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.
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