KINGSWAY ANNOUNCES BOARD EXPANSION

ITASCA, Ill., May 20, 2022 /PRNewswire/ – (NYSE: KFS) Kingsway Financial Services Inc. (“Kingsway” or the “Company”) announced today that Charles Fricher was appointed to its board of directors. Mr. Frischer was also appointed to serve on the audit committee and the newly created real estate committee, of which Mr. Doug Levin will also be a member.

“We are delighted to welcome Charlie to our board of directors,” said Terence M. Kavanagh, Chairman of the Board of Directors. “Charlie owns approximately 7% of Kingsway’s common stock, bringing total board and management ownership to approximately 63% of Kingsway’s common stock. Charlie’s deep knowledge and experience in financial services and in real estate investment will be a significant benefit to Kingsway and its shareholders,” Mr. Kavanagh continued. “I, along with the entire board and management team, look forward to working with Charlie in the years to come.”

“It is with great enthusiasm that I accept the appointment to Kingsway’s Board of Directors,” Mr. Frischer said. “I have followed Kingsway very closely over the past two years and have acquired my stake during this time. I believe in the new strategy that the Board and management team have implemented at Kingsway and I believe I can provide unique guidance and oversight that will contribute to Kingsway’s continued success,” Mr. Frischer continued. “The Research Accelerator Program is a hidden gem at Kingsway. I think in 2 or 3 years, investors will be really impressed with how the company will be transformed with high-growth, low-capital companies led by highly motivated CEOs,” Frischer concluded.

Mr. Frischer, lives in Seattle and is the general partner of LFF Partners, a family office based in Seattle. Prior to working at LFF Partners, Mr. Frischer held various positions at Zephyr Management, LP, a New York private equity based company (2005 to 2008); Capri Capital (1995 to 2005); and the Resolution Trust Corporation (1990 to 1993). Mr. Frischer is a graduate of Cornell University in 1988 with an AB in Government from the College of Arts and Sciences.

About the company

Kingsway is a holding company that owns or controls subsidiaries primarily in the extended warranty, business services, asset management and real estate industries. Kingsway’s common stock trades on the New York Stock Exchange under the symbol “KFS”.

Forward-looking statements

This press release and/or letter to shareholders may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as “expects”, “believes”, “anticipates”, “intends”, “estimates”, “seeks” and variations and similar words and phrases are intended to identify such forward-looking statements. ; however, the absence of such words does not mean that a statement is not a forward-looking statement. These forward-looking statements relate to future events or future performance, but reflect the current beliefs of Kingsway’s management, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, including as a result of the COVID 19 pandemic. For further information identifying important factors could cause actual results to differ materially from those anticipated in the forward-looking statements, please see the section entitled “Risk Factors” in the company’s 2021 Annual Report on Form 10-K and Form 10- Qs later. and Forms 8-K filed with the Securities and Exchange Commission. Except as expressly required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Further information

Additional information about Kingsway, including a copy of its annual reports, may be found on the EDGAR section of the United States Securities and Exchange Commission’s website at www.sec.gov, on the Canadian Securities Administrators at www.sedar.com or via the Company’s website at www.kingsway-financial.com.

SOURCE Kingsway Financial Services Inc.

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