Business
Kingstone Announces 2021 Second Quarter Financial Results
KINGSTON, NY / ACCESSWIRE / August 12, 2021 / Kingstone Companies, Inc. (NASDAQ:KINS) (the "Company" or "Kingstone"), a Northeast regional property and
About this update from Kingstone Companies, Inc
[{"type":"text","content":"KINGSTON, NY / ACCESSWIRE / August 12, 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 June 30, 2021. The Company will host a conference call for analysts and investors on August 13, 2021 at 8:30 a.m. Eastern Time, as previously announced on July 7, 2021.2021 Second Quarter Financial and Operational Highlights(All results are compared to prior year quarterly period unless otherwise noted)Earnings per share of $0.12 compared to $0.43; Operating (loss) per share1 of ($0.05) compared to income of $0.23Direct written premiums1 grew by 4.6%Net premiums earned increased 33.0% to $35.4 millionNet combined ratio increased to 100.4% from 86.9% driven by an increase in the net loss ratio to 58.6% from 48.1%. This increase of 10.5 percentage points is driven by an increase in the number of personal property liability claims, adding 8 percentage points and physical damage claims adding 1.5 percentage points. Other changes added 1 percentage point.Net investment income increased 4.1% to $1.7 millionRealized gains increased to $0.7 million compared to break even and unrealized gains on equity securities decreased to $1.6 million compared to $2.7 millionBook value per share of $8.52 up 2.2% from the prior quarter.120,550 shares repurchased during Q2 at an average cost per share of $8.07. Total return to shareholders during Q2 of $1.4 million or 1.6% of the prior quarter's shareholders' equity.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:\"While not yet evident in our top line results, Kingstone's market position is changing, we are gaining market share and doing so without compromising our strict underwriting standards. Over the past few months, our competitors have started to take many of the same restrictive actions that we initiated almost two years ago which slowed our growth markedly. The result is an over 30% increase in personal lines quotes versus Q2 last year and a 16% increase in new business policies bound by our Select...