Kingstone Companies, Inc · NASDAQ:KINS
Kingstone Companies — Q1 2026 Earnings Presentation
22 slides from Kingstone Companies's earnings presentation, May 8, 2026
Slide 1: 1Q26 Earnings Presentation
1Q26 Earnings Presentation May 7, 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 May 7, 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 Company'
Slide 3: Kingstone at a Glance
Kingstone at a Glance FY2025 foundation with 2026 growth and profitability guidance reaffirmed $278M $2.88 Kingstone is a regional property and casualty insurance holding company delivering tailored homeowners insurance solutions Direct Premiums Written¹ through its sophisticated product suite, Sele
Slide 4: First Quarter 2026 Results
First Quarter 2026 Results • Q1 2026: Net premiums earned grew 28% to $55.9M, driven by 20% direct premiums written growth1 • Q1 2026: Net loss of $5.8M; diluted EPS of $(0.40) (operating EPS1 of $(0.35)) • Q1 2026: GAAP net combined ratio of 112.0%, including 26.0 points of CAT losses from eleven w
Slide 5: Five Reinforcing Pillars Drive Durable Profitable Growth
Five Reinforcing Pillars Drive Durable Profitable Growth • Structural improvements in risk selection, operating model, and claims organization Execution • Multi-year track record of disciplined growth alongside meaningful combined ratio improvement • Track record of executing with discipline and man
Slide 6: Underlying Performance Remains Strong; 1Q26 Combined Ratio Pressured by Elevated Catastrophe Losses
Underlying Performance Remains Strong; 1Q26 Combined Ratio Pressured by Elevated Catastrophe Losses 113.3% 112.0% 105.3% 93.3% 93.7% 36% 30% 33% 78.2% 78.5% 31% 72.0% 31% 71.5% 72.7% 7% 64.2% 7% 26% 31% 30% 2% 5% 33% 28% 33% 0% 28% 1% 0% 2% 1% 68% 2% 65% 62% 59% 56% 47% 49% 44% 39% 39% 35% FY22 FY23
Slide 7: Select Delivers ~33% Lower Claim X-Cat Frequency at 60% PIF Penetration
Select Delivers ~33% Lower Claim X-Cat Frequency at 60% Policies in Force (PIF) Penetration 6% Proprietary Underwriting Legacy RB Select Total All Products Total Platform Driving Superior 5% Loss Performance Claim Frequency - Reported 4% 3% 60% PIF Penetration vs. 57% one year ago 2% ~33% 1% 0% Lowe
Slide 8: Net Expense Ratio Reduction of 10 Points Since 2021
Net Expense Ratio Reduction of 10 Points Since 2021 40.6% 36.0% 32.9% 31.3% 30.0% 31.3% 30.4% 2021 2022 2023 2024 2025 1Q25 1Q26 30.0% 10pts 30.4% FY2025 Net Expense Ratio Cumulative Improvement Q1 2026 Net Expense Ratio vs. 31.3% prior year Since 2021 (40.6%) vs. 31.3% Prior year quarter 88
Slide 9: Reinsurance & Risk Management
Reinsurance & Risk Management Reinsurance Program Structure $440M Total Reinsurance Tower Property Catastrophe Excess of Loss: $440M tower with $5M first event retention for winter storm and hurricane losses 2026 treaty year: NY personal lines quota share (QS) reduced from 16% to 5%, increasing earn
Slide 10: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Strong Capital Position Supporting Growth $114.5M Zero $93.3M Total Equity Net Debt Insurance Subsidiary Surplus vs. $82.2M Q1'25 (+39% YoY) At the Holding Company Well in excess of regulatory requirements $7.70 $313.4M $0.05 BVPS (Diluted) Total Investments Quarte
Slide 11: Growth Drivers
Growth Drivers Multiple Levers for Premium Expansion Adirondack / Mountain Valley Guard Renewal Rights $29M ~$800K/mo. Incremental Direct Premiums Written Run-Rate Premium • Two carriers exiting New York created an • Acquired renewal rights to Guard opportunity for Kingstone to immediately add Insur
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 (Projected) 12 1 These are non-GAAP financial measures. See Appendix: “Definitions and Non-
Slide 13: NY Core + Multi-State Expansion Supports the Path to $500M DPW Target by 2029
NY Core + Multi-State Expansion Supports the Path to $500M DPW1 Target by 2029 New York All Other $563M $600M $489M $500M $418M $400M $322-$333M $278M $300M $242M $201M $200M $200M $100M $0M FY22 FY23 FY24 FY25 FY26P FY27P FY28P FY29P 13 1 These are non-GAAP financial measures. See Appendix: “Defini
Slide 14: FY2026 Guidance Embeds Conservative Cat Assumptions
FY2026 Guidance Embeds Conservative Cat Assumptions Guidance Metric FY26E FY25 Actual Key Modeling Assumptions Value Direct premiums written growth1,4 16% – 20% 14.8% Assumed effective tax rate ~21% Net combined ratio 81% – 86% 75.0% Weighted Average diluted shares outstanding ~14.8 million Underlyi
Slide 15: Strong Track Record with Clear Projected Trajectory
Strong Track Record with Clear Projected Trajectory Direct Premiums Written 1 Underlying Combined Ratio1 $322-$333 104.2% 98.2% $278 79.5% 74.4% 74%-76% $242 36% 33% $201 $200 31% 30% 68% 65% 48% 44% 0 2022 2023 2024 2025 2026E 2022 2023 2024 2025 2026E Attritional Expense Total Net Income per Dilut
Slide 16: Executive Management Team
Executive Management Team Randy L. Patten Sarah (Minlei) Chen David Fernandez Meryl S. Golden Vice President & CFO SVP, Chief Actuary & SVP & Chief Claims Officer President & CEO 25+ years Head of Product Mgmt 25+ years 30+ years 10+ years Joined Aug 2025; led finance Joined Nov 2023; led 1,000+ cla
Slide 17: Appendix
E KINGSTONE Appendix
Slide 18: Appendix: Definitions and Non-GAAP Measures
Appendix: Definitions and Non-GAAP Measures Direct Premiums Written (DPW) Underlying Combined Ratio Total premiums written during the period, before ceding any to reinsurers. Net combined ratio ex-catastrophes and prior-year development. Measures core underwriting performance. Net Premiums Written (
Slide 19: Consolidated Financial Results
Consolidated Financial Results ($ in thousands, except per share data) 1Q26 1Q25 Change Net premiums earned $55,869 $43,523 28.4% Direct premiums written¹ $69,603 $58,175 19.6% Policies in force, at period end 82,406 76,905 7.2% Net investment income $3,338 $2,049 62.9% Net gains (losses) on investm
Slide 20: Income Statement
Income Statement ($ in thousands, except per share data) 1Q26 (Unaudited) 1Q25 (Unaudited) Revenues Net premiums earned $55,869 $43,523 Ceding commission revenue 1,404 2,959 Net investment income 3,338 2,049 Net gain/(loss) on investments (1,015) (138) Gain on sale of real estate — 1,966 Other incom
Slide 21: Balance Sheet
Balance Sheet ($ in thousands) 31-Mar-26 (Unaudited) 31-Dec-25 Assets Fixed-maturity securities, held-to-maturity $6,041 $6,042 Fixed-maturity securities, available-for-sale 293,800 289,037 Equity securities, at fair value 9,840 10,057 Other investments 3,757 4,552 Total investments 313,438 309,689
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