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Kingstone Companies Inc
Kingstone Reports Third Quarter 2025 Results
Business
Nov 6 2025
17 min read

Kingstone Reports Third Quarter 2025 Results

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Direct Premiums Written Grow 14% and Net Income Increases 56% to $10.9 Million

Management to Host Conference Call Tomorrow at 8:30 a.m. Eastern Time

KINGSTON, N.Y., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq: KINS) (“Kingstone” or the “Company”), a Northeast regional property and casualty insurance holding company, today announced its financial results for the third quarter ended September 30, 2025. The Company has also provided an investor presentation that can be accessed through the News & Events/Presentations section of the Company website at www.kingstonecompanies.com.

Key Financial and Operational Highlights

 

 

 

 

 

 

 

Quarters Ended

Nine Months Ended

 

September 30,

September 30,

($ in thousands, except per share data)

 

2025

 

 

2024

 

Change

 

2025

 

 

2024

 

Change

Direct premiums written1

$

75,810

 

$

66,627

 

13.8

%

$

195,047

 

$

169,447

 

15.1

%

Net combined ratio

 

72.7

%

 

72.0

%

0.7

pts

 

79.0

%

 

80.7

%

(1.7

)pts

Net income

$

10,872

 

$

6,978

 

55.8

%

$

26,007

 

$

12,920

 

101.3

%

Net income per share - basic

$

0.77

 

$

0.61

 

26.2

%

$

1.88

 

$

1.16

 

62.1

%

Net income per share - diluted

$

0.74

 

$

0.55

 

34.5

%

$

1.82

 

$

1.05

 

73.3

%

Return on equity - annualized

 

42.9

%

 

55.6

%

(12.7

)pts

 

39.8

%

 

36.6

%

3.2

pts


Management
Commentary

Meryl Golden, President and Chief Executive Officer of Kingstone, stated, “Building on the momentum from our record second quarter 2025 performance, we again delivered one of the strongest quarters in our history with net income of $10.9 million, diluted earnings per share of $0.74, a GAAP net combined ratio of 72.7%, and an annualized return on equity of 42.9%.

"Direct premiums written for the quarter grew 14%, driven by higher average premiums and strong retention. The hard market conditions in our Downstate New York footprint have not changed materially. Our volume remains strong with a month-over-month increase in new business since June and continuing into the fourth quarter.

"Net earned premium growth continues to be a powerful tailwind, exceeding 40% for the third consecutive quarter of 2025, primarily due to our reduced quota share.

"Our net combined ratio of 72.7% was supported by lower frequency and lower-than-expected catastrophe losses as well as an increase in ceding commission resulting in a lower expense ratio. Notably, even with typical third quarter catastrophe losses, our combined ratio would have been in the low eighties, reflecting the differentiated platform we have built at Kingstone.

"We will continue to execute with discipline, advance our measured expansion roadmap and allocate capital prudently to drive sustained, profitable growth. Our success underscores the strength and durability of our strategy, and we remain committed to delivering long-term value to our shareholders.”

Guidance (see “Disclaimer and Forward-Looking Statements” below)

The Company affirmed its growth guidance and raised its profitability outlook for fiscal year 2025, calculated based on anticipated net premiums earned of approximately $187 million, and is as follows:

Guidance Metrics

2025E

2025 - Previous

Direct premiums written1growth

12% to 17%

12% to 17%

Net combined ratio

78% to 82%

79% to 83%

Net income per share – basic

$2.30 to $2.70

$2.10 to $2.50

Net income per share – diluted

$2.20 to $2.60

$1.95 to $2.35

Return on equity

35% to 39%

30% to 38%


The Company affirmed its growth guidance and its profitability outlook for fiscal year 2026, calculated based on anticipated net premiums earned of approximately $233 million, and is as follows:

Guidance Metrics

2026E

Direct premiums written1growth

15% to 20%

Net combined ratio

79% to 83%

Net income per share – basic

$2.15 to $2.85

Net income per share – diluted

$2.10 to $2.80

Return on equity

26% to 36%


The following reflects the impact of dilution on total shares outstanding for the nine months ended September 30, 2025, and for the full year 2025 and 2026 guidance:

Common Stock Metrics

Nine Months Ended

2025E

2026E

(shares in millions)

September 30, 2025

 

 

Weighted average shares outstanding – basic

13.8

13.9

14.4

Weighted average shares outstanding – diluted

14.3

14.5

14.7

Total shares outstanding as of end of period – basic

14.1

14.2

14.5

Total shares outstanding as of end of period – diluted

14.8

14.8

14.9


Consolidated Financial Results

Consolidated Financial Results

Quarters Ended

Nine Months Ended

($ in thousands, except policy and per share data)

September 30,

September 30,

 

 

2025

 

 

2024

 

Change

 

2025

 

 

2024

 

Change

Direct premiums written1

$

75,810

 

$

66,627

 

13.8

%

$

195,047

 

$

169,447

 

15.1

%

Net premiums earned

$

47,925

 

$

33,407

 

43.5

%

$

137,663

 

$

92,531

 

48.8

%

 

 

 

 

 

 

 

Policies in force, at the end of the period

 

 

 

 

78,026

 

 

74,887

 

4.2

%

 

 

 

 

 

 

 

Net investment income

$

2,499

 

$

1,650

 

51.5

%

$

6,848

 

$

4,917

 

39.3

%

Net gains on investments

$

182

 

$

827

 

(78.0

)%

$

591

 

$

1,319

 

(55.2

)%

Gain on sale of real estate

$

 

$

 

%

$

1,966

 

$

 

 

NM

 

 

 

 

 

 

 

Underlying loss ratio1

 

44.1

%

 

39.2

%

4.9

pts

 

48.0

%

 

47.9

%

0.1

pts

Effect of prior-year reserve development

 

%

(1.9

)%

1.9

pts

(0.6

)%

(1.8

)%

1.2

pts

Net loss ratio excluding the effect of catastrophes1

 

44.1

%

 

37.3

%

6.8

pts

 

47.4

%

 

46.1

%

1.3

pts

Catastrophe loss ratio1

 

0.2

%

 

1.7

%

(1.5

)pts

 

0.8

%

 

2.7

%

(1.9)

pts

Net loss ratio

 

44.3

%

 

39.0

%

5.3

pts

 

48.2

%

 

48.8

%

(0.6

)pts

Net underwriting expense ratio

 

28.4

%

 

33.0

%

(4.6)

pts

 

30.8

%

 

31.9

%

(1.1

)pts

Net combined ratio

 

72.7

%

 

72.0

%

0.7

pts

 

79.0

%

 

80.7

%

(1.7

)pts

 

 

 

 

 

 

 

Adjusted EBITDA1

$

14,671

 

$

10,433

 

40.6

%

$

33,710

 

$

21,213

 

58.9

%

Net Income

$

10,872

 

$

6,978

 

55.8

%

$

26,007

 

$

12,920

 

101.3

%

Net Income per share - basic

$

0.77

 

$

0.61

 

26.2

%

$

1.88

 

$

1.16

 

62.1

%

Net Income per share - diluted

$

0.74

 

$

0.55

 

34.5

%

$

1.82

 

$

1.05

 

73.3

%

Return on equity - annualized

 

42.9

%

 

55.6

%

(12.7

)pts

 

39.8

%

 

36.6

%

3.2

pts

 

 

 

 

 

 

 

Other comprehensive income, net of tax

$

2,186

 

$

3,584

 

(39.0

)%

$

5,431

 

$

3,234

 

67.9

%

Operating net income1

$

10,729

 

$

6,325

 

69.6

%

$

23,988

 

$

11,878

 

102.0

%

Operating net income per share - basic1

$

0.76

 

$

0.55

 

38.2

%

$

1.73

 

$

1.07

 

61.7

%

Operating net income per share - diluted1

$

0.73

 

$

0.50

 

46.0

%

$

1.68

 

$

0.97

 

73.2

%

Operating return on equity1

 

10.6

%

 

12.6

%

(2.0

)pts

 

27.5

%

 

25.2

%

2.3

pts

Operating return on equity1- annualized

 

42.4

%

 

50.4

%

(8.0

)pts

 

36.7

%

 

33.6

%

3.1

pts

 

 

 

 

 

 

 

Book value per share, at the end of the period - diluted

$

7.28

 

$

4.32

 

68.7

%

Book value per share, at the end of the period - diluted excluding AOCI

$

7.74

 

$

4.97

 

55.7

%

NM = Not Meaningful
1 Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release.

Conference Call Details

Friday, November 7, 2025, at 8:30 a.m. Eastern Time

To participate please dial:

U.S. toll free

 

1-877-423-9820

International

 

1-201-493-6749

 

 

 

Participants 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 “News & Events/Events” tab of the Company’s website at www.kingstonecompanies.com or by clicking here. The webcast will be archived and accessible for approximately 30 days.

About Kingstone Companies, Inc.
Kingstone is a Northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. Kingstone delivers tailored homeowners insurance solutions through its sophisticated product suite, Select, supported by a scalable and efficient operating platform that enables the Company to pursue significant market opportunities and strategic expansion. KICO was the 12th largest writer of homeowners insurance in New York in 2024 and is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine.

Investor Relations Contact:
Elevate IR
KINS@elevate-ir.com
720-330-2829

Disclaimer and Forward-Looking Statements

The guidance provided above is based on information available as of November 6, 2025 and management's review of the anticipated financial results for 2025. Such guidance remains subject to change based on management's ongoing review of the Company's 2025 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. 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 filings with the Securities and Exchange Commission.

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

The risks and uncertainties include, without limitation, the following:

  • the risk of significant losses from catastrophes and severe weather events;

  • risks related to the lack of a financial strength rating from A.M. Best;

  • risks related to limitations on the ability of our insurance subsidiary to pay dividends to us;

  • adverse capital, credit and financial market conditions;

  • risks related to volatility in net investment income;

  • the unavailability of reinsurance at current levels and prices;

  • the exposure to greater net insurance losses in the event of reduced reliance on reinsurance;

  • the credit risk of our reinsurers;

  • the inability to maintain the requisite amount of risk-based capital needed to grow our business;

  • the effects of climate change on the frequency or severity of weather events and wildfires;

  • risks related to the limited market area of our business;

  • risks related to a concentration of business in a limited number of producers;

  • legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators;

  • the effects of competition in our market areas;

  • our reliance on certain key personnel;

  • risks related to security breaches or other attacks involving our computer systems or those of our vendors; and

  • our reliance on information technology and information systems.

Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Definitions and Non-GAAP Measures

Direct premiums written represent the total premiums charged on policies issued by the Company during the respective fiscal period.

Net premiums written are direct premiums written less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct premiums written and net premiums written, are net premiums written that are pro-rata earned during the fiscal period presented. All of the Company’s policies are written for a twelve-month period. Management uses direct premiums written and net premiums written, along with other measures, to gauge the Company’s performance and evaluate results. Direct premiums written and net premiums written are provided as supplemental information, not as a substitute for net premiums earned, and do not reflect the Company’s net premiums earned.

Adjusted EBITDA is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation. Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA.

Management uses adjusted EBITDA along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation, and may vary significantly between periods. Adjusted EBITDA is provided as supplemental information, not as a substitute for net income and does not reflect the Company’s overall profitability.

Operating net income and basic operating net income per share is net income and basic income per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income and basic net income per share are the GAAP measures most closely comparable to operating net income and basic operating net income per share.

Management uses operating net income and basic operating net income per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income and basic operating net income per share are provided as supplemental information, not as a substitute for net income and basic net income per share and do not reflect the Company’s overall profitability.

Operating net income and diluted operating net income per share is net income and diluted income per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income and diluted net income per share are the GAAP measures most closely comparable to operating net income and diluted operating net income (loss) per share.

Management uses operating net income and diluted operating net income per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income and diluted operating net income per share are provided as supplemental information, not as a substitute for net income and diluted net income per share, and do not reflect the Company’s overall profitability.

Operating return on equity is operating income divided by average equity. Return on equity is the GAAP measure most closely comparable to operating return on equity.

Management uses operating return on equity, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate, which may vary significantly between periods. Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company’s overall return on average common equity.

Underlying loss ratio is a non-GAAP ratio, which is computed as the GAAP net loss ratio excluding the effect of prior year loss reserve development and catastrophe losses.

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company’s loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The underlying loss ratio should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.

Net loss ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio and the effect of catastrophes on the net loss ratio.

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by catastrophe losses. Catastrophe losses cause the Company’s net loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The net loss ratio excluding the effect of catastrophes should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.

The table below reconciles direct premiums written to net premiums earned for the periods presented:

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30,

 

September 30,

 

 

 

 

 

%

 

 

 

 

 

%

(000’s except percentages)

 

2025

 

 

 

2024

 

 

Change

 

 

2025

 

 

 

2024

 

 

Change

Direct Premiums Written Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct premiums written

$

75,810

 

 

$

66,627

 

 

13.8

 

%

 

$

195,047

 

 

$

169,447

 

 

15.1

 

%

Ceded written premiums

 

(44,161

)

 

 

(46,081

)

 

(4.2

)

 

 

 

(50,178

)

 

 

(69,381

)

 

(27.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums written

 

31,649

 

 

 

20,545

 

 

54.0

 

 

 

 

144,869

 

 

 

100,065

 

 

44.8

 

 

Change in unearned premiums

 

16,276

 

 

 

12,862

 

 

26.5

 

 

 

 

(7,206

)

 

 

(7,535

)

 

(4.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net premiums earned

$

47,925

 

 

$

33,407

 

 

43.5

 

%

 

$

137,663

 

 

$

92,531

 

 

48.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Components may not sum due to rounding)

 

The following table reconciles net income to adjusted EBITDA for the periods indicated:

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30,

 

September 30,

 

 

 

 

 

%

 

 

 

 

 

%

(000’s except percentages)

 

2025

 

 

 

2024

 

 

Change

 

 

2025

 

 

 

2024

 

 

Change

Adjusted EBITDA Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

10,872

 

 

$

6,978

 

 

55.8

 

%

 

$

26,007

 

 

$

12,920

 

 

101.3

 

%

Interest expense

 

73

 

 

 

901

 

 

(91.9

)

 

 

 

377

 

 

 

2,884

 

 

(86.9

)

 

Income tax expense

 

2,834

 

 

 

2,106

 

 

34.6

 

 

 

 

6,584

 

 

 

3,689

 

 

78.5

 

 

Depreciation and amortization

 

645

 

 

 

619

 

 

4.2

 

 

 

 

1,882

 

 

 

1,836

 

 

2.5

 

 

EBITDA

 

14,423

 

 

 

10,604

 

 

36.0

 

 

 

 

34,850

 

 

 

21,329

 

 

63.4

 

 

Loss on extinguishment of debt

 

 

 

 

297

 

 

(100.0

)

 

 

 

175

 

 

 

297

 

 

(41.1

)

 

Net gain on investments

 

(182

)

 

 

(827

)

 

(78.0

)

 

 

 

(591

)

 

 

(1,319

)

 

(55.2

)

 

Gain on sale of real estate

 

 

 

 

 

 

 

 

 

 

(1,966

)

 

 

 

 

NM

 

Stock-based compensation

 

430

 

 

 

359

 

 

19.8

 

 

 

 

1,241

 

 

 

906

 

 

37.0

 

 

Adjusted EBITDA

$

14,671

 

 

$

10,433

 

 

40.6

 

%

 

$

33,710

 

 

$

21,213

 

 

58.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Components may not sum due to rounding)

 

NM = Not Meaningful

The following table reconciles net income to operating net income and basic net income per share to basic operating net income per share for the periods indicated:

 

For the Three Months Ended

 

For the Nine Months Ended

 

 

 

September 30, 2025

 

September 30, 2024

 

September 30, 2025

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(000’s except per common share and outstanding share amounts)

Amount

 

Basic
income
per
common
share

 

Amount

 

Basic
income
per
common
share

 

Amount

 

Basic
income
per
common
share

 

Amount

 

Basic
income
per
common
share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

10,872

 

 

$

0.77

 

 

$

6,978

 

 

$

0.61

 

 

$

26,007

 

 

$

1.88

 

 

$

12,920

 

 

$

1.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain on investments

 

(182

)

 

 

 

 

(827

)

 

 

 

 

(591

)

 

 

 

 

(1,319

)

 

 

 

Gain on sale of real estate

 

 

 

 

 

 

 

 

 

 

 

(1,966

)

 

 

 

 

 

 

 

 

 

Net gain on investments and gain on sale of real estate

 

(182

)

 

 

 

 

(827

)

 

 

 

 

(2,557

)

 

 

 

 

(1,319

)

 

 

 

 

Less tax expense on net gain

 

(38

)

 

 

 

 

(174

)

 

 

 

 

(537

)

 

 

 

 

(277

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain on investments and (gain) on sale of real estate, net of taxes

 

(144

)

 

$

(0.01

)

 

 

(653

)

 

$

(0.06

)

 

 

(2,020

)

 

$

(0.15

)

 

 

(1,042

)

 

$

(0.09

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating net income

$

10,729

 

 

$

0.76

 

 

$

6,325

 

 

$

0.55

 

 

$

23,988

 

 

$

1.73

 

 

$

11,878

 

 

$

1.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 

14,142,374

 

 

 

 

 

11,404,360

 

 

 

 

 

13,849,283

 

 

 

 

 

11,142,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Components may not sum due to rounding)

 

The following table reconciles net income to operating net income and diluted net income per share to diluted operating net income per share for the periods indicated:

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30, 2025

 

September 30, 2024

 

September 30, 2025

 

September 30, 2024

(000’s except per common share and outstanding share amounts)

Amount

 

Diluted
income
per
common
share

 

Amount

 

Diluted
income
per
common
share

 

Amount

 

Diluted
income
per
common
share

 

Amount

 

Diluted
income
per
common
share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

10,872

 

 

$

0.74

 

 

$

6,978

 

 

$

0.55

 

 

$

26,007

 

 

$

1.82

 

 

$

12,920

 

 

$

1.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain on investments

 

(182

)

 

 

 

 

(827

)

 

 

 

 

(591

)

 

 

 

 

(1,319

)

 

 

Gain on sale of real estate

 

 

 

 

 

 

 

 

 

 

 

(1,966

)

 

 

 

 

 

 

 

Net gain on investments and gain on sale of real estate

 

(182

)

 

 

 

 

(827

)

 

 

 

 

(2,557

)

 

 

 

 

(1,319

)

 

 

Less tax expense on net gain

 

(38

)

 

 

 

 

(174

)

 

 

 

 

(537

)

 

 

 

 

(277

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain on investments and gain on sale of real estate, net of taxes

 

(144

)

 

$

(0.01

)

 

 

(653

)

 

$

(0.05

)

 

 

(2,020

)

 

$

(0.14

)

 

 

(1,042

)

 

$

(0.09

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating net income

$

10,729

 

 

$

0.73

 

 

$

6,325

 

 

$

0.50

 

 

$

23,988

 

 

$

1.68

 

 

$

11,878

 

 

$

0.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average diluted shares outstanding

 

14,601,241

 

 

 

 

 

12,581,128

 

 

 

 

 

14,303,326

 

 

 

 

 

12,249,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Components may not sum due to rounding)

 

The following table reconciles net income to operating net income and return on equity to operating return on equity for the periods indicated:

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30,

 

September 30,

(000’s except percentages)

 

2025

 

 

 

2024

 

 

Change

 

 

2025

 

 

 

2024

 

 

Change

Operating Net Income Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

Net income

$

10,872

 

 

$

6,978

 

 

55.8

%

 

$

26,007

 

 

$

12,920

 

 

101.3

%

 

 

 

 

 

 

 

 

 

 

 

 

Net gain on investments

 

(182

)

 

 

(827

)

 

(78.0

)%

 

 

(591

)

 

 

(1,319

)

 

(55.2

)%

Gain on sale of real estate

 

 

 

 

 

 

%

 

 

(1,966

)

 

 

 

 

 

NM

Net gain on investments and gain on sale of real estate

 

(182

)

 

 

(827

)

 

(78.0

)%

 

 

(2,557

)

 

 

(1,319

)

 

93.9

%

Less tax expense on net gain

 

(38

)

 

 

(174

)

 

(78.2

)%

 

 

(537

)

 

 

(277

)

 

93.9

%

Net gain on investments and gain on sale of real estate, net of taxes

 

(144

)

 

 

(653

)

 

(77.9

)%

 

 

(2,020

)

 

 

(1,042

)

 

93.9

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating net income

$

10,729

 

 

$

6,325

 

 

69.6

%

 

$

23,988

 

 

$

11,878

 

 

102.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating Return on Equity Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

10,872

 

 

$

6,978

 

 

55.8

%

 

$

26,007

 

 

$

12,920

 

 

101.3

%

Average equity

$

101,265

 

 

$

50,236

 

 

101.6

%

 

$

87,181

 

 

$

47,087

 

 

85.1

%

Return on equity

 

10.7

%

 

 

13.9

%

 

(3.2

)pts

 

 

29.8

%

 

 

27.4

%

 

2.4

pts

Return on equity - annualized

 

42.9

%

 

 

55.6

%

 

(12.7

)pts

 

 

39.8

%

 

 

36.6

%

 

3.2

pts

 

 

 

 

 

 

 

 

 

 

 

 

Net gain on investments and gain on sale of real estate, net of taxes

$

(144

)

 

$

(653

)

 

(77.9

)%

 

$

(2,020

)

 

$

(1,042

)

 

93.9

%

Average equity

$

101,265

 

 

$

50,236

 

 

101.6

%

 

$

87,181

 

 

$

47,087

 

 

85.1

%

Effect of net gain on investments and gain on sale of real estate, net of taxes, on return on equity

(0.1

)%

 

(1.3

)%

 

1.2

pts

 

(2.3

)%

 

(2.2

)%

 

(0.1

)pts

 

 

 

 

 

 

 

 

 

 

 

 

Operating net income

$

10,729

 

 

$

6,325

 

 

69.6

%

 

$

23,988

 

 

$

11,878

 

 

102.0

%

Operating net income - annualized

$

42,914

 

 

$

25,300

 

 

69.6

%

 

$

31,984

 

 

$

15,837

 

 

102.0

%

Average equity

$

101,265

 

 

$

50,236

 

 

101.6

%

 

$

87,181

 

 

$

47,087

 

 

85.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating return on equity

 

10.6

%

 

 

12.6

%

 

(2.0

)pts

 

 

27.5

%

 

 

25.2

%

 

2.3

pts

Operating return on equity - annualized

 

42.4

%

 

 

50.4

%

 

(8.0

)pts

 

 

36.7

%

 

 

33.6

%

 

3.1

pts

 

 

 

 

 

 

 

 

 

 

 

 

(Components may not sum due to rounding)

 

NM = Not Meaningful

The following table reconciles the underlying loss ratio and the net loss ratio excluding the effect of catastrophes to the net loss ratio for the periods presented:

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30,

 

September 30,

 

2025

 

2024

 

Percentage Point Change

 

2025

 

2024

 

Percentage Point Change

 

Underlying Loss Ratio Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underlying Loss Ratio

44.1

%

 

39.2

%

 

4.9

 

pts

 

48.0

%

 

47.9

%

 

0.1

 

pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of prior-year reserve development

%

 

(1.9)        %

 

1.9

 

pts

 

(0.6)        %

 

(1.8)        %

 

1.2

 

pts

 

Net loss ratio excluding the effect of catastrophes

44.1

%

 

37.3

%

 

6.8

 

pts

 

47.4

%

 

46.1

%

 

1.3

 

pts

 

Effect of catastrophes

0.2

%

 

1.7

%

 

(1.5

)

pts

 

0.8

%

 

2.7

%

 

(1.9

)

pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss ratio

44.3

%

 

39.0

%

 

5.3

 

pts

 

48.2

%

 

48.8

%

 

(0.6

)

pts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Components may not sum due to rounding)

 

 

 


KINGSTONE COMPANIES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

 

September 30,
2025

December 31,
2024

 

(unaudited)

 

Assets

 

 

Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of

 

 

$5,174,675 at September 30, 2025 and $5,959,265 at December 31, 2024)

$

6,043,708

 

$

7,047,342

 

Fixed-maturity securities, available-for-sale, at fair value (amortized cost of

 

 

$261,180,534 at September 30, 2025 and $202,308,158 at December 31, 2024)

 

252,640,428

 

 

186,893,438

 

Equity securities, at fair value (cost of $13,546,654 at September 30, 2025 and $13,527,554 at December 31, 2024

 

10,409,833

 

 

10,296,505

 

Other investments

 

4,889,148

 

 

4,380,656

 

Total investments

 

273,983,117

 

 

208,617,941

 

Cash and cash equivalents

 

26,772,302

 

 

28,669,441

 

Premiums receivable, net of allowance for credit losses of $477,154 at September 30, 2025 and $402,290 at December 31, 2024

 

18,252,649

 

 

21,766,988

 

Reinsurance receivables, net

 

60,019,060

 

 

69,322,436

 

Prepaid reinsurance

 

2,142,329

 

 

 

Deferred policy acquisition costs

 

25,377,781

 

 

24,732,371

 

Intangible assets

 

500,000

 

 

500,000

 

Property and equipment, net

 

7,861,007

 

 

9,283,970

 

Deferred income taxes, net

 

4,138,144

 

 

5,597,920

 

Other assets

 

9,543,853

 

 

6,424,776

 

Total assets

$

428,590,242

 

$

374,915,843

 

 

 

 

Liabilities

 

 

Loss and loss adjustment expense reserves

$

141,194,246

 

$

126,210,428

 

Unearned premiums

 

140,041,140

 

 

134,701,733

 

Advance premiums

 

7,711,957

 

 

3,503,063

 

Reinsurance balances payable

 

5,690,029

 

 

10,509,121

 

Deferred ceding commission revenue

 

7,562,417

 

 

11,541,239

 

Accounts payable, accrued expenses and other liabilities

 

12,152,437

 

 

10,570,388

 

Income taxes payable

 

1,832,290

 

 

 

Debt, net (current $1,278,094 and long-term $3,474,590 at September 30, 2025,

 

 

current $6,849,257 and long-term $4,322,163 at December 31, 2024, )

 

4,752,684

 

 

11,171,420

 

Total liabilities

 

320,937,200

 

 

308,207,392

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

Stockholders' Equity

 

 

Preferred stock, $.01 par value; authorized 2,500,000 shares

 

 

 

 

Common stock, $.01 par value; authorized 20,000,000 shares; issued 15,671,553 shares at September 30, 2025 and 14,448,205 shares at December 31, 2024; outstanding 14,147,428 shares at September 30, 2025 and 12,924,080 shares at December 31, 2024

 

156,715

 

 

144,482

 

Capital in excess of par

 

99,264,372

 

 

89,063,326

 

Accumulated other comprehensive loss

 

(6,744,530

)

 

(12,175,476

)

Retained earnings (accumulated deficit)

 

20,544,492

 

 

(4,755,874

)

 

 

113,221,049

 

 

72,276,458

 

 

 

 

Treasury stock, at cost, 1,524,125 shares at September 30, 2025 and December 31, 2024

 

(5,568,007

)

 

(5,568,007

)

Total stockholders' equity

 

107,653,042

 

 

66,708,451

 

Total liabilities and stockholders' equity

$

428,590,242

 

$

374,915,843

 


 

KINGSTONE COMPANIES, INC. AND SUBSIDIARIES

Consolidated Statements of Income and Comprehensive Income (Unaudited)

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30,

 

September 30,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

Net premiums earned

$

47,925,053

 

 

$

33,407,194

 

 

$

137,663,376

 

 

$

92,530,708

 

Ceding commission revenue

 

4,900,401

 

 

 

4,741,676

 

 

 

10,940,648

 

 

 

13,870,748

 

Net investment income

 

2,499,071

 

 

 

1,649,673

 

 

 

6,847,934

 

 

 

4,917,129

 

Net gains on investments

 

182,122

 

 

 

826,522

 

 

 

590,594

 

 

 

1,319,307

 

Gain on sale of real estate

 

 

 

 

 

 

 

1,965,989

 

 

 

 

Other income

 

145,843

 

 

 

146,663

 

 

 

437,503

 

 

 

401,128

 

Total revenues

 

55,652,490

 

 

 

40,771,728

 

 

 

158,446,044

 

 

 

113,039,020

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Loss and loss adjustment expenses

 

21,232,324

 

 

 

13,027,597

 

 

 

66,334,564

 

 

 

45,125,492

 

Commission expense

 

10,308,092

 

 

 

9,004,254

 

 

 

30,250,601

 

 

 

25,088,546

 

Other underwriting expenses

 

8,358,432

 

 

 

6,894,590

 

 

 

23,491,221

 

 

 

18,675,720

 

Other operating expenses

 

1,330,258

 

 

 

1,241,572

 

 

 

3,519,475

 

 

 

2,820,620

 

Depreciation and amortization

 

644,653

 

 

 

619,056

 

 

 

1,881,880

 

 

 

1,835,503

 

Interest expense

 

72,609

 

 

 

900,583

 

 

 

377,137

 

 

 

2,884,181

 

Total expenses

 

41,946,368

 

 

 

31,687,652

 

 

 

125,854,878

 

 

 

96,430,062

 

 

 

 

 

 

 

 

 

Income from operations before taxes

 

13,706,122

 

 

 

9,084,076

 

 

 

32,591,166

 

 

 

16,608,958

 

Income tax expense

 

2,833,647

 

 

 

2,105,931

 

 

 

6,583,699

 

 

 

3,689,197

 

Net income

 

10,872,475

 

 

 

6,978,145

 

 

 

26,007,467

 

 

 

12,919,761

 

 

 

 

 

 

 

 

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

Gross decrease in net unrealized losses

 

 

 

 

 

 

 

on available-for-sale-securities

 

2,760,803

 

 

 

4,533,334

 

 

 

6,862,488

 

 

 

4,082,771

 

 

 

 

 

 

 

 

 

Reclassification adjustment for net losses

 

 

 

 

 

 

 

included in net income

 

6,322

 

 

 

3,939

 

 

 

12,126

 

 

 

11,468

 

Net decrease in net unrealized losses

 

2,767,125

 

 

 

4,537,273

 

 

 

6,874,614

 

 

 

4,094,239

 

Income tax expense related to items

 

 

 

 

 

 

 

of other comprehensive income

 

(581,096

)

 

 

(952,827

)

 

 

(1,443,668

)

 

 

(859,789

)

Other comprehensive income, net of tax

 

2,186,029

 

 

 

3,584,446

 

 

 

5,430,946

 

 

 

3,234,450

 

 

 

 

 

 

 

 

 

Comprehensive income

$

13,058,504

 

 

$

10,562,591

 

 

$

31,438,413

 

 

$

16,154,211

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

Basic

$

0.77

 

 

$

0.61

 

 

$

1.88

 

 

$

1.16

 

Diluted

$

0.74

 

 

$

0.55

 

 

$

1.82

 

 

$

1.05

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

Basic

 

14,142,374

 

 

 

11,404,360

 

 

 

13,849,283

 

 

 

11,142,043

 

Diluted

 

14,601,241

 

 

 

12,581,128

 

 

 

14,303,326

 

 

 

12,249,576