Business
Kingstone Reports Double-Digit Premium Growth in Core Business and Third Consecutive Quarter of Net Income
Raises 2024 Guidance and Unveils Initial 2025 Guidance KINGSTON, NY / ACCESSWIRE / August 12, 2024 / Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or
About this update from Kingstone Companies, Inc
[{"type":"text","content":"Raises 2024 Guidance and Unveils Initial 2025 Guidance KINGSTON, NY / ACCESSWIRE / August 12, 2024 / 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 second quarter ended June 30, 2024. The Company will hold its second quarter 2024 financial results conference call on Tuesday, August 13, 2024, at 8:30 a.m. Eastern Time. With this release, the Company has provided an investor presentation that can be accessed through the Investor Relations/Events & Presentations section of the Company website (www.kingstonecompanies.com).Key Financial and Operational Highlights Quarter Ended Six Months Ended ($ in thousands, except per share data) June 30, June 30, 2024 2023 Change 2024 2023 % Change Direct premiums written1 - Core Business2 $51,306 $42,212 21.5% $97,893 $83,639 17.0%Net combined ratio 78.2% 98.9% (20.7) pts 85.6% 110.8% (25.2) pts Net Income/(Loss) $4,515 $(522) NM $5,942 $(5,577) NM Net Income/(Loss) per share - basic $0.41 $(0.05) NM $0.54 $(0.52) NM Return on equity - annualized 47.2% (6.4%) 53.6 pts 31.6% (32.7%) 64.2 pts Management CommentaryMeryl Golden, Chief Executive Officer of Kingstone Companies, Inc., stated, \"We take pride in our ongoing profitability, marking our third consecutive quarter of excellent results. This performance was enhanced by favorable weather conditions and the accelerating reduction of our non-core business.\"Core business direct premiums written increased by nearly 22% during the quarter as compared to the second quarter of 2023, driven primarily by continued increases in average premium and strengthened through a modest expansion of our underwriting appetite. Since then, we are capitalizing on new business opportunities resulting from recent changes in the New York competitive landscape and anticipate even more robust policy and premium growth moving forward.\"Our underlying loss ratio improved by 14.6 points in the second quarter as compared to the comparable 2023 quarter due to both lower frequency and severity. The absence of severe weather conditions throughout the quarter benefited our catastrophe loss ratio by 3.4 points compared to the previous year, and we experienced modest favorable prior year reserve development. Furthermore, our expense mana...