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. 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, Inc. (NASDAQ: KINS) will announce its First Quarter 2023 financial results on May 11, 2023, after market close. A conference call for analysts and investors is scheduled for May 12, 2023, at 8:30 a.m. Eastern Time. Domestic callers can access the call at 877-407-3105 while international callers can dial 201-493-6794. The call will also be available via a webcast, accessible through a provided link. The archived webcast will be available for approximately 30 days. Kingstone operates primarily through its subsidiary, Kingstone Insurance Company, which offers personal lines insurance in several states including New York and New Jersey.
Kingstone Companies (KINS) reported financial results for Q4 and fiscal year 2022, revealing a loss per share of $(0.37) compared to a profit of $0.21 in Q4 2021. The net operating loss per share was $(0.36), driven by $0.13 losses from Winter Storm Elliot. Total direct written premiums increased by 7.7% to $53.9 million, while net premiums earned fell 17.8% to $30.4 million. For the year, the loss per share was $(2.12), and book value dropped 53.2% to $3.38. Despite these challenges, management highlights a strategic plan aimed at improving profitability in 2023.
Kingstone Companies, Inc. (Nasdaq: KINS) has announced significant governance changes to its Board of Directors aimed at enhancing shareholder value. Effective March 8, 2023, Timothy McFadden has been appointed as Lead Independent Director, bringing over 30 years of insurance experience. The Board established a new Corporate Sustainability and Risk Management Committee to address critical issues like cybersecurity and talent development, chaired by McFadden. Additionally, the Compensation and Finance Committees were merged to form a new committee. These changes reflect Kingstone's commitment to strong governance practices to support long-term growth.
Kingstone Companies, Inc. (NASDAQ: KINS) has entered into an Agreement with its largest individual shareholder, Gregory Fortunoff, who will join the Board of Directors as an Observer starting March 6, 2023. Fortunoff, who owns over 9% of the company's shares, will participate in Board meetings without voting rights. This move aims to enhance shareholder value amidst ongoing economic challenges. Tim McFadden, a Board member, expressed optimism about Fortunoff's contribution, emphasizing the Board's commitment to sustainable growth. The full Agreement will be submitted on Form 8-K to the SEC.
Kingstone Companies, Inc. (Nasdaq: KINS) announced that its subsidiary, Kingstone Insurance Company, estimates net pre-tax catastrophe losses of $3.66 million for Q4 2022. These losses, primarily due to Winter Storm Elliott, significantly impacted the Northeast, including New York. Despite this, Kingstone achieved a milestone in 2022 with direct written premiums exceeding $200 million for the first time, indicating progress towards profitability. Kingstone will release its 2022 financial results on March 30, 2023, with a conference call scheduled for March 31, 2023.
Kingstone Companies, Inc. (NASDAQ: KINS) announced a conference call to discuss its 2022 Fourth Quarter and Full Year financial results on March 31, 2023, at 8:30 a.m. ET. The earnings announcement will be released after market close on March 30. The call will be accessible via a domestic line at 877-407-3105 and internationally at 201-493-6794. Additionally, a webcast of the conference call will be available online. Kingstone is a regional property and casualty insurance company primarily operating in the Northeast, focusing on personal lines insurance products.
Kingstone Companies, Inc. (NASDAQ:KINS) announced the appointment of Jennifer Gravelle as Chief Financial Officer, effective January 17, 2023. Gravelle brings over 20 years of experience in the property and casualty insurance sector, specifically in coastal-focused insurance. Previously, she served as CFO of Slide Insurance and had significant roles at Allied Trust Insurance and Olympus Insurance Company. Kingstone's leadership believes her expertise will be pivotal in enhancing financial performance and achieving long-term value for shareholders. The company is positioned to return to profitability amid a transformative phase.
On December 22, 2022, Kingstone Companies, Inc. (KINS) updated stockholders on its strategic initiatives aimed at enhancing value. The Company completed its three-year transformation plan and launched the 'Kingstone Select' product in New York, Connecticut, and New Jersey. Notably, Kingstone reduced its debt by one-third, refinancing $30 million in Senior Notes. The management is focused on profitability through operational efficiency, adjusting premiums, and addressing rising claims costs due to inflation. The Board is exploring strategic alternatives to boost stockholder value and remains committed to navigating challenges in the insurance landscape.
Kingstone Companies, Inc. (NASDAQ: KINS) announced the successful refinancing of $30 million in outstanding Senior Notes, reducing its debt by $10 million. The company exchanged $19.95 million in new 12.0% Senior Notes due December 30, 2024, along with cash and warrants. This move is anticipated to strengthen Kingstone's balance sheet as it prepares for future operations. Barry Goldstein, CEO, expressed optimism about repositioning the company, while Meryl Golden, COO, appreciated the support from investors.
Kingstone Companies, Inc. (Nasdaq:KINS) announced a Note and Warrant Exchange Agreement to refinance its existing 5.50% Senior Notes due December 30, 2022. The agreement involves issuing 12.0% Senior Notes due December 30, 2024, totaling $19.95 million, along with $1.6 million in cash and warrants for 970,000 shares. This refinancing is set to close on December 15, 2022, strengthening Kingstone's balance sheet and extending debt maturity, allowing the company to focus on key initiatives.