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OFFON

KINGSWAY FINANCIAL SERVICES INC.

(KFS)
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Kingsway Financial Services : Investor Day Presentation – October 6, 2021

10/06/2021 | 08:56am EST

NYSE: KFS

Investor Day Presentation October 6, 2021

Forward-Looking Statements

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This presentation includes "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 expressions are intended to identify such forward-looking statements; however, the absence of any such words does not mean that a statement is a not a forward-looking statement. Such forward-looking statements relate to future events or future performance, but reflect Kingsway management's current beliefs, 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 information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the section entitled "Risk Factors" in the Company's 2020 Annual Report on Form 10-K, as well as the risk factors listed from time to time in any subsequent filings with the Securities and Exchange Commission. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Additional Information

Additional information about Kingsway, including a copy of its 2020 Annual Report can be accessed on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov, on the Canadian Securities Administrators' website at www.sedar.com, or through the Company's website at www.kingsway-financial.com.

Non U.S. GAAP Financial Measures

The Company believes that non-GAAP adjusted net earnings (loss) and non-GAAP adjusted EBITDA, which are included in this presentation, when presented in conjunction with comparable GAAP measures, provide useful information about the Company's operating results and enhances the overall ability to assess the Company's financial performance. The Company uses non-GAAP adjusted net earnings (loss) and non-GAAP adjusted EBITDA, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budgeting and reviewing the performance of its business. Non-GAAP adjusted net earnings (loss) and non-GAAP adjusted EBITDA allow investors to make a more meaningful comparison between the Company's core business operating results over different periods of time. The Company believes that non-GAAP adjusted net earnings (loss) and non-GAAP adjusted EBITDA, when viewed with the Company's results under GAAP and the accompanying reconciliations, provide useful information about the Company's business without regard to potential distortions. By eliminating potential differences in results of operations between periods caused by the factors listed in the attached schedules, the Company believes that non-GAAP adjusted net earnings (loss) and non-GAAP adjusted EBITDA can provide useful additional basis for comparing the current performance of the underlying operations being evaluated. Investors should consider these non-GAAP measures in addition to, not as a substitute for or as superior to, financial reporting measures prepared in accordance with GAAP. Investors are encouraged to review the Company's financial results prepared in accordance with GAAP to understand the Company's performance taking into account all relevant factors.

Representatives

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John T. Fitzgerald

President, CEO, and Director

Mr. Fitzgerald has served as CEO of Kingsway since September 2018. Mr. Fitzgerald joined Kingsway as Executive Vice President on April 21, 2016 following Kingsway's acquisition of Argo Management Group, a private equity investment partnership co-founded by Mr. Fitzgerald in 2002. Effective March 8, 2017, Mr. Fitzgerald was appointed President and COO of Kingsway. Prior to co-founding Argo Management Group, Mr. Fitzgerald was managing director of Adirondack Capital, LLC, a financial futures and derivatives trading firm, and he was a seat-owner on the Chicago Board of Trade. Mr. Fitzgerald received a Bachelor of Science degree from DePaul University, with highest honor, and is an MBA graduate of the Kellogg School of Management, Northwestern University.

Kent Hansen

Chief Financial Officer

Mr. Hansen has served as CFO of Kingsway's subsidiary, Kingsway America Inc., since December 2019 and EVP and CFO of Kingsway since February 2020. Prior to joining Kingsway, Mr. Hansen served as CAO and Controller of LSC Communications, Inc. from 2016 to 2019. Prior to this, he served as VP, Assistant Controller, of Baxalta, Incorporated, a biopharmaceutical company from 2015 to 2016. Prior to this, he served in various finance and accounting roles from 2006 to 2015 with Scientific Games Corporation (formerly WMS Industries, Inc.), including Director of Accounting and SEC Reporting, Assistant Controller, and Group Chief Financial Officer. His earlier experience includes roles in accounting and financial reporting at Accenture and as an auditor at Ernst and Young LLP. Mr. Hansen received a BBA degree from the University of Michigan and is an MBA graduate of the Kellogg School of Management, Northwestern University.

Representatives

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Peter Dikeos

President, Trinity Warranty Services

Mr. Peter Dikeos Founded Trinity Warranty Inc. in 2009 and was acquired by Kingsway in 2013. Prior to founding Trinity Warranty, Mr. Dikeos was the Senior V.P. of Operations for Equiguard, a Third- Party Administrator of Extended Warranties for HVAC and Refrigeration equipment, from 2001 to 2009. From 1994 to 2001 Mr. Dikeos was the Director of Technology Services for The Culver Educational Foundation. Mr. Dikeos received a Bachelor of Science degree in Computer Science and Mathematics in 1994 from Anderson University.

Brian Cosgrove

President, Geminus Holding Company

Mr. Cosgrove has served as President of Geminus Holding Company since January of 2020. Prior to joining Geminus, Mr. Cosgrove served as CRO of One Point Inc. from 2018 to 2020. Prior to this, Mr. Cosgrove was Vice President of Sales at Preferred Warranties Inc. and was appointed to President of Preferred from 2014 to 2018. His earlier experience includes various senior leadership roles at Automatic Data Processing for a combined 14 years of service focusing on the automotive and insurance channels. Mr. Cosgrove owned and operated a successful consulting company for over 13 years focused on sales coaching, leadership development and revenue growth strategies for small to medium businesses. Mr. Cosgrove graduated from Computer Processing Vocational Institute with Computer repair certificate.

Representatives

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Edmund Field

President, Preferred Warranties, Inc.

Mr. Field has served as President of Preferred Warranties since June 2018 and successfully navigated Preferred Warranties through the acquisition from KAR Global to Kingsway in December 2020. Prior to this, Mr. Field spent 17 years working for VW Credit, Inc. (Volkswagen Credit & Audi Financial Services) which is a wholly owned subsidiary of Volkswagen Group America. During his tenure at VW Credit, Inc. Mr. Field held multiple senior roles ranging from President of VW Protection Services, Director of Product Development and Director of Customer Service for the US Market, as well as roles in Sales, Business Development and Finance. In 2001, Mr. Field immigrated to the United States from South Africa where he spent 5 years in the manufacturing sector working for Volkswagen Group South Africa in roles of Project Management, Procurement & Logistics. Mr. Field received a BA in Business Administration from the Nelson Mandela Metropolitan University in Port Elizabeth, South Africa.

Tyler Gordy

President & CEO, Professional

Warranty Service Corporation

Mr. Gordy, PWSC President and CEO, joined the company in March 2018 as COO to expand on the executive leadership team and assist with strategy deployment. After spending months working through succession planning and positioning the company for growth, he assumed the role of CEO in October 2018. Mr. Gordy leads the organization by creating, communicating, and executing the organization's vision, mission, and overall direction as well as driving the development and implementation of the company's strategic plan. Prior to his appointment, Mr. Gordy served as an officer in the US Army and worked for a small private equity fund focused on lower-middle-market acquisitions. Mr. Gordy holds a Bachelor of Science degree (BSc) from the US Military Academy at West Point and a Master of Business Administration (MBA) from the Harvard Business School.

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Disclaimer

Kingsway Financial Services Inc. published this content on 06 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 October 2021 12:55:05 UTC.


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Financials (USD)
Sales 2020 69,0 M - -
Net income 2020 -6,73 M - -
Net Debt 2020 257 M - -
P/E ratio 2020 -13,4x
Yield 2020 -
Capitalization 129 M 129 M -
EV / Sales 2019 4,24x
EV / Sales 2020 5,22x
Nbr of Employees 239
Free-Float 66,8%
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Managers and Directors
John T. Fitzgerald President, CEO & Non-Independent Director
Kent A. Hansen Chief Financial Officer & Executive Vice President
Terence M. Kavanagh Chairman
Gregory P. Hannon Independent Director
Joseph David Stilwell Independent Director
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