Business
Kingstone Announces 2023 Second Quarter Financial Results
KINGSTON, NY / ACCESSWIRE / August 10, 2023 / Kingstone Companies, Inc. (NASDAQ:KINS) (the "Company" or "Kingstone"), a Northeast regional property and
About this update from Kingstone Companies, Inc
[{"type":"text","content":"KINGSTON, NY / ACCESSWIRE / August 10, 2023 / 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, 2023. The Company will host a conference call for analysts and investors on August 11, 2023, at 8:30 a.m. Eastern Time, as previously announced on July 13, 2023.2023 Second Quarter Financial and Operational Highlights(All results are compared to prior year quarterly period unless otherwise noted)Direct written premiums 1 were $47.6 million, down 4.3% from $49.8 million; New York direct written premiums 1 were up 6.2% and the other states' direct written premiums 1 were down (45.9)%Net premiums earned were $29.5 million, up 5.8% from $27.9 million; New York net premiums earned were up 10.2% and the other states' net premiums earned were down (15.3)%Net loss ratio was 66.4%, down slightly from 66.9% for the same period last year; underlying loss ratio 1 (i.e, excluding the impact of catastrophes and prior year loss development) improved to 61.7%, down from 65.5% in 2022Net underwriting expense ratio decreased to 32.5% from 36.4%Net combined ratio decreased to 98.9% from 103.3%Net combined ratio excluding catastrophes and prior year loss development 1 was 94.3% compared to 101.9%Operating EBITDA 1 increased to $1.02 million from $(5.71) million from the quarter ended March 31, 2023Loss per share of $(0.05) compared to loss per share of $(0.51); net operating loss per share 1 of $(0.06) compared to $(0.17). Losses attributable to catastrophes were $(0.10) per share compared to $(0.01)Book value per share of $2.98, down 32.6% from the prior quarter book value per share of $4.42. Book value per share excluding Accumulated Other Comprehensive (Loss) 1 was $4.36Personal Lines Policies-In-Force declined by 8.6%; decreased by 2.3% in New York and by 27.0% in the other states.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 CommentaryMeryl Golden, Kingstone's Chief Operating Officer, commented, \"We are delighted to have achieved an underwriting profit this quarter and with the material improvement in our financial results. Our attrit...