Northeast regional property and casualty insurance holding company Kingstone has announced the finalisation of its reinsurance program for the period between July 1, 2021 through June 30, 2022.
“I am delighted to let you know that Kingstone has finalized its 2021- 2022 catastrophe reinsurance placement,” said Barry Goldstein, Kingstone Chief Executive Officer.
“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 Chief Operating Officer, added, “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.”
