Business
Kingstone Announces 2022 Second Quarter Financial Results
-Board Declares Quarterly Dividend -Provides Business UpdateKINGSTON, NY / ACCESSWIRE / August 11, 2022 / Kingstone Companies, Inc. (Nasdaq:KINS) (the
About this update from Kingstone Companies, Inc
[{"type":"text","content":"-Board Declares Quarterly Dividend -Provides Business UpdateKINGSTON, NY / ACCESSWIRE / August 11, 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 June 30, 2022. The Company will host a conference call for analysts and investors on August 12, 2022, at 8:30 a.m. Eastern Time, as previously announced on July 6, 2022.2022 Second Quarter Financial and Operational Highlights(All results are compared to prior year quarterly period unless otherwise noted)Operating loss per share1 of $(0.17) compared to $(0.05)Unrealized losses on equity securities and other investments, net of tax of $(0.31) per share compared to unrealized gains of $0.12 per shareRealized losses on investments, net of tax of $(0.02) per share compared to realized gains of $0.05 per shareDecrease to Accumulated Other Comprehensive Loss of $6.0 million or ($0.57) per shareNet loss per share of $(0.51) compared to earnings per share of $0.12Book value per share of $4.42Direct written premiums1 grew by 11.6% to $49.8 millionNet premiums earned decreased 21.3% to $27.9 million due to the inception of a 30% personal lines quota share treaty on December 30, 2021Net loss ratio of 66.9% compared to 58.6% due non-weather related water damage property claims and elevated fire severityNet underwriting expense ratio decreased to 36.4% from 41.8%Net combined ratio increased to 103.3% from 100.4% driven by the increase in the loss ratio.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 September 15, 2022 to stockholders of record at the close of business on August 31, 2022.__________________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 Chairman and Chief Executive Officer, elaborated on the Company's results:\"Our second quarter operating results demonstrate progress from our ongoing Kingstone 2.0 initiatives. Only six months after the launch of our ‘Select' Homeowners and Dwelling Fire products, we are seeing increased adoption of the...