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Kingstone estimates Q4 net pre-tax catastrophe losses $3.66M
The Fly

Kingstone estimates Q4 net pre-tax catastrophe losses $3.66M

Kingstone announced that Kingstone Insurance Company, its wholly-owned subsidiary, estimates net pre-tax catastrophe losses for the fourth quarter of 2022 of $3.66 M or 12.0 points of net earned premium. Catastrophe losses for the quarter primarily resulted from Winter Storm Elliott, which significantly impacted the Northeast, including the states in which Kingstone operates. "The footprint of Winter Storm Elliott expanded to each of the geographies in which Kingstone operates, including New York where we have the majority of the Company’s business. Accordingly, our business was impacted by severe and widespread weather-related residential property losses, consistent with industry trends," said Barry Goldstein, Kingstone’s Chairman and Chief Executive Officer. Goldstein continued, "I am delighted to share that Kingstone achieved a milestone in 2022 with annual direct written premiums exceeding $200 million for the first time. The increase in our premiums at a higher rate than the growth in exposures is representative of the progress we are making on our go-forward plan to return Kingstone to profitability."

Published first on TheFly

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