Kingstone Stock Price, News & Analysis

Kingstone Insurance Company (KICO) has implemented the insured.io platform to enhance digital transformation and customer engagement. KICO, primarily offering personal lines property and casualty coverage in the Northeast, aims to modernize its operations amid increasing demands for technology. The new customer engagement platform streamlines payment capabilities, with nearly 50% of payments now processed via the system. This initiative not only improves customer interactions but also integrates various legacy systems, providing a unified experience for producers and policyholders.

Kingstone Companies (KINS) reported its Q4 2020 financial results, highlighting a net income of $3.04 million, up from $1.46 million year-over-year. The company's book value per share increased to $8.74, a 7% rise from 2019. Fourth-quarter net operating income per diluted share was $0.16, up from $0.14. Despite a 17.3% drop in net premiums earned to $26.98 million, the net written premiums surged by 152.1% due to the ending of a quota share treaty. A $10 million share repurchase program was approved, indicating confidence in the company’s valuation.

Kingstone Companies (NASDAQ:KINS) announced its financial results conference call for the 2020 Fourth Quarter on March 19, 2021, at 8:30 a.m. ET. The earnings announcement will be released after market close on March 18, 2021. The conference can be accessed by phone or webcast, allowing analysts and investors to engage directly with the management team. Kingstone is a regional property and casualty insurance company, primarily offering personal lines insurance in several Northeastern states.

Kingstone Companies (Nasdaq: KINS) announced a partnership with Flyreel, Inc., leveraging AI technology for property inspections. This collaboration allows homeowners to conduct self-inspections using their smartphones, significantly improving customer satisfaction—with over 94% expressing positive feedback. The use of AI has streamlined the inspection process for underwriters, enhancing data quality and revealing potential hazards. This innovative approach aims to elevate customer experience while optimizing underwriting efficiency, marking a progressive step in the insurance industry.

Kingstone Companies (KINS) announced the termination of its personal lines quota share treaty effective December 31, 2020, signaling a shift in strategy. CEO Barry Goldstein stated the company has improved profitability since Q3 2019, removing the need for surplus support from reinsurers. COO Meryl Golden highlighted that KICO will retain approximately $16.7 million in ceded premiums, contributing to an expected earned premium of $135-145 million for 2021. The company anticipates organic growth of 5-7% in 2021.

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.