Kingsway Financial Releases Annual Shareholder Letter Highlighting 2022 Results and Strategic Progress

KINGSWAY FINANCIAL SERVICES INC

2022 revenue grew 19% to $93.3M, net income surged 710% to $15.1M, adjusted EBITDA rose 42% to $10.2M.
Sold PWSC for $51.2M and railyard in Texas for $215.2M; repurchased $96.7M trust preferred debt at 60.8 cents on dollar.
Acquired CSuite Financial Partners and Secure Nursing Service in Q4 2022, adding asset-light, recurring-revenue businesses.
Board and management own ~60% of shares; authorized $10M share buyback program.
CEO John T. Fitzgerald and Director Charlie Frischer issued letters; Investor Day planned May 16, 2023.

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