Kingstone sells $4.9m shares to RenRe
Kingstone Companies, a property/casualty insurer, has sold 595,238 newly issued shares of common stock to RenaissanceRe Ventures, a subsidiary of RenaissanceRe, in a private placement.
Barry Goldstein, chairman and chief executive officer of Kingstone, said: “We are pleased to have RenaissanceRe make this investment in the company. The addition of this capital puts us in an excellent position to continue the profitable growth and expansion of Kingstone.”
The new common shares were sold to RenaissanceRe at a price of $8.40 per share. Kingstone received net proceeds of approximately $4.9 million from the private placement. The company intends to use the net proceeds of the offering to support the continued growth of its wholly-owned subsidiary, Kingstone Insurance Company, and for general corporate purposes.
