New York’s Kingstone Completes Conversion into P/C Carrier

August 17, 2009

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.

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