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Kingstone Announces Preliminary Results for the Three and Six Month Periods Ended June 30, 2020 And Reinsurance Placement
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 preliminary unaudited financial results for the three and six months ended June 30, 2020.\n\n\nThe preliminary, unaudited financial results included in this press release are based on information available as of July 6, 2020 and management's initial review of operations for the second quarter. They remain subject to change based on management's ongoing review of the Company's second quarter and year to date results and are forward-looking statements (see “Forward-Looking Statements” below). Kingstone assumes no obligation to update these statements. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone's annual and quarterly fillings with the Securities and Exchange Commission.\n\n\nBarry Goldstein, Kingstone CEO, stated “I am delighted with our preliminary second quarter results and the significant improvement over the prior year. We are starting to see the benefit of the rate and other underwriting actions that were taken starting last year.”\n\n\nFinancial Highlights \n\n\n2020 Second Quarter \n\n\n(All results are approximations and are compared to prior year quarterly period actual amounts unless otherwise noted)\n\n\n\nNet operating income1 of $2.3 million, or $0.22 per diluted share, compared to $1.1 million, or $0.10 per diluted share.\n\n\nNet income of $6.1 million, or $0.56 per diluted share, compared to net income of $1.6 million, or $0.15 per diluted share.\n\n\nNet combined ratio of 87.7% compared to 94.1%, an improvement of 6.4 percentage points.\n\n\nNet premiums earned from personal lines decreased by 5.3% reflecting the 25% quota share in effect in Q2 2020 vs. 10% quota share in effect in Q2 2019. Net premiums earned, including commercial liability lines in run off, decreased 15.0% to $26.5 million.\n\n\nNet loss ratio, excluding commercial liability lines in run off1, of 47.8% compared to 50.5%; Net loss ratio, including commercial liability lines in run off1, of 48.1% compared to 56.6%.\n\n\nBook Value per Share of $9.01 up $1.88, or 26.4% from Q1.\n\n\n\nSix Months Ended June 30, 2020 \n\n\n(All results are approximation...