Kingstone Insurance Expands Homeowners Coverage Portfolio Through Strategic Policy Transfer Agreement in Downstate New York

NEW YORK / April 14, 2025 — Kingstone Companies, Inc. (Nasdaq:KINS), a Northeast-focused property and casualty insurance provider, has secured a significant market opportunity by establishing a renewal rights agreement with AmGUARD Insurance Company®. Under this arrangement, Kingstone Insurance Company will assume replacement homeowners policies for selected customers across Downstate New York, marking a substantial expansion of the company’s regional footprint.

Transaction Scale and Strategic Rationale

The deal encompasses approximately $70 million in written premium, representing one of the more substantial portfolio acquisitions in the regional insurance market. The transaction emerges as AmGUARD refocuses its business strategy away from admitted personal lines insurance nationwide, concentrating instead on commercial insurance products where the company aims to establish market leadership as a specialized small business insurer.

The transition, contingent upon New York Department of Financial Services approval, is structured to facilitate a smooth handoff to brokers and policyholders. Kingstone has designed a streamlined process that differs from previous carrier withdrawals, enabling distribution partners to receive instant quotes for eligible policyholders, with coverage transitions beginning in the third quarter of 2025.

Market Positioning and Competitive Advantage

For Kingstone Insurance, this agreement represents a direct avenue to deepen market penetration in Downstate New York’s competitive homeowners insurance segment. In 2024, Kingstone Insurance ranked as the 12th largest homeowners insurance writer across New York State, and this acquisition accelerates its growth trajectory in one of the state’s most densely populated regions.

The company currently maintains active personal lines and commercial auto insurance operations throughout New York, with licensed operations extending to New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. The addition of $70 million in premium strengthens Kingstone’s position as a regional specialist in homeowners coverage.

Operational Framework and Stakeholder Impact

The partnership leverages AmGUARD’s existing distribution network—a roster of experienced brokers and agents—while positioning Kingstone Insurance as the preferred alternative carrier for affected policyholders. This model mirrors previous successful transitions in the market while benefiting from enhanced operational efficiency through direct quotation mechanisms.

For AmGUARD, exiting the admitted homeowners business aligns with its strategic pivot toward commercial insurance specialization under its parent company structure. AmGUARD operates as a subsidiary of WestGUARD® Insurance Company, which itself is owned by National Indemnity Company, a Berkshire Hathaway, Inc. subsidiary known for specialized insurance and reinsurance solutions.

Regulatory and Market Context

The agreement’s completion hinges on regulatory sign-off from New York’s Department of Financial Services, reflecting the standard approval requirements for significant portfolio transfers within the state’s tightly regulated insurance environment. Historical precedent suggests approval is likely given similar transactions executed in prior years.

This transaction underscores the dynamic nature of regional insurance markets, where carrier portfolio repositioning creates growth opportunities for specialized, well-capitalized competitors. Kingstone’s ability to efficiently absorb this premium base while maintaining service quality will be critical to converting these policyholders into long-term customers.

The expansion comes amid an evolving insurance landscape shaped by climate change impacts, competitive pressures in high-density markets, and operational considerations that prompt larger or less specialized carriers to reassess their personal lines footprints in specific regions.