Kingstone Companies, Inc · NASDAQ:KINS
Kingstone Companies — Q3 2025 Earnings Presentation
37 slides from Kingstone Companies's earnings presentation, Nov 7, 2025
Slide 1: Investor Presentation – November 2025
1 Investor Presentation – November 2025
Slide 2: Disclaimer & Forward-Looking Statements
Disclaimer & Forward-Looking Statements 2 This presentation 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
Slide 3: Kingstone Overview
14,147,428 3 Market Cap1: $208 M Stock Price1: $14.58 Shares Outstanding2: 14,147,428 Kingstone Direct Written Premium Growth Overview of +14% vs. Q3 2024 12th largest homeowners’ insurer Policies in-force of 78K in the State of New York At September 30, 2025 Founded in 1886 Net Investment Income Gr
Slide 4: Why Invest in Kingstone?
4 Why Invest in Kingstone? Strong Product Consistent Profitability & Management Team Sophistication Underwriting Discipline Scalable & Efficient Unprecedented Market Attractive Operating Platform Opportunity Fundamentals
Slide 5: Strong Management Team
KINGSTONE \ : Strong Management Team
Slide 6: Executive Management Team
Executive Management Team 6 Over 85 years of combined insurance experience. Meryl S. Golden Randy L. Patten Sarah Chen David Fernandez President & Chief Executive Officer Chief Financial Officer SVP & Chief Actuary SVP, Chief Claims Officer
Slide 7: Product Sophistication
KINGSTONE — Product Sophistication
Slide 8: Select
8 A differentiated product. Select 6.0% Select Homeowners’ Frequency Reported A modern personal lines product suite launched in 2022 for 5.0% Homeowners, Dwelling Fire and Condo. 4.0% 3.0% Select has a by-peril rating structure and was built using modern 2.0% data science techniques using a host of
Slide 9: Pricing Trends
Pricing Trends 9 $4,000 Achieving significant price increases, ahead of inflation. $3,500 Our underwriting process evaluates risks based on their prior loss experience, cost Average premium per policy ($) of reinsurance, property condition and $3,000 insurance score, among other factors and then is
Slide 10: Consistent Profitability & Underwriting Discipline
10 Consistent Profitability & Underwriting Discipline
Slide 11: Combined Ratio
Disciplined Underwriting 11 Driving enhanced profitability 120 Average Industry Combined Ratio of 103.6% (2017-2025E) U N P R O F I T A B L E 100 80 Combined Ratio 60 40 20 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E* KINS Industry Kingstone Achieves Superior Profitability Co
Slide 12: Expense Reduction Initiatives
Expense Reduction Initiatives 12 45.0% $30.0 41.0% • Reduced net expense ratio by 10 points from 2021 to 2024 40.0% • Restructured producer compensation saving 3.5 points 36.0% • Retired legacy systems saving $1.5 million annually 35.0% $27.5 33.0% • Other Underwriting Expenses down 3.0 points from
Slide 13: Robust Reinsurance Strategy
Robust Reinsurance Strategy 13 Cumulative Risk Adjusted Rate Change - Catastrophe XOL 2020 2021 2022 2023 2024 2025 Guy Carpenter Index 1.00 1.06 1.22 1.65 1.55 1.44 Kingstone 1.00 0.99 1.16 1.37 1.13 0.99 100YR Verisk Hurricane Probable Maximum Cost $450,000,000 $90,000,000,000 $400,000,000 $80,000
Slide 14: Scalable & Efficient Operating Platform
14 Scalable & Efficient Operating Platform
Slide 15: A Track Record of Progress
A Track Record Kingstone of Progress Today 15 Powering Today and Defining Tomorrow Kingstone 2.0 (2021 – 2022) 1. Strategic hiring; Kingstone 3.0 (2022 – 2023) 2. Development of the Select product; 1. Reduced the non-Core Excellence & Profitability book of business; 3. Investments in new systems and
Slide 16: Unprecedented Market Opportunity
16 Unprecedented Market Opportunity
Slide 17: Robust Competitive Landscape in New York
Robust Competitive Landscape 17 in New York 2024 Regulators Approve Strategic Exit Adirondack & Kingstone Fills the Mountain Valley Void Withdrawal from NY in 2H’24 Writes approx. $29 million in premiums across approx. 6,000 policies 2025 - 2028 Another Calculated Exit Kingstone Signs Renewal AmGuar
Slide 18: Direct Premiums Written
Direct Premiums Written* 18 Kingstone Positioned to Capture Share Amid Industry Retrenchment Through 2025 and Beyond $350 Estimating growth of +12% to +17% driven by growth in renewal premiums $330 Achieved NY growth of +31% in FY2024 $310 driven by an unprecedented market opportunity $290 $270 $ in
Slide 19: Guidance
19 2025 12% to 17% Guidance Direct premiums written1 growth The Company’s guidance for fiscal year 2025 is calculated based on anticipated net premiums 78% to 82% earned of ~$187 million. Net Combined Ratio Previous Guidance (at 9/24/2025) Direct premiums written1 growth Net Combined Ratio 12% to 17
Slide 20: Guidance
20 2026 Guidance 15% to 20% Direct premiums written1 growth 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. 79% to 83% Common Stock Metrics 2026E Net Combined Ratio (shares
Slide 21: Strategic Expansion & 5-Year Goal
Strategic Expansion & 5-Year Goal 21 • Growing demand for underwriting capacity positions Kingstone to expand opportunistically and capture outsized margins, as demonstrated in our Core state. • Strategic state expansion should provide diversification benefits, reduce geographic concentration risk,
Slide 22: Attractive Fundamentals
KINGSTONE = Attractive Fundamentals
Slide 23: Valuation: Kingstone vs. Other Property Insurers
23 Valuation: Kingstone vs. Other Property Insurers ✓ Attractive value investing opportunity with consistent underwriting and investment income. ✓ Strong earnings base with lower price-to-earnings multiple in peer group. Consensus Forward P/E 14.6x 12.3x 10.7x Peer Group Median: 9.9x 10.0x 9.2x 6.4x
Slide 24: Shareholder Return
24 Shareholder Return ✓ Significant stock price gains reflecting increased investor confidence. ✓ Reinstated cash dividend reinforcing Kingstone’s commitment to returning value to shareholders. Kingstone Stock Price $25.00 $20.00 $15.00 $10.00 $5.00 $0.00
Slide 25: Why Invest in Kingstone?
25 Why Invest in Kingstone? Strong Product Consistent Profitability & Management Team Sophistication Underwriting Discipline Scalable & Efficient Unprecedented Market Attractive Operating Platform Opportunity Fundamentals
Slide 26: Supplemental Financial Information
26 SUPPLEMENTAL FINANCIAL INFORMATION
Slide 27: Key Financial Metrics
Key Financial Metrics 27 Consolidated Financial Results Quarters Ended Nine Months Ended ($ 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 $ 4
Slide 28: Balance Sheet Overview
Balance Sheet Overview 28 September 30, 2025 December 31, 2024 Assets Total investments $273,983,117 $208,617,941 Cash and cash equivalents 26,772,302 28,669,441 Premiums receivable, net 18,252,649 21,766,988 Reinsurance receivables, net 60,019,060 69,322,436 Prepaid reinsurance 2,142,329 — Deferred
Slide 29: Investment Portfolio
Investment Portfolio 29 Overview as of 9/30/2025 Fixed Portfolio • Outsourced portfolio management • High-quality portfolio provides consistent net investment income; A or Higher 83% • 83% of fixed income portfolio rated A, or higher, or held as U.S. Treasuries. BBB+ • Average portfolio yield of 4.0
Slide 30: Definitions and Reconciliation of Non-GAAP Measures
30 DEFINITIONS AND RECONCILIATION OF NON-GAAP MEASURES
Slide 31: Definitions and Non-GAAP Measures
31 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 comp
Slide 32: Reconciliation of Direct Premiums Written to Net Premiums Earned
RECONCILIATION OF DIRECT PREMIUMS WRITTEN 32 TO NET PREMIUMS EARNED 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
Slide 33: Reconciliation of Net Income to Adjusted EBITDA
RECONCILIATION OF NET INCOME TO ADJUSTED 33 EBITDA 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 e
Slide 34: Reconciliation of Net Income to Operating Net Income
RECONCILIATION OF NET INCOME TO OPERATING 34 NET INCOME AND BASIC NET INCOME PER SHARE TO BASIC OPERATING NET INCOME PER SHARE For the Three Months Ended For the Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Basic income Basic income Basic income Basic
Slide 35: Reconciliation of Net Income to Operating Net Income
RECONCILIATION OF NET INCOME TO OPERATING 35 NET INCOME AND DILUTED NET INCOME PER SHARE TO DILUTED OPERATING NET INCOME PER SHARE For the Three Months Ended For the Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Diluted Diluted Diluted Diluted (000’s e
Slide 36: Reconciliation of Net Income to Operating Net Income
RECONCILIATION OF NET INCOME TO OPERATING 36 NET INCOME AND RETURN ON EQUITY TO OPERATING RETURN ON EQUITY 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 $ 1
Slide 37: Reconciliation of the Underlying Loss Ratio
RECONCILIATION OF THE UNDERLYING LOSS RATIO 37 AND THE NET LOSS RATIO EXCLUDING THE EFFECT OF CATASTROPHES TO THE NET LOSS RATIO For the Three Months Ended For the Nine Months Ended September 30, September 30, Percentage Point Percentage Point 2025 2024 Change 2025 2024 Change Underlying Loss Ratio