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.
Kingstone Companies (KINS) reported a net loss per share of $(0.51) for Q2 2022, a significant decline from earnings of $0.12 per share a year prior. Direct written premiums grew by 11.6% to $49.8 million. However, net premiums earned decreased by 21.3% to $27.9 million, influenced by a 30% quota share treaty. The combined ratio rose to 103.3%, driven by a loss ratio of 66.9%. The Board declared a quarterly dividend of $0.04 per share, payable on September 15, 2022. Management expressed optimism about ongoing initiatives and potential future improvements.
Kingstone Companies (Nasdaq: KINS) will announce its Q2 2022 financial results on August 11, 2022, after market close. A conference call for analysts and investors is scheduled for August 12, 2022, at 8:30 a.m. ET. Domestic callers can dial 877-407-3105, while international callers can reach 201-493-6794. The call will also be available via a webcast. Kingstone operates mainly in personal lines insurance across several northeastern states, including New York and New Jersey.
Kingstone Companies (NASDAQ: KINS) reported a first-quarter 2022 operating loss per share of $(0.54), up from $(0.25) in Q1 2021. The net loss per share surged to $(0.87), compared to $(0.03) a year earlier, owing to significant catastrophe losses and unrealized investment declines. Direct written premiums grew by 12.7% to $43.0 million, but net premiums earned fell by 22.9% to $26.7 million due to a new quota share treaty. The net combined ratio worsened to 124.5%, revealing increased losses related to severe weather events.
Kingstone Companies (Nasdaq: KINS) announced its Board of Directors received a preliminary non-binding acquisition proposal from Griffin Highline Capital LLC. The Board will evaluate the proposal to determine the best course of action for the company and its shareholders. Kingstone operates primarily in the Northeast, providing property and casualty insurance through its subsidiary, Kingstone Insurance Company, focusing on personal lines in several states. The company cautioned that forward-looking statements involve risks, including potential losses from severe weather and regulatory challenges.
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.
Kingstone Companies (NASDAQ:KINS) announced its 2022 First Quarter financial results conference call on May 13, 2022, at 8:30 a.m. ET. The earnings report will be disclosed after market close on May 12. Interested participants can access the call via a dedicated conference line or through a live webcast available here. Kingstone operates primarily in the Northeast, offering personal lines insurance across several states. This event is crucial for analysts and investors to gauge the company's performance.
Kingstone Companies announced its financial results for the fourth quarter and full year ended December 31, 2021. Q4 earnings per share were $0.21, down from $0.28. An operating loss per share of ($0.11) was reported. The full year saw a loss per share of ($0.70) compared to $0.09 earnings the prior year. Direct written premiums grew 13.2% in Q4 and 7.3% for the year. However, the net combined ratio increased to 111.5%. Management highlighted a strengthened reinsurance program to mitigate future large losses and record premium writings of $50 million in Q4.
Kingstone Companies (NASDAQ:KINS) has launched its new "Select" Homeowners and Dwelling Fire Products in New York, marking a key step in its "Kingstone 2.0" three-year plan. This modern suite aims to better align rates with risks, enhancing profitability through refined segmentation and analytics. The products are set to roll out in additional states, pending approval. Meryl Golden, President of Kingstone Insurance Company, expressed confidence in the initiative's potential to boost profitability, thanks to partnerships with various stakeholders.
Kingstone Companies (NASDAQ: KINS) reported estimated net pre-tax catastrophe losses of $1.75 million for Q4 2021, amounting to $1.40 million after tax, primarily from two events. Additionally, the Board of Directors declared a quarterly dividend of $0.04 per share, payable on March 15, 2022, to shareholders of record as of February 28, 2022. For more financial information, visit Kingstone's website.
Kingstone Companies (NASDAQ:KINS) announced a financial results conference call scheduled for March 11, 2022, to discuss its Q4 and Full Year 2021 results. The earnings announcement will be released after market close on March 10. Additionally, Kingstone Insurance Company finalized a new 30% personal lines quota share treaty effective until December 31, 2022, reducing its catastrophe retention from $10.0 million to $7.4 million. This move is expected to increase statutory surplus, benefiting written premium growth as the company enters 2022.
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