Kingstone Announces Fourth Quarter and Full Year 2023 Financial Results

Kingstone Companies, Inc., a prominent property and casualty insurance holding company based in the Northeast, recently disclosed its financial outcomes for the fourth quarter and the entirety of the year ending December 31, 2023. The company has shifted back to profitability in the fourth quarter, posting a net income of $2,946 thousand and achieving a combined ratio of 89.5%. Compared to the previous year's losses, this marks a significant improvement, particularly highlighted by the 24.4 percentage point reduction in the combined ratio from 113.9%.

The company's CEO, Meryl Golden, attributed this turnaround to the company's strategic initiatives and lower-than-expected catastrophe losses for the quarter. Looking forward, Kingstone anticipates sustaining this positive momentum, with specific aims to expand its core business in New York throughout 2024. The firm also presented an optimistic initial guidance for the new fiscal year, expecting growth in core business direct premiums and projected earnings per share to increase significantly.

On a detailed note, the financial statements reveal a slight decrease in direct premiums written, with a more marked reduction in policies-in-force. Nevertheless, net investment income saw an increase of 21.7% year-over-year, contributing to the company's return to profitability. Furthermore, Kingstone's Core Business in New York demonstrated growth, contrasting with the company's decision to cease all new non-core business activities outside of New York to optimize its focus and resources.