P&C insurance holding company Kingstone has announced 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.”
Golden observed that the firm is pleased with its ability to secure reinsurance capacity from a “high-quality panel” of reinsurance partners, adding, “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.”
