Kingstone Appoints Jennifer Gravelle as Chief Financial Officer
17 Gennaio 2023 - 2:00PM
Business Wire
Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or
"Kingstone"), a Northeast regional property and casualty insurance
holding company, today announced that Jennifer Gravelle has been
appointed Chief Financial Officer as of January 17, 2023.
Gravelle brings to Kingstone more than 20 years of leadership
experience in the P&C insurance industry and expertise in
coastal-focused property insurance specifically. Most recently, she
served as CFO of Slide Insurance, and previously served as CFO of
both Allied Trust Insurance Company and Olympus Insurance
Company.
“We are thrilled to welcome Jennifer to Kingstone and believe
her depth of expertise in today’s complex insurance environment
make her a strong addition to our team,” said Barry Goldstein,
Kingstone's Chairman and Chief Executive Officer. “Jennifer has a
track record of delivering high-performance results, and I know the
Company will benefit from her tremendous experience.”
“In addition to a deep understanding of the coastal-focused
property insurance marketplace, rating agency relations, capital
structure and reinsurance, Jennifer brings significant financial
acumen with her to Kingstone,” said Meryl Golden, Kingstone's Chief
Operating Officer. “As we move forward, her strategic perspective
and highly analytical view of our business will play a key role in
delivering on Kingstone’s value-creation initiatives.”
Gravelle commented, “I’m excited to be joining Kingstone at this
pivotal moment for the Company and look forward to lending my years
of relevant expertise as a CFO in the coastal-focused property
insurance industry. With the recent efforts to transform and
modernize the Company, I believe Kingstone is well positioned to
return to profitability and create sustainable, long-term
stockholder value.”
About Jennifer Gravelle
Gravelle has over 22 years of experience in the P&C
insurance industry. She most recently led finance operations,
accounting, and forecasting as CFO of Slide Insurance, a full-stack
insurtech organization. Before that, she served as CFO of Allied
Trust Insurance Company, a personal property insurance
organization, and held roles of increasing responsibility at
Olympus Insurance Company, also a personal property insurance
company, including CFO. Earlier in her career she was with HomeWise
Insurance Group as the Controller. Gravelle is experienced in both
GAAP and STAT accounting and has a reputation of achieving
long-term shareholder value in both start-up and large-scale
environments. She earned a Bachelor of Science in Accounting from
Champlain College.
About Kingstone Companies, Inc.
Kingstone is a northeast regional property and casualty
insurance holding company whose principal operating subsidiary is
Kingstone Insurance Company ("KICO"). KICO is a New York domiciled
carrier writing business through retail and wholesale agents and
brokers. KICO offers primarily personal lines insurance products in
New York, New Jersey, Rhode Island, Massachusetts, and Connecticut.
Kingstone is also licensed in Pennsylvania, New Hampshire, and
Maine.
Forward-Looking Statements
Statements in this 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, 2021 filed with
the Securities and Exchange Commission under "Factors That May
Affect Future Results and Financial Condition" and Part I, Item 2
and Part II, Item 1A of our Quarterly Report on Form 10-Q for the
period ended September 30, 2022 to be filed with the Securities and
Exchange Commission. These risks and uncertainties include, without
limitation, the following:
- As a property and casualty insurer, we may face significant
losses from catastrophes and severe weather events.
- Unanticipated increases in the severity or frequency of claims
may adversely affect our operating results and financial
condition.
- We are exposed to significant financial and capital markets
risk which may adversely affect our results of operations,
financial condition and liquidity, and our net investment income
can vary from period to period.
- The insurance industry is subject to extensive regulation that
may affect our operating costs and limit the growth of our
business, and changes within this regulatory environment may
adversely affect our operating costs and limit the growth of our
business.
- Changing climate conditions may adversely affect our financial
condition, profitability or cash flows.
- Because a significant portion of our revenue is currently
derived from sources located in New York, our business may be
adversely affected by conditions in such state.
- We are highly dependent on a relatively small number of
insurance brokers for a large portion of our revenues.
- Actual claims incurred may exceed current reserves established
for claims, which may adversely affect our operating results and
financial condition.
- We rely on our information technology and telecommunication
systems, and the failure of these systems could materially and
adversely affect our business.
Kingstone undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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Arielle Rothstein / Kaitlin Kikalo Joele Frank, Wilkinson
Brimmer Katcher (212) 355-4449
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