Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Olson Stephen J.
 2. Date of Event Requiring Statement (Month/Day/Year)
05/08/2012		 3. Issuer Name and Ticker or Trading Symbol
SIGNATURE GROUP HOLDINGS, INC. [SGGH]
(Last)
(First)
(Middle)
15303 VENTURA BLVD., SUITE 1600		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

SHERMAN OAKS, CA 91403		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
SGGH Common Stock (1) 333,333
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Options (2) 05/08/2012 05/08/2017 SGGH Common Stock 100,000 $ 0.3 D  
Options (2) 01/01/2013 01/01/2018 SGGH Common Stock 100,000 $ 0.3 D  
Options (2) 01/01/2014 01/01/2019 SGGH Common Stock 100,000 $ 0.3 D  
Options (2) 01/01/2015 01/01/2020 SGGH Common Stock 100,000 $ 0.3 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Olson Stephen J.
15303 VENTURA BLVD.
SUITE 1600
SHERMAN OAKS, CA 91403		       Senior Vice President  

Signatures

Stephen J. Olson 05/10/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On May 8, 2012, Mr. Olson was awarded 333,333 shares of restricted stock pursuant to the Signature Group Holdings, Inc. 2006 Performance Plan. The shares vest in three equal installments of 111,111 on January 1, 2013, Jan. 1, 2014, and January 1, 2015.
(2) As a result of 2011 performance awards, Mr. Olson received 400,000 options that vest in four equal installments, with the first tranche vesting immediately and the remaining tranches vesting on January 1, 2013, January 1, 2014, and January 1, 2015 respectively. The award expires May 8, 2020 if unexercised.

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