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) 12/24/2013 (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 12/24/2013   J   7,200 (1) A $ 3.83 3,171,015 (2) D   Common Stock 12/24/2013   J   131,550 (1) A $ 3.83 3,171,015 (2) D   Common Stock 12/24/2013   J   45,000 (1) D $ 3.83 3,171,015 (2) D   Common Stock 12/24/2013   J   93,750 (1) D $ 3.83 3,171,015 (2) D

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

Series A Warrants

$ 4.5

12/24/2013

J

17,704 (3)

09/16/2016

09/15/2020

Common Stock

626,203

$ 0.91

626,203

D

Series A Warrants

$ 4.5

12/24/2013

J

1,046 (3)

09/16/2016

09/15/2020

Common Stock

626,203

$ 0.91

626,203

D

Series A Warrants

$ 4.5

12/24/2013

J

18,750 (3)

09/16/2016

09/15/2020

Common Stock

626,203

$ 0.91

626,203

D

Series B Warrants

$ 5

12/24/2013

J

17,704 (4)

09/16/2016

09/15/2023

Common Stock

626,203

$ 1.72

626,203

D

Series B Warrants

$ 5

12/24/2013

J

1,046 (4)

09/16/2016

09/15/2023

Common Stock

626,203

$ 1.72

626,203

D

Series B Warrants

$ 5

12/24/2013

J

18,750 (4)

09/16/2016

09/15/2023

Common Stock

626,203

$ 1.72

626,203

D

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

Signatures

/s/ Joseph Stilwell		12/27/2013
**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)	Purchases and sales represent transfers to Stilwell Activist Investments, L.P. (131,550 shares) and Stilwell Activist Fund, L.P. (7,200 shares) from Stilwell Value Partners III, L.P. (45,000 shares) and Stilwell Associates Insurance Fund of The SALI Multi-Series Fund L.P. (93,750 shares).
(2)	After giving effect to the transactions reported herein, the following individual and entities directly own shares of common stock as follows: Joseph Stilwell, 156,250 shares; Stilwell Value Partners III, L.P., 60,000 shares; Stilwell Value Partners IV, L.P., 1,060,000 shares; Stilwell Associates, L.P., 752,555 shares; Stilwell Associates Insurance Fund of The SALI Multi-Series Fund L.P., 0 shares; Stilwell Activist Investments, L.P., 971,215 shares; and Stilwell Activist Fund, L.P., 170,995 shares. The aggregate shares are owned indirectly by Joseph Stilwell and all listed entities, other than Stilwell Associates Insurance Fund of The SALI Multi-Series Fund L.P., through Joseph Stilwell's capacity as the managing member and 99% owner of Stilwell Value LLC, which is the general partner of Stilwell Value Partners III, L.P., Stilwell Value Partners IV, L.P., Stilwell Associates, L.P., Stilwell Activist Investments, L.P., and Stilwell Activist Fund, L.P.
(3)	Purchases and sales represent transfers to Stilwell Activist Investments, L.P. (17,704 Series A Warrants) and Stilwell Activist Fund, L.P. (1,046 Series A Warrants) from Stilwell Associates Insurance Fund of The SALI Multi-Series Fund L.P. (18,750 Series A Warrants). Following the sale by Stilwell Associates Insurance Fund of The SALI Multi-Series Fund L.P., it holds zero Series A Warrants. Each Series A Warrant represents the right to purchase one share of common stock at the exercise price.
(4)	Purchases and sales represent transfers to Stilwell Activist Investments, L.P. (17,704 Series B Warrants) and Stilwell Activist Fund, L.P. (1,046 Series B Warrants) from Stilwell Associates Insurance Fund of The SALI Multi-Series Fund L.P. (18,750 Series B Warrants). Following the sale by Stilwell Associates Insurance Fund of The SALI Multi-Series Fund L.P., it holds zero Series B Warrants. Each Series B Warrant represents the right to purchase one share of common stock at the exercise price.

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