Kent A. Hansen
About Kent A. Hansen
Kent A. Hansen is Executive Vice President and Chief Financial Officer of Kingsway Financial Services Inc. (KFS), serving as CFO of Kingsway America Inc. since December 2019 and EVP & CFO of KFS since February 2020; he is 54 years old . His prior roles include Chief Accounting Officer and Controller at LSC Communications (2016–2019), VP Assistant Controller at Baxalta (2015–2016), and finance leadership positions at Scientific Games/WMS (2006–2015), with earlier experience at Accenture and Ernst & Young LLP . Company pay-versus-performance shows TSR value per $100 investment of $168.72 (2022), $178.72 (2023), and $154.38 (2024), with net income of $15,065k (2022), $24,012k (2023), and -$8,295k (2024); the Compensation Committee states variable pay considers profitability and shareholder return .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kingsway Financial Services Inc. | EVP & Chief Financial Officer | Since Feb 2020 | Senior finance leadership for the parent company . |
| Kingsway America Inc. (subsidiary) | Chief Financial Officer | Since Dec 2019 | Subsidiary CFO oversight and reporting . |
| LSC Communications, Inc. | Chief Accounting Officer & Controller | 2016–2019 | Led accounting and SEC reporting functions . |
| Baxalta Incorporated | Vice President, Assistant Controller | 2015–2016 | Corporate reporting and controls . |
| Scientific Games / WMS Industries | Finance roles (Director of Accounting & SEC Reporting, Assistant Controller, Group CFO) | 2006–2015 | Accounting, SEC reporting, group finance leadership . |
| Accenture | Accounting/financial reporting roles | Prior to 2006 | Early career finance roles . |
| Ernst & Young LLP | Auditor | Early career | External audit experience . |
External Roles
No public company board memberships or external directorships disclosed for Mr. Hansen in the proxy statements .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $360,000 | $371,250 | $375,000 |
| Annual Bonus ($) | $172,548 | $70,000 | Not determined as of Apr 9, 2025 |
| Stock Awards ($, grant-date fair value) | $182,055 | — | $361,786 |
| All Other Compensation ($) | $25,250 | $25,812 | $25,375 |
| Total Compensation ($) | $739,853 | $467,062 | $762,161 |
Notes:
- Stock award values are ASC 718 grant-date fair value and may not reflect realized value .
- “All Other Compensation” includes employer contributions to 401(k) and ESPP .
Performance Compensation
| Component | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual Cash Bonus (FY 2022) | Not disclosed | Not disclosed | $172,548 bonus paid | Cash; vesting not applicable |
| Annual Cash Bonus (FY 2023) | Not disclosed | Not disclosed | $70,000 bonus paid | Cash; vesting not applicable |
| Annual Cash Bonus (FY 2024) | Not disclosed | Not disclosed | Not determined as of Apr 9, 2025 | Cash; vesting not applicable |
| Committee Performance Considerations | Qualitative | Profitability; TSR considered | TSR $100 investment value: $168.72 (2022), $178.72 (2023), $154.38 (2024); Net Income $15,065k (2022), $24,012k (2023), -$8,295k (2024) | Not a vesting schedule; informs variable pay decisions |
The Compensation Committee states variable compensation considers profitability and shareholder return; specific metric weightings/targets are not disclosed .
Equity Ownership & Alignment
| Ownership Detail | Data |
|---|---|
| Beneficial Ownership (Common Shares incl. restricted; as of Mar 31, 2025) | 134,893 shares; less than 1% of outstanding |
| Unvested Shares at FY2023 Year-End | 27,658 shares; market value $232,327 at $8.40/share |
| Unvested Shares at FY2024 Year-End | 43,302 shares; market value $362,437 at $8.37/share |
| Options (exercisable/unexercisable) | None outstanding disclosed |
| Hedging/Pledging | Hedging and monetization transactions prohibited by Securities Trading Policy; pledging not specifically disclosed |
Vesting Schedules (Time-based RSUs / Restricted Common Shares)
| Grant | Total Shares | Tranche Amounts | Vest Dates | Status/Notes |
|---|---|---|---|---|
| 2021 Hansen Restricted Common Shares (Dec 3, 2021) | 32,754 | 10,918 per tranche | Every Dec 3, through 2024 (fully vested Dec 3, 2024) | Voting rights during restriction; dividends escrowed and subject to same restrictions |
| 2022 Hansen Restricted Common Shares (Dec 15, 2022) | 25,111 | 8,370 per tranche; first tranche 8,371 | Every Dec 1, through Dec 1, 2025 | 8,370 restricted shares outstanding noted as of 2025 proxy |
| 2023 Hansen Restricted Common Shares (Grant agreement dated Mar 26, 2024) | 21,306 | 7,102 per tranche | Every Dec 1, through Dec 1, 2026 | 14,204 restricted shares outstanding as of 2025 proxy |
| 2024 Hansen Restricted Common Shares (Dec 4, 2024) | 20,728 | 6,909 per tranche | Every Dec 1, through Dec 1, 2027 | 20,728 restricted shares outstanding as of 2025 proxy |
Employment Terms
- Severance: Lump-sum payment equal to 100% of then-current base salary upon termination by KFS other than for “cause,” subject to a release of claims; individual offer letter governs Hansen (distinct from general Severance Policy) .
- Change-in-control provisions: No specific change-in-control multiple or accelerated vesting terms disclosed for Hansen in the proxies reviewed .
- Clawback/recoupment: Not explicitly disclosed in the proxies; KFS maintains Corporate Governance Guidelines and a Code of Business Conduct & Ethics applicable to senior financial personnel .
- Trading policy: Prohibits hedging/monetization transactions in KFS securities; designed to promote compliance with insider trading laws and listing standards .
- Legal proceedings: Hansen was a named executive officer at LSC Communications until 2019; LSC filed for bankruptcy in April 2020 (contextual background) .
Investment Implications
- Alignment and selling pressure: Significant time-based RSU vesting occurs annually each December 1 through 2025–2027 (25,111 in 2022 grant, 21,306 in 2023 grant, 20,728 in 2024 grant). Expect potential Form 4 activity and possible incremental selling pressure around these vest dates, especially December 1, which may be relevant for short-term trading and liquidity planning .
- Ownership scale: Beneficial ownership of 134,893 shares (<1%) suggests limited direct equity alignment by percentage of outstanding shares, though ongoing RSU grants increase exposure; no options outstanding reduce leverage-driven risk-taking incentives .
- Pay-for-performance: Bonuses are determined with profitability/TSR considerations; 2024 net loss (-$8.3m) and lower TSR ($154.38 value of $100 investment) could constrain cash bonus outcomes for FY2024 (still undetermined as of April 9, 2025), potentially reinforcing discipline on cash compensation and retention risk if equity remains the primary upside .
- Governance/risk flags: Hedging prohibited, but pledging is not explicitly addressed; no disclosed change-in-control multiples or tax gross-ups for Hansen; prior employer bankruptcy history is disclosed, which may be neutral in current role but worth noting for risk diligence .
- Trading signal: Monitor December 1 vesting cycles (2025–2027) and subsequent Section 16 filings; unvested share counts increased from 27,658 (FY2023 YE) to 43,302 (FY2024 YE), indicating rising equity deliveries that could translate to incremental supply near vest dates .