Kingstone Companies, Inc · NASDAQ:KINS
Kingstone Companies — Q2 2026 Earnings Presentation
23 slides from Kingstone Companies's earnings presentation, Aug 7, 2026
Slide 1: 2Q26 Earnings Presentation
2Q26 Earnings Presentation August 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 August 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 Compa
Slide 3: Kingstone at a Glance
KINGSTONE AT A GLANCE A focused property insurer with a multi-year profitable growth runway A regional P&C insurer built on the Select platform — sophisticated pricing, disciplined risk selection and a scalable operating model. New York is the core franchise, complemented by measured expansion into
Slide 4: Second Quarter 2026 Results
Second Quarter 2026 Results • Profitability: Most profitable quarter in Company history, with record net income of $15.5 million; diluted EPS up 35%, to $1.05; annualized ROE of 50.8% • Growth: Net premiums earned up 31% to $60.5 million as the reduced quota share earns in; direct premiums written u
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 record of disciplined premium growth alongside meaningful combined ratio improvement • Record Q2 profitability reinforces confidence i
Slide 6: Record Q2 Profitability: 70.2% Net Combined Ratio on Continued Underlying Improvement
Record Q2 Profitability: 70.2% Net Combined Ratio on Continued Underlying Improvement 112.0% 113.3% 105.3% 93.3% 93.7% 30.4% 36.0% 32.9% 78.2% 78.5% 31.3% 31.3% 70.2% 72.0% 71.5% 72.7% 6.7% 26.0% 7.1% 64.2% 31.2% 29.8% 1.7% 5.2% 30.6% 33.0% 28.4% 32.7% 27.9% 1.3% -0.8% 0.2% 1.7% 0.6% 68.2% 2.1% 65.3
Slide 7: Select Delivers ~34% Lower Non-Cat Claim Frequency at 62% PIF Penetration
Select Delivers ~34% Lower Non-Cat Claim Frequency at 62% Policies in Force (PIF) Penetration 6% Legacy Renewal Business Select Total All Products Total 5% Proprietary Underwriting Platform Driving Superior Loss Performance Claim Frequency - Reported 4% 62% 3% 2% PIF Penetration vs. 48% one year ago
Slide 8: Net Underwriting Expense Ratio Improved 10 Points Since 2021
Net Underwriting Expense Ratio Improved 10 Points Since 2021 FULL-YEAR TREND QUARTERLY YOY 40.6% 36.0% 32.9% 32.7% 31.3% 30.0% 30.6% 2021 2022 2023 2024 2025 2Q25 2Q26 30.0% 10.6 pts 30.6% FY25 Net Underwriting Expense Ratio Cumulative Improvement 2Q26 Net Underwriting Expense Ratio Improved 1.3 pts
Slide 9: Enhanced Reinsurance Protection at Lower Risk-Adjusted Cost
Enhanced Reinsurance Protection at Lower Risk-Adjusted Cost 2026/2027 Reinsurance Program $500M • Program structure: Catastrophe XOL to $500M total limit; wildfire coverage Total Catastrophe Limit added alongside hurricane and winter storm +14% (+$60M) vs 2025/26 • Program cost: ~11% of projected di
Slide 10: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Strong Capital Position Supporting Growth $129.2M Zero $109.0M Total Stockholders’ Equity Net Debt Statutory Surplus +5% YTD; $122.7M at YE25 At the Holding Company Leverage ratio 2.26, RBC >600 $8.69 $334.1M $0.06 BVPS (Diluted) Total Investments Quarterly Dividen
Slide 11: Growth Drivers
Growth Drivers Multiple Levers for Premium Expansion Adirondack / Mountain Valley GUARD Renewal Rights $29M $25-$30M Incremental Direct Premiums Written Expected premium over three years • Renewal rights to AmGUARD Insurance Company's Downstate • Two carriers exiting New York created an opportunity
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: “Definitions and Non-GAAP Meas
Slide 13: NY Core + Multi-State Expansion Supports Path to $500M Direct Premiums Written
NY Core + Multi-State Expansion Supports the Projected Path to $500M Direct Premiums Written1 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 m
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 $200 31% 30% 68% 65% 48% 44% 0 2022 2023 2024 2025 2026E 2022 2023 2024 2025 2026E Attritional Loss Net Underwriting Expense Net
Slide 16: Executive Management Team
Executive Management Team Meryl S. Golden Randy L. Patten Sarah (Minlei) Chen David Fernandez President & Vice President & SVP, Chief Actuary & Senior Vice President & Chief Chief Executive Officer Chief Financial Officer Head of Product Mgmt Claims Officer 30+ 10+YEARS years 30+YEARS years 25+ 25+
Slide 17: Appendix
E KINGSTONE Appendix
Slide 18: High-Quality Compounder: Peer-Leading Growth and Returns
High-Quality Compounder: Peer-Leading Growth and Returns • Attractive Relative Valuation: KINS trades at 7.8x FY26E and 6.7x FY27E consensus earnings, below the peer average of 8.8x and 8.7x, with the discount widening on forward estimates; the P/BV premium (2.4x vs. 1.6x) reflects superior return o
Slide 19: Appendix: Definitions and Non-GAAP Measures
Appendix: Definitions and Non-GAAP Measures Direct Premiums Written (DPW)1 Underlying Combined Ratio1 Total premiums written during the period, before ceding any to reinsurers. Net combined ratio ex-catastrophes and prior-year development. Measures core underwriting performance. Net Premiums Written
Slide 20: Consolidated Financial Results
Consolidated Financial Results ($ in thousands, except policy and per share data) 2Q26 2Q25 Change 1H26 1H25 Change Net premiums earned $60,467 $46,215 30.8% $116,336 $89,738 29.6% Direct premiums written1 $72,494 $61,062 18.7% $142,097 $119,237 19.2% Policies in force, at the end of the period 84,5
Slide 21: Income Statement
Income Statement ($ in thousands, except per share data) Q2 2026 Q2 2025 1H 2026 1H 2025 Revenues Net premiums earned $60,467 $46,215 $116,336 $89,738 Ceding commission revenue 1,533 3,082 2,937 6,040 Net investment income 3,429 2,300 6,766 4,349 Net gains (losses) on investments 240 546 (775) 408 G
Slide 22: Balance Sheet
Balance Sheet ($ in thousands) June 30, 2026 December 31, 2025 Assets Fixed-maturity securities, held-to-maturity, at amortized cost $6,040 $6,042 Fixed-maturity securities, available-for-sale, at fair value 313,926 289,037 Equity securities, at fair value 9,811 10,057 Other investments 4,281 4,552
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