Kingstone Insurance Co. has announced that it will cease underwriting commercial liability risks.
The decision impacts the Kington-based company’s business owners, artisans, special multi-peril and commercial umbrella policies. Kingstone added that these policies accounted for approximately 12% of its total earned premiums but 40% of the total associated reserves.
“After a two-month review, I concluded yesterday that it would be in the company’s and shareholders’ best interest to exit these lines of business, and do so as soon as possible,” Kingstone CEO Barry Goldstein said. “We informed the New York State Department of Financial Servcies on July 22 of our decision and our producers were advised today. We will continue to underwrite our physical damage only product.”