Document:

<PAGE>

                                                                     Exhibit 4.4

                             CERTIFICATE OF TRUST OF
                       KINGSWAY FINANCIAL CAPITAL TRUST I

         The undersigned, the trustees of Kingsway Financial Capital Trust I on
the date hereof, desiring to form a statutory trust pursuant to the Delaware
Statutory Trust Act, 12 Del. C. Section 3801, et seq. (the "Trust Act"), hereby
certify as follows:

     1.  Name: The name of the statutory trust formed hereby is Kingsway
         Financial Capital Trust I.

     2.  Delaware Trustee: The name and business address of the trustee of the
         Trust that has its principal place of business in the State of Delaware
         are as follows: The Bank of New York (Delaware), White Clay Center,
         Route 273, Newark, Delaware 19711.

     3.  Effective Date. This Certificate of Trust shall be effective upon
         filing with the Secretary of State.

         In witness whereof, the undersigned trustees have executed this
Certificate of Trust in accordance with Section 3811 of the Trust Act.

Dated October 18, 2002       THE BANK OF NEW YORK (DELAWARE), as
                             Delaware Trustee and not in its individual capacity

                             By:  /s/  William T. Lewis
                                 -----------------------------------------------
                                 Name:  William T. Lewis
                                 Title:  Senior Vice President

                                  /s/  James R. Zuhlke
                             ---------------------------------------------------
                             James R. Zuhlke, not in his individual capacity
                             but solely as trustee

                                  /s/  Brian K. Williamson
                             ---------------------------------------------------
                             Brian K. Williamson, not in his individual capacity
                             but solely as trustee

                                  /s/  Kelly A. Marketti
                             ---------------------------------------------------
                             Kelly A. Marketti, not in her individual capacity
                             but solely as trustee<PAGE>
                                                                     Exhibit 4.5

                              DECLARATION OF TRUST

                                       OF

                       KINGSWAY FINANCIAL CAPITAL TRUST I

     THIS DECLARATION OF TRUST (this "Declaration"), is dated as of October 18,
2002, among Kingsway U.S. Funding Inc., a Delaware corporation (the
"Depositor"), The Bank of New York (Delaware), a Delaware banking corporation
(the "Delaware Trustee"), and James R. Zuhlke, Brian K. Williamson and Kelly A.
Marketti (each an "Administrative Trustee" and collectively the "Administrative
Trustees", and jointly with the Delaware Trustee, the "Trustees"). The
Depositor, the Delaware Trustee and the Administrative Trustees hereby agree as
follows:

     1. The trust created hereby shall be known as "Kingsway Financial Capital
Trust I" (the "Trust"), in which name the Trustees, or the Depositor to the
extent provided herein, may conduct the business of the Trust, make and execute
contracts, and sue and be sued.

     2. The Depositor hereby assigns, transfers, conveys and sets over to the
Trust the sum of $10. Such amount shall constitute the initial trust estate. It
is the intention of the parties hereto that the Trust created hereby constitute
a statutory trust under Chapter 38 of Title 12 of the Delaware Code, 12 Del. C.
ss. 3801 et seq. (the "Statutory Trust Act"), and that this Declaration
constitute the governing instrument of the Trust. The Trustees are hereby
authorized and directed to execute and file a certificate of trust with the
Secretary of State of the State of Delaware in such form as the Trustees may
approve.

     3. The Depositor and the Trustees will enter into an amended and restated
Declaration of Trust satisfactory to each such party to provide for the
contemplated operation of the Trust created hereby and the issuance of the
preferred securities of the Trust and common securities of the Trust referred to
therein. Prior to the execution and delivery of such amended and restated
Declaration of Trust, the Trustees shall not have any duty or obligation
hereunder or with respect of the trust estate, except as otherwise contemplated
by this Declaration, required by applicable law or as may be necessary to obtain
prior to such execution and delivery any licenses, consents or approvals
required by applicable law or otherwise. Notwithstanding the foregoing, the
Trustees may take all actions deemed proper as are necessary to effect the
transactions contemplated herein.

     4. The Depositor, on behalf of the Trust, is hereby authorized (i) to
prepare and file with the Securities and Exchange Commission (the "Commission")
and to execute, in the case of the 1933 Act Registration Statement and 1934 Act
Registration Statement (as herein defined), on behalf of the Trust, (a) a
Registration Statement (the "1933 Act Registration Statement"), including all
pre-effective and post-effective amendments thereto, relating to the
registration under the Securities Act of 1933, as amended (the "1933 Act"), of
the preferred securities of the Trust, (b) any preliminary prospectus or
prospectus or supplement

                                        1

<PAGE>

thereto relating to the preferred securities of the Trust required to be filed
pursuant to the 1933 Act, and (c) a Registration Statement on Form 8-A or other
appropriate form (the "1934 Act Registration Statement"), including all
pre-effective and post-effective amendments thereto, relating to the
registration of the preferred securities of the Trust under the Securities
Exchange Act of 1934, as amended; (ii) if and at such time as determined by the
Depositor, to file with the New York Stock Exchange or other exchange, or the
National Association of Securities Dealers ("NASD"), and execute on behalf of
the Trust a listing application and all other applications, statements,
certificates, agreements and other instruments as shall be necessary or
desirable to cause the preferred securities of the Trust to be listed on the New
York Stock Exchange or such other exchange, or the NASD's Nasdaq National
Market; (iii) to file and execute on behalf of the Trust, such applications,
reports, surety bonds, irrevocable consents, appointments of attorney for
service of process and other papers and documents that shall be necessary or
desirable to register the preferred securities of the Trust under the securities
or "blue sky" laws of such jurisdictions as the Depositor, on behalf of the
Trust, may deem necessary or desirable; (iv) to execute and deliver letters or
documents to, or instruments for filing with, a depository relating to the
preferred securities of the Trust; and (v) to execute, deliver and perform on
behalf of the Trust an underwriting agreement with one or more underwriters
relating to the offering of the preferred securities of the Trust.

     5. This Declaration may be executed in one or more counterparts.

     6. The number of trustees of the Trust initially shall be four and
thereafter the number of trustees of the Trust shall be such number as shall be
fixed from time to time by a written instrument signed by the Depositor which
may increase or decrease the number of trustees of the Trust; provided, however,
that to the extent required by the Statutory Trust Act, one trustee of the Trust
shall either be a natural person who is a resident of the State of Delaware or,
if not a natural person, an entity which has its principal place of business in
the State of Delaware and otherwise meets the requirements of applicable law.
Subject to the foregoing, the Depositor is entitled to appoint or remove without
cause any trustee of the Trust at any time. Any trustee of the Trust may resign
upon thirty days' prior notice to the Depositor.

     7. The Depositor hereby agrees to (i) reimburse the Trustees for all
reasonable expenses (including reasonable fees and expenses of counsel and other
experts) and (ii) indemnify, defend and hold harmless the Trustees and any of
the officers, directors, employees and agents of the Trustees (the "Indemnified
Persons") from and against any and all losses, damages, liabilities, claims,
actions, suits, costs, expenses, disbursements (including the reasonable fees
and expenses of counsel), taxes and penalties of any kind and nature whatsoever
(collectively, "Expenses"), to the extent that such Expenses arise out of or are
imposed upon or asserted at any time against such Indemnified Persons with
respect to the performance of this Declaration, the creation, operation or
termination of the Trust or the transactions contemplated hereby; provided,
however, that the Depositor shall not be required to indemnify any Indemnified
Person for any Expenses which are a result of the willful misconduct, bad faith
or gross negligence of such Indemnified Person.

                                        2

<PAGE>

     8. The Trust may be dissolved and terminated before the issuance of the
preferred securities of the Trust at the election of the Depositor.

     9. This Declaration shall be governed by, and construed in accordance with,
the laws of the State of Delaware (without regard to conflict of laws
principles).

     IN WITNESS WHEREOF, the parties hereto have caused this Declaration to be
duly executed as of the day and year first above written.

                                        Kingsway U.S. Funding Inc.,
                                        as Depositor

                                        By: /s/  James R. Zuhlke
                                           ------------------------------------
                                            Name:  James R. Zuhlke
                                            Title:  President

                                        THE BANK OF NEW YORK (DELAWARE),
                                        as Delaware Trustee

                                        By: /s/  William T. Lewis
                                           ------------------------------------
                                            Name:  William T. Lewis
                                            Title:  Senior Vice President

                                            /s/  James R. Zuhlke               ,
                                        ---------------------------------------
                                        James R. Zuhlke,
                                        as Administrative Trustee

                                            /s/  Brian K. Williamson           ,
                                        ---------------------------------------
                                        Brian K. Williamson,
                                        as Administrative Trustee

                                            /s/  Kelly A. Marketti             ,
                                        ---------------------------------------
                                        Kelly A. Marketti,
                                        as Administrative Trustee

                                        3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]