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Kingstone Announces 2022 Fourth Quarter and Full Year Financial Results
Company Sets Annual Shareholder Meeting Date KINGSTON, N.Y.--(BUSINESS WIRE)-- Kingstone Companies, Inc. (Nasdaq: KINS) (the “Company” or “Kingstone”), a
About this update from Kingstone Companies, Inc
[{"type":"text","content":"\nCompany Sets Annual Shareholder Meeting Date\n\n KINGSTON, N.Y.--(BUSINESS WIRE)--\nKingstone 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 and year ended December 31, 2022. The Company will host a conference call for analysts and investors on March 31, 2023, at 8:30 a.m. Eastern Time, as previously announced on January 24, 2023.\n\nAnnual Meeting of Stockholders\n\nThe Company also announced that the 2023 Annual Meeting of Stockholders will be held on Wednesday, August 9, 2023 at 9:00 A.M. at 15 Joys Lane, Kingston, New York. Stockholders of record as of the close of business on June 15, 2023 will be entitled to vote at the Annual Meeting.\n\nFinancial and Operational Highlights\n2022 Fourth Quarter\n(All results are compared to prior year quarterly period unless otherwise noted)\n\n\nLoss per share of $(0.37) compared to earnings per share of $0.21; net operating loss per share1 of $(0.36) compared to $(0.11). Losses attributable to late December Winter Storm Elliot were $(0.13) per share\n\n\nBook value per share of $3.38, down 7.4% from the prior quarter. Book value per share excluding Accumulated Other Comprehensive (Loss)1 was $4.87\n\n\nDirect written premiums1 grew by 7.7% to $53.9 million\n\n\nNet premiums earned decreased 17.8% to $30.4 million driven by the 30% personal lines quota share treaty\n\n\nNet combined ratio increased to 113.9% from 101.3%\n\n\nNet loss ratio was 81.3%, up from 61.8%. Winter Storm Elliot added 13.1 percentage points and prior year loss development1 added 6.5 percentage points\n\n\nNet expense ratio decreased to 32.6% from 39.5%\n\n\nNet combined ratio excluding catastrophes and prior year loss development1 was 93.8% compared to 94.5%\n\n\nNo shares repurchased during Q4\n\n\n2022 Full Year\n(All results are compared to prior year period unless otherwise noted)\n\n\nLoss per share of $(2.12) compared to loss per share of $(0.70); net operating loss per share1 of $(1.42) compared to $(1.43)\n\n\nBook value per share of $3.38, down 53.2% from the prior year\n\n\nRealized and unrealized losses resulted in a decline in book value of $0.70 per share\n\n\nDirect written premiums1 grew by 10.8% to $201.2 million\n\n\nNet premiums earned decreased 20.5% to $11...