Business
Kingstone Announces 2022 Third Quarter Financial Results
Provides Business Update; Announces Suspension of DividendKINGSTON, NY / ACCESSWIRE / November 14, 2022 / Kingstone Companies, Inc. (NASDAQ:KINS) (the
About this update from Kingstone Companies, Inc
[{"type":"text","content":"Provides Business Update; Announces Suspension of DividendKINGSTON, NY / ACCESSWIRE / November 14, 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 September 30, 2022. The Company will host a conference call for analysts and investors on November 15, 2022, at 8:30 a.m. Eastern Time, as previously announced on October 17, 2022.2022 Third Quarter Financial and Operational Highlights(All results are compared to prior year quarterly period unless otherwise noted)Operating loss per share 1 of $(0.35) compared to $(1.02)Unrealized losses on equity securities and other investments, net of tax of $(0.13) per share compared to $(0.06) per shareRealized gains on investments, net of tax of $0.10 per share compared to $0.08 per shareAccumulated Other Comprehensive Loss increased by $3.9 million or $0.37 per share for the three months ended September 30, 2022Net loss per share of $(0.38) compared to $(1.01)Book value per share of $3.65 compared to $7.43 at September 30, 2021Adjusted book value per share 1 of $5.15 compared to $6.85 at September 30, 2021Direct written premiums 1 grew by 11.7% to $54.6 millionNet premiums earned decreased 20.2% to $29.4 million due to the inception of a 30% personal lines quota share treaty on December 30, 2021Net loss ratio of 75.0% compared to 97.1% due to reduced catastrophe eventsNet underwriting expense ratio decreased to 36.9% from 39.3%Net combined ratio decreased to 111.9% from 136.4% driven by the decrease in the loss ratio.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:\"While our financial results were impacted by the ongoing inflationary environment, which has been especially challenging for highly regulated companies like Kingstone, this quarter marked an important milestone in our Company's transformation journey as we successfully completed our Kingstone 2.0 plan. It is a testament to the dedication of our team that after three years of hard work and significant investment...