Business
Kingstone Adds Board Observer
KINGSTON, N.Y.--(BUSINESS WIRE)-- Kingstone Companies, Inc. (Nasdaq: KINS) (the “Company” or “Kingstone”), a Northeast regional property and casualty
About this update from Kingstone Companies, Inc
[{"type":"text","content":" KINGSTON, N.Y.--(BUSINESS WIRE)--\nKingstone Companies, Inc. (Nasdaq: KINS) (the “Company” or “Kingstone”), a Northeast regional property and casualty insurance holding company, today announced that it has entered into an Agreement (the “Agreement”) with Gregory Fortunoff, its largest individual shareholder, who along with his brother and other family members owns more than 9% of the outstanding Kingstone shares. Under the terms of the Agreement, Mr. Fortunoff will serve as an Observer to Kingstone’s Board of Directors on an unpaid basis, effective on March 6, 2023. In this role, Mr. Fortunoff will be entitled to participate in all Board meetings in a non-voting capacity and have the opportunity to provide his perspective on relevant matters.\n\nTim McFadden, Director and Chair of Kingstone’s Nominating and Corporate Governance Committee, added, “Our Board is highly engaged and focused on best positioning Kingstone to navigate ongoing macroeconomic challenges and the shifting competitive insurance landscape, with the goal of delivering sustainable, long-term growth and value creation. As we continue this important work, we look forward to benefitting from Gregory’s perspective as an independent shareholder.”\n\n“Today I am happy to report that I will be joining the Board of Kingstone Companies as an Observer,” said Mr. Fortunoff. “I was offered a full board membership, but after speaking with my advisors we agreed that the Observer designation would be the fastest way for me to engage as a board member and work with management. Prior to making the decision to accept the Board offer from the Company, I spent time with the key members of management and some Board members. It has become clear to me that many of the assumptions I made, which led to my harsh criticism of the Board and management, were off base. I now feel extremely confident that the Board and management are fully aligned with all of the independent shareholders in their quest to enhance the value of our Company.”\n\nThe full Agreement, including further details on customary standstill, voting, and other provisions, will be filed on a Form 8-K with the SEC.\n\nAbout Kingstone Companies, Inc.\n\nKingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company (“KICO”). KICO is a New ...