Key Takeaways KINS shares, though down 1.2% in six months, outpaced the industry and sector.KINS trades at 1.7x book value, above industry's 1.4x. Earnings estimates for 2026-27 have moved higher.Kingstone targets $500M premiums by 2029, plans California entry in 2026 and sees 16% to 20% premium growth.Shares of Kingstone Companies (KINS) have lost 1.2% in the last six months, lower than the industry and the Finance sector’s loss. The Zacks S&P 500 composite has gained in the same time frame.Kingstone Compa ...

Financial Performance - The net balance of loss and loss adjustment expenses (LAE) at the end of 2025 was $107,306,253, an increase of 14.3% from $93,887,791 at the end of 2024[64] - Total incurred losses for the current year in 2025 were $85,349,385, compared to $64,414,543 in 2024, reflecting a year-over-year increase of 32.5%[64] - The total paid losses in 2025 amounted to $70,847,260, up from $57,276,137 in 2024, representing a 23.5% increase[64] - The gross reserves as of December 31, 2025, were $140,538,618, an increase from $126,210,428 at the end of 2024, marking an 11.7% growth[64] - The net reserve estimated as of December 31, 2025, was $107,306,000, reflecting a 14.3% increase from the previous year[68] Reinsurance and Risk Management - The company entered into a new 27% quota share reinsurance treaty effective January 1, 2024, for its personal lines business, which will last until January 1, 2025[71] - The maximum net retention for any one personal lines occurrence was reduced from $730,000 to $530,000 under the renewed excess of loss treaty effective January 1, 2024[72] - The company’s reinsurance program is structured to reduce net liability and expand underwriting capacity while maintaining obligations to policyholders[69] - In 2025, the company purchased catastrophe reinsurance providing coverage of up to $440,000,000 for losses associated with a single event[75] - The 2024/2025 Treaty covered 5.0% of catastrophe losses, resulting in a net retention of $4,750,000 for the first event of a named storm catastrophe occurrence[75] - In 2025, the company purchased winter storm specific catastrophe reinsurance providing coverage of 90% of $5,000,000 after the first $5,000,000 of gross retention[76] - The company has reinstatement premium protection for $50,000,000 of catastrophe coverage in excess of $10,000,000 effective July 1, 2024[75] Catastrophe Events - The company experienced twelve catastrophe events in 2025, with none being named storms, and two classified as winter storms[78] - The net loss ratio increased by 1.2 percentage points in 2025 due to catastrophe events, compared to an increase of 1.9 percentage points in 2024[78] Regulatory Compliance - The company is subject to insurance holding company laws in New York, requiring registration and annual financial disclosures to the New York State Department of Financial Services[79] - The DFS adopted amendments to cybersecurity regulations on November 1, 2023, requiring enhanced management of cybersecurity risks[85] - The DFS commenced its examination of KICO in 2023 for the years 2019 through 2022, which was completed in 2024[101] Capital and Surplus - KICO's Total Adjusted Capital (TAC) was above its Authorized Control Level (ACL) with a ratio of 5.30 as of December 31, 2025, complying with New York's RBC requirements[103] - As of December 31, 2025, KICO's unassigned surplus was $36,152,023, with a maximum allowable dividend to the Holding Company restricted to $1,969,796 without DFS approval[104] - KICO had three ratios outside the usual range as per the Insurance Regulatory Information System (IRIS) as of December 31, 2025[105] Workforce - KICO had 113 employees as of December 31, 2025, with no employees covered by a collective bargaining agreement[110] Accounting Principles - The statutory accounting principles (SAP) used by KICO focus on measuring policyholder surplus and are essential for determining available funds for dividends[108]

Patten added that the fourth quarter marked Kingstone’s ninth consecutive quarter of profitability. He attributed results to net earned premium growth, “very low catastrophe losses,” favorable frequency trends, and lower expenses. He also pointed to the impact of adjustments in sliding-scale ceding commissions under the company’s quota share treaty, which benefited from both improved attritional losses and low catastrophe losses.Golden said the company generated fourth-quarter net income of $14.8 million an ...

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Kingstone Companies (NasdaqCM:KINS) Q4 2025 Earnings call March 06, 2026 08:30 AM ET Company ParticipantsBob Farnam - Managing DirectorMeryl Golden - President and Chief Executive OfficerRandy Patten - CFOStefan Norbom - Investor Relations RepresentativeConference Call ParticipantsGabriel McClure - AnalystOperatorGreetings, welcome to the Kingstone Companies' fourth quarter and full year 2025 earnings conference call. As a reminder, this conference is being recorded. I would now like to turn the call over t ...

Kingstone Companies (NasdaqCM:KINS) Q4 2025 Earnings call March 06, 2026 08:30 AM ET Company ParticipantsMeryl Golden - President and Chief Executive OfficerRandy Patten - CFOStefan Norba - Investor Relations RepresentativeConference Call ParticipantsRobert Edward Farnam - Research AnalystOperatorGreetings, welcome to the Kingstone Companies' fourth quarter and full year 2025 earnings conference call. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Stef ...

Kingstone Companies (NasdaqCM:KINS) Q4 2025 Earnings call March 06, 2026 08:30 AM ET Speaker2Greetings, welcome to the Kingstone Companies' fourth quarter and full year 2025 earnings conference call. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Stefan Norba, Kingstone investor relations representative. Thank you. You may begin.Speaker5Thank you and good morning, everyone. Joining us on the call today will be President and Chief Executive Officer, Mer ...

4Q25 Earnings Presentation March 6, 2026 Disclaimer and Forward Looking Statements The guidance provided in this presentation is based on information available as of March 6, 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 an ...

Strongest Quarterly and Annual Results in Company History Q4 GAAP Net Combined Ratio of 64.2% | Q4 Diluted EPS of $1.03 | Q4 Annualized ROE of 51.3%Q4 Diluted Operating EPS1 of $1.08 | FY Net Income of $40.8M, up 122% | FY Book Value per Share of $8.28 up 75%Net Premiums Earned Growth of 46% for FY 2025 |Direct Premiums Written Growth1 of 15% for FY 2025 Updates 2026 Guidance Management to Host Conference Call Tomorrow at 8:30 a.m. Eastern Time KINGSTON, N.Y., March 05, 2026 (GLOBE NEWSWIRE) -- Kingstone C ...

Company Overview - Kingstone Companies, Inc. (KINS) is a Property and Casualty (P&C) insurer based in the US, primarily focused on homeowners [1] - The company underwent a turnaround in 2023, becoming a very efficient insurer [1] Research Focus - Pan Research is an independent research platform that targets under-followed micro-caps (sub-$500M market cap), small-caps (below $2B), and selectively mid-caps (below $10B) [1] - The research approach is driven by identifying businesses with improving fundamentals, operating leverage, and potential valuation dislocations [1] - The focus is on companies where fundamentals and market perception may diverge, with a typical development of 12-18 month fundamental theses centered on business execution, margin expansion, and multiple normalization [1] - While primarily focused on North American markets, the platform selectively evaluates compelling international opportunities [1]