Kingstone Companies, Inc · NASDAQ:KINS
Kingstone Companies — Q3 2026 Earnings Presentation
23 slides from Kingstone Companies's earnings presentation, Nov 5, 2026
Slide 1: 3Q26 Earnings Presentation
3Q26 Earnings Presentation November 5, 2026
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements The guidance provided in this presentation is based on information available as of November 5, 2026 and management's review of the anticipated financial results for 2026. Such guidance remains subject to change based on management's ongoing review of the Com
Slide 3: Kingstone at a Glance
KINGSTONE AT A GLANCE A 140-year New York franchise, rebuilt for profitable growth A personal property insurer, distributed through independent agents and brokers and underwritten on the proprietary Select platform. New York is the core franchise, with measured expansion into California and Connecti
Slide 4: Third Quarter 2026 Results Highlights
җ4 Third Quarter 2026 Results QUARTER HIGHLIGHTS • Profitability: Most profitable quarter in Company history, with record net income of $17.6 million; diluted EPS up 61% to $1.19; annualized ROE of 52.9% • Growth: Net premiums earned up 30% to $62.4 million as the reduced quota share earns in; direc
Slide 5: Five Reinforcing Pillars Drive Durable, Profitable Growth
Қ5 Five Reinforcing Pillars Drive Durable, Profitable Growth Execution • Rebuilt leadership, product, claims, risk management, cost structure and balance sheet • Multi-year record of disciplined premium growth alongside meaningful combined ratio improvement • Record full-year 2025 and Q3 2026 profit
Slide 6: Record Q3 Profitability: 65.6% Net Combined Ratio
Ҝ6 NET COMBINED RATIO BY COMPONENT, FY2022 TO 3Q26 Record Q3 Profitability: 65.6% Net Combined Ratio Note: Bars show attritional loss, cat loss and net underwriting expense ratios, with the negative 2Q26 cat loss ratio netted within its bar; prior-year reserve development is in the blue boxes. Total
Slide 7: Select Delivers ~34% Lower Non-Catastrophe Claim Frequency
ҝ7 REPORTED CLAIM FREQUENCY NY HOMEOWNERS, EXCLUDING CATASTROPHES Select Delivers ~34% Lower Non-Catastrophe Claim Frequency 0% 1% 2% 3% 4% 5% 6% Cl ai m F re qu en cy - Re po rt ed Legacy Renewal Business Select Total All Products Total 1 Source: Kingstone Select vs. Legacy Analysis, NY HO ex-catas
Slide 8: Net Underwriting Expense Ratio Improved 10 Points Since 2021
Ң8 NET UNDERWRITING EXPENSE RATIO FY2021 TO FY2025 AND YTD25 VS. YTD26 40.6% 36.0% 32.9% 31.3% 30.0% 30.8% 30.6% 2021 2022 2023 2024 2025 YTD25 YTD26 Net Underwriting Expense Ratio Improved 10 Points Since 2021 30.0% FY25 Net Underwriting Expense Ratio Improved 1.3 pts from FY2024 10.6 pts Cumulativ
Slide 9: 2026/2027 Reinsurance Program
ң9 2026/2027 REINSURANCE PROGRAM Enhanced Reinsurance Protection at Lower Risk-Adjusted Cost • Program structure: Catastrophe XOL to $500M total limit; wildfire coverage added alongside hurricane and winter storm • Program cost: ~11% of projected direct premiums earned, down from 13% for the prior t
Slide 10: Capital Position Supports Growth, Dividends and Buybacks
� �10 Capital Position Supports Growth, Dividends and Buybacks CAPITAL AT SEPTEMBER 30, 2026 $136.7M Total stockholders’ equity +11% YTD; $122.7M at YE25 Zero Net debt At the holding company $126.2M Statutory surplus Leverage ratio 2.05, RBC >750 BOOK VALUE, INVESTMENTS AND DIVIDEND AT SEPTEMBER 30,
Slide 11: New York Carrier Exits Opened Two Growth Channels
� �11 New York Carrier Exits Opened Two Growth Channels Both books are written through the Select platform $29M Incremental direct premiums written • Two carriers exiting New York created an opportunity for Kingstone to immediately add premium in 2H24 • Policies written on the Select platform for lo
Slide 12: FY2026 Direct Premiums Written Projected to Grow ~16%
� Ғ DIRECT PREMIUMS WRITTEN BRIDGE $M, FY2024 TO FY2026E FY2026 Direct Premiums Written1 Projected to Grow approximately 16% $242M $44M $5M $278M ($13M) FY24 DPW Organic / Rate GUARD Legacy Runoff FY25 DPW Organic / Rate Expansion States GUARD Legacy Runoff FY26 DPW ~16% growth (Projected) 1 This is
Slide 13: Path to $500 Million of Direct Premiums Written by 2029
� Җ DIRECT PREMIUMS WRITTEN1 $M, NEW YORK AND ALL OTHER Path to $500 Million of Direct Premiums Written1 by 2029 $201M $200M $242M $278M $322M $370–$386M $426–$444M $490–$511M FY22 FY23 FY24 FY25 FY26P FY27P FY28P FY29P New York All Other 1 This is a non-GAAP financial measure. See “Definitions and
Slide 14: FY2026 Outlook Updated; EPS Guidance Raised and Narrowed
� җ14 FY2026 Outlook Updated; EPS Guidance Raised and Narrowed 1 These are non-GAAP financial measures. See “Definitions and Non-GAAP Measures” and the tables included in our press release, dated November 5, 2026, for reconciliations of these non-GAAP financial measures to the most directly comparab
Slide 15: Strong Track Record of Profitable Growth
� Қ RETURN ON EQUITY 2022 TO 2026ENET INCOME PER DILUTED SHARE 2022 TO 2026E NET COMBINED RATIO 2022 TO 2026EDIRECT PREMIUMS WRITTEN1 $M, 2022 TO 2026E Strong Track Record of Profitable Growth $201 $200 $242 $278 $322 2022 2023 2024 2025 2026E 77% 72% 49% 45% 36% 33% 31% 30% 113.3% 105.3% 80.0% 75.0
Slide 16: Executive Management Team
� Ҝ Executive Management Team Meryl S. Golden President & Chief Executive Officer Joined 2019 as COO; appointed CEO Oct 2023 Progressive · Liberty Mutual · Earnix · Bridgewater Randy L. Patten Vice President & Chief Financial Officer Joined Aug 2025; led finance through NEXT Insurance's $2.6B acquis
Slide 17: Appendix
KINGSTONE Appendix
Slide 18: High-Quality Compounder: Above-Peer Growth and Returns
� Ң VERSUS PEERS CAPITAL IQ AND SEC FILINGS AS OF 10/29/2026 High-Quality Compounder: Above-Peer Growth and Returns • Attractive Relative Valuation: KINS trades at 7.4x FY26E and 6.9x FY27E consensus earnings, below the peer average of 7.5x and 8.4x, with the discount widening on forward estimates;
Slide 19: Definitions and Non-GAAP Measures
� ң UNDERLYING AND RETURN MEASURESPREMIUMS AND UNDERWRITING RATIOS Appendix: Definitions and Non-GAAP Measures Direct Premiums Written (DPW)1 Total premiums written during the period, before ceding any to reinsurers. Net Premiums Written (NPW)1 Direct premiums written less ceded premiums; reflects p
Slide 20: Consolidated Financial Results
Ғ � 20 Consolidated Financial Results 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Measures” and the tables included in our press release, dated November 5, 2026, for definitions and reconciliations of these non-GAAP financial measures to the most directly
Slide 21: Consolidated Statements of Income
Ғ�21 ($ in thousands, except per share data) Q3 2026 Q3 2025 9M 2026 9M 2025 Revenues Net premiums earned $62,412 $47,925 $178,748 $137,663 Ceding commission revenue 1,740 4,900 4,677 10,941 Net investment income 3,756 2,499 10,522 6,848 Net (losses) gains on investments (550) 182 (1,325) 591 Gain o
Slide 22: Consolidated Balance Sheets
Ғ Ғ 22 ($ in thousands) September 30, 2026 December 31, 2025 Assets Short-term investments, at fair value $1,482 $ — Fixed-maturity securities, held-to-maturity, at amortized cost 6,038 6,042 Fixed-maturity securities, available-for-sale, at fair value 315,981 289,037 Equity securities, at fair valu
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