Kingstone Set to Join Russell Microcap(R) Index
Rhea-AI Summary
Kingstone Companies, a Northeast regional property and casualty insurance holding company, announced its inclusion in the Russell Microcap Index, effective July 1, 2024. This follows the annual reconstitution of the Russell U.S. Indexes, which ranks the 4,000 largest U.S. stocks by market capitalization as of April 30, 2024. Kingstone's CEO, Meryl Golden, highlighted this milestone as a significant progress marker, enhancing the company's equity profile and liquidity.
The Russell Microcap Index membership lasts for one year and includes automatic inclusion in the relevant growth and value style indexes. This is expected to expand Kingstone's base of institutional investors and provide better liquidity for current stockholders. FTSE Russell, the index provider, is well-recognized by investment managers and institutional investors globally for index funds and benchmarks.
Positive
- Inclusion in the Russell Microcap Index starting July 1, 2024.
- Automatic inclusion in relevant growth and value style indexes.
- Expected to enhance the company's equity profile.
- Potential to expand the base of institutional investors.
- Greater liquidity for existing stockholders.
Negative
- Membership in the Russell Microcap Index is valid only for one year.
- Performance in the index depends on maintaining market capitalization and style attributes.
News Market Reaction – KINS
On the day this news was published, KINS gained 3.13%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
KINGSTON, NY / ACCESSWIRE / May 28, 2024 / Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, is set to join the Russell Microcap® Index at the conclusion of the 2024 Russell U.S. Indexes annual reconstitution, effective at the open of U.S. equity markets on Monday, July 1, 2024, according to a preliminary list of additions posted on Friday, May 24, 2024.
The annual Russell U.S. Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30, 2024, ranking them by total market capitalization. Membership in the Russell Microcap® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.
Meryl Golden, Chief Executive Officer of Kingstone, stated, "Joining the Russell Microcap® Index is an important milestone for Kingstone, and a reflection of the significant progress in our journey. We believe that this addition will enhance the Company's equity profile and support our efforts in expanding our existing base of institutional investors while also providing greater liquidity for existing stockholders."
Russell indexes are part of FTSE Russell, a leading global index provider and are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective market-capitalization rankings and style attributes.
For more information on the Russell Microcap® Index and the Russell indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.
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 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.
kdaly@equityny.com
SOURCE: Kingstone Companies, Inc
View the original press release on accesswire.com
FAQ
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