Kingsway Financial Services is a publicly traded holding company that acquires and operates small, private U.S. service businesses using the Search Fund model. Kingsway hires entrepreneurially-minded individuals ("Operators-in-Residence," or OIRs) who spend 12–24 months sourcing acquisition targets before transitioning into the CEO role at the acquired company. Kingsway targets profitable, asset-light service businesses with recurring revenue and EBITDA between $1M–$3M, typically owner-operated businesses where a founder is ready to exit. The company operates two segments: Kingsway Search Xcelerator (KSX) and Extended Warranty. KSX is the growth engine — a portfolio of acquired businesses spanning outsourced CFO and HR services (Ravix, CSuite), healthcare staffing and cardiac monitoring (SNS, DDI), IT managed services (Image Solutions), vertical market software for shared-ownership properties (SPI), industrial electric motor maintenance for Permian Basin pipeline operators (Roundhouse), and a plumbing services platform. KSX businesses are intended to compound value through organic growth and platform-level tuck-in acquisitions. The Extended Warranty segment — roughly half of consolidated revenue — is a stable, cash-generative group of vehicle service agreement businesses serving credit unions and auto dealers, plus an HVAC warranty business. Kingsway's public company structure provides permanent capital and institutional credibility with sellers, and the company holds a large NOL balance (~$622M as of year-end 2024) that shelters acquired businesses' taxable income, enhancing after-tax returns.