Kingstone Companies

Kingstone Companies, Inc. is an insurance holding company headquartered in Kingston, New York. Its principal insurance operation is Kingstone Insurance Company, which provides property and casualty coverage, primarily through independent retail and wholesale agents and brokers. The group also conducts insurance-premium-finance activities through Payments, Inc., a New York State-licensed insurance premium finance company that places contracts with a third-party licensed premium finance provider. The company traces its origins to 1886 in Kingston, New York. Its business is centered on insurance products for individuals and commercial customers rather than on direct-to-consumer retail distribution. The cited product scope includes personal lines insurance, general liability policies, and commercial automobile policies. Distribution through independent agents and brokers allows Kingstone's insurance subsidiary to participate in regional insurance markets while relying on intermediaries for customer acquisition and policy placement. Kingstone Insurance Company received industry recognition in the Professional Insurance Agents Association's 2010 Company Performance Survey, in which it was ranked first among 81 insurers rated. This recognition concerned the performance of the insurance company rather than a separate consumer product brand. The company also undertook capital-market activity to support its insurance subsidiary. In December 2013, Kingstone Companies announced an underwritten public offering of 2.5 million common shares. The stated purpose was to promote or support Kingstone Insurance Company. The group subsequently faced litigation and catastrophe-related financial pressure. In 2020, Kingstone confirmed that the U.S. District Court for the Southern District of New York had denied a defense request to withdraw an amended complaint in a putative shareholder class action originally filed in 2019 against the company and several current and former officers and directors. In the third quarter of 2020, the company reported estimated pre-tax catastrophe losses, net of reinsurance, of approximately $8.5 million to $9 million. Kingstone Companies should therefore be understood primarily as an insurance corporate brand and holding-company structure, rather than as a consumer-facing brand with a broad portfolio of independently marketed products. Its business identity rests on property and casualty underwriting, agent-and-broker distribution, and related premium-finance activity.

Kingstone Companies traces its history to 1886, when the business was founded in Kingston, New York. The available reference material identifies the company as an insurance holding company whose principal operating subsidiary is Kingstone Insurance Company. Over time, the group developed a property and casualty insurance business distributed through independent retail and wholesale agents and brokers. The insurance portfolio described in the reference material includes personal lines products, general liability policies, and commercial automobile policies. This mix places the company in both personal and commercial property-and-casualty insurance, with distribution handled primarily through intermediaries rather than a direct nationwide consumer channel. The group also has a related premium-finance operation: Payments, Inc. is identified as a New York State-licensed insurance premium finance company and places contracts with a third-party licensed premium finance company. Kingstone Insurance Company received a favorable industry assessment in the Professional Insurance Agents Association's 2010 Company Performance Survey. It was ranked first among the 81 insurers included in that survey, an indication of strong performance according to that particular industry assessment. A significant corporate-finance event occurred in December 2013, when Kingstone Companies announced an underwritten public offering of 2.5 million common shares. The stated objective was to promote the insurance subsidiary, Kingstone Insurance Company, indicating that capital raising and subsidiary support were important parts of the group's corporate strategy. The company was involved in shareholder litigation arising from a putative class action initially brought in 2019. On August 11, 2020, Kingstone confirmed that the Southern District of New York had denied the defendants' request to withdraw an amended complaint. The proceeding named Kingstone Companies and several current and former officers and directors. The available material does not establish a final judgment or settlement and therefore does not support conclusions about ultimate liability. The company also reported catastrophe-related losses in 2020. For the third quarter of that year, it estimated pre-tax disaster damages of between $8.5 million and $9 million after reinsurance. These figures illustrate the exposure inherent in property and casualty underwriting, where severe events can affect results even when reinsurance provides partial protection. Based on the available sources, Kingstone Companies is best characterized as a regional insurance group with a long Kingston, New York history, a property-and-casualty underwriting subsidiary, agent-and-broker distribution, and an associated premium-finance activity. The supplied reference material does not provide enough information to describe later ownership changes, current executives, detailed geographic segmentation, or the company's present financial condition.

• 2020

  Court ruling in shareholder litigation

  [1]Kingstone Companiesen.wikipedia.org

  The Southern District of New York denied the defendants' request to withdraw an amended complaint in the shareholder litigation.

• 2020

  Catastrophe losses reported

  [1]Kingstone Companiesen.wikipedia.org

  The company reported estimated third-quarter pre-tax catastrophe damages of $8.5 million to $9 million, net of reinsurance.

• 2019

  Putative shareholder class action initiated

  [1]Kingstone Companiesen.wikipedia.org

  A putative shareholder class action was initially brought against the company and several current and former officers and directors.

• 2013

  Underwritten common-share offering announced

  [1]Kingstone Companiesen.wikipedia.org

  Kingstone Companies announced an underwritten offering of 2.5 million common shares to promote its insurance subsidiary.

• 2010

  Kingstone Insurance Company receives industry ranking

  [1]Kingstone Companiesen.wikipedia.org

  Kingstone Insurance Company was ranked first among 81 insurers evaluated in the Professional Insurance Agents Association's 2010 Company Performance Survey.

• 1886

  Company founded in Kingston

  [1]Kingstone Companiesen.wikipedia.org

  The business was founded in Kingston, New York, establishing the historical base of Kingstone Companies.

A regional property and casualty insurance group serving personal and commercial policyholders through independent insurance agents, brokers, and related premium-finance arrangements.

• Property and casualty insurance

  Personal lines insurance

  Kingstone Insurance Company sells personal lines insurance products through independent retail and wholesale agents and brokers. The available source identifies personal lines as a core part of the insurer's offering but does not specify individual policy forms, coverage limits, or customer segments.

• Commercial insurance

  General liability insurance

  General liability policies are among the commercial insurance products attributed to Kingstone's insurance business. They are distributed through independent insurance intermediaries. The supplied sources do not provide detailed underwriting criteria or policy specifications.

• Commercial insurance

  Commercial automobile insurance

  Kingstone's cited product scope includes commercial automobile policies. These policies form part of the company's commercial property-and-casualty activities and are sold through independent retail and wholesale agents and brokers.

• Insurance finance

  Premium-finance services

  Payments, Inc. is described as a New York State-licensed insurance premium finance company. It places contracts with a third-party licensed premium finance company, supporting the financing of insurance premiums rather than constituting a conventional insurance policy line.

• 2020

  Putative shareholder class-action litigation

  Kingstone Companies confirmed that the Southern District of New York denied the defendants' request to withdraw an amended complaint in a putative shareholder class action initially filed in 2019. The case named the company and several current and former officers and directors. The available source does not establish the final outcome or liability.

  Source

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• 2013

  Common-share offering to support insurance subsidiaryOther

  Background

  Kingstone Companies announced an underwritten public offering as part of its corporate-finance activity.

  Action taken

  The company announced an offering of 2.5 million common shares intended to promote Kingstone Insurance Company.

  Aftermath

  The available reference does not provide the offering's proceeds, completion details, or longer-term financial effects.

  Source

1. 1Kingstone Companiesen.wikipedia.org