Investment Banking - Kingstone Companies, Inc.

Transactions | Insurance

Client: Kingstone Companies, Inc.
Industry: Insurance
Transaction Type: Common Stock
Role: Co-Manager

  • Kingstone Companies, Inc. (NASDAQ: KINS) is a property and casualty insurance holding company whose principal operating subsidiary, Kingstone Insurance Company, is a property and casualty insurance company writing exclusively through independent retail and wholesale agents and brokers. Kingstone is licensed to write insurance policies in New York, New Jersey, Pennsylvania, Connecticut, Texas and Rhode Island.
  • KINS had total equity of $56.7 million and generated $75 million in revenue for the last twelve months ended September 30, 2016.  Its market capitalization prior to the offering was approximately $100 million.
  • The Company had revenue growth in excess of 20% per annum over the previous five years and EPS growth at a 69% cumulative annual rate since 2012.
  • On January 26, the company priced an offering of 2.95 million shares of common stock at $12.00 per share for total gross proceeds of $35.4 million.  The Company offered 2.5 million shares and selling shareholders offered 450,000 shares.
  • The expected use of proceeds from the offering is to support its effort to upgrade its A.M. Best rating, enable additional growth, and for general corporate purposes.
  • Boenning served as a co-manager in the Transaction.