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Kingstone Announces 2020 First Quarter Financial Results
Company to Host Conference Call on May 8, 2020 at 8:30 a.m. ET KINGSTON, N.Y.--(BUSINESS WIRE)-- Kingstone Companies, Inc. (Nasdaq: KINS) (the “Company” or
About this update from Kingstone Companies, Inc
[{"type":"text","content":"\nCompany to Host Conference Call on May 8, 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 ended March 31, 2020.\n\n\nFinancial and Operational Highlights\n\n\n2020 First Quarter\n\n\n(All results are compared to prior year period unless otherwise noted)\n\n\n\nDirect written premiums1 from personal lines grew by 14.4%; Direct written premiums1, including commercial liability lines in run off, decreased by 2.1%\n\n\nNet premiums earned from personal lines grew by 3.5% (following the Company having entered into in December 2019 a 25% Personal Lines Quota Share treaty); Net premiums earned, including commercial liability lines in run off, decreased 9.0% to $26.9 million\n\n\nNet loss ratio, excluding commercial liability lines in run off, of 55.9% compared to 86.4%; Net loss ratio, including commercial liability lines in run off, of 60.8% compared to 98.4%\n\n\nNet combined ratio of 100.1% compared to 136.9%\n\n\nNet investment income increased 2.6% to $1.7 million\n\n\nNet operating loss1 of $0.35 million, or $0.03 per diluted share, compared to $8.94 million or $0.83 per diluted share\n\n\nNet loss of $5.4 million, or $0.50 per diluted share, compared to net loss of $7.3 million, or $0.68 per diluted share\n\n\nEquity securities and other investment valuations declined by $6.7 million, or $0.49 per share net of tax; Fixed income security valuations declined by $6.7 million or $0.50 per share net of tax\n\n\nBook value per share of $7.13\n\n\n\nQuarterly Dividend of $0.04 per share\n\n\nThe Company announced that its Board of Directors declared a quarterly dividend of $0.04 per share payable on June 15, 2020 to stockholders of record at the close of business on May 29, 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 Q1 2020” (also available at www.kingstonecompanies.com).\n\n\nManagement Commentary\n\n\nBarry Goldstein, Kingstone’s Chief Executive Officer, elaborated on the Company’s results:\n\n\n...