ACFO & EVPBuy149$10.45$1.6KForm 4
Aug 31, 2026Fitzgerald John Taylor MaloneyPresident and CEOBuy239$10.45$2.5KForm 4
Aug 20, 2026Horowitz JoshuaDirectorBuy769$9.89$7.6KForm 4
Aug 19, 2026Horowitz JoshuaDirectorBuy7,034$9.84$69.2KForm 4
Aug 18, 2026Horowitz JoshuaDirectorBuy1,300$9.75$12.7KForm 4
Aug 17, 2026Fitzgerald John Taylor MaloneyPresident and CEOBuy254$9.87$2.5KForm 4
Aug 17, 2026Hansen Kent ACFO & EVPBuy158$9.87$1.6KForm 4
Aug 13, 2026Stilwell JosephDirectorSale100,000$10.00$1.0MForm 4
Jul 30, 2026Hansen Kent ACFO & EVPBuy174$8.98$1.6KForm 4
Jul 30, 2026Fitzgerald John Taylor MaloneyPresident and CEOBuy278$8.98$2.5KForm 4
Jul 15, 2026Hansen Kent ACFO & EVPBuy161$9.76$1.6KForm 4
Jul 15, 2026Fitzgerald John Taylor MaloneyPresident and CEOBuy256$9.76$2.5KForm 4
Jun 30, 2026Hansen Kent ACFO & EVPBuy149$10.45$1.6KForm 4
Jun 30, 2026Fitzgerald John Taylor MaloneyPresident and CEOBuy239$10.45$2.5KForm 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.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Feb 12, 2025Raised $6 million in a private offering of securities Form D: 13 investors so far Form D

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.

FundSharesValueShare of the fundChange
Stilwell Value LLC3,363,450$35.0M20.1%No change
Greenhaven Road Investment Management, L.P.1,696,149$17.7M11.5%−155,627
Capricorn Fund Managers Ltd1,410,526$14.7M1.2%−374,367
BlackRock, Inc.1,262,514$13.2M0.0%+121,926
Vanguard Capital Management LLC856,359$8.9M0.0%+122,000
Geode Capital Management, LLC515,740$5.4M0.0%+37,425
Belpointe Asset Management LLC358,511$3.7M0.1%−2,000
Renaissance Technologies LLC302,815$3.2M0.0%−16,855
State Street Corp297,996$3.1M0.0%−5,812
Bard Associates Inc279,274$2.9M0.6%+1,416
Goldman Sachs Group Inc183,860$1.9M0.0%+59,093
Northern Trust Corp170,484$1.8M0.0%+2,949
Vanguard Portfolio Management LLC149,208$1.6M0.0%+24,443
Vanguard Fiduciary Trust Co148,164$1.5M0.0%+9,038
Citadel Advisors LLC114,832$1.2M0.0%+56,026
United Capital Financial Advisors, LLC82,832$863.1K0.0%New
Squarepoint Ops LLC75,937$791.3K0.0%+2,174
Steward Partners Investment Advisory, LLC72,517$755.6K0.0%+4,364
Charles Schwab Investment Management Inc70,285$732.4K0.0%+17,364
Stifel Financial Corp68,000$708.6K0.0%+2,000
Nuveen, LLC51,863$540.4K0.0%+27,906
Bank of New York Mellon Corp45,610$475.3K0.0%+3,578
Bridgeway Capital Management, LLC32,100$334.5K0.0%+1,000
Bank Of America Corp /de/30,273$315.4K0.0%−16,332
Osaic Holdings, Inc.25,070$261.2K0.0%+20,544

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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