Kingstone Cos. Inc. has completed its conversion from an agency franchiser to a property/casualty insurance carrier, the company said.
The Hewlett, N.Y.-based firm was spun out of the combination of DCAP Group Inc. with the former Commercial Mutual Insurance Co., which is now a stock-owned firm as a result of the conversion.
Kingstone executives say the demutualization will allow greater access to capital markets and help fuel the insurer’s growth.
Barry Goldstein, chairman and CEO of the new entity, said that the company’s leadership “look(s) forward to continuing the steady conservatively managed growth… while keeping in place its culture geared towards long-term profitability.”
The company first announced the conversion in May.
Topics New York Property Casualty
Was this article valuable?
Here are more articles you may enjoy.
CEO Sentenced in Miami to 15 Years in One of the Largest Health Care Fraud Cases 
Grand Jury Declines to Indict Man in Fatal Shooting at Kentucky State University 
US P/C Posts $35B YTD Underwriting Gain; By-Line Premium Growth Revealed 
Howden US Tells Judge Brown & Brown Employees Fled Due to ‘Mistreatment’ 
