Kingstone Announces Corporate Governance Changes
08 Marzo 2023 - 10:15PM
Business Wire
Timothy McFadden appointed as Lead Independent
Director
Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or
"Kingstone"), a Northeast regional property and casualty insurance
holding company, today announced certain changes to the governance
structure of its Board of Directors (the “Board”), reflective of
the Board’s continued evaluation of the Company’s corporate
governance profile and consistent with its commitment to
shareholder value creation.
Among the changes, Kingstone announced that Timothy McFadden has
been named as Lead Independent Director of the Board, effective
March 8, 2023. Mr. McFadden joined the Board as an independent
director in 2018 and brings more than 30 years of experience in the
insurance industry.
“Tim’s outstanding record of leadership in the industry makes
him a strong choice for this role,” said Barry Goldstein,
Kingstone's Chairman and Chief Executive Officer. “He has been a
critical voice in our boardroom since he first joined more than
four years ago, and I am confident he will provide exceptional
oversight to the Board and our leadership team.”
The Company also announced the establishment of a Corporate
Sustainability and Risk Management Committee of the Board. This
Committee will be responsible for oversight of environmental,
social and governance issues, cybersecurity, reinsurance, and
talent acquisition and development. The Corporate Sustainability
and Risk Management Committee will be comprised of three
independent directors, Mr. McFadden (Chair), William Yankus and
Carla D’Andre.
The Company further announced that the Compensation Committee of
the Board and the Finance Committee of the Board have been combined
to form the Board’s Compensation and Finance Committee, comprised
of Mr. Yankus (Chair), Ms. D’Andre, and Floyd Tupper. The
Nominating and Governance Committee of the Board will now be
chaired by Ms. D'Andre, with Messrs. McFadden and Tupper serving as
members.
“I am honored to serve as Lead Independent Director of
Kingstone’s Board of Directors and be a part of furthering the
Company’s commitment to best corporate governance practices,” said
Mr. McFadden. “The announced changes are designed to ensure
Kingstone has a robust governance structure in place to support
strategic initiatives and long-term growth for the benefit of all
our shareholders.”
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 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
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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