Business
Kingstone Announces Agreement to Sell Headquarters Building with Pre-tax Gain of $1.9 Million
KINGSTON, NY / ACCESS Newswire / February 5, 2025 / Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or "Kingstone"), a Northeast regional property and
About this update from Kingstone Companies, Inc
[{"type":"text","content":"KINGSTON, NY / ACCESS Newswire / February 5, 2025 / Kingstone Companies, Inc. (Nasdaq:KINS) (the \"Company\" or \"Kingstone\"), a Northeast regional property and casualty insurance holding company, today announced that it has signed an agreement to sell its headquarters building along with an adjacent mixed-use property to Ulster County, NY. The transaction will result in an approximate pre-tax gain of $1.9 million ($1.5 million after-tax) and is expected to be recognized in the first quarter of 2025, subject to closing of the sale. Additionally, this transaction will reduce Kingstone's annual operating costs by approximately $300,000.Meryl Golden, Chief Executive Officer of Kingstone, stated, \"Kingstone has owned and occupied its headquarters building since acquiring control of Kingstone Insurance Company in 2009. We decided to market our properties last year after making the decision to continue as a remote workforce model. We are delighted that Ulster County found these properties ideal for their needs. Kingstone will maintain its presence in the Kingston, NY area by leasing a smaller space more suitable for our needs.\"Disclaimer and Forward-Looking StatementsThis press release may contain \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023.The risks and uncertainties include, without limitation, the following:the risk of significant losses from catastrophes and severe weather events;risks related to the lack of a financial strength rating from A.M. Best;risks related to our indebtedness due on June 30, 2026, including due to the need to comply with certain financial covenants and limitations on the ability of our insurance subsidiary to pay dividends to us;adverse capital, credit and financial market conditions;the unavailabilit...