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 (NASDAQ:KINS) reported disappointing financial results for Q3 2021, with a loss per share of $(1.01), up from $(0.12) a year prior. The net combined ratio surged to 136.4% due to catastrophe losses from three storms, adding 33 points to the ratio. Despite this, direct written premiums rose by 6.8% to $48.9 million, and net premiums earned increased by 33.7% to $36.8 million. Investment income grew by 12.2% to $1.7 million, and the company repurchased 88,329 shares. A quarterly dividend of $0.04 was declared, payable on December 15, 2021.
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.
Kingstone Companies (Nasdaq: KINS) has announced the election of Meryl Golden as the new President of Kingstone Insurance Company (KICO). Ms. Golden, previously serving as COO for two years, will oversee all operations, product management, and regulatory affairs at KICO. CEO Barry Goldstein praised her leadership and the positive impact she has made. Kingstone operates primarily in personal lines insurance across several Northeastern states, including New York and New Jersey.
Kingstone Companies (NASDAQ:KINS) reported its financial results for Q2 2021, showcasing earnings per share of $0.12, down from $0.43 a year earlier. The operating loss per share was ($0.05), contrasting with prior income of $0.23. Despite a 4.6% growth in direct written premiums, net premiums earned surged 33% to $35.4 million. The net combined ratio rose to 100.4% from 86.9%, driven by a higher net loss ratio at 58.6%. The company's book value per share improved to $8.52, with a return of $1.4 million to shareholders through repurchases and dividends.
Kingstone Companies (Nasdaq: KINS) announced estimated net pre-tax catastrophe losses for Q2 2021 of less than $100,000 from a single event. These estimates are based on initial reviews and may change. Additionally, the Board declared a common stock dividend of $0.04 per share, payable on September 15, 2021, to shareholders of record as of August 31, 2021. Kingstone primarily operates in personal lines insurance across several Northeastern states, providing stability and a return to its shareholders amid recent events.
Kingstone Companies (Nasdaq:KINS) announced the finalization of its reinsurance program for July 1, 2021, to June 30, 2022. The company secured $490.0 million in total catastrophe limit, an increase of $15.0 million from the previous year. The program includes a risk-adjusted cost decrease compared to last year. Over 50 reinsurers participated, with 10 new partners joining. CEO Barry Goldstein and COO Meryl Golden emphasized the effectiveness of recent underwriting changes aimed at managing catastrophe exposure.
Kingstone Companies (NASDAQ:KINS) has announced its 2021 Second Quarter financial results conference call set for August 13, 2021, at 8:30 a.m. Eastern Time. The earnings announcement will be released shortly after market close on August 12, 2021. Investors can join the call by phone or via a webcast, which will also be archived for 30 days. Kingstone specializes in property and casualty insurance in the Northeast, primarily focusing on personal lines in several states including New York and New Jersey.
Kingstone Companies, Inc. (NASDAQ:KINS) reported its Q1 2021 financial results, showing a loss per share of ($0.03), an improvement from ($0.50) in the prior year. Total net premiums earned rose 28.4% to $34.6 million, driven by a 45% increase in personal lines due to exiting a quota share treaty. However, the net combined ratio increased to 107.2%, driven by a rise in the net loss ratio. Net investment income grew by 7% to $1.8 million, bolstered by realized gains of $1.1 million. The company plans for 5-7% premium growth in 2021 and projects a combined ratio of 88%-92% for the year.
Kingstone Insurance Company (NASDAQ:KINS) has expanded its operations by launching personal property insurance policies in New York, utilizing WaterStreet's cloud-based policy administration platform. This strategic move follows successful implementations in Connecticut, Massachusetts, New Jersey, and Rhode Island. The initiative is part of Kingstone's Kingstone 2.0 modernization project aimed at consolidating multiple systems into a single management platform, enhancing customer experience and operational efficiency. WaterStreet's proven capabilities make it a fitting partner for Kingstone's growth.
Kingstone Companies (NASDAQ: KINS) announced an estimated net pre-tax catastrophe loss of $0.23 million for Q1 2021, translating to $0.18 million after tax, primarily due to three events. The company's Board of Directors declared a quarterly dividend of $0.04 per share, payable on June 15, 2021, to shareholders of record by May 28, 2021. Kingstone operates primarily in the Northeast, focusing on property and casualty insurance, with significant presence in New York, New Jersey, Rhode Island, Massachusetts, and Connecticut.
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