Griffin Highline Rescinds Buyout Offer for Kingstone but Remains in Talks With Company

Investing

Published: November 16, 2022 3:03 am

Last Updated: November 16, 2022 1:08 pm

Fintel reports that Griffin Highline Capital LLC has filed a 13D/A form with the SEC disclosing ownership of 595,238 shares of Kingstone Companies Inc (KINS). This represents 5.6% of the company.

In the last filing, dated August 5, 2022, they reported owning 5.60% of the company, indicating no change in their holdings.

As previously reported, on August 2, 2022, Griffin submitted a final non-binding indication of interest to the company’s board for a buyout. In its latest filing, it said it is “no longer pursuing the proposal, and the Issuer is no longer under exclusivity with GHC; however, GHC is discussing a potential strategic transaction with the company. It plans to continue discussions with the firm.

Kingstone is a northeast regional property,y and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company (‘KICO’). KICO is a NewYork-domiciled carrier writing business through retail and wholesale agents and brokers. KICO offers primarily personal lines insurance products in New York, New Jersey, Rhode Island, Massachusetts, and Connecticut. Kingstone is also licensed in Pennsylvania, New Hampshire and Maine.

What are other large shareholders doing?

Tcw Group Inc holds 630,240 shares representing 5.92% ownership of the company. Initss prior filing, the firm reported owning 660,240 shares, representing a decrease of 4.76%. The firm decreased its portfolio allocation in KINS by 28.00% over the last quarter.

Renaissance Technologies Llc holds 368,789 shares representing 3.46% ownership of the company. Initss prior filing, the firm reported owning 398,177 shares, representing a decrease of 7.97%. The firm decreased its portfolio allocation in KINS by 25.28% over the last quarter.

Punch & Associates Investment Management, Inc. holds 345,129 shares representing 3.24% ownership. In its prior filing, the firm reported owning 423,744 shares, representing a decrease of 22.78%. The firm decreased its portfolio allocation in KINS by 45.14% over the last quarter.

ACR Alpine Capital Research, LLC holds 343,152 shares representing 3.22% ownership. In its prior filing, the firm reported owning 366,371 shares, representing a decrease of 6.77%. The firm decreased its portfolio allocation in KINS by 54.41% over the last quarter.

Gator Capital Management, LLC holds 338,695 shares representing 3.18% ownership. No change in the last quarter.

What is the overall institutional sentiment?

There are 61 funds or institutions reporting positions in Kingstone Companies Inc. This is an increase of 1 owner(s) or 1.67%. The averagee portfolio weight of all funds dedicated to Kingstone Companies Inc is 0.0429%, a decrease of 23.3517%. Total shares owned by institutions decreased in the last three months by 3.46% to 4,010,161 shares.

This article originally appeared on Fintel

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