Kingstone Stock Price, News & Analysis

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.

Kingstone Companies, a property and casualty insurance holding company, has announced the appointment of Thomas Newgarden to its Board of Directors. CEO Meryl Golden emphasized Newgarden's extensive experience in insurance operations, particularly in underwriting and product development, as well as his knowledge of the Insurtech landscape, will enhance Kingstone's product offerings and operational efficiency. Newgarden expressed his enthusiasm for contributing to the company's long-term profitability and shareholder value.

Kingstone Insurance Company (Nasdaq:KINS) announced an agreement with ClaimTouch Analytics Inc. to enhance its contents claims management using AI, machine learning, and big data. This partnership aims to improve the accuracy and speed of claim resolutions, making the process more efficient for both customers and Kingstone's Claims team. Dave Fernandez, Chief Claims Officer of Kingstone, emphasized the benefits of this collaboration in transforming the customer experience. ClaimTouch's CEO, Mick Noland, expressed excitement about modernizing a traditionally overlooked area in the insurance industry.

Kingstone Companies (Nasdaq: KINS) announced that its 2024 Annual Meeting of Stockholders will be held on August 7, 2024, at 15 Joys Lane, Kingston, New York. The meeting will start at 9:00 a.m. ET. Stockholders who are on record as of June 14, 2024, will be eligible to vote. The company will send out notices by June 27, 2024.

Kingstone Companies, a Northeast regional property and casualty insurance holding company, announced its inclusion in the Russell Microcap Index, effective July 1, 2024. This follows the annual reconstitution of the Russell U.S. Indexes, which ranks the 4,000 largest U.S. stocks by market capitalization as of April 30, 2024. Kingstone's CEO, Meryl Golden, highlighted this milestone as a significant progress marker, enhancing the company's equity profile and liquidity.

The Russell Microcap Index membership lasts for one year and includes automatic inclusion in the relevant growth and value style indexes. This is expected to expand Kingstone's base of institutional investors and provide better liquidity for current stockholders. FTSE Russell, the index provider, is well-recognized by investment managers and institutional investors globally for index funds and benchmarks.

Kingstone Companies reported a notable first quarter performance in 2024, achieving the highest first quarter profitability in seven years. Key highlights include a 12.5% increase in direct premiums written for its Core Business, a 30-point improvement in the combined ratio to 93.3%, and a net income of $1.427 million compared to a net loss of $5.055 million in the same quarter of 2023. The company also raised its 2024 guidance, forecasting a Core Business premium growth of 16%-20% and a net income per share of $0.75 to $1.10. CEO Meryl Golden attributed the success to strategic initiatives and favorable weather conditions.