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Kingstone Announces Record Operating Profitability and Growth and Schedules Third Quarter 2024 Conference Call
KINGSTON, NY / ACCESSWIRE / October 29, 2024 / 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 / October 29, 2024 / Kingstone Companies, Inc. (NASDAQ:KINS) (the \"Company\" or \"Kingstone\"), a Northeast regional property and casualty insurance holding company, announced today certain preliminary financial results for its third quarter and nine months ended September 30, 2024, and announced that it will hold its third quarter 2024 financial results conference call on Wednesday, November 13, 2024, at 8:30 a.m. Eastern Time. The financial results news release is expected to be issued after the market closes on Tuesday, November 12, 2024.Preliminary Results(Estimated and Unaudited)Third Quarter 2024 (all metrics are compared to Third Quarter 2023):Direct written premium growth1 of 28%; Core2 direct written premium growth1 of 39%.Consolidated GAAP combined ratio of 72%, a 38 percentage point improvement.Net loss ratio of 39%, a 40 percentage point improvement.Catastrophe loss & LAE of $582 thousand included in the net loss ratio.Net expense ratio of 33%, a 1 percentage point increase.Operating income per basic share1 of $0.55 versus an operating loss per basic share1 of $(0.27).Operating income per diluted share1 of $0.50 versus an operating loss per diluted share1 of $(0.27).Nine Months Ended September 30, 2024 (all metrics are compared to Nine Months Ended September 30, 2023):Direct written premium growth1 of 15%; Core2 direct written premium growth1 of 25%.Consolidated GAAP combined ratio of 81%, a 30 percentage point improvement.Net loss ratio of 49%, a 29 percentage point improvement.Catastrophe loss & LAE of $2.5M included in the net loss ratio.Net expense ratio of 32%, a 1 percentage point improvement.Operating income per basic share1 of $1.07 versus an operating loss per basic share of $(0.89).Operating income per diluted share1 of $0.97 versus an operating loss per diluted share of $(0.89).Conference Call DetailsWednesday, November 13, 2024, at 8:30 a.m. Eastern TimeTo participate please dial:U.S. toll free 1-877-423-9820International 1-201-493-6749Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call can also be accessed via webcast in the \"Events & Presentations\" tab of the Company's website or by clicking here. The webcast will be archived and accessible for approximately 30 days.Definitions and Non-GAAP Measures...