Business
Kingstone Announces 2019 Fourth Quarter and Full Year Financial Results
Solid Reserving in 2019 leads the Pivot to Fourth Quarter Profitability Company to Host Conference Call on March 12, 2020 at 8:30 a.m. ET KINGSTON,
About this update from Kingstone Companies, Inc
[{"type":"text","content":"\nSolid Reserving in 2019 leads the Pivot to Fourth Quarter Profitability\n\n\nCompany to Host Conference Call on March 12, 2020 at 8:30 a.m. ET\n\n KINGSTON, N.Y.--(BUSINESS WIRE)--\nKingstone Companies, Inc. (Nasdaq: KINS) (the “Company” or “Kingstone”), a Northeast regional property and casualty insurance holding company, today announced its financial results for the quarter and year ended December 31, 2019.\n\n\nFinancial and Operational Highlights\n\n\n2019 Fourth Quarter \n\n\n(All results are compared to prior year period unless otherwise noted)\n\n\n\nDirect written premiums1 increased 8.4%; personal lines grew by 23.8%\n\n\nNet premiums earned increased 12.7% to $32.6 million\n\n\nNet investment income increased 1.6% to $1.7 million\n\n\nNet loss ratio of 57.0% compared to 57.2%\n\n\nUnderlying net loss ratio excluding Commercial Lines1 of 54.7% compared to 52.4%\n\n\nNet combined ratio of 96.0% compared to 96.4%.\n\n\nNet income of $1.5 million or $0.13 per diluted share\n\n\nNet operating income1 of $0.8 million or $0.07 per diluted share\n\n\nBook value per share of $8.17\n\n\nReturn on average common equity of 6.7%\n\n\n\n2019 Full Year \n\n\n(All results are compared to prior year unless otherwise noted)\n\n\n\nDirect written premiums1 increased 16.7% to $171.2 million; personal lines grew by 25.0%\n\n\nNet premiums earned increased 23.4% to $127.6 million\n\n\nNet investment income increased 11.0% to $6.9 million\n\n\nNet loss ratio of 70.7% compared to 56.4%.\n\n\nUnderlying net loss ratio excluding Commercial Lines1 of 53.1% compared to 48.0%\n\n\nNet combined ratio of 108.8% compared to 94.8%.\n\n\nNet loss of $6.0 million or $0.55 per diluted share\n\n\nNet operating loss1 of $9.6 million or $0.89 per diluted share\n\n\n\nQuarterly Dividend of $0.0625 per share\n\n\nThe Company announced that its Board of Directors declared a quarterly dividend of $0.0625 per share payable on March 13, 2020 to stockholders of record at the close of business on February 28, 2020.\n\n\n____________________\n1 These measures are not based on accounting principles generally accepted in the United States (“GAAP”) and are defined and reconciled to the most directly comparable GAAP measures in Form 8-K Exhibit 99.2 “Additional Financial Information for Q4 2019” (also available at www.kingstonecompanies.com).\n\n\nManagement Commentar...