KINS - Kingstone terminates personal lines quota share for 2021

Kingstone (KINS) Insurance Company ("KICO") terminates its personal lines quota share treaty for 2019-2020 on a cut-off basis effective Dec. 31, 2020 and doesn't plan to enter into a new treaty for 2021.In addition, the company expects organic growth of 5%-7% during 2021 and full-year 2021 net earned premiums of $135M-$145M."KICO entered into a 25% personal lines quota share treaty on Dec. 15, 2019, following a very difficult 2019," said KICO and KINS CEO Barry Goldstein.While the terms of the agreement were acceptable to KICO at the time, the changes the company has made to improve its profitability starting in Q3 2019 helped position the company so it doesn't need surplus support of its reinsurer partners, Goldstein said.The treaty cut-off will allow KICO to retain the profitability in 2021 that it otherwise would have ceded to reinsurers, said Meryl Golden, chief operating officer of both KINS and KICO."At the conclusion

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Kingstone terminates personal lines quota share for 2021