Kingstone Q3 2026 net income rises 61.7% to $17.6M
Kingstone now expects 2026 diluted EPS of $2.70 to $2.90 and approximately 16% direct premiums written growth.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Kingstone Companies, Inc. reported third-quarter 2026 results, with net premiums earned of $62.4 million, up 30.2% year over year, and net income of $17.6 million, up 61.7%. Diluted earnings per share were $1.19, compared with $0.74. The net combined ratio was 65.6%, down 7.1 points, and the underlying loss ratio was 33.5%, down 10.6 points. The quarter's 34.9% net loss ratio included 6.1 points of favorable prior-year reserve development and 7.5 points of catastrophe losses, compared with 0.2 points of catastrophe losses a year earlier.
Direct premiums written were $86.8 million, up 14.5%, and policies in force were 86,579, up 11%. Diluted book value per share was $9.21, up 26.5%; the quarterly dividend was $0.06 per share, increased 20% in July 2026. For 2026, management now expects approximately 16% direct premiums written growth, a 79% to 83% net combined ratio, diluted EPS of $2.70 to $2.90, and return on equity of 29% to 30%. Guidance reflects management's expectations based on information available November 5, 2026, and is subject to risks and uncertainties.
4 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net premiums earned rose 30.2% to $62.4 million.
- Moderate pointThird-quarter net income increased 61.7% to $17.6 million.
- Moderate pointNet combined ratio declined 7.1 points to 65.6% in Q3.
- Minor pointQuarterly dividend rose 20% in July 2026 to $0.06 per share.
Negative
- None.
Filing Explained
The 2026 ratio outlook includes catastrophe losses and assumes no further reserve development in the fourth quarter.
Kingstone says its investor presentation has a repurchase authorization for up to 1,000,000 shares; that is authorized capacity, not a statement of shares repurchased or cash spent.
The updated 2026 net combined-ratio estimate of
Management assumes no additional reserve development in the fourth quarter and says actual catastrophe losses or additional development could materially affect the GAAP net combined ratio.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net premiums earned: $62.4 million
Direct premiums written: $86.8 million
Net income: $17.6 million
+5 more
8 metrics
Net premiums earned
$62.4 million
Third quarter ended September 30, 2026; up 30.2% year over year
Direct premiums written
$86.8 million
Third quarter ended September 30, 2026; up 14.5% year over year
Net income
$17.6 million
Third quarter ended September 30, 2026; up 61.7% year over year
Diluted net income per share
$1.19 per share
Third quarter ended September 30, 2026; up 60.8% year over year
Net combined ratio
65.6%
Third quarter ended September 30, 2026; down 7.1 points year over year
Diluted book value per share
$9.21 per share
At September 30, 2026; up 26.5% year over year
Quarterly dividend
$0.06 per common share
Dividend increase of 20% in July 2026
2026 diluted EPS guidance
$2.70 to $2.90
Updated estimate
Key Terms
Net combined ratio, Underlying loss ratio, quota share, prior-year reserve development, +1 more
5 terms
Net combined ratio financial
"Net loss ratio plus net underwriting expense ratio."
Net combined ratio measures an insurance company's underwriting profitability by comparing claims paid and operating costs to earned premiums after accounting for reinsurance. A ratio below 100% means the insurer is making money on its insurance policies; above 100% means it is paying out more in claims and costs than it receives in premiums. Investors use it like a household budget check to see whether the core insurance business is sustainably profitable or dependent on investment income.
Underlying loss ratio financial
"GAAP net loss ratio excluding the effect of prior year loss reserve development and catastrophe losses."
Underlying loss ratio measures the core insurance losses for a period as a share of the premiums earned during that same period, while excluding one-off events like major disasters, large prior-year adjustments, or other unusual items. For investors it reveals the steady, day-to-day profitability of an insurer’s underwriting—like checking a car’s fuel efficiency after removing the effect of a single long trip—to see if the business is sustainably earning more in premiums than it pays out in claims.
prior-year reserve development financial
"6.1 points of favorable prior-year reserve development"
An adjustment to an insurance company’s past estimates for money set aside to pay claims, showing whether earlier reserve amounts were too high or too low. It matters to investors because favorable or unfavorable changes reveal how well the insurer judged its past liabilities — like discovering your grocery budget was off after shopping — and can materially change reported profits and the company’s financial strength.
accumulated other comprehensive income (AOCI) financial
"changes in accumulated other comprehensive income (AOCI)"
Accumulated other comprehensive income (AOCI) is a section of a company's equity that records certain gains and losses that are excluded from net income, such as currency translation shifts, unrealized gains or losses on some investments, and retirement-plan adjustments. Investors care because AOCI reveals changes in a company’s financial position that don’t show up on the profit-and-loss line but can alter the value of equity over time—like a side account that captures market swings before they hit your main balance.
Earnings Snapshot
Net premiums earned: $62.4 million · Guidance included
Third quarter ended September 30, 2026
Net premiums earned
$62.4 million
Up 30.2% year over year
Net income
$17.6 million
Up 61.7% year over year
Diluted net income per share
$1.19 per share
Up 60.8% year over year
Net combined ratio
65.6%
Down 7.1 percentage points year over year
Guidance
Updated 2026 estimates: approximately 16% direct premiums written growth, net combined ratio of 79% to 83%, diluted EPS of $2.70 to $2.90, and return on equity of 29% to 30%.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did KINS earn in the third quarter of 2026?
KINS reported net income of $17.6 million and diluted earnings of $1.19 per share for the third quarter of 2026. Net income was up 61.7% from $10.9 million, and diluted earnings per share increased from $0.74 in the third quarter of 2025.
What is KINS's updated 2026 earnings guidance?
KINS's updated diluted EPS guidance is $2.70 to $2.90, compared with the previous estimate of $2.20 to $2.90. The updated outlook also includes approximately 16% direct premiums written growth, a 79% to 83% net combined ratio, and return on equity of 29% to 30%. Management's guidance is subject to risks and uncertainties.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 5, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip code) | |||||||
Registrant's telephone number, including area code (845 ) 802-7900
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2026, Kingstone Companies, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2026 (the “Press Release”). The Press Release also announced that the Company will hold a conference call for analysts and investors on November 6, 2026 at 8:30 A.M. ET. (the “Conference Call”), as previously announced on October 15, 2026, and that the Company has prepared an investor presentation (the “Presentation Materials”) that can be accessed through the News & Events/Presentations section of the Company website (www.kingstonecompanies.com). Copies of the Press Release and the Presentation Materials are furnished as Exhibits 99.1 and 99.2, respectively, hereto.
The Company intends to use the Presentation Materials in connection with the Conference Call and may use the Presentation Materials from time to time, possibly with modification, in other presentations to current and potential investors, lenders, creditors, insurers, vendors, customers, employees and others with an interest in the Company and its business.
The information contained in the Press Release and the Presentation Materials is summary information that should be considered in the context of the Company’s filings with the Securities and Exchange Commission and other public announcements that the Company may make by press release or otherwise from time to time. The Presentation Materials speak as of the date of this Current Report on Form 8-K. While the Company may elect to update the Presentation Materials in the future or reflect events and circumstances occurring or existing after the date of this Current Report on Form 8-K, the Company specifically disclaims any obligation to do so.
The information furnished with this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing
Item 7.01 Regulation FD Disclosure.
See Item 2.02 above.
The information in the Press Release and the Presentation Materials is being furnished, not filed, pursuant to this Item 7.01. Accordingly, the information in the Press Release and the Presentation Materials will not be incorporated by reference into any registration statement filed by the Company under the Securities Act unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this Current Report on Form 8-K with respect to the Press Release and the Presentation Materials is not intended to, and does not, constitute a determination or admission by the Company that the information in this Report with respect to the Press Release and the Presentation Materials is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits: | |||||||
| 99.1 | Press release, dated November 5, 2026, issued by Kingstone Companies, Inc. | |||||||
| 99.2 | Presentation Materials | |||||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| KINGSTONE COMPANIES, INC. | |||||||||||
Dated: November 5, 2026 | By: | /s/ Randy Patten | |||||||||
| Randy Patten | |||||||||||
| CFO | |||||||||||
Kingstone Reports Third Quarter 2026 Results
Most Profitable Quarter in Company History
Diluted Net Income Per Share of $1.19 | Annualized Return on Equity of 53%
Net Premiums Earned Growth of 30% | Direct Premiums Written Growth1 of 14.5%
GAAP Net Combined Ratio of 65.6%
Company Updates 2026 Outlook; Raises and Narrows Diluted EPS Guidance to $2.70 to $2.90
Management to Host Conference Call Tomorrow at 8:30 a.m. Eastern Time
Kingston, NY — November 5, 2026 – Kingstone Companies, Inc. (Nasdaq: KINS) (“Kingstone” or the “Company”), a regional property and casualty insurance holding company, today announced its financial results for the third quarter ended September 30, 2026. The Company has also provided an investor presentation that can be accessed through the News & Events/Presentations section of the Company website at www.kingstonecompanies.com.
| Key Financial and Operational Highlights | ||||||||||||||||||||
| Quarters Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| ($ in thousands, except per share data) | 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||
| Net premiums earned | $ | 62,412 | $ | 47,925 | 30.2% | $ | 178,748 | $ | 137,663 | 29.8% | ||||||||||
Direct premiums written1 | $ | 86,795 | $ | 75,810 | 14.5% | $ | 228,892 | $ | 195,047 | 17.4% | ||||||||||
| Net combined ratio | 65.6% | 72.7% | (7.1)pts | 81.7% | 79.0% | 2.7pts | ||||||||||||||
| Catastrophe loss ratio | 7.5% | 0.2% | 7.3pts | 10.4% | 0.8% | 9.6pts | ||||||||||||||
Underlying combined ratio1 | 64.2% | 72.5% | (8.3)pts | 75.1% | 78.8% | (3.7)pts | ||||||||||||||
| Net income | $ | 17,584 | $ | 10,872 | 61.7% | $ | 27,246 | $ | 26,007 | 4.8% | ||||||||||
| Net income per share - diluted | $ | 1.19 | $ | 0.74 | 60.8% | $ | 1.86 | $ | 1.82 | 2.2% | ||||||||||
Operating net income per share - diluted1 | $ | 1.22 | $ | 0.73 | 67.1% | $ | 1.93 | $ | 1.68 | 14.9% | ||||||||||
| Return on equity - annualized | 52.9% | 42.9% | 10.0pts | 28.0% | 39.8% | (11.8)pts | ||||||||||||||
1 Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release for definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP measures. | ||||||||||||||||||||
Management Commentary
Meryl Golden, President and Chief Executive Officer of Kingstone, stated, "I am very pleased to again report the most profitable quarter in Kingstone history. Net income increased 62% to $17.6 million, or $1.19 per diluted share, and our GAAP net combined ratio improved 7.1 points to 65.6%, resulting in an annualized return on equity of 52.9%. Diluted book value per share rose 26% year-over-year to $9.21 despite $9.7 million of after-tax unrealized bond losses in the quarter.
Net premiums earned rose 30% on premium growth and our reduced quota share and direct premiums written1 grew 14.5%, driven by higher average renewal premiums, improved retention and new business growth. Policies in force are now up 11% year-over-year. Our 34.9% net loss ratio included 6.1 points of favorable prior-year reserve development and 7.5 points of catastrophe losses, compared with 0.2 points of catastrophe losses a year ago. Excluding both, our underlying loss ratio1 improved 10.6 points to 33.5% on lower claim frequency and severity, supported by the growing mix of business on the Select platform and faster claims cycle times that give us earlier visibility into ultimate claim costs.
We are updating our 2026 direct premiums written growth outlook to approximately 16%, improving our net combined ratio outlook to 79% to 83%, and raising the midpoint of our diluted earnings per share guidance to $2.80. We will continue to execute with discipline, grow where the returns justify it and allocate capital prudently to deliver long-term value to our shareholders."
1
Fiscal Year 2026 Outlook
(see “Disclaimer and Forward-Looking Statements” below)
The guidance below reflects management’s expectations based on information available as of November 5, 2026 and is subject to the risks and uncertainties described in “Disclaimer and Forward-Looking Statements” below.
| Guidance Metrics | 2026 Previous Estimate | 2026 Updated Estimate | ||||||
Direct premiums written1,4 growth | 16% to 20% | ~16% | ||||||
| Net combined ratio | 81% to 86% | 79% to 83% | ||||||
Underlying combined ratio1,2 (excluding catastrophe losses and prior-year reserve development) | 74% to 76% | 74% to 76% | ||||||
Prior-year reserve development5 | —% | (3)% to (2)% | ||||||
Catastrophe loss ratio3 | 7% to 10% | 8% to 9% | ||||||
| Net income per share – diluted | $2.20 to $2.90 | $2.70 to $2.90 | ||||||
| Return on equity | 24% to 30% | 29% to 30% | ||||||
¹Refer to “Definitions and Non-GAAP Measures” for definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP measures.
²The underlying combined ratio is a non-GAAP measure. It is computed as the sum of the underlying loss ratio (which is a non-GAAP measure) and the net underwriting expense ratio. The underlying loss ratio excludes catastrophe losses and prior-year reserve development from the GAAP net loss ratio. The most directly comparable GAAP measure is the net combined ratio. Refer to the section entitled “Definitions and Non-GAAP Measures” included in this press release for definitions and reconciliations of non-GAAP financial measures. The 2026 estimate of GAAP net combined ratio reflects the estimated underlying combined ratio plus the estimated catastrophe loss ratio, net of favorable prior-year reserve development recognized through September 30, 2026, as shown in the table above. Actual catastrophe losses and any additional prior-year reserve development could materially impact the GAAP measure of net combined ratio.
³ The catastrophe loss ratio estimate for 2026 of 8% to 9% is above the Company’s six-year historical average of 7.1% (2019–2024) and gives effect to the elevated winter storm activity experienced in the first quarter of 2026. Catastrophe losses are reported net of reinsurance recoveries and include loss adjustment expenses. The Company defines catastrophe events consistent with PCS industry designations.
4Guidance for the most comparable GAAP measure, net premiums earned, is not provided because net premiums earned is an output of multiple variables including direct written premium growth, quota share cession rates, and premium earning patterns, several of which are not within the Company’s direct control; therefore the Company is unable to predict such variables with reasonable certainty without unreasonable efforts.
5Reflects favorable prior-year reserve development recognized through September 30, 2026, as a percentage of estimated full year net premiums earned. No additional development is assumed for the fourth quarter
Key Modeling Assumptions
The following reflects certain key modeling assumptions with respect to the full year 2026 guidance:
| Assumption | 2026E | ||||
| Assumed effective tax rate | 21% | ||||
| Weighted average diluted shares outstanding | 14.8 million | ||||
2
Consolidated Financial Results
| Consolidated Financial Results | Quarters Ended | Nine Months Ended | ||||||||||||||||||
| ($ in thousands, except policy and per share data) | September 30, | September 30, | ||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||
| Net premiums earned | $ | 62,412 | $ | 47,925 | 30.2% | $ | 178,748 | $ | 137,663 | 29.8% | ||||||||||
Direct premiums written1 | $ | 86,795 | $ | 75,810 | 14.5% | $ | 228,892 | $ | 195,047 | 17.4% | ||||||||||
| Policies in force, at the end of the period | 86,579 | 78,026 | 11.0% | 86,579 | 78,026 | 11.0% | ||||||||||||||
| Net investment income | $ | 3,756 | $ | 2,499 | 50.3% | $ | 10,522 | $ | 6,848 | 53.7% | ||||||||||
| Net (losses) gains on investments | $ | (550) | $ | 182 | NM | $ | (1,325) | $ | 591 | (324.2)% | ||||||||||
| Gain on sale of real estate | $ | — | $ | — | —% | $ | — | $ | 1,966 | (100.0)% | ||||||||||
| Net loss ratio | 34.9% | 44.3% | (9.4)pts | 51.1% | 48.2% | 2.9pts | ||||||||||||||
| Net underwriting expense ratio | 30.7% | 28.4% | 2.3pts | 30.6% | 30.8% | (0.2)pts | ||||||||||||||
| Net combined ratio | 65.6% | 72.7% | (7.1)pts | 81.7% | 79.0% | 2.7pts | ||||||||||||||
| Net loss ratio | 34.9% | 44.3% | (9.4)pts | 51.1% | 48.2% | 2.9pts | ||||||||||||||
| Catastrophe loss ratio | 7.5% | 0.2% | 7.3pts | 10.4% | 0.8% | 9.6pts | ||||||||||||||
Net loss ratio excluding the effect of catastrophes1 | 27.4% | 44.1% | (16.7)pts | 40.7% | 47.4% | (6.7)pts | ||||||||||||||
| Effect of prior-year favorable reserve development | (6.1)% | —% | (6.1)pts | (3.8)% | (0.6)% | (3.2)pts | ||||||||||||||
Underlying loss ratio1 | 33.5% | 44.1% | (10.6)pts | 44.5% | 48.0% | (3.5)pts | ||||||||||||||
| Net income | $ | 17,584 | $ | 10,872 | 61.7% | $ | 27,246 | $ | 26,007 | 4.8% | ||||||||||
| Net income per share - basic | $ | 1.21 | $ | 0.77 | 57.1% | $ | 1.88 | $ | 1.88 | —% | ||||||||||
| Net income per share - diluted | $ | 1.19 | $ | 0.74 | 60.8% | $ | 1.86 | $ | 1.82 | 2.2% | ||||||||||
| Return on equity - annualized | 52.9% | 42.9% | 10.0pts | 28.0% | 39.8% | (11.8)pts | ||||||||||||||
Adjusted EBITDA1 | $ | 24,378 | $ | 14,671 | 66.2% | $ | 40,170 | $ | 33,710 | 19.2% | ||||||||||
| Other comprehensive (loss) income, net of tax | $ | (9,690) | $ | 2,186 | NM | $ | (12,130) | $ | 5,431 | (323.3)% | ||||||||||
Operating net income1 | $ | 18,019 | $ | 10,729 | 67.9% | $ | 28,293 | $ | 23,988 | 17.9% | ||||||||||
Operating net income per share - basic1 | $ | 1.24 | $ | 0.76 | 63.2% | $ | 1.96 | $ | 1.73 | 13.3% | ||||||||||
Operating net income per share - diluted1 | $ | 1.22 | $ | 0.73 | 67.1% | $ | 1.93 | $ | 1.68 | 14.9% | ||||||||||
Operating return on equity1 | 13.6% | 10.6% | 3.0pts | 21.8% | 27.5% | (5.7)pts | ||||||||||||||
Operating return on equity1 - annualized | 54.2% | 42.4% | 11.8pts | 29.1% | 36.7% | (7.6)pts | ||||||||||||||
| Book value per share, at the end of the period - diluted | $ | 9.21 | $ | 7.28 | 26.5% | |||||||||||||||
Book value per share, at the end of the period - diluted excluding AOCI1 | $ | 10.43 | $ | 7.74 | 34.9% | |||||||||||||||
NM = Not meaningful
1Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release for definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP measures.
3
Conference Call Details
Friday, November 6, 2026, at 8:30 a.m. Eastern Time
To participate please dial:
U.S. toll free 1-877-407-2991
International 1-201-389-0925
Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call will also be available via live webcast on the Company’s website under the News & Events/Presentations section at www.kingstonecompanies.com. A replay will be available for 30 days.
About Kingstone Companies, Inc.
Kingstone is a regional property and casualty insurance holding company whose principal operating subsidiaries write business through retail and wholesale agents and brokers. Kingstone delivers tailored homeowners insurance solutions through its sophisticated product suite, Select, supported by a scalable and efficient operating platform that enables the Company to pursue significant market opportunities and strategic expansion. Kingstone was the 11th largest writer of homeowners insurance in New York in 2025 and is diversifying its geographic footprint by writing in Connecticut on an admitted basis and California on a non-admitted basis.
Investor Relations Contact:
Elevate IR
KINS@elevate-ir.com
720-330-2829
4
Disclaimer and Forward-Looking Statements
The guidance provided above is based on information available as of November 5, 2026 and management's review of the anticipated financial results for 2026. Such guidance remains subject to change based on management's ongoing review of the Company's 2026 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.
The risks and uncertainties include, without limitation, the following:
•the risk of significant losses from catastrophes and severe weather events;
•risks related to the lack of a financial strength rating from A.M. Best;
•risks related to limitations on the ability of our insurance subsidiary to pay dividends to us;
•adverse capital, credit and financial market conditions;
•risks related to volatility in net investment income;
•the unavailability of reinsurance at current levels and prices;
•the exposure to greater net insurance losses in the event of reduced reliance on reinsurance;
•the credit risk of our reinsurers;
•the inability to maintain the requisite amount of risk-based capital needed to grow our business;
•the effects of climate change on the frequency or severity of weather events and wildfires;
•risks related to the limited market area of our business;
•risks related to a concentration of business in a limited number of producers;
•legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators;
•the effects of competition in our market areas;
•our reliance on certain key personnel;
•risks related to security breaches or other attacks involving our computer systems or those of our vendors;
•our reliance on information technology and information systems; and
•the uncertainty relating to our geographic diversification strategy in entering the California and Connecticut markets and other markets.
Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
5
Definitions and Non-GAAP Measures
Direct premiums written is a non-GAAP measure, which represents the total premiums charged on policies issued by the Company during the respective fiscal period.
Adjusted EBITDA is a non-GAAP measure, which is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation. Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA.
Management uses adjusted EBITDA along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation, and may vary significantly between periods. Adjusted EBITDA is provided as supplemental information, not as a substitute for net income, and does not reflect the Company’s overall profitability.
Operating net income (loss) and basic operating net income (loss) per share are non-GAAP measures, which are net income (loss) and basic net income (loss) per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income (loss) and basic net income (loss) per share are the GAAP measures most closely comparable to operating net income (loss) and basic operating net income (loss) per share.
Management uses operating net income (loss) and basic operating net income (loss) per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income (loss) and basic operating net income (loss) per share are provided as supplemental information, not as a substitute for net income (loss) and basic net income (loss) per share, and do not reflect the Company’s overall profitability.
Operating net income (loss) and diluted operating net income (loss) per share are non-GAAP measures, which are net income (loss) and diluted net income (loss) per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income (loss) and diluted net income (loss) per share are the GAAP measures most closely comparable to operating net income (loss) and diluted operating net income (loss) per share.
Management uses operating net income (loss) and diluted operating net income (loss) per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income (loss) and diluted operating net income (loss) per share are provided as supplemental information, not as a substitute for net income (loss) and diluted net income (loss) per share, and do not reflect the Company’s overall profitability.
Operating return on equity is a non-GAAP measure, which is operating net income (loss) divided by average equity, which is the average of equity at the beginning of the period presented and ending equity at the end of the period presented. Return on equity is the GAAP measure most closely comparable to operating return on equity.
Management uses operating return on equity, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate, which may vary significantly between periods. Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company’s overall return on average common equity.
Underlying loss ratio is a non-GAAP ratio, which is computed as the GAAP net loss ratio excluding the effect of prior year loss reserve development and catastrophe losses.
Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company’s loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The underlying loss ratio should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.
Net loss ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio and the effect of catastrophes on the net loss ratio.
Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by catastrophe losses. Catastrophe losses cause the Company’s net loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The net loss ratio excluding the effect of catastrophes should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.
6
Underlying combined ratio is a non-GAAP measure, which is computed as the sum of the underlying loss ratio and the net underwriting expense ratio.
Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company’s loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net combined ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net combined ratio. The underlying combined ratio should not be considered a substitute for the net combined ratio and does not reflect the Company’s net combined ratio.
Book value per share, at the end of the period - diluted excluding AOCI is a non-GAAP measure, which is book value per share, at the end of the period - diluted less changes in accumulated other comprehensive income (AOCI). This measure is used by management to measure the diluted book value per share excluding the unrealized gains (losses) from the Company's investment portfolio since the Company has the ability and intent to hold available-for-sale fixed income securities to maturity, therefore not realizing the unrealized gain or loss. Management believes removing the quarter to quarter volatility in market movements impacting the fair value of the Company's available-for-sale fixed income securities is useful for investors to measure the Company's diluted book value per share. The most directly comparable GAAP measure is book value per share, at the end of the period – diluted. Book value per share, at the end of the period – diluted excluding AOCI should not be considered a substitute for book value per share, at the end of the period – diluted and does not reflect the Company’s book value per share, at the end of the period – diluted.
7
The table below reconciles GAAP net premiums earned to direct premiums written for the periods presented:
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||
| % | % | ||||||||||||||||||||||||||||||||||||||||
| (000’s except percentages) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||||||||||
| Direct Premiums Written Reconciliation: | |||||||||||||||||||||||||||||||||||||||||
| GAAP net premiums earned | $ | 62,412 | $ | 47,925 | 30.2 | % | $ | 178,748 | $ | 137,663 | 29.8 | % | |||||||||||||||||||||||||||||
| Change in unearned premiums | (18,307) | (16,276) | 12.5 | 10,739 | 7,206 | 49.0 | |||||||||||||||||||||||||||||||||||
| Net premiums written | 44,104 | 31,649 | 39.4 | 189,487 | 144,869 | 30.8 | |||||||||||||||||||||||||||||||||||
| Ceded written premiums | (42,691) | (44,161) | (3.3) | (39,406) | (50,178) | (21.5) | |||||||||||||||||||||||||||||||||||
| Direct premiums written | $ | 86,795 | $ | 75,810 | 14.5 | % | $ | 228,892 | $ | 195,047 | 17.4 | % | |||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||||||||||||||||||||
The following table reconciles GAAP net income to adjusted EBITDA for the periods indicated:
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||||||||
| % | % | ||||||||||||||||||||||||||||||||||||||||
| (000’s except percentages) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA Reconciliation: | |||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 17,584 | $ | 10,872 | 61.7 | % | $ | 27,246 | $ | 26,007 | 4.8 | % | |||||||||||||||||||||||||||||
| Interest expense | 54 | 73 | (26.0) | 183 | 377 | (51.5) | |||||||||||||||||||||||||||||||||||
| Income tax expense | 4,720 | 2,834 | 66.5 | 7,169 | 6,584 | 8.9 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 806 | 645 | 25.0 | 2,283 | 1,882 | 21.3 | |||||||||||||||||||||||||||||||||||
| EBITDA | 23,165 | 14,423 | 60.6 | 36,882 | 34,850 | 5.8 | |||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | 175 | (100.0) | |||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments | 550 | (182) | NM | 1,325 | (591) | (324.2) | |||||||||||||||||||||||||||||||||||
| Gain on sale of real estate | — | — | — | — | (1,966) | (100.0) | |||||||||||||||||||||||||||||||||||
| Stock-based compensation | 663 | 430 | 54.2 | 1,963 | 1,241 | 58.2 | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 24,378 | $ | 14,671 | 66.2 | % | $ | 40,170 | $ | 33,710 | 19.2 | % | |||||||||||||||||||||||||||||
NM = Not meaningful | |||||||||||||||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||||||||||||||||||||
8
The following table reconciles GAAP net income to operating net income and GAAP net income per share - basic to operating net income per share - basic for the periods indicated:
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| (000’s except per common share and outstanding share amounts) | Amount | Basic income per common share | Amount | Basic income per common share | Amount | Basic income per common share | Amount | Basic income per common share | |||||||||||||||||||||||||||||||||||||||
| Net income | $ | 17,584 | $ | 1.21 | $ | 10,872 | $ | 0.77 | $ | 27,246 | $ | 1.88 | $ | 26,007 | $ | 1.88 | |||||||||||||||||||||||||||||||
| Net loss (gain) on investments | 550 | (182) | 1,325 | (591) | |||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of real estate | — | — | — | (1,966) | |||||||||||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate | 550 | (182) | 1,325 | (2,557) | |||||||||||||||||||||||||||||||||||||||||||
| Less tax benefit (expense) on net loss (gain) | 115 | (38) | 278 | (537) | |||||||||||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate, net of taxes | 434 | $ | 0.03 | (144) | $ | (0.01) | 1,047 | $ | 0.07 | (2,020) | $ | (0.15) | |||||||||||||||||||||||||||||||||||
| Operating net income | $ | 18,019 | $ | 1.24 | $ | 10,729 | $ | 0.76 | $ | 28,293 | $ | 1.96 | $ | 23,988 | $ | 1.73 | |||||||||||||||||||||||||||||||
| Weighted average basic shares outstanding | 14,478,275 | 14,142,374 | 14,470,866 | 13,849,283 | |||||||||||||||||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||||||||||||||||||||||||||
9
The following table reconciles GAAP net income to operating net income and GAAP net income per share - diluted to operating net income per share - diluted for the periods indicated:
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| (000’s except per common share and outstanding share amounts) | Amount | Diluted income per common share | Amount | Diluted income per common share | Amount | Diluted income per common share | Amount | Diluted income per common share | |||||||||||||||||||||||||||||||||||||||
| Net income | $ | 17,584 | $ | 1.19 | $ | 10,872 | $ | 0.74 | $ | 27,246 | $ | 1.86 | $ | 26,007 | $ | 1.82 | |||||||||||||||||||||||||||||||
| Net loss (gain) on investments | 550 | (182) | 1,325 | (591) | |||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of real estate | — | — | — | (1,966) | |||||||||||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate | 550 | (182) | 1,325 | (2,557) | |||||||||||||||||||||||||||||||||||||||||||
| Less tax benefit (expense) on net loss (gain) | 115 | (38) | 278 | (537) | |||||||||||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate, net of taxes | 434 | $ | 0.03 | (144) | $ | (0.01) | 1,047 | $ | 0.07 | (2,020) | $ | (0.15) | |||||||||||||||||||||||||||||||||||
| Operating net income | $ | 18,019 | $ | 1.22 | $ | 10,729 | $ | 0.73 | $ | 28,293 | $ | 1.93 | $ | 23,988 | $ | 1.68 | |||||||||||||||||||||||||||||||
| Weighted average diluted shares outstanding | 14,716,112 | 14,601,241 | 14,657,940 | 14,303,326 | |||||||||||||||||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||||||||||||||||||||||||||
10
The following table reconciles GAAP net income to operating net income and GAAP return on equity to operating return on equity for the periods indicated:
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| (000’s except percentages) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||||
| Operating Net Income Reconciliation: | |||||||||||||||||||||||||||||||||||
| Net income | $ | 17,584 | $ | 10,872 | 61.7% | $ | 27,246 | $ | 26,007 | 4.8% | |||||||||||||||||||||||||
| Net loss (gain) on investments | 550 | (182) | NM | 1,325 | (591) | (324.2)% | |||||||||||||||||||||||||||||
| Gain on sale of real estate | — | — | —% | — | (1,966) | (100.0)% | |||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate | 550 | (182) | NM | 1,325 | (2,557) | (151.8)% | |||||||||||||||||||||||||||||
| Less tax benefit (expense) on net loss (gain) | 115 | (38) | NM | 278 | (537) | (151.8)% | |||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate, net of taxes | 434 | (144) | NM | 1,047 | (2,020) | (151.8)% | |||||||||||||||||||||||||||||
| Operating net income | $ | 18,019 | $ | 10,729 | 67.9% | $ | 28,293 | $ | 23,988 | 17.9% | |||||||||||||||||||||||||
| Operating Return on Equity Reconciliation: | |||||||||||||||||||||||||||||||||||
| Net income | $ | 17,584 | $ | 10,872 | 61.7% | $ | 27,246 | $ | 26,007 | 4.8% | |||||||||||||||||||||||||
| Average equity | $ | 132,951 | $ | 101,265 | 31.3% | $ | 129,737 | $ | 87,181 | 48.8% | |||||||||||||||||||||||||
| Return on equity | 13.2% | 10.7% | 2.5pts | 21.0% | 29.8% | (8.8)pts | |||||||||||||||||||||||||||||
| Return on equity - annualized | 52.9% | 42.9% | 10.0pts | 28.0% | 39.8% | (11.8)pts | |||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate, net of taxes | $ | 434 | $ | (144) | NM | $ | 1,047 | $ | (2,020) | (151.8)% | |||||||||||||||||||||||||
| Average equity | $ | 132,951 | $ | 101,265 | 31.3% | $ | 129,737 | $ | 87,181 | 48.8% | |||||||||||||||||||||||||
| Effect of net loss (gain) on investments and (gain) on sale of real estate, net of taxes, on return on equity | 0.3% | (0.1)% | 0.4pts | 0.8% | (2.3)% | 3.1pts | |||||||||||||||||||||||||||||
| Operating net income | $ | 18,019 | $ | 10,729 | 67.9% | $ | 28,293 | $ | 23,988 | 17.9% | |||||||||||||||||||||||||
| Operating net income - annualized | $ | 72,076 | $ | 42,914 | 68.0% | $ | 37,724 | $ | 31,984 | 17.9% | |||||||||||||||||||||||||
| Average equity | $ | 132,951 | $ | 101,265 | 31.3% | $ | 129,737 | $ | 87,181 | 48.8% | |||||||||||||||||||||||||
| Operating return on equity | 13.6% | 10.6% | 3.0pts | 21.8% | 27.5% | (5.7)pts | |||||||||||||||||||||||||||||
| Operating return on equity - annualized | 54.2% | 42.4% | 11.8pts | 29.1% | 36.7% | (7.6)pts | |||||||||||||||||||||||||||||
NM = Not meaningful | |||||||||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||||||||||||||
11
The following table reconciles the GAAP net loss ratio to the underlying loss ratio, which excludes the effect of catastrophe losses and prior-year loss reserve development for the periods presented:
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Percentage Point Change | 2026 | 2025 | Percentage Point Change | |||||||||||||||||||||||||||||||||||||||
| Underlying Loss Ratio Reconciliation: | ||||||||||||||||||||||||||||||||||||||||||||
| GAAP net loss ratio | 34.9% | 44.3% | (9.4) | pts | 51.1% | 48.2% | 2.9 | pts | ||||||||||||||||||||||||||||||||||||
| Effect of catastrophes | 7.5% | 0.2% | 7.3 | pts | 10.4% | 0.8% | 9.6 | pts | ||||||||||||||||||||||||||||||||||||
| Net loss ratio excluding the effect of catastrophes | 27.4% | 44.1% | (16.7) | pts | 40.7% | 47.4% | (6.7) | pts | ||||||||||||||||||||||||||||||||||||
| Effect of prior-year favorable reserve development | (6.1)% | —% | (6.1) | pts | (3.8)% | (0.6)% | (3.2) | pts | ||||||||||||||||||||||||||||||||||||
| Underlying Loss Ratio | 33.5% | 44.1% | (10.6) | pts | 44.5% | 48.0% | (3.5) | pts | ||||||||||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | ||||||||||||||||||||||||||||||||||||||||||||
The following table reconciles the GAAP net combined ratio to the underlying combined ratio, which excludes the effect of catastrophe losses and prior-year loss reserve development for the periods presented:
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Percentage Point Change | 2026 | 2025 | Percentage Point Change | |||||||||||||||||||||||||||||||||||||||
| Underlying Combined Ratio Reconciliation: | ||||||||||||||||||||||||||||||||||||||||||||
| GAAP net combined ratio | 65.6% | 72.7% | (7.1) | pts | 81.7% | 79.0% | 2.7 | pts | ||||||||||||||||||||||||||||||||||||
| Effect of catastrophes | 7.5% | 0.2% | 7.3 | pts | 10.4% | 0.8% | 9.6 | pts | ||||||||||||||||||||||||||||||||||||
| Effect of prior-year favorable reserve development | (6.1)% | —% | (6.1) | pts | (3.8)% | (0.6)% | (3.2) | pts | ||||||||||||||||||||||||||||||||||||
| Underlying combined ratio | 64.2% | 72.5% | (8.3) | pts | 75.1% | 78.8% | (3.7) | pts | ||||||||||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | ||||||||||||||||||||||||||||||||||||||||||||
12
The following table reconciles GAAP book value per share, at the end of the period – diluted to book value per share, at the end of the period - diluted excluding AOCI for the periods indicated:
| As of | |||||||||||||||||||||||
| September 30, 2026 | September 30, 2025 | ||||||||||||||||||||||
| (000’s except per common share and outstanding share amounts) | Amount | Book value per share - diluted | Amount | Book value per share - diluted | |||||||||||||||||||
| GAAP stockholders' equity | $ | 136,742 | $ | 9.21 | $ | 107,653 | $ | 7.28 | |||||||||||||||
| AOCI | (18,212) | $ | (1.23) | (6,745) | $ | (0.46) | |||||||||||||||||
| Stockholders' equity excluding AOCI | $ | 154,954 | $ | 10.43 | $ | 114,398 | $ | 7.74 | |||||||||||||||
| Diluted shares outstanding | 14,849,471 | 14,783,832 | |||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||
13
| KINGSTONE COMPANIES, INC. AND SUBSIDIARIES | |||||||||||
| Condensed Consolidated Balance Sheets | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
Short-term investments, at fair value (cost of $1,486,371 at September 30, 2026 and $0 at December 31, 2025) | $ | 1,482,405 | $ | — | |||||||
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $4,789,397 at September 30, 2026 and $5,137,267 at December 31, 2025) | 6,038,334 | 6,042,348 | |||||||||
Fixed-maturity securities, available-for-sale, at fair value, net of allowance for credit loss of $7,295 at September 30, 2026 and $0 at December 31, 2025 (amortized cost of $339,039,442 at September 30, 2026 and $296,738,055 at December 31, 2025) | 315,980,512 | 289,037,190 | |||||||||
Equity securities, at fair value (cost of $13,598,454 at September 30, 2026 and $13,546,654 at December 31, 2025) | 9,186,878 | 10,056,595 | |||||||||
| Other investments | 4,367,262 | 4,552,378 | |||||||||
| Total investments | 337,055,391 | 309,688,511 | |||||||||
| Cash and cash equivalents | 20,789,875 | 12,178,730 | |||||||||
Premiums receivable, net of allowance for credit losses of $97,017 at September 30, 2026, and $20,831 at December 31, 2025 | 20,252,585 | 21,012,408 | |||||||||
| Reinsurance receivables, net | 54,854,557 | 58,996,945 | |||||||||
| Prepaid reinsurance | 1,673,206 | 2,142,329 | |||||||||
| Deferred policy acquisition costs | 26,219,124 | 27,867,207 | |||||||||
| Intangible assets | 500,000 | 500,000 | |||||||||
| Property and equipment, net | 8,237,039 | 7,897,675 | |||||||||
| Deferred income taxes, net | 7,465,128 | 4,179,559 | |||||||||
| Other assets | 11,684,465 | 8,961,787 | |||||||||
| Total assets | $ | 488,731,370 | $ | 453,425,151 | |||||||
| Liabilities | |||||||||||
| Loss and loss adjustment expense reserves | $ | 158,457,641 | $ | 140,538,618 | |||||||
| Unearned premiums | 162,401,533 | 154,028,072 | |||||||||
| Advance premiums | 8,412,395 | 4,003,453 | |||||||||
| Reinsurance balances payable | 3,888,399 | 5,232,319 | |||||||||
| Deferred ceding commission revenue | 174,251 | 8,362,529 | |||||||||
| Accounts payable, accrued expenses and other liabilities | 11,390,227 | 11,253,649 | |||||||||
| Income taxes payable | 3,789,983 | 2,835,135 | |||||||||
Debt, net (current $1,354,999 and long-term $2,119,590 at September 30, 2026, current $1,296,900 and long-term $3,143,227 at December 31, 2025) | 3,474,589 | 4,440,127 | |||||||||
| Total liabilities | 351,989,018 | 330,693,902 | |||||||||
| Commitments and Contingencies | |||||||||||
| Stockholders' Equity | |||||||||||
Preferred stock, $0.01 par value; authorized 2,500,000 shares | — | — | |||||||||
Common stock, $0.01 par value; authorized 20,000,000 shares; issued 16,025,218 shares at September 30, 2026 and 15,921,651 shares at December 31, 2025; outstanding 14,481,647 shares at September 30, 2026 and 14,397,526 shares at December 31, 2025 | 160,252 | 159,216 | |||||||||
| Capital in excess of par | 101,125,525 | 99,624,713 | |||||||||
| Accumulated other comprehensive loss | (18,211,772) | (6,081,530) | |||||||||
| Retained earnings | 59,528,187 | 34,596,857 | |||||||||
| 142,602,192 | 128,299,256 | ||||||||||
Treasury stock, at cost, 1,543,571 shares at September 30, 2026 and 1,524,125 shares at December 31, 2025 | (5,859,840) | (5,568,007) | |||||||||
| Total stockholders' equity | 136,742,352 | 122,731,249 | |||||||||
| Total liabilities and stockholders' equity | $ | 488,731,370 | $ | 453,425,151 | |||||||
14
| KINGSTONE COMPANIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) | |||||||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Net premiums earned | $ | 62,411,604 | $ | 47,925,053 | $ | 178,747,895 | $ | 137,663,376 | |||||||||||||||
| Ceding commission revenue | 1,740,426 | 4,900,401 | 4,677,268 | 10,940,648 | |||||||||||||||||||
| Net investment income | 3,755,811 | 2,499,071 | 10,522,121 | 6,847,934 | |||||||||||||||||||
| Net (losses) gains on investments | (549,962) | 182,122 | (1,324,964) | 590,594 | |||||||||||||||||||
| Gain on sale of real estate | — | — | — | 1,965,989 | |||||||||||||||||||
| Other income | 185,905 | 145,843 | 550,746 | 437,503 | |||||||||||||||||||
| Total revenues | 67,543,784 | 55,652,490 | 193,173,066 | 158,446,044 | |||||||||||||||||||
| Expenses | |||||||||||||||||||||||
| Loss and loss adjustment expenses | 21,801,743 | 21,232,324 | 91,306,624 | 66,334,564 | |||||||||||||||||||
| Commission expense | 12,192,870 | 10,308,092 | 33,961,420 | 30,250,601 | |||||||||||||||||||
| Other underwriting expenses | 8,898,238 | 8,358,432 | 25,914,666 | 23,491,221 | |||||||||||||||||||
| Other operating expenses | 1,485,762 | 1,330,258 | 5,108,739 | 3,519,475 | |||||||||||||||||||
| Depreciation and amortization | 806,401 | 644,653 | 2,283,381 | 1,881,880 | |||||||||||||||||||
| Interest expense | 54,073 | 72,609 | 182,736 | 377,137 | |||||||||||||||||||
| Total expenses | 45,239,087 | 41,946,368 | 158,757,566 | 125,854,878 | |||||||||||||||||||
| Income from operations before taxes | 22,304,697 | 13,706,122 | 34,415,500 | 32,591,166 | |||||||||||||||||||
| Income tax expense | 4,720,243 | 2,833,647 | 7,169,125 | 6,583,699 | |||||||||||||||||||
| Net income | 17,584,454 | 10,872,475 | 27,246,375 | 26,007,467 | |||||||||||||||||||
| Other comprehensive (loss) income, net of tax | |||||||||||||||||||||||
| Gross (increase) decrease in net unrealized losses | |||||||||||||||||||||||
| on available-for-sale-securities | (12,271,271) | 2,760,803 | (15,565,772) | 6,862,488 | |||||||||||||||||||
| Reclassification adjustment for net losses | |||||||||||||||||||||||
| included in net income | 5,785 | 6,322 | 211,036 | 12,126 | |||||||||||||||||||
| Net (increase) decrease in net unrealized losses | (12,265,486) | 2,767,125 | (15,354,736) | 6,874,614 | |||||||||||||||||||
| Income tax benefit (expense) related to items | |||||||||||||||||||||||
| of other comprehensive (loss) income | 2,575,750 | (581,096) | 3,224,494 | (1,443,668) | |||||||||||||||||||
| Other comprehensive (loss) income, net of tax | (9,689,736) | 2,186,029 | (12,130,242) | 5,430,946 | |||||||||||||||||||
| Comprehensive income | $ | 7,894,718 | $ | 13,058,504 | $ | 15,116,133 | $ | 31,438,413 | |||||||||||||||
| Earnings per common share: | |||||||||||||||||||||||
| Basic | $ | 1.21 | $ | 0.77 | $ | 1.88 | $ | 1.88 | |||||||||||||||
| Diluted | $ | 1.19 | $ | 0.74 | $ | 1.86 | $ | 1.82 | |||||||||||||||
| Weighted average common shares outstanding | |||||||||||||||||||||||
| Basic | 14,478,275 | 14,142,374 | 14,470,866 | 13,849,283 | |||||||||||||||||||
| Diluted | 14,716,112 | 14,601,241 | 14,657,940 | 14,303,326 | |||||||||||||||||||
| Dividends declared and paid per common share | $ | 0.06 | $ | 0.05 | $ | 0.16 | $ | 0.05 | |||||||||||||||
15
3Q26 Earnings Presentation November 5, 2026
Disclaimer and Forward-Looking Statements The guidance provided in this presentation is based on information available as of November 5, 2026 and management's review of the anticipated financial results for 2026. Such guidance remains subject to change based on management's ongoing review of the Company's 2026 results and is a forward- looking statement (see below). Kingstone assumes no obligation to update this guidance, except as required by law. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this presentation and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission. This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from our expectations of future results, performance or achievements expressed or implied by these forward-looking statements. These forward-looking statements may not be realized due to a variety of factors. The risks and uncertainties include, without limitation, the following: the risk of significant losses from catastrophes and severe weather events; risks related to the lack of a financial strength rating from A.M. Best; risks related to limitations on the ability of our insurance subsidiary to pay dividends to us; adverse capital, credit and financial market conditions; risks related to volatility in net investment income; the unavailability of reinsurance at current levels and prices; the exposure to greater net insurance losses in the event of reduced reliance on reinsurance; the credit risk of our reinsurers; the inability to maintain the requisite amount of risk-based capital needed to grow our business; the effects of climate change on the frequency or severity of weather events and wildfires; risks related to the limited market area of our business; risks related to a concentration of business in a limited number of producers; legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators; the effects of competition in our market areas; our reliance on certain key personnel; risks related to security breaches or other attacks involving our computer systems or those of our vendors; our reliance on information technology and information systems; and the uncertainty relating to our geographic diversification strategy in entering the California and Connecticut markets and other markets. Kingstone undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, except as required by law. 2
KINGSTONE AT A GLANCE A 140-year New York franchise, rebuilt for profitable growth A personal property insurer, distributed through independent agents and brokers and underwritten on the proprietary Select platform. New York is the core franchise, with measured expansion into California and Connecticut. 1 Company data at September 30, 2026. 2 Non-GAAP financial measures; the underlying combined ratio excludes catastrophe losses and prior-year reserve development. See “Definitions and Non-GAAP Measures” in the press releases dated November 5, 2026, for definitions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.. 3 Compound annual growth implied by the Company’s 2029 goal of $500 million in direct premiums written, from $277.8 million in FY2025; not a forecast. 4 Company analysis of reported non-catastrophe claim frequency, Select vs. legacy New York homeowners policies, Q1 2022 through Q3 2026. WHO WE ARE TODAY 140 years Operating history Founded in Kingston, NY, in 1886 11th Largest NY homeowners writer Ranked by 2025 premiums 86,579 Policies in force Up 11.0% year over year 65% Homeowners policies on Select1 Up from 54% a year earlier TRACK RECORD FY2022 TO FY2025 +38% Direct premiums written2 $201M to $278M 38.3 pts Lower net combined ratio 113.3% to 75.0% 83.2 pts Higher return on equity (40.2)% to 43.0% +175% Diluted book value per share $3.01 to $8.28 WHAT TO WATCH 2026 AND BEYOND ~16% Annual growth to 2029 goal3 ~16% guided for 2026 ~34% Lower Select claim frequency4 Non-catastrophe, vs. legacy policies 74.4% Underlying combined ratio2 FY2025; 74% to 76% guided for 2026 $3.5–$6M First-event retention $500M of catastrophe cover 3
җ4 Third Quarter 2026 Results QUARTER HIGHLIGHTS • Profitability: Most profitable quarter in Company history, with record net income of $17.6 million; diluted EPS up 61% to $1.19; annualized ROE of 52.9% • Growth: Net premiums earned up 30% to $62.4 million as the reduced quota share earns in; direct premiums written1 up 14.5% to $86.8 million, with a 5% higher average renewal premiums, retention up 2.9 points and new business policies up 10% • Combined ratio: Net combined ratio improved 7.1 points to 65.6%, with 6.1 points of favorable prior-year development and 7.5 points of catastrophe losses • Underlying: Underlying combined ratio1 improved 8.3 points to 64.2% driven by lower claim frequency and severity; underlying loss ratio1 down 10.6 points to 33.5% • Capital: Diluted book value per share of $9.21, up 26% year over year, and $10.43 excluding AOCI1, up 35%; quarterly dividend of $0.06, raised 20% in July; repurchase authorization of up to 1,000,000 shares in place • Outlook: Updated direct premiums written growth outlook to approximately 16%; raised and narrowed diluted EPS guidance to $2.70 to $2.90 (from $2.20 to $2.90) and ROE of 29% to 30% (from 24% to 30%) ($ in thousands, except per share data) 3Q26 3Q25 Change 9M26 9M25 Change Net premiums earned $62,412 $47,925 30.2% $178,748 $137,663 29.8% Direct premiums written1 $86,795 $75,810 14.5% $228,892 $195,047 17.4% Net combined ratio 65.6% 72.7% (7.1) pts 81.7% 79.0% 2.7 pts Catastrophe loss ratio1 7.5% 0.2% 7.3 pts 10.4% 0.8% 9.6 pts Underlying combined ratio (ex-CAT, ex-PYD)1 64.2% 72.5% (8.3) pts 75.1% 78.8% (3.7) pts Net income $17,584 $10,872 61.7% $27,246 $26,007 4.8% Net income per share - diluted $1.19 $0.74 60.8% $1.86 $1.82 2.2% Operating net income per share - diluted1 $1.22 $0.73 67.1% $1.93 $1.68 14.9% Return on equity - annualized 52.9% 42.9% 10.0 pts 28.0% 39.8% (11.8) pts 1 These are non-GAAP financial measures. See “Definitions and Non-GAAP Measures” in press release, dated November 5, 2026, for definitions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.
Қ5 Five Reinforcing Pillars Drive Durable, Profitable Growth Execution • Rebuilt leadership, product, claims, risk management, cost structure and balance sheet • Multi-year record of disciplined premium growth alongside meaningful combined ratio improvement • Record full-year 2025 and Q3 2026 profitability Select Product • 65% of homeowners policies in force, up from 54% a year ago • Pricing sophistication and segmentation built with modern data science to match rate to risk • Low non-catastrophe loss frequency and continued underwriting discipline Operating Efficiency • YTD net underwriting expense ratio of 30.6%, approximately 10 points below FY2021 • New York quota share cession reduced from 16% to 5%, increasing retained premium and earnings power Distribution • Q3 direct premiums written1 increased 14.5% to $86.8 million; $500 million target by 2029 • Continued growth in New York and measured expansion into new markets Capital Strength • No debt at the holding company; conservative balance sheet supports disciplined growth • $500 million of catastrophe protection with low first-event retention • Share repurchase authorization and a 20% increase in the quarterly dividend 1 These are non-GAAP financial measures. See “Definitions and Non-GAAP Measures” in press release, dated November 5, 2026, for definitions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.
Ҝ6 NET COMBINED RATIO BY COMPONENT, FY2022 TO 3Q26 Record Q3 Profitability: 65.6% Net Combined Ratio Note: Bars show attritional loss, cat loss and net underwriting expense ratios, with the negative 2Q26 cat loss ratio netted within its bar; prior-year reserve development is in the blue boxes. Totals reflect the GAAP net combined ratio. 2.4% – -2.0% -1.4% -1.9% -0.4% -1.4% -0.5% – -0.5% -2.3% -2.7% -6.1% 68.2% 65.3% 58.8% 47.1% 39.2% 49.1% 62.1% 38.7% 44.1% 34.7% 57.9% 43.1% 33.5% 6.7% 7.1% 5.2% 1.3% 1.7% 1.7% 0.6% 0.2% 2.1% 26.0% -0.8% 7.5% 36.0% 32.9% 31.3% 31.2% 33.0% 29.8% 31.3% 32.7% 28.4% 27.9% 30.4% 30.6% 30.7% 113.3% 105.3% 93.3% 78.2% 72.0% 78.5% 93.7% 71.5% 72.7% 64.2% 112.0% 70.2% 65.6% FY22 FY23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 PY Reserve Development Attritional Loss Ratio Cat Loss Ratio Net Underwriting Expense Ratio 100% Breakeven
ҝ7 REPORTED CLAIM FREQUENCY NY HOMEOWNERS, EXCLUDING CATASTROPHES Select Delivers ~34% Lower Non-Catastrophe Claim Frequency 0% 1% 2% 3% 4% 5% 6% Cl ai m F re qu en cy - Re po rt ed Legacy Renewal Business Select Total All Products Total 1 Source: Kingstone Select vs. Legacy Analysis, NY HO ex-catastrophe, Q1 2022 through Q3 2026 THE SELECT PLATFORM Proprietary underwriting platform driving superior loss performance 65% Of homeowners PIF vs. 54% one year ago ~34% Lower claim frequency Non-catastrophe, Select vs. legacy¹
Ң8 NET UNDERWRITING EXPENSE RATIO FY2021 TO FY2025 AND YTD25 VS. YTD26 40.6% 36.0% 32.9% 31.3% 30.0% 30.8% 30.6% 2021 2022 2023 2024 2025 YTD25 YTD26 Net Underwriting Expense Ratio Improved 10 Points Since 2021 30.0% FY25 Net Underwriting Expense Ratio Improved 1.3 pts from FY2024 10.6 pts Cumulative Improvement From 40.6% in FY2021 to 30.0% in FY2025 30.6% YTD 2026 Net Underwriting Expense Ratio Down 0.2 pts from YTD 2025 FULL-YEAR TREND YTD over YTD
ң9 2026/2027 REINSURANCE PROGRAM Enhanced Reinsurance Protection at Lower Risk-Adjusted Cost • Program structure: Catastrophe XOL to $500M total limit; wildfire coverage added alongside hurricane and winter storm • Program cost: ~11% of projected direct premiums earned, down from 13% for the prior treaty period • Quota share: NY personal lines reduced from 16% to 5%; 30% quota share on the new CA book limits net exposure during ramp-up • Per-risk XOL: $825K retention per risk with coverage to $11M • Panel: More than 34 reinsurers, including six new participants • Context: Six-year average cat load 7.1 pts (2019–2024); FY25 actual 1.2 pts PROGRAM HIGHLIGHTS $500M Total catastrophe limit +14% (+$60M) vs. 2025/26 $3.5–$6M First-event retention Wildfire $3.5M, named storm $5.0M, winter storm $6.0M >15% Lower risk-adjusted cost Core cat excess-of-loss coverage
� �10 Capital Position Supports Growth, Dividends and Buybacks CAPITAL AT SEPTEMBER 30, 2026 $136.7M Total stockholders’ equity +11% YTD; $122.7M at YE25 Zero Net debt At the holding company $126.2M Statutory surplus Leverage ratio 2.05, RBC >750 BOOK VALUE, INVESTMENTS AND DIVIDEND AT SEPTEMBER 30, 2026 $9.21 Diluted book value per share +26% YoY; $10.43 excluding AOCI, +35% YoY $337.1M Total investments +9% YTD; Q3 net investment income +50% YoY $0.06 Quarterly dividend Raised 20% in July 2026, one year after reinstatement CAPITAL ALLOCATION PRIORITIES 1 Fund profitable growth 2 Growing quarterly dividend 3 Opportunistic repurchases
� �11 New York Carrier Exits Opened Two Growth Channels Both books are written through the Select platform $29M Incremental direct premiums written • Two carriers exiting New York created an opportunity for Kingstone to immediately add premium in 2H24 • Policies written on the Select platform for loss ratio improvement • Retention and renewal economics continue to accelerate through 2026 $25–$30M Expected premium over three years • Renewal rights to AmGUARD Insurance Company’s Downstate New York property book • AmGUARD began non-renewing across a three-year period, and we began writing policies effective September 2025 • We provide a Select quote as each policy comes up for renewal and the producer decides whether to bind with us ADIRONDACK / MOUNTAIN VALLEY GUARD RENEWAL RIGHTS
� Ғ DIRECT PREMIUMS WRITTEN BRIDGE $M, FY2024 TO FY2026E FY2026 Direct Premiums Written1 Projected to Grow approximately 16% $242M $44M $5M $278M ($13M) FY24 DPW Organic / Rate GUARD Legacy Runoff FY25 DPW Organic / Rate Expansion States GUARD Legacy Runoff FY26 DPW ~16% growth (Projected) 1 This is a non-GAAP financial measure. See “Definitions and Non-GAAP Measures” in press release, dated November 5, 2026, for the definition and reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure.
� Җ DIRECT PREMIUMS WRITTEN1 $M, NEW YORK AND ALL OTHER Path to $500 Million of Direct Premiums Written1 by 2029 $201M $200M $242M $278M $322M $370–$386M $426–$444M $490–$511M FY22 FY23 FY24 FY25 FY26P FY27P FY28P FY29P New York All Other 1 This is a non-GAAP financial measure. See “Definitions and Non-GAAP Measures” in press release, dated November 5, 2026, for the definition and reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure. Note: FY26P reflects 2026 guidance of approximately 16% growth. FY27P applies 15% to 20% growth to FY26P, and FY28P and FY29P apply 15% annual growth to each end of the range; bars show range midpoints.
� җ14 FY2026 Outlook Updated; EPS Guidance Raised and Narrowed 1 These are non-GAAP financial measures. See “Definitions and Non-GAAP Measures” and the tables included in our press release, dated November 5, 2026, for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures and the reasons management uses each measure. ² The Underlying Combined Ratio is a non-GAAP measure. It is computed as the sum of the underlying loss ratio (which is a non-GAAP measure) and the net underwriting expense ratio. The underlying loss ratio excludes catastrophe losses and prior-year reserve development from the GAAP net loss ratio. The most directly comparable GAAP measure is the net combined ratio. Refer to the section entitled “Definitions and Non-GAAP Measures” included in our press release, dated November 5, 2026, for definitions and reconciliations of non-GAAP financial measures. The 2026 estimate of GAAP net combined ratio reflects the estimated underlying combined ratio plus the estimated catastrophe loss ratio, net of favorable prior-year reserve development recognized through September 30, 2026, as shown in the table above. Actual catastrophe losses and any additional prior-year reserve development could materially impact the GAAP measure of net combined ratio. ³ The catastrophe loss ratio estimate for 2026 of 8% to 9% is above the Company’s six-year historical average of 7.1% (2019–2024) and gives effect to the elevated winter storm activity experienced in the first quarter of 2026. Catastrophe losses are reported net of reinsurance recoveries and include loss adjustment expenses. The Company defines catastrophe events consistent with PCS industry designations. ⁴ Guidance for the most comparable GAAP measure, net premiums earned, is not provided because net premiums earned is an output of multiple variables including direct written premium growth, quota share cession rates, and premium earning patterns, several of which are not within the Company’s direct control; therefore, the Company is unable to predict such variables with reasonable certainty without unreasonable efforts. ⁵ Reflects favorable prior-year reserve development recognized through September 30, 2026, as a percentage of estimated full year net premiums earned. No additional development is assumed for the fourth quarter. Guidance Metric Previous FY26E Updated FY26E FY25 Actual Direct premiums written growth1,4 16% – 20% ~16% 14.8% Net combined ratio 81% – 86% 79% – 83% 75.0% Underlying combined ratio (ex-CAT, ex-PYD)1,2 74% – 76% 74% – 76% 74.4% Catastrophe loss ratio3 7% – 10% 8% – 9% 1.2% Net income per share – diluted $2.20 – $2.90 $2.70 – $2.90 $2.88 Return on equity 24% – 30% 29% – 30% 43.0% Prior-year reserve development5 None assumed (3)% – (2)% (0.6)% Key Modeling Assumptions Value Assumed effective tax rate ~21% Weighted average diluted shares outstanding ~14.8 million
� Қ RETURN ON EQUITY 2022 TO 2026ENET INCOME PER DILUTED SHARE 2022 TO 2026E NET COMBINED RATIO 2022 TO 2026EDIRECT PREMIUMS WRITTEN1 $M, 2022 TO 2026E Strong Track Record of Profitable Growth $201 $200 $242 $278 $322 2022 2023 2024 2025 2026E 77% 72% 49% 45% 36% 33% 31% 30% 113.3% 105.3% 80.0% 75.0% 79%–83% 0 2022 2023 2024 2025 2026E Net Loss Net Underwriting Expense ($2.12) ($0.57) $1.48 $2.88 $2.70–$2.90 2022 2023 2024 2025 2026E (40.3%) (17.5%) 36.3% 43.0% 29%–30% 2022 2023 2024 2025 2026E 1 This is a non-GAAP financial measure. See Appendix: “Definitions and Non-GAAP Measures” and press release dated November 5, 2026, for the reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure. 32 points of improvement, 2022 to 2026E (113.3% to 81.0%)
� Ҝ Executive Management Team Meryl S. Golden President & Chief Executive Officer Joined 2019 as COO; appointed CEO Oct 2023 Progressive · Liberty Mutual · Earnix · Bridgewater Randy L. Patten Vice President & Chief Financial Officer Joined Aug 2025; led finance through NEXT Insurance's $2.6B acquisition NEXT Insurance · United Fire Group · Transamerica Sarah (Minlei) Chen SVP, Chief Actuary & Head of Product Mgmt Joined Nov 2020; product development and actuarial pricing Homesite · Plymouth Rock · Travelers David Fernandez Senior Vice President & Chief Claims Officer Joined Nov 2023; led 1,000+ claims professionals at prior carriers Progressive · Liberty Mutual · Point32Health 90+ Years Combined Insurance Leadership 30+ YEARS 25+ YEARS 10+ YEARS 25+ YEARS
� ҝ Appendix
� Ң VERSUS PEERS CAPITAL IQ AND SEC FILINGS AS OF 10/29/2026 High-Quality Compounder: Above-Peer Growth and Returns • Attractive Relative Valuation: KINS trades at 7.4x FY26E and 6.9x FY27E consensus earnings, below the peer average of 7.5x and 8.4x, with the discount widening on forward estimates; P/BV of 1.9x is also below the 2.0x peer average despite higher return on equity. • Premium Growth: Delivered 46% net premiums earned growth in FY25 and 30% in 9M26; the 17.9% consensus DPW CAGR (FY23-26E) is well above the 11.5% peer average. • BV Compounding: Diluted BVPS of $9.21 at 3Q26, up 26% year over year and more than 3x the FY23 level. • Durable Returns: Consensus ROAE of 26.6% in FY26E and 25.5% in FY27E versus peer averages of 26.0% and 21.2%, with FY26 ROE guidance of 29% to 30%. • Stock Price Performance: KINS shares are up 37.9% over the past year versus a 33.1% peer average, while still trading below peer earnings multiples. 10/29 Mcap ($M) P/BV ex. AOCI P/E CAGR (FY23 - 26E) ROAE Div Yield Stock Price Performance Company Ticker Price FY26E FY27E DPW BVPS FY26E FY27E 7D 1MO YTD 1YR 2YR Kingstone Companies KINS $20.03 $290 1.9x 7.4x 6.9x 17.9% 48.3% 26.6% 25.5% 1.2% (0.8%) 12.1% 19.0% 37.9% 100.5% American Integrity AII $28.71 $563 1.5x 6.7x 8.7x 16.9% 19.0% 19.8% 15.5% − (1.6%) 13.7% 37.8% 22.9% − American Coastal ACIC $10.93 $510 1.5x 8.2x 8.5x (5.3%) 26.0% 14.4% 18.1% − (4.0%) 18.3% (13.5%) (8.2%) (7.3%) Heritage Insurance HRTG $36.14 $1,040 1.8x 6.9x 7.1x 1.7% 34.9% 31.2% 25.7% − (4.1%) 7.9% 23.5% 56.7% 244.2% Universal Insurance UVE $47.56 $1,315 2.0x 7.3x 8.5x 5.2% − 23.8% 17.4% 1.3% (1.7%) 12.6% 40.7% 51.3% 136.6% HCI HCI $198.23 $2,466 2.3x 9.2x 9.9x 20.3% 43.5% 27.7% 21.0% 0.8% (4.1%) 12.3% 3.4% (1.4%) 70.6% Slide Insurance SLDE $27.52 $3,229 2.7x 6.9x 7.5x 30.1% 40.9% 38.9% 29.8% − (0.8%) 22.3% 41.3% 77.1% − Peer Average 2.0x 7.5x 8.4x 11.5% 32.8% 26.0% 21.2% 1.1% (2.7%) 14.5% 22.2% 33.1% 111.0% *Source: Capital IQ and SEC filings as of 10/29/2026. Note FY26E and FY27E analyst consensus estimates sourced from Capital IQ.
� ң UNDERLYING AND RETURN MEASURESPREMIUMS AND UNDERWRITING RATIOS Appendix: Definitions and Non-GAAP Measures Direct Premiums Written (DPW)1 Total premiums written during the period, before ceding any to reinsurers. Net Premiums Written (NPW)1 Direct premiums written less ceded premiums; reflects premiums retained on a written basis. Net Premiums Earned (NPE) Net premiums written adjusted for unearned premiums; earned ratably over the policy period. Net Loss Ratio Net losses and LAE divided by net premiums earned. Primary measure of underwriting profitability. Net Underwriting Expense Ratio Net underwriting expenses divided by net premiums earned. Measures operational efficiency. Net Combined Ratio Net loss ratio plus net underwriting expense ratio. Below 100% indicates underwriting profit. Underlying Combined Ratio1 Net combined ratio ex-catastrophes and prior-year development. Measures core underwriting performance. Attritional or Underlying Loss Ratio1 Net loss ratio excluding catastrophe losses and prior-year reserve development. Catastrophe (CAT) Loss Ratio1 Losses from ISO/PCS-designated catastrophe events divided by net premiums earned. Operating Net Income1 Net income excluding net gains (losses) on investments and gain on sale of real estate, net of tax. Return on Equity (ROE) Net income divided by average stockholders' equity; operating ROE uses operating net income. 1 These are non-GAAP financial measures. See “Definitions and Non-GAAP Measures” in press release, dated November 5, 2026, for definitions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. Book Value Per Share, at the end of the period – diluted excluding AOCI1 Book value per share, at the end of the period – diluted less the impact from the change in accumulated other comprehensive income.
Ғ � 20 Consolidated Financial Results 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Measures” and the tables included in our press release, dated November 5, 2026, for definitions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures and the reasons management uses each measure. NM = Not meaningful. ($ in thousands, except policy and per share data) 3Q26 3Q25 Change 9M26 9M25 Change Net premiums earned $62,412 $47,925 30.2% $178,748 $137,663 29.8% Direct premiums written1 $86,795 $75,810 14.5% $228,892 $195,047 17.4% Policies in force, at the end of the period 86,579 78,026 11.0% 86,579 78,026 11.0% Net investment income $3,756 $2,499 50.3% $10,522 $6,848 53.7% Net (losses) gains on investments ($550) $182 NM ($1,325) $591 (324.2%) Gain on sale of real estate $ — $ — — % $ — $1,966 (100.0%) Net loss ratio 34.9% 44.3% (9.4) pts 51.1% 48.2% 2.9 pts Net underwriting expense ratio 30.7% 28.4% 2.3 pts 30.6% 30.8% (0.2) pts Net combined ratio 65.6% 72.7% (7.1) pts 81.7% 79.0% 2.7 pts Catastrophe loss ratio1 7.5% 0.2% 7.3 pts 10.4% 0.8% 9.6 pts Net loss ratio excluding the effect of catastrophes1 27.4% 44.1% (16.7) pts 40.7% 47.4% (6.7) pts Effect of prior-year favorable reserve development (6.1%) — % (6.1) pts (3.8%) (0.6%) (3.2) pts Underlying loss ratio1 33.5% 44.1% (10.6) pts 44.5% 48.0% (3.5) pts Net income $17,584 $10,872 61.7% $27,246 $26,007 4.8% Net income per share - basic $1.21 $0.77 57.1% $1.88 $1.88 — % Net income per share - diluted $1.19 $0.74 60.8% $1.86 $1.82 2.2% Return on equity - annualized 52.9% 42.9% 10.0 pts 28.0% 39.8% (11.8) pts Adjusted EBITDA1 $24,378 $14,671 66.2% $40,170 $33,710 19.2% Other comprehensive (loss) income, net of tax ($9,690) $2,186 NM ($12,130) $5,431 (323.3%) Operating net income1 $18,019 $10,729 67.9% $28,293 $23,988 17.9% Operating net income per share - basic1 $1.24 $0.76 63.2% $1.96 $1.73 13.3% Operating net income per share - diluted1 $1.22 $0.73 67.1% $1.93 $1.68 14.9% Operating return on equity1 13.6% 10.6% 3.0 pts 21.8% 27.5% (5.7) pts Operating return on equity1 - annualized 54.2% 42.4% 11.8 pts 29.1% 36.7% (7.6) pts Book value per share, at the end of the period – diluted $9.21 $7.28 26.5% Book value per share, at the end of the period - diluted excluding AOCI1 $10.43 $7.74 34.9%
Ғ�21 ($ in thousands, except per share data) Q3 2026 Q3 2025 9M 2026 9M 2025 Revenues Net premiums earned $62,412 $47,925 $178,748 $137,663 Ceding commission revenue 1,740 4,900 4,677 10,941 Net investment income 3,756 2,499 10,522 6,848 Net (losses) gains on investments (550) 182 (1,325) 591 Gain on sale of real estate — — — 1,966 Other income 186 146 551 438 Total revenues 67,544 55,652 193,173 158,446 Expenses Loss and loss adjustment expenses 21,802 21,232 91,307 66,335 Commission expense 12,193 10,308 33,961 30,251 Other underwriting expenses 8,898 8,358 25,915 23,491 Other operating expenses 1,486 1,330 5,109 3,519 Depreciation and amortization 806 645 2,283 1,882 Interest expense 54 73 183 377 Total expenses 45,239 41,946 158,758 125,855 Income from operations before taxes 22,305 13,706 34,416 32,591 Income tax expense 4,720 2,834 7,169 6,584 Net income $17,584 $10,872 $27,246 $26,007 Other comprehensive (loss) income, net of tax (9,690) 2,186 (12,130) 5,431 Comprehensive income $7,895 $13,059 $15,116 $31,438 Earnings per common share: Basic $1.21 $0.77 $1.88 $1.88 Diluted $1.19 $0.74 $1.86 $1.82 Weighted average common shares outstanding: Basic 14,478,275 14,142,374 14,470,866 13,849,283 Diluted 14,716,112 14,601,241 14,657,940 14,303,326 Dividends declared and paid per common share $0.06 $0.05 $0.16 $0.05 Income Statement
Ғ Ғ 22 ($ in thousands) September 30, 2026 December 31, 2025 Assets Short-term investments, at fair value $1,482 $ — Fixed-maturity securities, held-to-maturity, at amortized cost 6,038 6,042 Fixed-maturity securities, available-for-sale, at fair value 315,981 289,037 Equity securities, at fair value 9,187 10,057 Other investments 4,367 4,552 Total investments 337,055 309,689 Cash and cash equivalents 20,790 12,179 Premiums receivable, net 20,253 21,012 Reinsurance receivables, net 54,855 58,997 Prepaid reinsurance 1,673 2,142 Deferred policy acquisition costs 26,219 27,867 Intangible assets 500 500 Property and equipment, net 8,237 7,898 Deferred income taxes, net 7,465 4,180 Other assets 11,684 8,962 Total assets $488,731 $453,425 Liabilities Loss and loss adjustment expense reserves $158,458 $140,539 Unearned premiums 162,402 154,028 Advance premiums 8,412 4,003 Reinsurance balances payable 3,888 5,232 Deferred ceding commission revenue 174 8,363 Accounts payable, accrued expenses and other liabilities 11,390 11,254 Income taxes payable 3,790 2,835 Debt, net 3,475 4,440 Total liabilities 351,989 330,694 Stockholders' Equity Preferred stock, $0.01 par value (2,500,000 authorized) — — Common stock, $0.01 par value (20,000,000 authorized) 160 159 Capital in excess of par 101,126 99,625 Accumulated other comprehensive loss (18,212) (6,082) Retained earnings 59,528 34,597 142,602 128,299 Treasury stock, at cost (1,543,571 and 1,524,125 shares) (5,860) (5,568) Total stockholders' equity $136,742 $122,731 Total liabilities and stockholders' equity $488,731 $453,425 Balance Sheet
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