Business
Kingstone CEO Year-end Letter to Stockholders: Driving Growth and Increased Profitability
KINGSTON, NY / ACCESSWIRE / January 8, 2025 / KiKingstone 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 / January 8, 2025 / KiKingstone Companies, Inc. (NASDAQ:KINS) (the \"Company\" or \"Kingstone\"), a Northeast regional property and casualty insurance holding company, today issued a Year-end Letter to Stockholders from Meryl Golden, Chief Executive Officer.Dear Fellow Investors:As we mark the conclusion of another year, I write in reflection on a truly remarkable period. 2024 was the best year in Kingstone history with both record premium and profitability. The tremendous progress made rebuilding our foundational capabilities over the last several years allowed us to deliver four consecutive quarters of profitability and our best underwriting performance in recent times. I want to thank Kingstone's employees for the hard work that enabled us to achieve our exceptional results, Select producers for their commitment to the company and the Company's stockholders for your feedback and support. We look forward to reporting comprehensive fourth quarter and full-year 2024 financial results and updated 2025 guidance in March. Today I want to review some of our accomplishments in 2024 and initiatives to drive continued growth and profitability in 2025.Attractive Competitive Environment Driving Increased GrowthThe competitive landscape changed in late July when two sizeable competing carriers in New York state received regulatory approval to non-renew or cancel their business by year-end. Kingstone was in a fortuitous position to take advantage of this opportunity, with long-term producer relationships and a high degree of confidence in our Select product and operations. Our plan was to capitalize on this unique opportunity by being very intentional and selective on which properties to write to ensure the business met our profit margins. I am happy to share that we finished the year with over 31% growth in our core (New York State) direct written premiums, including 44% growth in the second half, driven by over 6,000 policies and $23 million in direct written premium from customers previously insured with these two carriers. We continue to be extremely optimistic for further growth in our core market in 2025.Non-Core Business Reduction Enhancing ProfitabilityWe made significant headway in reducing both the size of our non-core (outside New York State) book as well as the drag on our operating performance. We wro...