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Kingstone Companies, Inc. reports developments in property and casualty insurance, with recurring updates on premium growth, underwriting results, catastrophe losses, reinsurance, investment income and operating guidance. The company’s news frequently centers on its New York homeowners business, the Select product, claims performance, expense management and the effect of severe weather on combined ratios.
Other recurring items include quarterly dividends, earnings calls, shareholder communications, governance and executive compensation matters, and strategic updates tied to geographic diversification and underwriting analytics.
Kingstone Companies (KINS) announced its Q3 2020 financial results, reporting a net loss of $1.2 million, down from $1.7 million a year prior. Direct written premiums decreased by 0.6%, totaling $45.7 million, while personal lines grew 6.4% to $43.6 million. The net combined ratio hit 111.9%, primarily due to catastrophic losses from Tropical Storm Isaias, which added 31.5 points to the net loss ratio. Despite challenges, the underlying net loss ratio improved to 42.0%. The board declared a quarterly dividend of $0.04 per share, payable December 15, 2020.
Kingstone Companies (NASDAQ:KINS) has appointed Sarah Chen as its new Chief Actuary, effective November 2, 2020. With over a decade of experience in the insurance sector, Sarah will oversee key functions including reserving, pricing, and reinsurance management. She comes from Homesite, managing a substantial homeowners and renters portfolio. Sarah succeeds Ben Walden, who is transitioning out of the company. Leadership believes Sarah's expertise will significantly enhance financial performance and contribute to the ongoing 'Kingstone 2.0' vision.
Kingstone Companies, Inc. (Nasdaq: KINS) has reported an estimated pre-tax loss of $8.5-9.0 million due to Hurricane Isaias and three additional smaller events in Q3 2020. These losses are net of reinsurance and based on initial assessments as of October 7, 2020. Management indicates that these figures are subject to change as further reviews of the quarter's operations continue. Kingstone operates primarily in the Northeast U.S., offering personal lines insurance through its subsidiary, Kingstone Insurance Company.
Kingstone Companies, Inc. (Nasdaq: KINS) announced it will release its Q3 2020 financial results on November 6, 2020, after market close. A conference call for analysts and investors is scheduled for November 9, 2020, at 8:30 a.m. ET. The call will be accessible via phone and a webcast, which will be archived for 30 days. Kingstone is a property and casualty insurance holding company primarily serving the Northeast region through its subsidiary, Kingstone Insurance Company.