Kingstone Completes Quota Share Placement
27% of personal lines written premium ceded (down from 30% in 2023)
Higher ceding commission rate will be received than in 2023
KINGSTON, NY / ACCESSWIRE / January 3, 2024 / Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, announced today that its quota share reinsurance program for 2024 has been fully placed.
Meryl Golden, Kingstone CEO, stated, "I am delighted to let you know that Kingstone has finalized its quota share reinsurance treaties for 2024. Under the new agreements, Kingstone will cede, subject to certain limitations, exclusions and conditions, 27% of its personal lines' insurance written (down from 30% in 2023) and will receive a higher ceding commission rate than in 2023. A small (3%) treaty was also placed into runoff, so we have additional coverage for the winter months, in particular."
"We are pleased with our ability to secure reinsurance capacity from a high-quality panel of reinsurance partners. It says a great deal when some of the world's largest and most respected reinsurers choose to stake their capital on the performance of our business."
Jennifer Gravelle, Kingstone CFO, continued, "The improved terms highlight the confidence that our reinsurer partners have in the execution of our strategy and the business transformation being undertaken, particularly the heightened focus on our core New York homeowners market and rapid reduction in our unprofitable non-core business outside of New York."
About Kingstone Companies, Inc.
Kingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York. Kingstone is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire and Maine.
CONTACT:
Kingstone Companies, Inc.
Jennifer Gravelle
Chief Financial Officer
(845) 768-1970
SOURCE: Kingstone Companies, Inc.
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