OLDWICK, N.J.--(BUSINESS WIRE)--
A.M. Best has assigned indicative Long-Term Issue Credit Ratings (Long-Term IR) of “bbb-” to senior unsecured notes and “bb+” to subordinated notes to the recently filed shelf registration of Kingstone Companies, Inc. (Kingstone) (Delaware) (NASDAQ:KINS). Concurrently, A.M. Best has assigned a Long-Term IR of “bbb-” to Kingstone’s $30.0 million, 5.50% senior unsecured notes due Dec. 30, 2022. The outlook assigned to the Credit Ratings (rating) is stable.
Following the senior notes issue, financial leverage and coverage measures, including consideration of liquid assets at the holding company, are supportive of the assigned rating. Kingstone intends to use the net proceeds of the offering for general corporate purposes, including contributed capital to its operating subsidiary, Kingstone Insurance Company (KICO), to support its growth and business expansion.
Kingstone’s Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” and KICO’s Financial Strength Rating of A- (Excellent) and Long-Term ICR of “a-” are unchanged.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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