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Kingstone Companies Inc Announces Restatement Of Report Issued On Form 10-Q For Period Ended September 30, 2012

Tuesday, 26 Feb 2013 06:06pm EST 

Kingstone Companies Inc announced that it is restating its report issued on Form 10-Q for the period ended September 30, 2012. The need to restate the financial statements resulted from an error in the calculation of earned premiums relating to the change in commercial lines reinsurance quota share from 60% to 40% effective as of July 1, 2012. The error was caused by the inclusion in revenue of earned premiums relating to such change for the three month period ended September 30, 2012 rather than over the term of the reinsurance quota share treaty from July 1, 2012 through June 30, 2013. The earned premiums erroneously included in the third quarter results, net of expenses, will be recorded over the term of the treaty. 

Company Quote

-0.15 -1.84%
26 Dec 2014