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Associated Press

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 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 Statements 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, 2023. The risks and uncertainties include, without limitation, the following: 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. 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 is actively writing personal lines and commercial auto insurance in New York, and in 2023 was the 15th largest writer of homeowners insurance in New York. KICO is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. Investor Relations Contact: Karin Daly Vice President The Equity Group Inc.