Kingsway Financial Services (NYSE:KFS) shareholders have had a rough ride over the past five years as insurance underwriting losses have proved far greater than the company had previously estimated. That said there are reasons to believe that the worst is behind the company, and that it might have a future as a cash generative, disciplined acquirer. If this is the case shares are far too cheap - trading at book value but at a material discount to adjusted book value (more on that later). With KFS having lost over $350 million in the past 4 ½ years, what reason do shareholders have to be optimistic? The company is controlled by a highly successful activist investor Joseph Stillwell who...
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