Business
Kingstone Announces 2021 Third Quarter Financial Results Board Declares Quarterly Dividend
KINGSTON, NY / ACCESSWIRE / November 11, 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 / November 11, 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 September 30, 2021. The Company will host a conference call for analysts and investors on November 12, 2021, at 8:30 a.m. Eastern Time, as previously announced on October 13, 2021.2021 Third Quarter Financial and Operational Highlights(All results are compared to prior year quarterly period unless otherwise noted)Loss per share of $(1.01) compared to $(0.12); Operating loss per share1 of ($1.02) compared to $(0.27)Book value per share of $7.43 down 12.8% from the prior quarterDirect written premiums1 grew by 6.8% to $48.9 millionNet premiums earned increased 33.7% to $36.8 millionNet combined ratio increased to 136.4% from 111.9% driven by an increase in the net loss ratio to 97.1% from 73.1%.Net investment income increased 12.2% to $1.7 millionPortfolio realignment increases credit quality and maintains limited duration profile88,329 shares repurchased during Q3. Total return to shareholders during Q3 including dividends of $1.4 million or 1.6% of the prior quarter's shareholders' equity.Quarterly 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, 2021 to stockholders of record at the close of business on November 30, 2021.1 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:\"Along with every other shareholder I am disappointed in the results. Even with weather being outside of our control, never before had there been a single calendar quarter with three separate storms each resulting in more than $1 million of loss. These Catastrophe losses and loss adjustment expenses added 33 points to our combined ratio this quarter. Our core losses were higher than expected as well, much of which I believe is a Covid-19 impact.We are a business that's been around, collected premiums and paid claims since 1886. We report here on our history, but as a...