Kingstone boosts reinsurance purchase by 41%
New York-based Kingstone Companies, a multi-line regional property and casualty insurance holding company has increased its reinsurance coveraged for the treaty year beginning July 1, 2018.
Kingstone’s wholly-owned subsidiary, Kingstone Insurance Company (KICO) entered into various reinsurance agreements with multiple reinsurers for the treaty year beginning July 1, 2018. The new agreements include increased coverage, improved terms, and a reduction in exposure-adjusted reinsurance costs, according to the company.
The catastrophe excess of loss reinsurance treaty includes $445 million in coverage purchased from a panel of 46 individual reinsurers. The deal represents an increase of 41.3 percent from the $315 million purchased in the expired term as a result of the firm’s growth along with the desire to maintain coverage in excess of that needed to cover a 1 in 250-year event.
KICO obtained a mid-single digit exposure-adjusted rate reduction compared to the corresponding premium paid for catastrophe coverage on the expired treaty. The firm also purchased reinstatement premium protection for the $215 million limit attributable to the 100 year return period.
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
Japan floods cause extensive destruction, business interruption
Liberty reorganises European specialty business
Aon, Chubb, Lloyd's develop terrorism, political violence solution
Insurtech OnRisk forms strategic alliance with Lloyd's broker AFL
Zurich names new CEO of general insurance, Australia & New Zealand
Monument Re snaps up Dutch closed life insurer in Benelux strategy
IAG general counsel resigns while on extended leave
Ryan Specialty hires former Marsh veteran for RT ProExec
Ironshore launches energy equipment facility for on-shore middle market