Kingstone Reports Second Quarter 2026 Results

Q: How did Kingstone (KINS) perform in Q2 2026?

Kingstone reported record Q2 2026 net income of $15.5 million and diluted EPS of $1.05 . According to Kingstone, net premiums earned grew 30.8% and the GAAP net combined ratio improved to 70.2%, supporting an annualized return on equity of 50.8%.

Q: What were Kingstone’s key underwriting metrics in Q2 2026?

Kingstone’s Q2 2026 GAAP net combined ratio was 70.2% , with a net loss ratio of 39.6% and an underwriting expense ratio of 30.6% . According to Kingstone, the catastrophe loss ratio was negative 0.8%, helped by favorable prior‑year reserve development and catastrophe experience.

Q: What 2026 guidance did Kingstone (KINS) reaffirm on August 6, 2026?

Kingstone reaffirmed 2026 guidance for direct premiums written growth of 16%–20% , a net combined ratio of 81%–86% , and diluted EPS of $2.20–$2.90 . According to Kingstone, expected return on equity for 2026 remains in the 24%–30% range.

Q: How did Kingstone’s book value and ROE change in Q2 2026?

Diluted book value per share increased to $8.69 , up 34.9% year over year in Q2 2026. According to Kingstone, annualized return on equity for the quarter was 50.8% , reflecting strong underwriting and investment results along with premium growth.

Q: What did Kingstone announce about its dividend and capital returns in Q2 2026?

Kingstone increased its quarterly dividend by 20% to $0.06 per share and authorized share repurchases. According to Kingstone, these actions follow the dividend’s reinstatement one year earlier and are supported by the company’s capital position and profitability.

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Kingstone (Nasdaq: KINS) reported record profitability for Q2 2026, with net income of $15.5 million, diluted EPS of $1.05 and an annualized return on equity of 50.8%. Net premiums earned rose 30.8% to $60.5 million, while direct premiums written grew 18.7% to $72.5 million.

The Q2 GAAP net combined ratio improved to 70.2%, including a net loss ratio of 39.6% and an underwriting expense ratio of 30.6%. Net investment income increased 49.1%. Diluted book value per share rose 34.9% year over year to $8.69.

Kingstone reaffirmed its full-year 2026 guidance, including direct premiums written growth of 16%–20%, a net combined ratio of 81%–86%, diluted EPS of $2.20–$2.90 and ROE of 24%–30%. The company completed a catastrophe reinsurance placement with total coverage of $500 million, authorized share repurchases, and raised its quarterly dividend by 20% to $0.06 per share.

Positive

Q2 2026 net income $15.5M, up 37.5% year over year
Q2 diluted EPS $1.05, up 34.6% versus $0.78 in Q2 2025
Q2 net combined ratio improved to 70.2% from 71.5%
Net premiums earned up 30.8% in Q2 to $60.5M
Direct premiums written up 18.7% in Q2 to $72.5M
Net investment income up 49.1% in Q2 to $3.4M
Diluted book value per share up 34.9% YoY to $8.69
2026 EPS guidance reaffirmed at $2.20–$2.90, ROE 24%–30%
Catastrophe reinsurance coverage increased to $500M with >15% lower risk‑adjusted cost
Quarterly dividend increased 20% to $0.06 per share

Negative

Six‑month 2026 net income down 36.2% to $9.7M
Six‑month diluted EPS down 38.3% to $0.66
Six‑month net combined ratio worsened to 90.2% from 82.3%
Six‑month catastrophe loss ratio rose to 12.0% from 1.2%
Q2 underlying loss ratio increased 4.4 pts to 43.1%
Other comprehensive loss of $2.4M year‑to‑date versus $3.2M income in 2025
Adjusted EBITDA for six months fell 17.1% to $15.8M

News Explained

A record Q2 did not reverse the first-half downturn: six-month net income fell 36.2% and the combined ratio worsened to 90.2%.

Kingstone reported results for the quarter ended June 30, 2026: Q2 was its most profitable quarter, but six-month net income fell 36.2% to $9,662 thousand and the six-month net combined ratio rose to 90.2%.

The Q2 net combined ratio of 70.2% included a 43.1% underlying loss ratio, up from 38.7% a year earlier; favorable prior-year reserve development and a negative catastrophe loss ratio also reduced the reported quarter’s ratio.

The company reaffirmed its full-year guidance, but describes that outlook as forward-looking and subject to change rather than as a completed result.

Market Context

Insider context recorded Net Buying, including 44,502 shares bought and 0 sold over 90 days. That ac...

Analysis

Insider context recorded Net Buying, including 44,502 shares bought and 0 sold over 90 days. That activity added external context, while catastrophe exposure remained the principal disclosed risk.

Key Figures

Q2 Net Income: $15.5 million Diluted EPS: $1.05 Annualized ROE: 50.8% +5 more

8 metrics

Q2 Net Income $15.5 million Q2 2026; record quarterly result

Diluted EPS $1.05 Q2 2026; up 35%

Annualized ROE 50.8% Q2 2026

Net Premiums Earned Growth 31% Q2 2026

Direct Premiums Written Growth 19% Q2 2026

GAAP Net Combined Ratio 70.2% Q2 2026

2026 Diluted EPS Guidance $2.20 to $2.90 Full-year 2026 reaffirmed guidance

Quarterly Dividend $0.06 per share Increased 20% during Q2 2026

Previous Earnings Reports

5 past events · Latest: May 07 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 07	Q1 earnings report	Negative	-4.0%	Quarterly loss followed eleven Northeast winter catastrophe events
Mar 05	FY earnings report	Positive	-4.0%	Record full-year income and premium growth accompanied updated 2026 guidance
Feb 04	Preliminary earnings report	Positive	+9.4%	Preliminary record quarter included strong premiums, profitability, and return metrics
Nov 06	Q3 earnings report	Positive	+0.1%	Premium growth and improved underwriting supported higher quarterly net income
Aug 07	Q2 earnings report	Positive	-7.0%	Record quarterly income and improved combined ratio preceded a share-price decline

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific earnings reactions were mixed, with positive results sometimes followed by declines and an average move of -1.08%.

Key Terms

quota share, catastrophe loss ratio, underlying combined ratio, non-gaap financial measures

4 terms

catastrophe loss ratio financial

"Catastrophe loss ratio estimate for 2026 of 7% to 10%"

The catastrophe loss ratio measures the portion of an insurer’s collected premiums that is paid out to cover claims from major disasters, like storms, earthquakes or large-scale accidents. It matters to investors because a high ratio is like a household draining its savings after an unexpected storm: it can squeeze profits, force the company to raise prices or tap capital, and reveal whether disaster coverage is priced and managed sustainably.

underlying combined ratio financial

"Underlying combined ratio1,2 (excluding catastrophe losses and prior-year reserve development)"

The underlying combined ratio is an insurer’s core underwriting profit measure: it compares claims paid plus operating costs to premiums earned, after removing one-off or unusual items (like major catastrophe losses, reserve adjustments or accounting timing effects). It matters to investors because it reveals the steady, repeatable strength of an insurer’s business—like a car’s average fuel efficiency when you ignore a single outlier trip—helping separate true performance from temporary noise.

non-gaap financial measures financial

"Definitions and Non-GAAP Measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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08/06/2026 - 04:15 PM

Most Profitable Quarter in Company History
Q2 Diluted Net Income Per Share of $1.05 | Q2 Annualized Return on Equity of 50.8%
Net Premiums Earned Growth of 31% for Q2 | Direct Premiums Written Growth¹ of 19% for Q2
Q2 GAAP Net Combined Ratio of 70.2%

Company Reaffirms 2026 Full Year Guidance

Management to Host Conference Call Tomorrow at 8:30 a.m. Eastern Time

KINGSTON, N.Y., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq: KINS) (“Kingstone” or the “Company”), a regional property and casualty insurance holding company, today announced its financial results for the second quarter ended June 30, 2026. The Company has also provided an investor presentation that can be accessed through the News & Events/Presentations section of the Company website at www.kingstonecompanies.com.

Key Financial and Operational Highlights
	Quarters Ended					Six Months Ended
	June 30,					June 30,
($ in thousands, except per share data)	2026		2025		Change	2026		2025		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%
Net combined ratio		70.2%		71.5%	(1.3) pts		90.2%		82.3%	7.9 pts
Catastrophe loss ratio¹	(0.8)%			0.6%	(1.4) pts		12.0%		1.2%	10.8 pts
Underlying combined ratio¹		73.7%		71.4%	2.3 pts		80.7%		82.0%	(1.3) pts
Net income	$	15,470	$	11,252	37.5%	$	9,662	$	15,135	(36.2)%
Net income per share - diluted	$	1.05	$	0.78	34.6%	$	0.66	$	1.07	(38.3)%
Operating net income per share - diluted¹	$	1.04	$	0.75	38.7%	$	0.70	$	0.94	(25.5)%
Return on equity - annualized		50.8%		50.8%	— pts		15.3%		37.4%	(22.1) pts

_{¹ Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release for definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP measures.}

Management Commentary
Meryl Golden, President and Chief Executive Officer of Kingstone, stated, "I am very pleased to report the most profitable quarter in Kingstone's history. Net income was a record $15.5 million, diluted earnings per share rose 35% to $1.05, and our GAAP net combined ratio improved to 70.2%, resulting in an annualized return on equity of 50.8%. Diluted book value per share increased 35% year-over-year to $8.69.

Direct premiums written¹ grew 18.7%, led by continued strength in New York personal lines. Net premiums earned rose 31% as premiums from our reduced quota share continue to earn in. Our 39.6% net loss ratio included favorable prior-year reserve development and a negative catastrophe loss ratio, as favorable development on our first-quarter catastrophe estimate exceeded second-quarter catastrophe losses. Our underwriting expense ratio improved to 30.6%, reflecting the operating leverage of our scalable platform. Net investment income increased 49% on a growing investment portfolio and higher yields.

Our strong capital position supports profitable growth and disciplined capital returns. We completed our catastrophe reinsurance placement that increased total coverage to $500 million, added wildfire protection, maintained low first-event retentions and reduced the risk-adjusted cost of our core catastrophe excess of loss coverage by more than 15%. We also announced a share repurchase authorization during the quarter and subsequently increased our quarterly dividend by 20% to $0.06 per share, one year after reinstating it. We remain confident in our trajectory and committed to delivering long-term value to our shareholders."

Fiscal Year 2026 Outlook
(see “Disclaimer and Forward-Looking Statements” below)

The Company is reaffirming its growth, underwriting and profitability outlook for fiscal year 2026, which was originally issued on March 5, 2026 and affirmed on May 7, 2026. The guidance below reflects management’s expectations based on information available as of August 6, 2026 and is subject to the risks and uncertainties described in “Disclaimer and Forward-Looking Statements” below.

Guidance Metrics	2026 Estimate
Direct premiums written^1,4 growth	16% to 20%
Net combined ratio	81% to 86%
Underlying combined ratio^1,2 (excluding catastrophe losses and prior-year reserve development)	74% to 76%
Prior-year reserve development	—%
Catastrophe loss ratio¹^,³	7% to 10%
Net income per share – diluted	$2.20 to $2.90
Return on equity	24% to 30%

_{¹ Refer to “Definitions and Non-GAAP Measures” for definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP measures}_.
_{² The underlying combined ratio is a non-GAAP measure. It is computed as the sum of the underlying loss ratio (which is a non-GAAP measure) and the net underwriting expense ratio. The underlying loss ratio excludes catastrophe losses and prior-year reserve development from the GAAP net loss ratio. The most directly comparable GAAP measure is the net combined ratio. Refer to the section entitled “Definitions and Non-GAAP Measures” included in this press release for definitions and reconciliations of non-GAAP financial measures. A reconciliation of the 2026 estimate of underlying combined ratio to the GAAP net combined ratio is not provided because the Company is unable to predict catastrophe losses and prior-year reserve development with reasonable certainty without unreasonable efforts. These items could materially impact the GAAP measure of net combined ratio.}
_{³ The catastrophe loss ratio estimate for 2026 of 7% to 10% is at or above the Company’s six-year historical average of 7.1% (2019–2024) and gives effect to the elevated winter storm activity experienced in first quarter of 2026. Catastrophe losses are reported net of reinsurance recoveries and include loss adjustment expenses. The Company defines catastrophe events consistent with PCS industry designations.}
_{⁴ Guidance for the most comparable GAAP measure, net premiums earned, is not provided because net premiums earned is an output of multiple variables including direct written premium growth, quota share cession rates, and premium earning patterns, several of which are not within the Company’s direct control; therefore the Company is unable to predict such variables with reasonable certainty without unreasonable efforts.}

Key Modeling Assumptions
The following reflects certain key modeling assumptions with respect to the full year 2026 guidance:

Assumption	2026E
Assumed effective tax rate	21%
Weighted average diluted shares outstanding	14.8 million

Consolidated Financial Results

Consolidated Financial Results	Quarters Ended					Six Months Ended
($ in thousands, except policy and per share data)	June 30,					June 30,
	2026		2025		Change	2026		2025		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		84,570		76,925	9.9%		84,570		76,925	9.9%

Net investment income	$	3,429	$	2,300	49.1%	$	6,766	$	4,349	55.6%
Net gains (losses) on investments	$	240	$	546	(56.0)%	$	(775)	$	408	(290.0)%
Gain on sale of real estate	$	—	$	—	—%	$	—	$	1,966	(100.0)%

Net loss ratio		39.6%		38.8%	0.8 pts		59.7%		50.3%	9.4 pts
Net underwriting expense ratio		30.6%		32.7%	(2.1) pts		30.5%		32.0%	(1.5) pts
Net combined ratio		70.2%		71.5%	(1.3) pts		90.2%		82.3%	7.9 pts

Net loss ratio		39.6%		38.8%	0.8 pts		59.7%		50.3%	9.4 pts
Catastrophe loss ratio¹	(0.8)%			0.6%	(1.4) pts		12.0%		1.2%	10.8 pts
Net loss ratio excluding the effect of catastrophes¹		40.4%		38.2%	2.2 pts		47.7%		49.1%	(1.4) pts
Effect of prior-year favorable reserve development	(2.7)%		(0.5)%		(2.2) pts	(2.5)%		(0.9)%		(1.6) pts
Underlying loss ratio¹		43.1%		38.7%	4.4 pts		50.2%		50.0%	0.2 pts

Net income	$	15,470	$	11,252	37.5%	$	9,662	$	15,135	(36.2)%
Net income per share - basic	$	1.07	$	0.81	32.1%	$	0.67	$	1.10	(39.1)%
Net income per share - diluted	$	1.05	$	0.78	34.6%	$	0.66	$	1.07	(38.3)%
Return on equity - annualized		50.8%		50.8%	— pts		15.3%		37.4%	(22.1) pts

Adjusted EBITDA¹	$	20,738	$	14,783	40.3%	$	15,791	$	19,038	(17.1)%

Other comprehensive (loss) income, net of tax	$	(385)	$	1,022	(137.7)%	$	(2,441)	$	3,245	(175.2)%
Operating net income¹	$	15,280	$	10,821	41.2%	$	10,274	$	13,259	(22.5)%
Operating net income per share - basic¹	$	1.06	$	0.78	35.9%	$	0.71	$	0.97	(26.8)%
Operating net income per share - diluted¹	$	1.04	$	0.75	38.7%	$	0.70	$	0.94	(25.5)%
Operating return on equity¹		12.5%		12.2%	0.3 pts		8.2%		16.4%	(8.2) pts
Operating return on equity¹- annualized		50.2%		48.9%	1.3 pts		16.3%		32.8%	(16.5) pts

Book value per share, at the end of the period - diluted						$	8.69	$	6.44	34.9%
Book value per share, at the end of the period - diluted excluding AOCI						$	9.27	$	7.04	31.7%

_{¹ Refer to section entitled "}_{Definitions and Non-GAAP Measures" included in this press release for definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP measures.}

Conference Call Details

Friday, August 7, 2026, at 8:30 a.m. Eastern Time

To participate please dial:

U.S. toll free
International

1-877-407-2991
1-201-389-0925

Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call will also be available via live webcast on the Company’s website under the News & Events/Presentations section at www.kingstonecompanies.com. A replay will be available for 30 days.

About Kingstone Companies, Inc.
Kingstone is a regional property and casualty insurance holding company whose principal operating subsidiaries write business through retail and wholesale agents and brokers. Kingstone delivers tailored homeowners insurance solutions through its sophisticated product suite, Select, supported by a scalable and efficient operating platform that enables the Company to pursue significant market opportunities and strategic expansion. Kingstone was the 11th largest writer of homeowners insurance in New York in 2025 and also writes homeowners coverage in California on a non-admitted basis.

Investor Relations Contact:
Elevate IR
KINS@elevate-ir.com
720-330-2829

Disclaimer and Forward-Looking Statements
The guidance provided above 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 Company's 2026 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission.

This press release 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 management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

The risks and uncertainties include, without limitation, the following:

the risk of significant losses from catastrophes and severe weather events;
risks related to the lack of a financial strength rating from A.M. Best;
risks related to limitations on the ability of our insurance subsidiary to pay dividends to us;
adverse capital, credit and financial market conditions;
risks related to volatility in net investment income;
the unavailability of reinsurance at current levels and prices;
the exposure to greater net insurance losses in the event of reduced reliance on reinsurance;
the credit risk of our reinsurers;
the inability to maintain the requisite amount of risk-based capital needed to grow our business;
the effects of climate change on the frequency or severity of weather events and wildfires;
risks related to the limited market area of our business;
risks related to a concentration of business in a limited number of producers;
legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators;
the effects of competition in our market areas;
our reliance on certain key personnel;
risks related to security breaches or other attacks involving our computer systems or those of our vendors;
our reliance on information technology and information systems; and
the uncertainty relating to our geographic diversification strategy in entering the California market and other markets.

Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Definitions and Non-GAAP Measures

Direct premiums written is a non-GAAP measure, which represent the total premiums charged on policies issued by the Company during the respective fiscal period.

Net premiums written is a non-GAAP measure, which are direct premiums written less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct premiums written and net premiums written, are net premiums written that are pro-rata earned during the fiscal period presented. All of the Company’s policies are written for a twelve-month period. Management uses direct premiums written and net premiums written, along with other measures, to gauge the Company’s performance and evaluate results. Direct premiums written and net premiums written are provided as supplemental information, not as a substitute for net premiums earned, and do not reflect the Company’s net premiums earned.

Adjusted EBITDA is a non-GAAP measure, which is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation. Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA.

Management uses adjusted EBITDA along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation, and may vary significantly between periods. Adjusted EBITDA is provided as supplemental information, not as a substitute for net income, and does not reflect the Company’s overall profitability.

Operating net income (loss) and basic operating net income (loss) per share are non-GAAP measures, which are net income (loss) and basic net income (loss) per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income (loss) and basic net income (loss) per share are the GAAP measures most closely comparable to operating net income (loss) and basic operating net income (loss) per share.

Management uses operating net income (loss) and basic operating net income (loss) per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income (loss) and basic operating net income (loss) per share are provided as supplemental information, not as a substitute for net income (loss) and basic net income (loss) per share, and do not reflect the Company’s overall profitability.

Operating net income (loss) and diluted operating net income (loss) per share are non-GAAP measures, which are net income (loss) and diluted net income (loss) per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income (loss) and diluted net income (loss) per share are the GAAP measures most closely comparable to operating net income (loss) and diluted operating net income (loss) per share.

Management uses operating net income (loss) and diluted operating net income (loss) per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income (loss) and diluted operating net income (loss) per share are provided as supplemental information, not as a substitute for net income (loss) and diluted net income (loss) per share, and do not reflect the Company’s overall profitability.

Operating return on equity is a non-GAAP measure, which is operating income (loss) divided by average equity. Return on equity is the GAAP measure most closely comparable to operating return on equity.

Management uses operating return on equity, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate, which may vary significantly between periods. Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company’s overall return on average common equity.

Underlying loss ratio is a non-GAAP ratio, which is computed as the GAAP net loss ratio excluding the effect of prior year loss reserve development and catastrophe losses.

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company’s loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The underlying loss ratio should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.

Net loss ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio and the effect of catastrophes on the net loss ratio.

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by catastrophe losses. Catastrophe losses cause the Company’s net loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The net loss ratio excluding the effect of catastrophes should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.

Underlying combined ratio is a non-GAAP measure, which is computed as the sum of the underlying loss ratio and the net underwriting expense ratio.

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company’s loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net combined ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net combined ratio. The underlying combined ratio should not be considered a substitute for the net combined ratio and does not reflect the Company’s net combined ratio.

The table below reconciles GAAP net premiums earned to direct premiums written for the periods presented:

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
					%						%
(000’s except percentages)		2026		2025	Change			2026		2025	Change
Direct Premiums Written Reconciliation:
GAAP net premiums earned	$	60,467	$	46,215	30.8	%	$	116,336	$	89,738	29.6	%
Change in unearned premiums		7,322		5,995	22.1			29,046		23,482	23.7

Net premiums written		67,789		52,211	29.8			145,382		113,220	28.4
Ceded written premiums		(4,705)		(8,852)	(46.8)			3,285		(6,017)	(154.6)

Direct premiums written	$	72,494	$	61,062	18.7	%	$	142,097	$	119,237	19.2	%

^{(Components may not sum due to rounding)}

The following table reconciles net income to adjusted EBITDA for the periods indicated:

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
					%						%
(000’s except percentages)		2026		2025	Change			2026		2025	Change
Adjusted EBITDA Reconciliation:
Net income	$	15,470	$	11,252	37.5	%	$	9,662	$	15,135	(36.2)	%
Interest expense		59		77	(23.4)			129		305	(57.7)
Income tax expense		4,042		2,914	38.7			2,449		3,750	(34.7)
Depreciation and amortization		761		613	24.1			1,477		1,237	19.4
EBITDA		20,332		14,857	36.9			13,716		20,427	(32.9)
Loss on extinguishment of debt		—		—	—			—		175	(100.0)
Net (gain) loss on investments		(240)		(546)	(56.0)			775		(408)	(290.0)
Gain on sale of real estate		—		—	—			—		(1,966)	(100.0)
Stock-based compensation		646		472	36.9			1,300		811	60.3
Adjusted EBITDA	$	20,738	$	14,783	40.3	%	$	15,791	$	19,038	(17.1)	%

^{(Components may not sum due to rounding)}

The following table reconciles net income to operating net income and basic GAAP net income per share to basic operating net income per share for the periods indicated:

	For the Three Months Ended								For the Six Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025

(000’s except per common share and outstanding share amounts)	Amount		Basic income per common share		Amount		Basic income per common share		Amount		Basic income per common share		Amount		Basic income per common share

Net income	$	15,470	$	1.07	$	11,252	$	0.81	$	9,662	$	0.67	$	15,135	$	1.10

Net (gain) loss on investments		(240)				(546)				775				(408)
Gain on sale of real estate		—				—				—				(1,966)
Net (gain) loss on investments and (gain) on sale of real estate		(240)				(546)				775				(2,374)
Less tax (expense) benefit on net loss (gain)		(50)				(115)				163				(499)

Net (gain) loss on investments and (gain) on sale of real estate, net of taxes		(190)	$	(0.01)		(431)	$	(0.03)		612	$	0.04		(1,875)	$	(0.14)

Operating net income	$	15,280	$	1.06	$	10,821	$	0.78	$	10,274	$	0.71	$	13,259	$	0.97

Weighted average basic shares outstanding		14,480,305				13,925,707				14,467,100				13,700,308

^{(Components may not sum due to rounding)}

The following table reconciles net income to operating net income and diluted GAAP net income per share to diluted operating net income per share for the periods indicated:

	For the Three Months Ended								For the Six Months Ended
	June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
(000’s except per common share and outstanding share amounts)	Amount		Diluted income per common share		Amount		Diluted income per common share		Amount		Diluted income per common share		Amount		Diluted income per common share

Net income	$	15,470	$	1.05	$	11,252	$	0.78	$	9,662	$	0.66	$	15,135	$	1.07

Net (gain) loss on investments		(240)				(546)				775				(408)
Gain on sale of real estate		—				—				—				(1,966)
Net (gain) loss on investments and (gain) on sale of real estate		(240)				(546)				775				(2,374)
Less tax (expense) benefit on net loss (gain)		(50)				(115)				163				(499)

Net (gain) loss on investments and (gain) on sale of real estate, net of taxes		(190)	$	(0.01)		(431)	$	(0.03)		612	$	0.04		(1,875)	$	(0.14)

Operating net income	$	15,280	$	1.04	$	10,821	$	0.75	$	10,274	$	0.70	$	13,259	$	0.94

Weighted average diluted shares outstanding		14,671,627				14,387,538				14,638,799				14,148,748

^{(Components may not sum due to rounding)}

The following table reconciles net income to operating net income and return on equity to operating return on equity for the periods indicated:

	For the Three Months Ended					For the Six Months Ended
	June 30,					June 30,
(000’s except percentages)		2026		2025	Change		2026		2025	Change
Operating Net Income Reconciliation:
Net income	$	15,470	$	11,252	37.5%	$	9,662	$	15,135	(36.2)%

Net (gain) loss on investments		(240)		(546)	(56.0)%		775		(408)	(290.0)%
Gain on sale of real estate		—		—	—%		—		(1,966)	(100.0)%
Net (gain) loss on investments and (gain) on sale of real estate		(240)		(546)	(56.0)%		775		(2,374)	(132.6)%
Less tax (expense) benefit on net loss (gain)		(50)		(115)	(56.5)%		163		(499)	(132.7)%
Net (gain) loss on investments and (gain) on sale of real estate, net of taxes		(190)		(431)	(55.9)%		612		(1,875)	(132.6)%

Operating net income	$	15,280	$	10,821	41.2%	$	10,274	$	13,259	(22.5)%

Operating Return on Equity Reconciliation:

Net income	$	15,470	$	11,252	37.5%	$	9,662	$	15,135	(36.2)%
Average equity	$	121,832	$	88,544	37.6%	$	125,945	$	80,793	55.9%
Return on equity		12.7%		12.7%	— pts		7.7%		18.7%	(11.0) pts
Return on equity - annualized		50.8%		50.8%	— pts		15.3%		37.4%	(22.1) pts

Net (gain) loss on investments and (gain) on sale of real estate, net of taxes	$	(190)	$	(431)	(55.9)%	$	612	$	(1,875)	(132.6)%
Average equity	$	121,832	$	88,544	37.6%	$	125,945	$	80,793	55.9%
Effect of net (gain) loss on investments and (gain) on sale of real estate, net of taxes, on return on equity	(0.2)%		(0.5)%		0.3 pts		0.5%	(2.3)%		2.8 pts

Operating net income	$	15,280	$	10,821	41.2%	$	10,274	$	13,259	(22.5)%
Operating net income - annualized	$	61,121	$	43,284	41.2%	$	20,548	$	26,516	(22.5)%
Average equity	$	121,832	$	88,544	37.6%	$	125,945	$	80,793	55.9%

Operating return on equity		12.5%		12.2%	0.3 pts		8.2%		16.4%	(8.2) pts
Operating return on equity - annualized		50.2%		48.9%	1.3 pts		16.3%		32.8%	(16.5) pts

^{(Components may not sum due to rounding)}

The following table reconciles the net loss ratio to the underlying loss ratio, which excludes the effect of catastrophe losses and prior-year loss reserve development for the periods presented:

For the Three Months Ended

For the Six Months Ended

June 30,

2026

2025

Percentage Point Change

2026

2025

Percentage Point Change

Underlying Loss Ratio Reconciliation:

Net loss ratio

39.6%

38.8%

0.8

pts

59.7%

50.3%

9.4

pts

Effect of catastrophes

(0.8)%

0.6%

(1.4)

pts

12.0%

1.2%

10.8

pts

Net loss ratio excluding the effect of catastrophes

40.4%

38.2%

2.2

pts

47.7%

49.1%

(1.4)

pts

Effect of prior-year favorable reserve development

(2.7)%

(0.5)%

(2.2)

pts

(2.5)%

(0.9)%

(1.6)

pts

Underlying Loss Ratio

43.1%

38.7%

4.4

pts

50.2%

50.0%

0.2

pts

^{(Components may not sum due to rounding)}

The following table reconciles the GAAP net combined ratio to the underlying combined ratio, which excludes the effect of catastrophe losses and prior-year loss reserve development for the periods presented:

For the Three Months Ended

For the Six Months Ended

June 30,

2026

2025

Percentage Point Change

2026

2025

Percentage Point Change

Underlying Combined Ratio Reconciliation:

GAAP net combined ratio

70.2%

71.5%

(1.3)

pts

90.2%

82.3%

7.9

pts

Effect of catastrophes

(0.8)%

0.6%

(1.4)

pts

12.0%

1.2%

10.8

pts

Effect of prior-year favorable reserve development

(2.7)%

(0.5)%

(2.2)

pts

(2.5)%

(0.9)%

(1.6)

pts

Underlying combined ratio

73.7%

71.4%

2.3

pts

80.7%

82.0%

(1.3)

pts

^{(Components may not sum due to rounding)}

KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
	June 30, 2026		December 31, 2025
	(unaudited)
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of
$5,065,341 at June 30, 2026 and $5,137,267 at December 31, 2025)	$	6,039,691	$	6,042,348
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of
$324,716,045 at June 30, 2026 and $296,738,055 at December 31, 2025)		313,925,930		289,037,190
Equity securities, at fair value (cost of $13,598,454 at June 30, 2026 and $13,546,654 at December 31, 2025)		9,810,500		10,056,595
Other investments		4,280,522		4,552,378
Total investments		334,056,643		309,688,511
Cash and cash equivalents		16,924,856		12,178,730
Premiums receivable, net of allowance for credit losses of $80,779 at June 30, 2026 and $20,831 at December 31, 2025		19,284,233		21,012,408
Reinsurance receivables, net		53,310,542		58,996,945
Prepaid reinsurance		1,807,102		2,142,329
Deferred policy acquisition costs		27,576,599		27,867,207
Intangible assets		500,000		500,000
Property and equipment, net		8,164,732		7,897,675
Deferred income taxes, net		5,482,371		4,179,559
Other assets		10,826,794		8,961,787
Total assets	$	477,933,872	$	453,425,151

Liabilities
Loss and loss adjustment expense reserves	$	167,475,018	$	140,538,618
Unearned premiums		152,627,206		154,028,072
Advance premiums		6,142,453		4,003,453
Reinsurance balances payable		1,698,082		5,232,319
Deferred ceding commission revenue		2,830,354		8,362,529
Accounts payable, accrued expenses and other liabilities		10,018,235		11,253,649
Income taxes payable		4,181,916		2,835,135
Debt, net (current $1,335,349 and long-term $2,465,799 at June 30, 2026,
current $1,296,900 and long-term $3,143,227 at December 31, 2025)		3,801,148		4,440,127
Total liabilities		348,774,412		330,693,902

Commitments and Contingencies

Stockholders' Equity
Preferred stock, $0.01 par value; authorized 2,500,000 shares		—		—
Common stock, $0.01 par value; authorized 20,000,000 shares; issued 16,018,235 shares at June 30, 2026 and 15,921,651 shares at December 31, 2025; outstanding 14,474,664 shares at June 30, 2026 and 14,397,526 shares at December 31, 2025		160,182		159,216
Capital in excess of par		100,568,894		99,624,713
Accumulated other comprehensive loss		(8,522,036)		(6,081,530)
Retained earnings		42,812,260		34,596,857
		135,019,300		128,299,256

Treasury stock, at cost, 1,543,571 shares at June 30, 2026 and 1,524,125 shares at December 31, 2025)		(5,859,840)		(5,568,007)
Total stockholders' equity		129,159,460		122,731,249
Total liabilities and stockholders' equity	$	477,933,872	$	453,425,151

KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

Revenues
Net premiums earned	$	60,467,477	$	46,215,260	$	116,336,291	$	89,738,323
Ceding commission revenue		1,532,966		3,081,556		2,936,842		6,040,247
Net investment income		3,428,729		2,300,267		6,766,310		4,348,863
Net gains (losses) on investments		240,345		546,451		(775,002)		408,472
Gain on sale of real estate		—		—		—		1,965,989
Other income		184,029		151,245		364,841		291,660
Total revenues		65,853,546		52,294,779		125,629,282		102,793,554

Expenses
Loss and loss adjustment expenses		23,930,497		17,927,162		69,504,881		45,102,240
Commission expense		11,573,138		10,629,629		21,768,550		19,942,509
Other underwriting expenses		8,655,155		7,727,367		17,016,428		15,132,789
Other operating expenses		1,362,430		1,153,480		3,622,977		2,189,217
Depreciation and amortization		761,473		613,364		1,476,980		1,237,227
Interest expense		58,808		77,074		128,663		304,528
Total expenses		46,341,501		38,128,076		113,518,479		83,908,510

Income from operations before taxes		19,512,045		14,166,703		12,110,803		18,885,044
Income tax expense		4,041,874		2,914,371		2,448,882		3,750,052
Net income		15,470,171		11,252,332		9,661,921		15,134,992

Other comprehensive (loss) income, net of tax
Gross (increase) decrease in net unrealized losses
on available-for-sale-securities		(689,985)		1,289,253		(3,294,501)		4,101,685

Reclassification adjustment for net losses
included in net income		202,328		4,078		205,251		5,804
Net (increase) decrease in net unrealized losses		(487,657)		1,293,331		(3,089,250)		4,107,489
Income tax benefit (expense) related to items
of other comprehensive (loss) income		102,408		(271,600)		648,744		(862,572)
Other comprehensive (loss) income, net of tax		(385,249)		1,021,731		(2,440,506)		3,244,917

Comprehensive income	$	15,084,922	$	12,274,063	$	7,221,415	$	18,379,909

Earnings per common share:
Basic	$	1.07	$	0.81	$	0.67	$	1.10
Diluted	$	1.05	$	0.78	$	0.66	$	1.07

Weighted average common shares outstanding
Basic		14,480,305		13,925,707		14,467,100		13,700,308
Diluted		14,671,627		14,387,538		14,638,799		14,148,748

Dividends declared and paid per common share	$	0.05	$	—	$	0.10	$	–

FAQ

How did Kingstone (KINS) perform in Q2 2026?

Kingstone reported record Q2 2026 net income of $15.5 million and diluted EPS of $1.05. According to Kingstone, net premiums earned grew 30.8% and the GAAP net combined ratio improved to 70.2%, supporting an annualized return on equity of 50.8%.

What were Kingstone’s key underwriting metrics in Q2 2026?

Kingstone’s Q2 2026 GAAP net combined ratio was 70.2%, with a net loss ratio of 39.6% and an underwriting expense ratio of 30.6%. According to Kingstone, the catastrophe loss ratio was negative 0.8%, helped by favorable prior‑year reserve development and catastrophe experience.

What 2026 guidance did Kingstone (KINS) reaffirm on August 6, 2026?

Kingstone reaffirmed 2026 guidance for direct premiums written growth of 16%–20%, a net combined ratio of 81%–86%, and diluted EPS of $2.20–$2.90. According to Kingstone, expected return on equity for 2026 remains in the 24%–30% range.

How did Kingstone’s book value and ROE change in Q2 2026?

Diluted book value per share increased to $8.69, up 34.9% year over year in Q2 2026. According to Kingstone, annualized return on equity for the quarter was 50.8%, reflecting strong underwriting and investment results along with premium growth.

What did Kingstone announce about its dividend and capital returns in Q2 2026?

Kingstone increased its quarterly dividend by 20% to $0.06 per share and authorized share repurchases. According to Kingstone, these actions follow the dividend’s reinstatement one year earlier and are supported by the company’s capital position and profitability.

How did Kingstone’s catastrophe losses affect 2026 year‑to‑date results?

For the first six months of 2026, Kingstone’s catastrophe loss ratio was 12.0%, up from 1.2% a year earlier. According to Kingstone, this contributed to a higher year‑to‑date net combined ratio of 90.2% versus 82.3% in 2025.

What reinsurance changes did Kingstone make for catastrophe protection in 2026?

Kingstone completed a catastrophe reinsurance placement increasing total coverage to $500 million and adding wildfire protection. According to Kingstone, it maintained low first‑event retentions and reduced the risk‑adjusted cost of core catastrophe excess‑of‑loss coverage by more than 15%.

Kingstone Reports Second Quarter 2026 Results

Rhea-AI Summary

Positive

Negative

News Explained

Market Context

Key Figures

Previous Earnings Reports

Key Terms

FAQ

How did Kingstone (KINS) perform in Q2 2026?

What were Kingstone’s key underwriting metrics in Q2 2026?

What 2026 guidance did Kingstone (KINS) reaffirm on August 6, 2026?

How did Kingstone’s book value and ROE change in Q2 2026?

What did Kingstone announce about its dividend and capital returns in Q2 2026?

How did Kingstone’s catastrophe losses affect 2026 year‑to‑date results?

What reinsurance changes did Kingstone make for catastrophe protection in 2026?

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