Welcome to our dedicated page for Kingstone Companies news (Ticker: KINS), a resource for investors and traders seeking the latest updates and insights on Kingstone Companies stock.
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.
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