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Kingsway Financial Services

TSX:KFS
Snowflake Description

Mediocre balance sheet with weak fundamentals.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KFS
TSX
$47M
Market Cap
  1. Home
  2. CA
  3. Insurance
Company description

Kingsway Financial Services Inc., through its subsidiaries, provides property and casualty insurance products in the United States. The last earnings update was 4 days ago. More info.


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KFS Share Price and Events
7 Day Returns
0%
TSX:KFS
0.9%
CA Insurance
0.7%
CA Market
1 Year Returns
-48.2%
TSX:KFS
-6.3%
CA Insurance
-0.1%
CA Market
KFS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kingsway Financial Services (KFS) 0% 0% -3.5% -48.2% -53.2% -43.3%
CA Insurance 0.9% 3.7% 14.8% -6.3% 5.5% 10.8%
CA Market 0.7% 1.6% 11.5% -0.1% 15.4% 5%
1 Year Return vs Industry and Market
  • KFS underperformed the Insurance industry which returned -6.3% over the past year.
  • KFS underperformed the Market in Canada which returned -0.1% over the past year.
Price Volatility
KFS
Industry
5yr Volatility vs Market

Value

 Is Kingsway Financial Services undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
  • It is not possible to calculate the future cash flow value for Kingsway Financial Services. This is due to cash flow or dividend data being unavailable. The share price is CA$2.75.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Kingsway Financial Services's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kingsway Financial Services's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:KFS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $-0.98
NYSE:KFS Share Price ** NYSE (2018-12-19) in USD $2.18
Canada Insurance Industry PE Ratio Median Figure of 11 Publicly-Listed Insurance Companies 10.84x
Canada Market PE Ratio Median Figure of 542 Publicly-Listed Companies 14.84x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Kingsway Financial Services.

TSX:KFS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:KFS Share Price ÷ EPS (both in USD)

= 2.18 ÷ -0.98

-2.23x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kingsway Financial Services is loss making, we can't compare its value to the CA Insurance industry average.
  • Kingsway Financial Services is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does Kingsway Financial Services's expected growth come at a high price?
Raw Data
TSX:KFS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -2.23x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Canada Insurance Industry PEG Ratio Median Figure of 9 Publicly-Listed Insurance Companies 1.32x
Canada Market PEG Ratio Median Figure of 251 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Kingsway Financial Services, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Kingsway Financial Services's assets?
Raw Data
TSX:KFS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $0.63
NYSE:KFS Share Price * NYSE (2018-12-19) in USD $2.18
Canada Insurance Industry PB Ratio Median Figure of 14 Publicly-Listed Insurance Companies 1.09x
Canada Market PB Ratio Median Figure of 2,348 Publicly-Listed Companies 1.57x
TSX:KFS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:KFS Share Price ÷ Book Value per Share (both in USD)

= 2.18 ÷ 0.63

3.48x

* Primary Listing of Kingsway Financial Services.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Kingsway Financial Services is overvalued based on assets compared to the CA Insurance industry average.
X
Value checks
We assess Kingsway Financial Services's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Kingsway Financial Services has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Kingsway Financial Services expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Kingsway Financial Services has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12%
Expected Insurance industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kingsway Financial Services expected to grow at an attractive rate?
  • Unable to compare Kingsway Financial Services's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Kingsway Financial Services's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Kingsway Financial Services's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:KFS Future Growth Rates Data Sources
Data Point Source Value (per year)
Canada Insurance Industry Earnings Growth Rate Market Cap Weighted Average 12%
Canada Insurance Industry Revenue Growth Rate Market Cap Weighted Average 7.5%
Canada Market Earnings Growth Rate Market Cap Weighted Average 17.9%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:KFS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:KFS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 44 -21
2018-09-30 53 -13 1
2018-06-30 200 -18 -12
2018-03-31 196 -13 -18
2017-12-31 45 -10 -3
2017-09-30 -60 -12 -8
2017-06-30 117 -18 -8
2017-03-31 150 -19 -1
2016-12-31 32 -10 3
2016-09-30 162 -33 -4
2016-06-30 155 -30 -6
2016-03-31 153 -37 -14

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Kingsway Financial Services is high growth as no earnings estimate data is available.
  • Unable to determine if Kingsway Financial Services is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:KFS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Kingsway Financial Services Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:KFS Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 -0.98
2018-09-30 0.05
2018-06-30 -0.57
2018-03-31 -0.82
2017-12-31 -0.12
2017-09-30 -0.38
2017-06-30 -0.38
2017-03-31 -0.07
2016-12-31 0.16
2016-09-30 -0.21
2016-06-30 -0.33
2016-03-31 -0.72

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Kingsway Financial Services will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Take a look at our analysis of KFS’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  2. Kingsway Financial Services's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Insurance companies here
  3. Kingsway Financial Services's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Kingsway Financial Services's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Kingsway Financial Services has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Kingsway Financial Services performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Kingsway Financial Services's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Kingsway Financial Services does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Kingsway Financial Services's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Kingsway Financial Services's 1-year growth to the CA Insurance industry average as it is not currently profitable.
Earnings and Revenue History
Kingsway Financial Services's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Kingsway Financial Services Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:KFS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 43.60 -21.28 29.37
2018-09-30 53.38 1.05 28.38
2018-06-30 200.39 -12.25 48.73
2018-03-31 196.38 -17.65 47.93
2017-12-31 45.47 -2.58 27.04
2017-09-30 -60.44 -8.11 9.15
2017-06-30 117.08 -7.99 33.50
2017-03-31 149.64 -1.37 37.82
2016-12-31 32.50 3.22 20.74
2016-09-30 162.02 -4.10 40.34
2016-06-30 154.75 -6.42 40.39
2016-03-31 152.76 -14.15 39.74
2015-12-31 153.97 -11.97 41.76
2015-09-30 152.20 -9.11 40.14
2015-06-30 152.25 -15.71 40.34
2015-03-31 155.82 -12.40 41.29
2014-12-31 158.22 -16.56 41.61
2014-09-30 168.29 -28.11 54.42
2014-06-30 171.34 -25.97 63.24
2014-03-31 170.19 -30.12 72.11
2013-12-31 172.28 -44.09 79.81
2013-09-30 164.29 -46.76 79.70
2013-06-30 160.61 -60.28 77.49
2013-03-31 161.19 -58.51 74.66
2012-12-31 159.59 -52.08 73.86
2012-09-30 188.22 -45.41 68.34
2012-06-30 201.24 -19.29 69.51
2012-03-31 211.93 -13.34 75.17

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Kingsway Financial Services has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Kingsway Financial Services has efficiently used its assets last year compared to the CA Insurance industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Kingsway Financial Services improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Kingsway Financial Services's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Kingsway Financial Services has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Kingsway Financial Services's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Kingsway Financial Services's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kingsway Financial Services is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Kingsway Financial Services's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Kingsway Financial Services's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Kingsway Financial Services Company Filings, last reported 2 months ago.

TSX:KFS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 24.79 236.49 32.07
2018-09-30 32.33 241.34 23.74
2018-06-30 38.89 241.81 24.86
2018-03-31 46.65 243.66 47.35
2017-12-31 50.61 243.49 20.93
2017-09-30 49.47 236.79 30.77
2017-06-30 53.11 241.64 33.93
2017-03-31 61.19 239.82 33.84
2016-12-31 64.26 238.79 32.35
2016-09-30 48.99 234.71 31.38
2016-06-30 48.84 41.30 40.56
2016-03-31 48.56 42.27 41.92
2015-12-31 50.70 44.80 52.10
2015-09-30 51.93 44.77 76.19
2015-06-30 54.88 47.12 86.58
2015-03-31 51.57 58.82 63.97
2014-12-31 48.50 58.98 71.63
2014-09-30 46.32 53.52 87.67
2014-06-30 38.12 50.56 67.92
2014-03-31 44.15 42.76 72.48
2013-12-31 36.92 57.68 99.09
2013-09-30 49.09 63.43 86.62
2013-06-30 40.92 67.23 71.94
2013-03-31 47.72 69.57 91.41
2012-12-31 65.41 61.16 81.40
2012-09-30 77.29 61.85 61.21
2012-06-30 96.60 62.75 63.44
2012-03-31 105.74 60.36 75.98
  • Kingsway Financial Services's level of debt (953.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (155.4% vs 953.9% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Kingsway Financial Services has sufficient cash runway for 2.5 years based on current free cash flow.
  • Kingsway Financial Services has sufficient cash runway for more than 3 years if free cash flow continues to reduce at historical rates of -43.7% each year.
X
Financial health checks
We assess Kingsway Financial Services's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Kingsway Financial Services has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Kingsway Financial Services's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Kingsway Financial Services dividends.
If you bought CA$2,000 of Kingsway Financial Services shares you are expected to receive CA$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Kingsway Financial Services's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Kingsway Financial Services's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:KFS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Canada Insurance Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 4.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 331 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:KFS Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2012-03-28 0.000 0.000
2011-06-14 0.000 0.000
2011-03-31 0.000 0.000
2010-11-12 0.000 0.000
2010-08-13 0.000 0.000
2010-05-14 0.000 0.000
2009-11-06 0.000 0.000
2009-08-07 0.000 0.000
2009-05-08 0.272 2.472
2009-03-19 0.253 3.186

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Kingsway Financial Services has not reported any payouts.
  • Unable to verify if Kingsway Financial Services's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Kingsway Financial Services's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Kingsway Financial Services has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Kingsway Financial Services's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Kingsway Financial Services afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kingsway Financial Services has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Kingsway Financial Services's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
JT Fitzgerald
COMPENSATION $370,235
AGE 47
TENURE AS CEO 0.5 years
CEO Bio

Mr. John Taylor Maloney Fitzgerald, also known as JT, has been the Chief Executive Officer of Kingsway Financial Services Inc since September 5, 2018. He has been President of Kingsway Financial Services Inc. since March 8, 2017 and was its Chief Operating Officer since March 8, 2017 until September 5, 2018. Mr. Fitzgerald Co-Founded the Argo Management Partners, LLC in 2002 and also serves as its Managing Partner. In this capacity, he has had extensive transactional and operating experience in Argo Management's portfolio companies. He serves as a Managing Member of Argo Holdings Fund I, LLC. He is also a Limited Partner at Cadence Capital Partners. He served as an Executive Vice President at Kingsway Financial Services Inc. from April 21, 2016 to March 8, 2017. He served as Chief Development Officer at HunterMFG., LLP. Mr. Fitzgerald was previously the CEO of Hunter MFG, LLP. Prior to Argo Management Partners LLC, he Co-founded Adirondack Capital, LLC and served as its Managing Director. He has over ten years of experience in financial markets and transactions. He served as Principal of Argo Management Partners, LLC. He serves as a Director of Oak Patch Gifts LLC and Progressive Bronze Products. He served as the Chairman at HunterMFG., LLP from 2006 to 2016. He has been a Director of Kingsway Financial Services Inc. since April 21, 2016. He has been a Director at Adirondack Capital Ltd since June 09, 2016. He has been an Independent Director Atlas Financial Holdings, Inc. since May 2, 2013. He served as an Independent Director of Limbach Holdings, Inc. since July 2014 until July 20, 2016. He was a Member and Full seat owner on the Chicago Board of Trade. He has been invited to speak on multiple occasions at the Kellogg School of Management on the topic of Search Funds and acquiring and operating middle-market businesses. Mr. Fitzgerald holds an M.B.A. degree from the Kellogg School of Management, Northwestern University with concentrations in Finance, Accounting and Management Strategy and a B.S. degree in Finance from DePaul University with highest honor, Beta Gamma Sigma.

CEO Compensation
  • JT's compensation has been consistent with company performance over the past year.
  • JT's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Kingsway Financial Services management team in years:

4.5
Average Tenure
54.5
Average Age
  • The tenure for the Kingsway Financial Services management team is about average.
Management Team

JT Fitzgerald

TITLE
President
COMPENSATION
$370K
AGE
47
TENURE
0.5 yrs

Bill Hickey

TITLE
Executive VP & CFO
COMPENSATION
$386K
AGE
59
TENURE
7.9 yrs

Hassan Baqar

TITLE
COMPENSATION
$217K
AGE
41
TENURE
0.2 yrs

Adam Prior

TITLE
Senior Vice President

Denis Cloutier

TITLE
Vice President and Chief Actuary of Canadian Operations
TENURE
12.5 yrs

Leonia Rodrigues

TITLE
President of Assigned Risk Solutions Ltd
COMPENSATION
$452K
AGE
50

Doug Raucy

TITLE
CEO of Maison Insurance Company & President of Maison Insurance Company
AGE
61
TENURE
6.3 yrs

Steve Harrison

TITLE
President of Mendota Insurance Company
AGE
66
TENURE
2.6 yrs
Board of Directors Tenure

Average tenure and age of the Kingsway Financial Services board of directors in years:

5.5
Average Tenure
59
Average Age
  • The tenure for the Kingsway Financial Services board of directors is about average.
Board of Directors

Terry Kavanagh

TITLE
Chairman of the Board
COMPENSATION
$115K
AGE
63
TENURE
5.5 yrs

JT Fitzgerald

TITLE
President
COMPENSATION
$370K
AGE
47
TENURE
2.9 yrs

Joe Stilwell

TITLE
Director
COMPENSATION
$77K
AGE
56
TENURE
9.9 yrs

Greg Hannon

TITLE
Director
COMPENSATION
$115K
AGE
63
TENURE
9.5 yrs

Doug Levine

TITLE
Director
AGE
59
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Kingsway Financial Services insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
28. Feb 19 Buy John Taylor Fitzgerald Individual 28. Feb 19 28. Feb 19 908 CA$3.02 CA$2,744
28. Feb 19 Buy William Hickey Individual 28. Feb 19 28. Feb 19 654 CA$3.02 CA$1,976
15. Feb 19 Buy John Taylor Fitzgerald Individual 15. Feb 19 15. Feb 19 788 CA$3.51 CA$2,768
15. Feb 19 Buy William Hickey Individual 15. Feb 19 15. Feb 19 566 CA$3.51 CA$1,988
01. Feb 19 Buy John Taylor Fitzgerald Individual 31. Jan 19 31. Jan 19 894 CA$3.07 CA$2,741
01. Feb 19 Buy William Hickey Individual 31. Jan 19 31. Jan 19 644 CA$3.07 CA$1,974
01. Feb 19 Buy Hassan Baqar Individual 31. Jan 19 31. Jan 19 428 CA$3.07 CA$1,312
16. Jan 19 Buy John Taylor Fitzgerald Individual 15. Jan 19 15. Jan 19 918 CA$3.01 CA$2,765
16. Jan 19 Buy William Hickey Individual 15. Jan 19 15. Jan 19 662 CA$3.01 CA$1,994
16. Jan 19 Buy Hassan Baqar Individual 15. Jan 19 15. Jan 19 442 CA$3.01 CA$1,331
02. Jan 19 Buy Stilwell Value LLC Company 28. Dec 18 31. Dec 18 563,614 CA$3.69 CA$1,980,334
31. Dec 18 Buy John Taylor Fitzgerald Individual 28. Dec 18 28. Dec 18 906 CA$3.13 CA$2,839
31. Dec 18 Buy William Hickey Individual 28. Dec 18 28. Dec 18 652 CA$3.13 CA$2,043
31. Dec 18 Buy Hassan Baqar Individual 28. Dec 18 28. Dec 18 434 CA$3.13 CA$1,360
28. Dec 18 Buy John Taylor Fitzgerald Individual 28. Dec 18 28. Dec 18 906 CA$3.13 CA$2,839
17. Dec 18 Buy John Taylor Fitzgerald Individual 17. Dec 18 17. Dec 18 916 CA$3.04 CA$2,789
17. Dec 18 Buy William Hickey Individual 17. Dec 18 17. Dec 18 658 CA$3.04 CA$2,003
17. Dec 18 Buy Hassan Baqar Individual 17. Dec 18 17. Dec 18 440 CA$3.04 CA$1,339
14. Dec 18 Sell FGI International USVI, LLC Company 13. Nov 18 15. Nov 18 -3,700 CA$3.59 CA$-13,228
14. Dec 18 Sell Fundamental Global Investors, LLC Company 03. Dec 18 04. Dec 18 -23,640 CA$3.05 CA$-71,443
11. Dec 18 Buy John Taylor Fitzgerald Individual 11. Dec 18 11. Dec 18 4,320 CA$3.09 CA$13,322
10. Dec 18 Buy John Taylor Fitzgerald Individual 10. Dec 18 10. Dec 18 5,000 CA$3.15 CA$15,400
07. Dec 18 Buy John Taylor Fitzgerald Individual 07. Dec 18 07. Dec 18 5,000 CA$3.25 CA$15,870
06. Dec 18 Buy Doug Levine Individual 30. Nov 18 05. Dec 18 11,100 CA$3.21 CA$35,641
06. Dec 18 Buy John Taylor Fitzgerald Individual 06. Dec 18 06. Dec 18 5,000 CA$3.12 CA$15,320
03. Dec 18 Buy John Taylor Fitzgerald Individual 03. Dec 18 03. Dec 18 847 CA$3.24 CA$2,745
03. Dec 18 Buy William Hickey Individual 03. Dec 18 03. Dec 18 610 CA$3.24 CA$1,977
03. Dec 18 Buy Hassan Baqar Individual 03. Dec 18 03. Dec 18 406 CA$3.24 CA$1,316
20. Nov 18 Buy John Taylor Fitzgerald Individual 16. Nov 18 16. Nov 18 761 CA$3.60 CA$2,738
20. Nov 18 Buy William Hickey Individual 16. Nov 18 16. Nov 18 550 CA$3.60 CA$1,979
20. Nov 18 Buy Hassan Baqar Individual 16. Nov 18 16. Nov 18 366 CA$3.60 CA$1,317
16. Nov 18 Buy Stilwell Value LLC Company 14. Nov 18 15. Nov 18 20,000 CA$3.63 CA$71,923
31. Oct 18 Buy John Taylor Fitzgerald Individual 31. Oct 18 31. Oct 18 763 CA$3.59 CA$2,737
31. Oct 18 Buy John Taylor Fitzgerald Individual 31. Oct 18 31. Oct 18 763 CA$3.59 CA$2,737
31. Oct 18 Buy William Hickey Individual 31. Oct 18 31. Oct 18 548 CA$3.59 CA$1,966
31. Oct 18 Buy Hassan Baqar Individual 31. Oct 18 31. Oct 18 366 CA$3.59 CA$1,313
15. Oct 18 Buy John Taylor Fitzgerald Individual 15. Oct 18 15. Oct 18 773 CA$3.50 CA$2,703
15. Oct 18 Buy William Hickey Individual 15. Oct 18 15. Oct 18 558 CA$3.50 CA$1,951
15. Oct 18 Buy Hassan Baqar Individual 15. Oct 18 15. Oct 18 370 CA$3.50 CA$1,294
01. Oct 18 Buy William Hickey Individual 01. Oct 18 01. Oct 18 534 CA$3.60 CA$1,921
01. Oct 18 Buy John Taylor Fitzgerald Individual 01. Oct 18 01. Oct 18 743 CA$3.60 CA$2,672
01. Oct 18 Buy Hassan Baqar Individual 01. Oct 18 01. Oct 18 356 CA$3.60 CA$1,280
27. Sep 18 Buy Stilwell Value LLC Company 25. Sep 18 25. Sep 18 13,800 CA$3.82 CA$52,675
25. Sep 18 Buy Stilwell Value LLC Company 21. Sep 18 24. Sep 18 27,900 CA$3.84 CA$106,596
21. Sep 18 Buy Stilwell Value LLC Company 19. Sep 18 20. Sep 18 9,100 CA$3.83 CA$34,757
17. Sep 18 Buy Stilwell Value LLC Company 13. Sep 18 14. Sep 18 75,000 CA$3.84 CA$278,471
17. Sep 18 Buy Larry Swets Individual 17. Sep 18 17. Sep 18 190 CA$3.98 CA$757
17. Sep 18 Buy John Taylor Fitzgerald Individual 17. Sep 18 17. Sep 18 656 CA$3.98 CA$2,612
17. Sep 18 Buy William Hickey Individual 17. Sep 18 17. Sep 18 490 CA$3.98 CA$1,951
17. Sep 18 Buy Hassan Baqar Individual 17. Sep 18 17. Sep 18 328 CA$3.98 CA$1,306
13. Sep 18 Buy Stilwell Value LLC Company 11. Sep 18 12. Sep 18 343,101 CA$3.62 CA$1,212,340
12. Sep 18 Buy Stilwell Value LLC Company 10. Sep 18 10. Sep 18 69,112 CA$3.46 CA$239,189
12. Sep 18 Buy John Taylor Fitzgerald Individual 11. Sep 18 11. Sep 18 10,000 CA$3.55 CA$35,473
10. Sep 18 Buy Doug Levine Individual 10. Sep 18 10. Sep 18 101,900 CA$3.29 CA$324,603
10. Sep 18 Buy John Taylor Fitzgerald Individual 10. Sep 18 10. Sep 18 13,700 CA$3.29 CA$44,102
31. Aug 18 Buy John Taylor Fitzgerald Individual 30. Aug 18 30. Aug 18 624 CA$3.47 CA$2,166
31. Aug 18 Buy Larry Swets Individual 30. Aug 18 30. Aug 18 780 CA$3.47 CA$2,707
31. Aug 18 Buy William Hickey Individual 30. Aug 18 30. Aug 18 562 CA$3.47 CA$1,951
31. Aug 18 Buy Hassan Baqar Individual 30. Aug 18 30. Aug 18 374 CA$3.47 CA$1,298
15. Aug 18 Buy John Taylor Fitzgerald Individual 15. Aug 18 15. Aug 18 522 CA$4.20 CA$2,195
15. Aug 18 Buy Larry Swets Individual 15. Aug 18 15. Aug 18 652 CA$4.20 CA$2,741
15. Aug 18 Buy William Hickey Individual 15. Aug 18 15. Aug 18 470 CA$4.20 CA$1,976
15. Aug 18 Buy Hassan Baqar Individual 15. Aug 18 15. Aug 18 314 CA$4.20 CA$1,320
01. Aug 18 Buy John Taylor Fitzgerald Individual 31. Jul 18 31. Jul 18 578 CA$3.76 CA$2,171
01. Aug 18 Buy Larry Swets Individual 31. Jul 18 31. Jul 18 722 CA$3.76 CA$2,712
01. Aug 18 Buy William Hickey Individual 31. Jul 18 31. Jul 18 520 CA$3.76 CA$1,954
01. Aug 18 Buy Hassan Baqar Individual 31. Jul 18 31. Jul 18 346 CA$3.76 CA$1,300
17. Jul 18 Buy John Taylor Fitzgerald Individual 13. Jul 18 13. Jul 18 596 CA$3.67 CA$2,190
17. Jul 18 Buy Larry Swets Individual 13. Jul 18 13. Jul 18 746 CA$3.67 CA$2,741
17. Jul 18 Buy Hassan Baqar Individual 13. Jul 18 13. Jul 18 358 CA$3.67 CA$1,315
17. Jul 18 Buy William Hickey Individual 13. Jul 18 13. Jul 18 538 CA$3.67 CA$1,977
16. Jul 18 Buy John Taylor Fitzgerald Individual 13. Jul 18 13. Jul 18 596 CA$3.67 CA$2,190
03. Jul 18 Buy John Taylor Fitzgerald Individual 02. Jul 18 02. Jul 18 594 CA$3.71 CA$2,202
03. Jul 18 Buy Larry Swets Individual 02. Jul 18 02. Jul 18 743 CA$3.71 CA$2,754
03. Jul 18 Buy William Hickey Individual 02. Jul 18 02. Jul 18 534 CA$3.71 CA$1,980
03. Jul 18 Buy Hassan Baqar Individual 02. Jul 18 02. Jul 18 358 CA$3.71 CA$1,327
18. Jun 18 Buy John Taylor Fitzgerald Individual 18. Jun 18 18. Jun 18 516 CA$4.27 CA$2,202
18. Jun 18 Buy Larry Swets Individual 18. Jun 18 18. Jun 18 645 CA$4.27 CA$2,752
18. Jun 18 Buy William Hickey Individual 18. Jun 18 18. Jun 18 466 CA$4.27 CA$1,988
18. Jun 18 Buy Hassan Baqar Individual 18. Jun 18 18. Jun 18 310 CA$4.27 CA$1,323
30. May 18 Buy John Taylor Fitzgerald Individual 30. May 18 30. May 18 384 CA$5.60 CA$2,150
30. May 18 Buy Larry Swets Individual 30. May 18 30. May 18 480 CA$5.60 CA$2,688
30. May 18 Buy William Hickey Individual 30. May 18 30. May 18 344 CA$5.60 CA$1,926
30. May 18 Buy Hassan Baqar Individual 30. May 18 30. May 18 230 CA$5.60 CA$1,288
15. May 18 Buy John Taylor Fitzgerald Individual 15. May 18 15. May 18 398 CA$5.38 CA$2,143
15. May 18 Buy Larry Swets Individual 15. May 18 15. May 18 498 CA$5.38 CA$2,682
15. May 18 Buy William Hickey Individual 15. May 18 15. May 18 358 CA$5.38 CA$1,928
15. May 18 Buy Hassan Baqar Individual 15. May 18 15. May 18 238 CA$5.38 CA$1,282
01. May 18 Buy John Taylor Fitzgerald Individual 30. Apr 18 30. Apr 18 419 CA$5.11 CA$2,140
01. May 18 Buy Larry Swets Individual 30. Apr 18 30. Apr 18 522 CA$5.11 CA$2,666
01. May 18 Buy William Hickey Individual 30. Apr 18 30. Apr 18 378 CA$5.11 CA$1,931
01. May 18 Buy Hassan Baqar Individual 30. Apr 18 30. Apr 18 252 CA$5.11 CA$1,287
13. Apr 18 Buy John Taylor Fitzgerald Individual 13. Apr 18 13. Apr 18 433 CA$4.84 CA$2,096
13. Apr 18 Buy Larry Swets Individual 13. Apr 18 13. Apr 18 542 CA$4.84 CA$2,624
13. Apr 18 Buy William Hickey Individual 13. Apr 18 13. Apr 18 390 CA$4.84 CA$1,888
13. Apr 18 Buy Hassan Baqar Individual 13. Apr 18 13. Apr 18 260 CA$4.84 CA$1,259
02. Apr 18 Buy John Taylor Fitzgerald Individual 02. Apr 18 02. Apr 18 424 CA$5.08 CA$2,153
02. Apr 18 Buy Larry Swets Individual 02. Apr 18 02. Apr 18 530 CA$5.08 CA$2,691
02. Apr 18 Buy William Hickey Individual 02. Apr 18 02. Apr 18 382 CA$5.08 CA$1,940
02. Apr 18 Buy Hassan Baqar Individual 02. Apr 18 02. Apr 18 254 CA$5.08 CA$1,290
X
Management checks
We assess Kingsway Financial Services's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Kingsway Financial Services has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Can Kingsway Financial Services Inc's (TSE:KFS) ROE Continue To Surpass The Industry Average?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Kingsway Financial Services Inc (TSE:KFS). … Our data shows Kingsway Financial Services has a return on equity of 19% for the last year.

Simply Wall St -

Who Owns Kingsway Financial Services Inc (TSE:KFS)?

In this analysis, my focus will be on developing a perspective on Kingsway Financial Services Inc’s (TSE:KFS) latest ownership structure, a less discussed, but important factor. … The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment. … View our latest analysis for Kingsway Financial Services

Simply Wall St -

One Thing To Consider Before Buying Kingsway Financial Services Inc (TSE:KFS)

A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one. … Kingsway Financial Services's beta of 0.46 indicates that the stock value will be less variable compared to the whole stock market. … Based on this beta value, KFS appears to be a stock that an investor with a high-beta portfolio would look for to reduce risk exposure to the market.

Simply Wall St -

Company Info

Description

Kingsway Financial Services Inc., through its subsidiaries, provides property and casualty insurance products in the United States. The company operates through three segments: Insurance Underwriting, Extended Warranty, and Leased Real Estate. The Insurance Underwriting segment offers various automobile insurance products, including liability insurance that covers claims against its insured’s responsible for automobile accidents; accident benefit policies or personal injury protection policies that provide coverage for loss of income, medical, and rehabilitation expenses for insured persons who are injured in an automobile accident; and physical damage policies, which cover damages to an insured automobile arising from a collision with another object, as well as from other risks, such as fire or theft. The Extended Warranty segment markets and administers vehicle service agreements and related products for new and used automobiles. This segment also markets and distributes warranty products to manufacturers, distributors, and installers of heating, ventilation and air conditioning, standby generator, commercial LED lighting, and refrigeration equipment; and equipment breakdown and maintenance support services to companies. The Leased Real Estate segment owns the Real Property, which is subject to a long-term triple net lease agreement. The company offers its products and services to credit unions, consumers, and businesses through a network of independent agencies. Kingsway Financial Services Inc. was founded in 1989 and is based in Itasca, Illinois.

Details
Name: Kingsway Financial Services Inc.
KFS
Exchange: TSX
Founded: 1989
$63,383,176
21,787,728
Website: http://www.kingsway-financial.com
Address: Kingsway Financial Services Inc.
150 E. Pierce Road,
Itasca,
Illinois, 60143,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE KFS Common Shares New York Stock Exchange US USD 18. Dec 1995
TSX KFS Common Shares The Toronto Stock Exchange CA CAD 18. Dec 1995
Number of employees
Current staff
Staff numbers
313
Kingsway Financial Services employees.
Industry
Property and Casualty Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/18 23:38
End of day share price update: 2018/12/19 00:00
Last earnings filing: 2019/03/14
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.