Kingstone Announces Estimated First Quarter Catastrophe Losses, Kingstone Declares Quarterly Dividend of $0.04 Per Share

Rhea-AI Summary

Kingstone Companies (NASDAQ: KINS) announced an estimated net pre-tax catastrophe loss of $2.59 million for Q1 2022, translating to $2.05 million after-tax, attributed to four separate events. The losses are based on preliminary data and remain subject to change, reflecting potential risks as noted in SEC filings. Additionally, the company declared a common stock dividend of $0.04 per share, payable on June 15, 2022, to shareholders of record as of May 31, 2022.

Positive

• Dividend of $0.04 per share declared, demonstrating shareholder return and company confidence.

Negative

• Estimated pre-tax catastrophe losses of $2.59 million in Q1 2022 could strain financial resources.

KINGSTON, NY / ACCESSWIRE / May 2, 2022 / Kingstone Companies, Inc. (NASDAQ:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, today announced that Kingstone Insurance Company, its wholly-owned subsidiary, estimates net unaudited pre-tax catastrophe losses for the first quarter of 2022 of $2.59 million ($2.05 million after-tax). Catastrophe losses for the quarter comprised four events.

The estimated unaudited losses indicated above are based on information available as of May 2, 2022 and management's initial review of operations for the first quarter. They remain subject to change based on management's ongoing review of the Company's first quarter results and are forward-looking statements (see "Forward-Looking Statements" below). Kingstone assumes no obligation to update these statements. The actual losses may be materially different and are affected by the risk factors and uncertainties identified in Kingstone's annual and quarterly filings with the Securities and Exchange Commission.

Kingstone also announced today that its Board of Directors has declared a common stock dividend of $0.04 per share. The dividend is payable on June 15, 2022 to holders of record as of May 31, 2022.

Financial information, including material announcements about Kingstone Companies, is routinely posted on www.kingstonecompanies.com.

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 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.

Forward-Looking Statements

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 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.

CONTACT:

Kingstone Companies, Inc.

Amanda M. Goldstein
Investor Relations Director
(516) 960-1319

SOURCE: Kingstone Companies, Inc.

View source version on accesswire.com:
https://www.accesswire.com/699579/Kingstone-Announces-Estimated-First-Quarter-Catastrophe-Losses-Kingstone-Declares-Quarterly-Dividend-of-004-Per-Share

FAQ

What are the estimated catastrophe losses for Kingstone in Q1 2022?

Kingstone estimates pre-tax catastrophe losses of $2.59 million for Q1 2022.

When will Kingstone pay its dividend?

The dividend will be payable on June 15, 2022.

What is the amount of Kingstone's declared dividend?

The declared dividend is $0.04 per share.

Who is eligible for the Kingstone dividend payment?

Shareholders on record as of May 31, 2022, are eligible for the dividend payment.