Kingstone Announces New York State’s First Admitted Voluntary Flood Product
March 23 2017 - 9:00AM
Business Wire
Kingstone Companies, Inc. (Nasdaq:KINS) (the “Company” or
“Kingstone”), a multi-line property and casualty insurance holding
company, today announced that it received approval for its
innovative new voluntary flood endorsement. It is believed that
this is the first approved product of its kind in New York State,
and it will be available to certain Kingstone homeowners beginning
today.
Ben Walden, Kingstone Chief Actuary and Executive Vice President
commented, “We’ve worked hard since mid-2016 to bring this much
needed product to market. In short, it will allow those that live
in a National Flood Insurance Program (“NFIP”) X-Zone who are
securing Homeowners coverage through Kingstone to purchase flood
coverage. With it, those who qualify can secure up to $50,000 in
coverage and turn a flooding event into a covered cause of loss. We
worked closely with Aon, our long time reinsurance intermediary, to
secure the appropriate reinsurance. In conjunction with our
modeling partners and our software vendor, we developed an
innovative proprietary product, the first of our suite of flood
products which will be rolled out over the next six to nine
months.”
Barry Goldstein, Kingstone’s Chairman and CEO stated, “Ben and
his team did a stellar job and we thank the New York State
Department of Financial Services for the time spent.” This
innovation in New York State Homeowners coverage will only be
available through Kingstone Select Producers.
About Kingstone Companies,
Inc.
Kingstone is a property and casualty insurance holding company
whose principal operating subsidiary, Kingstone Insurance Company,
is domiciled in the State of New York. Kingstone is a multi-line
property and casualty insurance company writing business
exclusively through independent retail and wholesale agents and
brokers. Kingstone is licensed to write insurance policies in New
York, New Jersey, Pennsylvania, Connecticut, Texas and Rhode
Island. Kingstone offers property and casualty insurance products
to individuals and small businesses primarily in New York
State.
Forward-Looking
Statement
Statements in this press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, may be forward-looking statements. These
statements are based on management’s current expectations and are
subject to uncertainty and changes in circumstances. These
statements involve risks and uncertainties that could cause actual
results to differ materially from those included in forward-looking
statements due to a variety of factors. More information about
these factors can be found in Kingstone’s filings with the
Securities and Exchange Commission, including its latest Annual
Report filed with the Securities and Exchange Commission on Form
10-K. Kingstone undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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Kingstone Companies,
Inc.Amanda Goldstein, 845-802-7900Investor Relations
Director
Kingstone Companies (NASDAQ:KINS)
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