Business
Kingstone Announces 2020 Third Quarter Financial Results
Company to Host Conference Call on November 9, 2020 at 8:30 a.m. ETKINGSTON, NY / ACCESSWIRE / November 6, 2020 / Kingstone Companies, Inc. (Nasdaq:KINS) (the
About this update from Kingstone Companies, Inc
[{"type":"text","content":"Company to Host Conference Call on November 9, 2020 at 8:30 a.m. ETKINGSTON, NY / ACCESSWIRE / November 6, 2020 / Kingstone 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 September 30, 2020.Financial and Operational Highlights 2020 Third Quarter (All results are compared to prior year period unless otherwise noted)Catastrophes, primarily Tropical Storm Isaias, added 31.5% to net loss ratio for the quarter; Net combined ratio excluding the impact of catastrophes1 was 80.4%Direct written premiums1 from personal lines grew by 6.4%; Direct written premiums1 including commercial liability lines in run off decreased by 0.6%Net loss ratio excluding commercial lines in run off and catastrophe losses1 of 42.1% compared to 53.5%Net operating income (loss) exclusive of catastrophe losses1 per diluted share of $0.54 compared to $(.19)Book value per share of $8.37 down $0.03 from Q2 after $0.64 per share impact from catastrophes 1Quarterly Dividend of $0.04 per shareThe Company announced that its Board of Directors declared a quarterly dividend of $0.04 per share payable on December 15, 2020 to stockholders of record at the close of business on November 30, 2020.1 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 Q3 2020\" (also available at www.kingstonecompanies.com).Management CommentaryBarry Goldstein, Kingstone's Chief Executive Officer, elaborated on the Company's results:\"Our third quarter's results demonstrate the progress we've made and the resilience of our company. As we announced on October 7th, losses and loss adjustment expenses incurred attributable to Tropical Storm Isaias were sizeable and the most since Superstorm Sandy in 2012. It led to a full catastrophe retention ($8.125 million pre-tax) being absorbed by Kingstone in the third quarter. Isaias drove our quarterly combined ratio to a very poor 111.9%. Peel back the onion just one layer and you'll find that, by itself, Isaias' loss and loss adjustment expense added 29.5 points to the combined ratio.Apart from catastrophes, we posted...