Kingstone reduces quota share of reinsurance treaty
Kingstone Insurance Company (KICO), a wholly-owned subsidiary of property/casualty insurer Kingstone Companies, has reduced its personal lines quota share treaty ceding percentage to 10 percent, down from 20 percent, effective July 1, 2018.
“This gives us an excellent opportunity to keep more of the profitable business we write and to more effectively utilize the capital we’ve raised over the past year,” said Kingstone’s chief operating officer Dale Thatcher. “We deeply appreciate the support our reinsurers have given us over the years as we’ve grown and moved into a position to increase our retention. This is a real win for Kingstone shareholders,” Thatcher added.
The treaty remains on a “net” of catastrophe reinsurance basis, as KICO secures all catastrophe reinsurance coverage directly, outside of the quota share arrangement. The treaty is scheduled to expire on June 30, 2019.
Kingstone is a multi-line property and casualty insurance company writing business exclusively through independent retail and wholesale agents and brokers.
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