KINS (9.64)
Kingstone Approved to Write Property and Casualty Insurance in New Jersey
Kingstone Companies, (MM) (NASDAQ:KINS)
Today : Monday 9 November 2015
Company Now Approved to Write in Five States
Company also Appoints Strategic Investment Management Services to Manage Fixed Income Portfolio
Kingstone Companies, Inc. (Nasdaq: KINS) (the “Company” or “Kingstone”), a multi-line property and casualty insurance holding company, today announced that its subsidiary, Kingstone Insurance Company, was granted approval to write property and casualty insurance in New Jersey from the state’s Department of Banking and Insurance.
The addition of New Jersey marks the fifth state where the Company is authorized as an admitted carrier of property and casualty insurance. In addition to New York and Pennsylvania, Kingstone also was licensed by Connecticut and Texas in the last three months. The Company has applications for admission pending in one additional state that shares similar catastrophe exposure and opportunities as New York.
The Company also announced that it has appointed Strategic Investment Management Services (SIMs), a division of Raymond James & Associates, Inc., to manage its fixed income portfolio (other than RMBS), effective November 1, 2015.
Kingstone’s Chairman and CEO, Barry Goldstein, stated, “We are pleased to add New Jersey as the fifth state in which Kingstone is licensed. It is our expectation that we can effectively leverage our reputation with our producers in New York and roll out an agency-only distribution model. We have recently added three states as part of our geographic expansion plans, and look forward to launching our new business efforts.”
Mr. Goldstein continued, “In addition, we also announced the appointment of SIMs to manage most of our fixed-income investments. We felt that given the growth in Kingstone and in our investment portfolio, that it was prudent to retain the services of a well-respected investment manager such as SIMs. We will maintain our conservative philosophy of capital preservation and income generation in our portfolio.”
===========================================================
