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Kingstone Cos. starts common stock offering

Kingstone Cos. Inc. started an underwritten public offering of 2,950,000 common shares.

The company is offering 2,500,000 common shares, while selling shareholders are offering an additional 450,000 common shares.

The underwriters will have a 30-day option to purchase up to an aggregate of 192,500 additional common shares from Kingstone and 250,000 common shares from selling shareholders.

Kingstone plans to use the net proceeds from the offering to contribute capital to Kingstone Insurance Co. to support its ratings upgrade plan and additional growth, and for general corporate purposes.

Sandler O'Neill & Partners LP is the book-running manager for the offering. Compass Point Research & Trading LLC and Boenning & Scattergood Inc. are co-managers of the offering.