Northeast regional property and casualty insurance holding firm Kingstone Companies has announced range of net pre-tax catastrophe losses for the third quarter 2021 of $9.6 million to $12.6 million.
This figure applies to Kingstone Insurance Company (KICO), its wholly-owned subsidiary.
Catastrophe losses for the quarter comprised five events (three named storms) none of which are anticipated to result in a catastrophe reinsurance recovery.
Catastrophe losses after-tax are estimated at $7.6 million to $10.0 million.
Kingstone purchased $490.0 million of total catastrophe limit at the mid year renewals, $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.