Kingstone Companies, Inc · NASDAQ:KINS
Kingstone Companies — Q4 2025 Earnings Presentation
22 slides from Kingstone Companies's earnings presentation, Mar 6, 2026
Slide 1: 4Q25 Earnings Presentation
4Q25 Earnings Presentation March 6, 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 March 6, 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 Compan
Slide 3: Kingstone at a Glance
Kingstone at a Glance Kingstone Companies, Inc. (NASDAQ: KINS) is a property insurer that underwrites through Select, a proprietary risk-segmentation platform driving disciplined $278M $2.88 underwriting, operating efficiency, and profitable growth. Its subsidiary, Kingstone Direct Premiums Written1
Slide 4: Record Q4 and Full Year 2025 Performance
Record Q4 and Full Year 2025 Performance • FY25 net income more than doubled to $40.8M; diluted EPS of $2.88 (+95%); Direct Premiums Written1 grew 15% to $277.8M • FY25 book value per share of $8.28 (+75%); expense ratio reached 30.0% (down 11 pts since 2021); dividend reinstated • 4Q25 net income o
Slide 5: Five Reinforcing Pillars Drive Durable Profitable Growth
Five Reinforcing Pillars Drive Durable Profitable Growth • Nine consecutive profitable quarters Execution • Record FY2025 net combined ratio of 75%; • Direct Premiums Written1 grew 39% while combined ratio improved 30 points since 2023 Select • 57% of policies in force, up from 45% one year ago Prod
Slide 6: Nine Consecutive Profitable Quarters, with Attritional Loss Ratio Declining to 35%
Nine Consecutive Profitable Quarters, with Attritional Loss Ratio Declining to 35% 113.3% 105.3% 93.3% 93.7% 36% 33% 78.2% 78.5% 31% 72.0% 31% 71.5% 72.7% 7% 64.2% 7% 5% 31% 30% 2% 33% 28% 33% 0% 28% 1% 0% 2% 1% 68% 2% 65% 62% 59% 47% 49% 44% 39% 39% 35% FY22 FY23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
Slide 7: Select Delivers ~31% Lower Claim Frequency at 57% PIF Penetration
Select Delivers ~31% Lower Claim Frequency at 57% PIF Penetration Proprietary Underwriting Platform Driving Superior Loss Performance 7.0% 6.0% Legacy RB Select Total All Products Total 57% PIF Penetration vs. 45% one year ago Claim Frequency - Reported 5.0% ~31% 4.0% 3.0% Lower Claim X-Cat Frequenc
Slide 8: Net Expense Ratio Reduction of Points Since 2021
Net Expense Ratio Reduction of 11 Points Since 2021 Sustained Expense Ratio Reduction 30.0% FY2025 Net Expense Ratio vs. 31.3% prior year 27.9% Q4 2025 Net Expense Ratio 40.6% Record quarterly low 36.0% 32.9% 31.3% 30.0% 11pts Cumulative Improvement Since 2021 (40.6%) 2021 2022 2023 2024 2025 KINS |
Slide 9: Reinsurance & Risk Management
Reinsurance & Risk Management Conservative Risk Transfer Strategy $440M Reinsurance Program Structure Total Reinsurance Tower • Property Catastrophe Excess of Loss: $440M tower with $5M retention • For 2026, 5% Quota Share Treaty; 30% for CA: Reduces net exposure ~$5M • on in-force book Excess of Lo
Slide 10: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Strong Capital Position Supporting Growth $122.7M Zero $99.2M Total Equity Net Debt Insurance Subsidiary Surplus vs. $66.7M prior year (+84%) At the Holding Company Well in excess of regulatory requirements $8.28 $309.7M $0.05 BVPS (Diluted) Total Investments Quart
Slide 11: Growth Drivers
Growth Drivers Multiple Levers for Premium Expansion Adirondack / Mountain Valley Guard Renewal Rights $29M Incremental Direct Premiums Written ~$800K/mo Run-Rate Premium • Two Company’s whose exit from the State of NY, • Acquired renewal rights to Guard Insurance provided an opportunity for Kingsto
Slide 12: FY25 and Projected FY26 Direct Premiums Written
FY25 and Projected FY26 Direct Premiums Written1 16% to 20% growth $5M $44M $278M ($13)M $242M FY24 DPW Organic / Rate GUARD Legacy Runoff FY25 DPW Organic / Rate Expansion States GUARD Legacy Runoff FY26 DPW 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Mea
Slide 13: NY Core + Multi-State Expansion Supports the Path to $500M DPW by 2029
NY Core + Multi-State Expansion Supports the Path to $500M DPW1 by 2029 Direct Premiums Written1 2022-2025A & 2026-2029P ($M) $563M $600M New York All Other $489M $500M $418M $400M $322-$333M $278M $300M $242M $201M $200M $200M $100M $0M FY22 FY23 FY24 FY25 FY26P FY27P 2028P 2029P 1 These are non-GA
Slide 14: FY2026 Guidance Embeds Conservative Cat Assumptions
FY2026 Guidance Embeds Conservative Cat Assumptions Illustrative EPS of ~$3.53 at FY25 Cat Levels Guidance Metric FY26E FY25 Actual Key Modeling Assumptions Value Direct premiums written growth1,5 16% – 20% 14.8% Illustrative net premiums earned* ~$252 million Net combined ratio 81% – 86% 75.0% Assu
Slide 15: Record Profitability, with Visible Forward Growth
Record Profitability, with Visible Forward Growth Direct Premiums Written1 Underlying Combined Ratio1 104.2% 40 0 98.2% $322-$333 79.5% 74%-76% 74.4% 350 $278 36% 33% $242 300 250 $201 $200 31% 30% 200 150 68% 65% 100 48% 44% 50 0 2022 2023 2024 2025 2026E 0 2022 2023 2024 2025 2026E Attritional Exp
Slide 16: Executive Management Team
Executive Management Team Randy L. Patten Sarah (Minlei) Chen David Fernandez Meryl S. Golden Vice President & CFO SVP, Chief Actuary & SVP & Chief Claims Officer President & CEO 25+ years Head of Product Mgmt 25+ years 30+ years 10+ years Joined Aug 2025; led finance Joined Nov 2023; led 1,000+ cla
Slide 17: Appendix Material
Appendix Material
Slide 18: Appendix: Definitions and Non-GAAP Measures
Appendix: Definitions and Non-GAAP Measures Direct Premiums Written (DPW) Underlying Combined Ratio Total premiums written during the period, before ceding any to reinsurers. Combined ratio ex-catastrophes and prior-year development. Measures core underwriting performance. Net Premiums Written (NPW)
Slide 19: Consolidated Financial Results
Consolidated Financial Results ($ in thousands, except per share data) 4Q25 4Q24 Change FY25 FY24 Change Net premiums earned $49,463 $35,967 37.5% $187,127 $128,498 45.6% Direct premiums written¹ $82,753 $72,533 14.1% $277,801 $241,980 14.8% Policies in force, at period end 80,432 77,656 3.6% Net in
Slide 20: Income Statement
Income Statement ($ in thousands, except per share data) 4Q25 (Unaudited) 4Q24 (Unaudited) FY25 (Unaudited) FY24 Revenues Net premiums earned $49,463 $35,967 $187,127 $128,498 Ceding commission revenue 4,734 4,967 15,675 18,838 Net investment income 2,951 1,906 9,799 6,824 Net (losses) gains on inve
Slide 21: Balance Sheet
Balance Sheet ($ in thousands) 31-Dec-25 (Unaudited) 31-Dec-24 Fixed-maturity securities, held-to-maturity $6,042 $7,047 Fixed-maturity securities, available-for-sale 289,037 186,893 Equity securities, at fair value 10,057 10,297 Other investments 4,552 4,381 Total investments 309,689 208,618 Cash a
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