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Kingstone Announces Third Consecutive Profitable Quarter as Company Turnaround Takes Hold and Schedules Second Quarter 2024 Conference Call
KINGSTON, NY / ACCESSWIRE / July 29, 2024 / 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, NY / ACCESSWIRE / July 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 second quarter and six months ended June 30, 2024, and announced that it will hold its second quarter 2024 financial results conference call on Tuesday, August 13, 2024, at 8:30 a.m. Eastern Time. The financial results news release is expected to be issued after the market closes on Monday, August 12, 2024.Preliminary Results(Estimated and Unaudited)Second Quarter 2024 (all metrics are compared to Second Quarter 2023):Direct written premium growth1 of 12%; Core2 direct written premium growth1 of 21%.Consolidated GAAP combined ratio of 78%, a 21 percentage point improvement.Net loss ratio of 47%, a 20 percentage point improvement.Catastrophe loss & LAE of $386k included in the net loss ratio.Net expense ratio of 31%, a 1 percentage point improvement.Operating income per basic share1 of $0.43 versus an operating loss per basic share1 of $(0.06).Operating income per diluted share1 of $0.39 versus an operating loss per diluted share1 of $(0.06).Six Months Ended June 30, 2024 (all metrics are compared to Six Months Ended June 30, 2023):Direct written premium growth1 of 8%; Core2 direct written premium growth1 of 17%.Consolidated GAAP combined ratio of 86%, a 25 percentage point improvement.Net loss ratio of 54%, a 23 percentage point improvement.Catastrophe loss & LAE of $1.9M included in the net loss ratio.Net expense ratio of 31%, a 2 percentage point improvement.Operating income per basic share1 of $0.50 versus an operating loss per basic share of $(0.62).Operating income per diluted share1 of $0.46 versus an operating loss per diluted share of $(0.62).Conference Call DetailsTuesday, August 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 MeasuresDirect written premiums represent ...