Kingstone Companies, Inc., an American P&C insurance holding company, has announced the finalisation of its reinsurance program for the period between July 1, 2023 through June 30, 2024.
“I am delighted to let you know that Kingstone has finalized its 2023- 2024 catastrophe reinsurance placement,” Meryl Golden, Kingstone COO, stated.
“Kingstone purchased $325 million of total catastrophe limit. In spite of the hard reinsurance market, we were able to maintain our retention at $10 million.”
“On a risk adjusted basis, the total cost accounted for 19% of March 31, 2023 premiums-in-force, 1 point higher than the prior year cost which accounted for 18% of March 31, 2022 premium-in-force. Over 25 reinsurers, including 3 new partners, participated in the program.”
For the period between July 1, 2021 through June 30, 2022, Kingstone purchased $490.0 million of total catastrophe limit, $15.0 million of additional catastrophe limit. Over 50 reinsurers, including 10 new partners to the program, participated in the program.
“We have made numerous underwriting changes to better manage our catastrophe exposure and reduce the growth of our PML. For this treaty period, we were able to purchase a 6% lower limit as a result of these efforts,” Jennifer Gravelle, Kingstone CFO, commented.
Elsewhere, in their Q123 results, Kingstone Companies reported a net loss of $5.1 million on a combined ratio of 123.3%, which the company attributes to a “difficult northeast winter.”
