Kingstone Announces Third Consecutive Profitable Quarter Amid Turnaround Efforts

Kingstone Companies, Inc. (Nasdaq: KINS), a Northeast regional property and casualty insurance holding company, has reported its preliminary financial results for the second quarter and six months ending June 30, 2024. The company has also scheduled its second quarter 2024 financial results conference call for August 13, 2024, at 8:30 a.m. Eastern Time.

For the second quarter of 2024, Kingstone observed a 12% growth in direct written premiums and a 21% growth in core direct written premiums, compared to the same period in 2023. The consolidated GAAP combined ratio improved by 21 percentage points to 78%, while the net loss ratio improved by 20 percentage points to 47%. Operating income per basic share was $0.43, up from a loss of $(0.06) per share the previous year.

For the first half of 2024, the company saw an 8% increase in direct written premiums and a 17% rise in core direct written premiums, with a consolidated GAAP combined ratio improvement to 86%. The net loss ratio improved by 23 percentage points to 54%. Operating income per basic share for this period was $0.50, compared to a loss of $(0.62) per share in the first half of 2023.

The scheduled financial results conference call will be accessible via phone and webcast, with a recording archived for 30 days.