RenaissanceRe Ventures, a subsidiary of Bermuda-based reinsurer RenaissanceRe, has purchased 595,238 newly issued shares of common stock in property/casualty insurer Kingstone Companies.
The purchase was made in a private placement. The new common shares were sold to RenaissanceRe at a price of $8.40 per share.
Kingstone received net proceeds of approximately $4.9 million from the private placement. The company intends to use the net proceeds of the offering to support the continued growth of its wholly-owned subsidiary, Kingstone Insurance Company, and for general corporate purposes.
Barry Goldstein, chairman and chief executive officer of Kingstone, said: “We are pleased to have RenaissanceRe make this investment in the company. The addition of this capital puts us in an excellent position to continue the profitable growth and expansion of Kingstone.”