Kingstone Successfully Completes Reinsurance Placement

Rhea-AI Summary

Kingstone Companies (Nasdaq:KINS) announced the finalization of its reinsurance program for July 1, 2021, to June 30, 2022. The company secured $490.0 million in total catastrophe limit, an increase of $15.0 million from the previous year. The program includes a risk-adjusted cost decrease compared to last year. Over 50 reinsurers participated, with 10 new partners joining. CEO Barry Goldstein and COO Meryl Golden emphasized the effectiveness of recent underwriting changes aimed at managing catastrophe exposure.

Positive

• Secured $490.0 million in total catastrophe limit, up from $475.0 million last year.
• Total cost of the reinsurance program decreased compared to the prior year.
• Participation of over 50 reinsurers, including 10 new partners, enhancing risk diversification.

Negative

• None.

KINGSTON, NY / ACCESSWIRE / July 13, 2021 / Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, announced today that its reinsurance program for the period July 1, 2021 through June 30, 2022 has been finalized.

Barry Goldstein, Kingstone CEO, stated "I am delighted to let you know that Kingstone has finalized its 2021- 2022 catastrophe reinsurance placement. Kingstone purchased $490.0 million of total catastrophe limit, $15.0 million of additional catastrophe limit compared to last year. Consistent with last year, Kingstone protected to a 130-year return period. On a risk adjusted basis, the total cost for the program including reinstatement premium protection decreased over the prior year amount. Over 50 reinsurers, including 10 new partners to the program, participated in the program."

Meryl Golden, Kingstone COO, continued "The numerous underwriting changes we made starting in late 2019 to better manage our catastrophe exposure and reduce the growth of our PML are clearly working as reflected in this terrific result."

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 offers primarily personal lines insurance products in New York, New Jersey, Rhode Island, Massachusetts, and Connecticut. Kingstone is also licensed in Pennsylvania, New Hampshire, and Maine.

INVESTOR RELATIONS CONTACT:

Amanda M. Goldstein
Investor Relations Director
(516) 960-1319

SOURCE: Kingstone Companies, Inc

View source version on accesswire.com:
https://www.accesswire.com/654998/Kingstone-Successfully-Completes-Reinsurance-Placement

FAQ

What is the total catastrophe limit Kingstone secured for 2021-2022?

Kingstone secured $490.0 million in total catastrophe limit for the period.

How much did the total catastrophe limit increase compared to last year for Kingstone?

The total catastrophe limit increased by $15.0 million compared to last year.

How many reinsurers participated in Kingstone's reinsurance program?

Over 50 reinsurers participated in Kingstone's reinsurance program.

What changes did Kingstone make to manage catastrophe exposure?

Kingstone implemented numerous underwriting changes starting in late 2019 to better manage catastrophe exposure.