Kingstone Announces Estimated Third Quarter Catastrophe Losses And Schedules Third Quarter Investor Conference Call

Rhea-AI Summary

Kingstone Companies (NASDAQ:KINS) announced estimated net pre-tax catastrophe losses for Q3 2021 ranging from $9.6 million to $12.6 million, attributed to five events, including three named storms. The after-tax losses are projected between $7.6 million and $10.0 million. The company will host a conference call on November 12, 2021, at 8:30 a.m. ET, to discuss its financial results. Kingstone operates as a property and casualty insurance holding company primarily in the Northeast.

Positive

• Company held a conference call to discuss Q3 results, enhancing transparency.
• Continued operations in multiple states, indicating a solid market presence.

Negative

• Estimated catastrophe losses of $9.6 million to $12.6 million may impact financial stability.
• No anticipated reinsurance recovery for the catastrophe losses could strain resources.

KINGSTON, NY / ACCESSWIRE / October 13, 2021 / Kingstone Companies, Inc. (NASDAQ:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, today announced that Kingstone Insurance Company ("KICO"), its wholly-owned subsidiary, estimates a range of net pre-tax catastrophe losses for the third quarter 2021 of $9.6 million to $12.6 million. Catastrophe losses for the quarter comprised 5 events (3 named storms) none of which we anticipate will result in a catastrophe reinsurance recovery. Catastrophe losses after-tax are estimated at $7.6 million to $10.0 million.

The Company also announced today that it will hold its 2021 Third Quarter financial results conference call for analysts and investors on Friday, November 12, 2021 at 8:30 a.m. Eastern Time. The earnings announcement is scheduled for release shortly after the stock markets close on the previous day, November 11, 2021.

The details of the conference call and webcast are as follows:
Date: Friday, November 12, 2021
Time: 8:30 a.m. Eastern Time

Access by conference call:
Domestic callers: 877-407-3105
International callers: 201-493-6794

Access by webcast:
The call will be simultaneously webcast over the internet and can be accessed via the following: link fifteen minutes prior to call: Kingstone Q3 2021 Financial Results Conference Call
The webcast will be archived and accessible for approximately 30 days.
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
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020 under "Factors That May Affect Future Results and Financial Condition" and Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended June 30, 2021 filed with the Securities and Exchange Commission. Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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/667853/Kingstone-Announces-Estimated-Third-Quarter-Catastrophe-Losses-And-Schedules-Third-Quarter-Investor-Conference-Call

FAQ

What are the estimated net pre-tax catastrophe losses for Kingstone (KINS) in Q3 2021?

The estimated net pre-tax catastrophe losses range from $9.6 million to $12.6 million.

When will Kingstone (KINS) announce its Q3 2021 earnings results?

Kingstone will announce its Q3 2021 earnings results on November 11, 2021.

What is the date and time of Kingstone's (KINS) Q3 earnings conference call?

The Q3 earnings conference call is scheduled for November 12, 2021, at 8:30 a.m. Eastern Time.

How many events contributed to Kingstone's (KINS) estimated catastrophe losses?

The estimated catastrophe losses were attributed to five events, including three named storms.

Will Kingstone (KINS) receive any catastrophe reinsurance recovery for the losses?

No, the company does not anticipate any catastrophe reinsurance recovery for the reported losses.