Upstate New York insurer Kingstone Cos. Inc., posted a $259,000 profit in the first quarter of 2010 — a positive change from the $171,000 loss it saw in the year-ago period.
The insurer — which was launched last year through a merger of Commercial Mutual Insurance Co. and the former DCAP Group, an agency franchiser — said March storms cost about $250,000, which added over 11.3 percentage points to its net loss ratio.
Kingstone said that, despite the storms, its combined ratio was 62.6.
Was this article valuable?
Here are more articles you may enjoy.