Business
Kingstone Announces 2023 First Quarter Results
KINGSTON, N.Y.--(BUSINESS WIRE)-- 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, 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 ended March 31, 2023. The Company will host a conference call for analysts and investors on May 12, 2023, at 8:30 a.m. Eastern Time, as previously announced on April 21, 2023.\n\n\nFinancial and Operational Highlights\n2023 First Quarter\n(All results are compared to prior year quarterly period unless otherwise noted)\n\n\n\nLoss per share of $(0.47) compared to loss per share of $(0.87); net operating loss per share1 of $(0.56) compared to $(0.54). Losses attributable to catastrophes were $(0.27) per share compared to $(0.22)\n\n\n\nBook value per share of $3.09, down 8.6% from the prior quarter. Book value per share excluding Accumulated Other Comprehensive (Loss)1 was $4.39\n\n\n\nDirect written premiums1 grew by 10.7% to $47.6 million\n\n\n\nNet premiums earned increased 5.9% to $28.3 million\n\n\n\nNet combined ratio decreased to 123.3% from 124.5%\n\n\n\nNet loss ratio was 88.6%, up from 86.0%, including 13.2% of catastrophe losses up from 11.3%\n\n\n\nNet underwriting expense ratio decreased to 34.7% from 38.5%\n\n\n\nNet combined ratio excluding catastrophes and prior year loss development1 was 110.1% compared to 113.2%\n\n\n\nNo shares repurchased during Q1\n\n\n\nAnnual Meeting of Stockholders\n\n\nAs previously announced, 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\n\n__________________\n1 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.\n\n\nManagement Commentary\n\n\nBarry Goldstein, Kingstone's Chairman and Chief Executive Officer, commented, “We have been working diligently to strengthen and fortify our business, as we continue to navigate today’s challenging environment. While we are reporting an underwriting loss for the first quarter, this is not unexpected given the difficult northeast winter and reflects a reality of operating within this regi...