Business
Kingstone Announces 2022 First Quarter Financial Results
KINGSTON, NY / ACCESSWIRE / May 12, 2022 / 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 12, 2022 / 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, 2022. The Company will host a conference call for analysts and investors on May 13, 2022, at 8:30 a.m. Eastern Time, as previously announced on April 7, 2022.2022 First Quarter Financial and Operational Highlights(All results are compared to prior year quarterly period unless otherwise noted)Operating loss per share1 of $(0.54) compared to $(0.25)Catastrophe loss per share impact of $(0.19) compared to $(0.02)Unrealized losses on equity securities and other investments, net of tax of $(0.34) compared to unrealized gains of $0.14Realized gains on investments, net of tax of $0.01 and $0.08Net loss per share of $(0.87) compared to $(0.03)Direct written premiums1 grew by 12.7% to $43.0 millionNet premiums earned decreased 22.9% to $26.7 million due to the inception of a 30% personal lines quota share treaty on December 30, 2021Net loss ratio of 86% compared to 65.2% due to heavier catastrophe losses and higher winter water lossesNet underwriting expense ratio decreased to 38.5% from 42.0%Net combined ratio increased to 124.5% from 107.2% driven by an increase in catastrophe and other winter related lossesKingstone's \"Select\" products are now live in states representing 85% of total premiumAnnual Meeting of StockholdersThe Company also announced that the 2022 Annual Meeting of Stockholders will be held on Thursday, August 11, 2022 at 9:00 A.M. at 15 Joys Lane, Kingston, New York. Stockholders of record as of the close of business on June 18, 2022 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:\"Our first quarter operating results reflect a typical first quarter for Kingstone. Our Northeast business, with insured properties from Massachusetts to New Jersey, is seasonally impacted by cold winter weather, and we posted an underwriting loss in Q1 as in prior years. Thi...