Business
Kingstone Announces 2021 First Quarter Financial Results and Full Year 2021 Guidance
KINGSTON, NY / ACCESSWIRE / May 13, 2021 / Kingstone Companies, Inc. (NASDAQ:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty
About this update from Kingstone Companies, Inc
[{"type":"text","content":"KINGSTON, NY / ACCESSWIRE / May 13, 2021 / 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 March 31, 2021 and certain full year 2021 guidance. The Company will host a conference call for analysts and investors on May 14, 2021 at 8:30 a.m. Eastern Time, as previously announced on April 27, 2021.2021 First Quarter Financial and Operational Highlights (All results are compared to prior year period unless otherwise noted)Loss per share of ($0.03) compared to ($0.50); Operating loss per share1 of ($0.25) compared to ($0.03)Direct written premiums1 from personal lines grew by 5%; Total direct written premiums1 grew by 3.9%Net premiums earned from personal lines grew by 45% following the Company's exit from its 25% personal lines quota share treaty in December 2020; Total net premiums earned increased 28.4% to $34.6 millionNet combined ratio increased to 107.2% from 99.9% driven by an increase in the net loss ratio to 65.2% from 60.8%Net investment income increased 7.0% to $1.8 millionRealized gains increased to $1.1 million compared to $0.3 million and unrealized gains on equity securities increased to $1.8 million compared to an unrealized loss of $6.7 millionBook value per share of $8.34Annual Meeting of StockholdersThe Company also announced that the 2021 Annual Meeting of Stockholders will be held on Tuesday, August 10, 2021 at 9:00 A.M. at 15 Joys Lane, Kingston, New York. Stockholders of record as of the close of business on June 17, 2021 will be entitled to vote at the Annual Meeting.1 These measures are not based on accounting principles generally accepted in the United States (\"GAAP\") and are defined and reconciled below to the most directly comparable GAAP measures.Management CommentaryBarry Goldstein, Kingstone's Chief Executive Officer, elaborated on the Company's results:\"What a difference a year makes. Last year at this time, we were all in lockdown, new to remote work, and fearful about what this pandemic would mean for the health of our families and friends, our businesses and the global economy. While this is far from over, those lucky enough to live in the US and have access to vaccines are seeing better days ahead. Our hearts go out to all who have been or a...