Kingstone Announces 2024/2025 Catastrophe Reinsurance Treaty Savings of $6 Million [Yahoo! Finance]
Kingstone Companies, Inc (KINS)
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Source: Yahoo! Finance
and casualty insurance holding company, today announced that its catastrophe reinsurance program for the period July 1, 2024 through June 30, 2025 has been finalized. Jennifer Gravelle, Chief Financial Officer at Kingstone, stated, "I am delighted to share that Kingstone has finalized its 2024/2025 catastrophe reinsurance placement. The Company purchased $275 million of total catastrophe limit and reduced its first event retention to $5 million. The total cost is approximately 14% of projected direct premiums earned, a significant reduction from 19% for the previous treaty period. Last year, we tightened our underwriting and curtailed new business writings to better manage our catastrophe exposure and reduce our probable maximum loss ("PML"). Although reinsurance pricing increased, it was not as significant as projected. As a result of these efforts, and other factors, we were able to lower our 24/25 reinsurance treaty cost by approximately $6 million, improving our projected full
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News
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KINS
Earnings
- 11/9/23 - Miss
KINS
Sec Filings
- 6/27/24 - Form DEF
- 6/20/24 - Form 8-K
- 6/20/24 - Form 8-K
- KINS's page on the SEC website