Kingstone Announces 2020 Second Quarter Financial Results

About this update from Kingstone Companies, Inc

[{"type":"text","content":"\nCompany to Host Conference Call on August 7, 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 June 30, 2020.\n\n\nFinancial and Operational Highlights\n2020 Second Quarter\n(All results are compared to prior year period unless otherwise noted)\n\n\n\nDirect written premiums1 from personal lines grew by 9.1%; Direct written premiums1, including commercial liability lines in run off, decreased by 4.8%\n\n\nNet premiums earned from personal lines decreased by 4.9% (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 14.6% to $26.6 million\n\n\nNet loss ratio, excluding commercial liability lines in run off1, of 47.1% compared to 50.5%; Net loss ratio, including commercial liability lines in run off, of 48.1% compared to 56.6%\n\n\nNet combined ratio of 87.3% compared to 94.1%\n\n\nNet investment income decreased 6.2% to $1.6 million\n\n\nNet operating income1 of $2.48 million, or $0.23 per diluted share, compared to $1.10 million, or $0.10 per diluted share\n\n\nNet income of $4.6 million, or $0.43 per diluted share, compared to net income of $1.6 million, or $0.15 per diluted share\n\n\nEquity securities and other investment valuations increased by $2.7 million, or $0.20 per share net of tax; Fixed income security valuations increased by $11.0 million, or $0.82 per share net of tax\n\n\nBook value per share of $8.40 per share, up $1.27, or 17.8%, from Q1.\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 September 15, 2020 to stockholders of record at the close of business on August 31, 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 Q2 2020” (also available at www.kingstonecompanies.com).\n\n\nManagement Commentary\n\n\nBarry Goldstein, Kingstone’s Chief Exec...

More updates from Kingstone Companies, Inc