Welcome to our dedicated page for Kingstone news (Ticker: KINS), a resource for investors and traders seeking the latest updates and insights on Kingstone stock.
Kingstone Companies, Inc. (NASDAQ: KINS) is a Northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"), a New York-domiciled carrier. News about Kingstone frequently centers on its homeowners insurance focus in New York and other licensed Northeast states, as well as its financial performance and capital management decisions.
Visitors to this news page can review press releases covering quarterly and year-to-date results, including disclosures on direct premiums written, net premiums earned, net combined ratio, underwriting performance and net income. Kingstone also reports on non-GAAP measures such as adjusted EBITDA and operating net income, providing definitions and reconciliations in its releases.
The company regularly announces financial guidance for upcoming fiscal years, outlining expectations for direct premiums written growth, net combined ratio, net income per share and return on equity, together with forward-looking statements and risk factor references. Other recurring topics include dividend declarations, such as the reinstatement and continuation of quarterly cash dividends on common stock, and reinsurance program updates, including catastrophe reinsurance arrangements for specified treaty periods.
Corporate governance and capital markets developments also feature in Kingstone’s news flow. Items may include index inclusions such as membership in the Russell 3000 and Russell 2000 indices, scheduling of annual meetings of stockholders, results of shareholder votes, and changes in board or executive leadership. Earnings conference call announcements and related investor presentations are typically referenced, with details on how investors can access webcasts and materials.
For investors and observers following KINS, this page provides a centralized view of the company’s official communications on operating trends, strategic priorities, risk considerations and shareholder-related actions as disclosed in its press releases.
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.
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.