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Kingstone Companies, Inc. (NASDAQ: KINS) is a leading regional property and casualty insurance holding company headquartered in Kingston, New York. Founded in 1886, Kingstone operates primarily through its principal subsidiary, Kingstone Insurance Company, Inc. (KICO), which specializes in offering insurance products to small and mid-sized businesses and individuals.
Kingstone Insurance Company distributes its products exclusively through a network of select independent producers. The company has earned significant acclaim, being ranked #1 out of 81 insurers by the Professional Insurance Agents Association in the 2010 company performance survey. This recognition underscores Kingstone's commitment to excellence and customer satisfaction.
In addition to KICO, Kingstone Companies, Inc. is also the parent of Payments, Inc., a New York State-licensed insurance premium finance company. The company's multi-line insurance offerings cater to a diverse clientele, focusing on personal lines and commercial auto insurance predominantly in New York. KICO also extends its services to New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine.
Recent Developments:
- Kingstone Companies, Inc. recently announced a return to profitability in the fourth quarter of 2023, marking a significant turnaround for the company. The company's strategic initiatives and reduced catastrophe losses have contributed to an 800 basis-point improvement in the combined ratio for the full year.
- Kingstone has formed a partnership with Zojacks, a technology company specializing in water leak detection solutions. This collaboration aims to offer enhanced protection to policyholders, helping them mitigate risks associated with water-related claims.
- The company has also extended the term of Chief Executive Officer Meryl Golden's employment agreement through December 31, 2026. Ms. Golden's strategic leadership has been pivotal in driving Kingstone's recent success.
- Kingstone announced its inclusion in the Russell Microcap® Index, enhancing its equity profile and supporting efforts to expand the base of institutional investors.
Financial Outlook:
Kingstone expects to report a continuation of profitable performance in 2024, with significant growth in core business premiums. The company has also raised its guidance for the year, anticipating strong underwriting results and continued expansion in its core New York market.
Kingstone's quarterly and annual financial results can be accessed via webcast through the company's website. The company remains committed to transparency and providing value to its stakeholders through a combination of strategic growth initiatives and financial prudence.
Kingstone has announced significant savings on its 2024/2025 catastrophe reinsurance treaty. The company secured $275 million in catastrophe coverage and lowered its first event retention to $5 million. The reinsurance cost was reduced to 14% of projected direct premiums earned, down from 19% the previous year. This reduction translates to a $6 million cost savings and an improvement in projected full-year earnings by $0.21 per share. These savings will be reflected in Q3 and Q4 2024 results. Kingstone also reported over 20% premium growth in its Core New York State business, boosted by adjusted underwriting guidelines and better-than-expected reinsurance pricing.
Kingstone Companies, a property and casualty insurance holding company, has announced the appointment of Thomas Newgarden to its Board of Directors. CEO Meryl Golden emphasized Newgarden's extensive experience in insurance operations, particularly in underwriting and product development, as well as his knowledge of the Insurtech landscape, will enhance Kingstone's product offerings and operational efficiency. Newgarden expressed his enthusiasm for contributing to the company's long-term profitability and shareholder value.
Kingstone Insurance Company (Nasdaq:KINS) announced an agreement with ClaimTouch Analytics Inc. to enhance its contents claims management using AI, machine learning, and big data. This partnership aims to improve the accuracy and speed of claim resolutions, making the process more efficient for both customers and Kingstone's Claims team. Dave Fernandez, Chief Claims Officer of Kingstone, emphasized the benefits of this collaboration in transforming the customer experience. ClaimTouch's CEO, Mick Noland, expressed excitement about modernizing a traditionally overlooked area in the insurance industry.
Kingstone Companies (Nasdaq: KINS) announced that its 2024 Annual Meeting of Stockholders will be held on August 7, 2024, at 15 Joys Lane, Kingston, New York. The meeting will start at 9:00 a.m. ET. Stockholders who are on record as of June 14, 2024, will be eligible to vote. The company will send out notices by June 27, 2024.
Kingstone Companies, a Northeast regional property and casualty insurance holding company, announced its inclusion in the Russell Microcap Index, effective July 1, 2024. This follows the annual reconstitution of the Russell U.S. Indexes, which ranks the 4,000 largest U.S. stocks by market capitalization as of April 30, 2024. Kingstone's CEO, Meryl Golden, highlighted this milestone as a significant progress marker, enhancing the company's equity profile and liquidity.
The Russell Microcap Index membership lasts for one year and includes automatic inclusion in the relevant growth and value style indexes. This is expected to expand Kingstone's base of institutional investors and provide better liquidity for current stockholders. FTSE Russell, the index provider, is well-recognized by investment managers and institutional investors globally for index funds and benchmarks.
Kingstone Companies reported a notable first quarter performance in 2024, achieving the highest first quarter profitability in seven years. Key highlights include a 12.5% increase in direct premiums written for its Core Business, a 30-point improvement in the combined ratio to 93.3%, and a net income of $1.427 million compared to a net loss of $5.055 million in the same quarter of 2023. The company also raised its 2024 guidance, forecasting a Core Business premium growth of 16%-20% and a net income per share of $0.75 to $1.10. CEO Meryl Golden attributed the success to strategic initiatives and favorable weather conditions.
Kingstone Companies, Inc. (Nasdaq:KINS) reported certain preliminary financial results for Q1 2024, showing a profitable performance with a focus on its core business in New York. The company saw an increase in net premiums earned driven by renewal rate achievement in core business, while non-core business saw a decline. There was a significant reduction in non-core policies-in-force and improvement in consolidated GAAP combined ratio and catastrophe loss ratio. The company will hold a conference call on May 14, 2024, to discuss the results.
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