Kingstone - KINS STOCK NEWS

Kingstone Companies (KINS) reported exceptional Q3 2024 financial results, achieving its highest income since 2009. Core business direct premiums written increased by 39.4% to $64,170 thousand in Q3 and 25% year-to-date. The net combined ratio improved significantly to 72%, down 38.2 percentage points from the previous year. The company reported net income of $6,978 thousand, compared to a loss of $3,538 thousand in Q3 2023. Return on equity reached 55.6% annualized. The strong performance was attributed to lower claims frequency, improved risk selection, and favorable market conditions, leading management to raise both 2024 and 2025 guidance.

Kingstone Companies (NASDAQ:KINS) reported strong preliminary Q3 2024 results with significant improvements across key metrics. The company achieved 28% direct written premium growth and a consolidated GAAP combined ratio of 72%, representing a 38 percentage point improvement year-over-year. The net loss ratio improved by 40 percentage points to 39%. Operating income reached $0.55 per basic share, compared to a loss of $(0.27) in Q3 2023.

For the nine months ended September 30, 2024, the company reported 15% direct written premium growth, an improved GAAP combined ratio of 81%, and operating income of $1.07 per basic share versus a loss of $(0.89) in the prior year period.

Kingstone Companies, Inc. (NASDAQ:KINS) has announced a significant debt restructuring initiative. The company has entered into a new Note Exchange Agreement with existing noteholders to refinance $19.95 million of outstanding 12% Senior Notes due December 30, 2024. Under the new agreement, Kingstone will issue $14.95 million in new 13.75% Senior Notes due June 30, 2026, along with $5 million in cash. This move effectively reduces the company's debt by 25% and extends the maturity date by 18 months. Additionally, the expiration date for warrants issued in 2022 will be extended to June 30, 2026. The exchange is set to close on September 12, 2024. CEO Meryl Golden emphasized that this refinancing will enhance financial flexibility and allow for focus on profitable growth opportunities.

Kingstone Companies, Inc. (Nasdaq:KINS) announced the retirement of its long-time Chairman, Barry Goldstein, effective September 10, 2024. Thomas Newgarden will succeed him as Non-Executive Chairman. Goldstein served as Chairman since 2001 and held the CEO position multiple times. Under his leadership, Kingstone transitioned from an insurance agency to a Nasdaq-listed company, acquired and demutualized Commercial Mutual Insurance Company (renamed Kingstone Insurance Company), and grew to become the 15th largest writer of homeowners insurance in New York State.

Goldstein expressed confidence in the company's future under CEO Meryl Golden's leadership and the Board's guidance. The Board and CEO acknowledged Goldstein's contributions and mentorship over his two-decade tenure.

Kingstone Companies (Nasdaq: KINS) reported double-digit premium growth in its core business for Q2 2024, with a 21.5% increase to $51.3 million. Net income reached $4.5 million compared to a $522,000 loss in Q2 2023. The net combined ratio improved to 78.2% from 98.9%, driven by favorable weather and reduced non-core business. The company has raised its 2024 guidance and unveiled initial 2025 projections. CEO Meryl Golden cited improved loss ratio and expense management as key factors. Kingstone will hold a conference call on August 13, 2024, to discuss these results.

Kingstone Companies, Inc. (Nasdaq:KINS), a Northeast regional property and casualty insurance holding company, held its annual stockholders meeting on August 7, 2024, in Kingston, New York. The meeting resulted in several key approvals:

1. Election of eight directors to one-year terms
2. Approval of the 2024 Equity Participation Plan
3. Ratification of Marcum LLP as the independent registered public accounting firm for fiscal year 2024
4. Approval of executive compensation as outlined in the proxy statement

The elected directors include Barry B. Goldstein, Meryl S. Golden, Floyd R. Tupper, Timothy P. McFadden, William L. Yankus, Carla A. D'Andre, Manmohan Singh, and Thomas Newgarden.

Kingstone Companies (Nasdaq:KINS) reported preliminary Q2 2024 results, marking its third consecutive profitable quarter. Highlights include:

- 12% growth in direct written premiums
- Consolidated GAAP combined ratio of 78%, a 21 percentage point improvement
- Net loss ratio of 47%, a 20 percentage point improvement
- Operating income per basic share of $0.43 vs. loss of $(0.06) in Q2 2023
- Operating income per diluted share of $0.39 vs. loss of $(0.06) in Q2 2023

For the six months ended June 30, 2024, Kingstone reported 8% growth in direct written premiums and a consolidated GAAP combined ratio of 86%, a 25 percentage point improvement. The company will hold its Q2 2024 financial results conference call on August 13, 2024.

Kingstone Companies (KINS) reports significant growth opportunities in the New York property market due to competitors exiting the state. The company expects 21% to 30% Core business direct written premium growth in 2024, up from previous guidance of 16% to 20%. Key highlights:

- Third consecutive quarter of profitability expected
- Q2 2024 estimated direct written premium growth: +21.5% overall, +24.3% in Core Personal Lines
- Surge in new business quoting (2X), policies (3X), and premium (9X) in July compared to last year
- Every $10 million in new Personal Lines premium could add approximately $0.10 to earnings per share
- Market changes present the greatest profitable growth opportunity in Kingstone's history

Kingstone has announced significant savings on its 2024/2025 catastrophe reinsurance treaty. The company secured $275 million in catastrophe coverage and lowered its first event retention to $5 million. The reinsurance cost was reduced to 14% of projected direct premiums earned, down from 19% the previous year. This reduction translates to a $6 million cost savings and an improvement in projected full-year earnings by $0.21 per share. These savings will be reflected in Q3 and Q4 2024 results. Kingstone also reported over 20% premium growth in its Core New York State business, boosted by adjusted underwriting guidelines and better-than-expected reinsurance pricing.