By Michael Loney

April 14 - (The Insurer) - U.S. regional insurer Kingstone Companies has entered into an agreement to offer replacement policies to selected AmGuard downstate New York homeowners policyholders in a transaction encompassing $70 million in written premium.

Kingstone said that transaction, which is for policyholders with effective dates starting in the third quarter of 2025, comes as AmGUARD pivots its focus away from admitted personal lines business.

AmGuard's withdrawal plan, which includes the Kingstone transaction, is pending approval by the New York Department of Financial Services.

Kingstone CEO Meryl Golden said the transaction will further increase the Northeast regional carrier’s footprint in downstate New York.

“This transaction will be handled in a similar manner to the withdrawal of several other carriers last year, except that we will be streamlining the process by providing a quote for eligible policyholders to our producers,” she said.

Golden in August last year said Kingstone had an “amazing opportunity” to grow New York homeowners direct premiums after Adirondack Insurance Exchange, Mountain Valley Indemnity Company and AmGuard announced they were exiting the business.

AmGuard is a wholly owned subsidiary of WestGuard Insurance Company, which is part of Berkshire Hathaway’s Berkshire Hathaway.

"GUARD is rapidly becoming the leading small business insurer and laser-focused on our commercial insurance products,” said AmGuard CEO Adam Edelstein. “As a result, we have decided to cease writing admitted homeowners business nationwide.”

AmGuard began the process of withdrawing from the U.S. personal lines market nationwide in July last year.