Kingstone Reports Preliminary Record Fourth Quarter and Full Year 2025 Results Strongest Quarterly and Annual Results in Company History *Fourth quarter and full year 2025 results are estimated and unaudited. See "Disclaimer and Forward-Looking Statements" in this press release. Components may not sum due to rounding. (1) These measures are not based on GAAP; definitions and reconciliations to the most directly comparable GAAP measures are below. Refer to section entitled "Definitions and Non-GAAP Measures" ...

Strongest Quarterly and Annual Results in Company History Q4 GAAP Net Combined Ratio in the range of 64% to 66% | Q4 Operating net income per diluted share1 in the range of $1.03 to $1.08 | Q4 ROE in the range of 49% to 51% Schedules Fourth Quarter Earnings Conference Call on Friday, March 6, at 8:30am ET KINGSTON, N.Y., Feb. 04, 2026 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq: KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, today report ...

Core Insights - Kingstone (KINS) is a New York-based specialty insurance company that is undergoing a portfolio re-underwriting under new leadership, positioning itself for an ambitious growth plan [1] Company Overview - Kingstone operates in the specialty insurance sector and is focusing on a strategic re-underwriting of its portfolio to enhance growth opportunities [1] Leadership and Management - The new CEO has a significant background in executive management with 36 years of experience, particularly in insurance/reinsurance and global markets, which is expected to drive the company's growth strategy [1] Market Focus - The company is targeting growth in both the Global and Asia Pacific markets, with an emphasis on addressing climate change and ESG (Environmental, Social, and Governance) factors [1]

Financial Performance - For the three months ended September 30, 2025, net premiums earned increased to $47,925,053, up 43.3% from $33,407,194 in the same period of 2024[16]. - Total revenues for the nine months ended September 30, 2025, reached $158,446,044, a 40.1% increase compared to $113,039,020 for the same period in 2024[16]. - Net income for the three months ended September 30, 2025, was $10,872,475, representing a 55.5% increase from $6,978,145 in the prior year[16]. - The net income for the nine months ended September 30, 2025, was $26,007,467, indicating strong financial performance[22]. - Net income for the nine months ended September 30, 2025, was $26,007,467, a significant increase from $12,919,761 in the same period of 2024, representing a growth of approximately 101.5%[26]. - Operating segment net income for the three months ended September 30, 2025, was $13,072,385, compared to $9,361,919 in 2024, marking a 39.0% increase[169]. Assets and Equity - Total assets as of September 30, 2025, amounted to $428,590,242, an increase of 14.3% from $374,915,843 at December 31, 2024[15]. - Stockholders' equity increased to $107,653,042 as of September 30, 2025, compared to $66,708,451 at December 31, 2024, reflecting a growth of 61.5%[15]. - As of September 30, 2025, the total stockholders' equity reached $107,653,042, up from $66,708,451 on January 1, 2025[22]. - The company’s total assets as of September 30, 2025, were $428,590,242, compared to $318,292,723 in 2024, indicating a growth of 34.7%[170]. Liabilities and Reserves - The company reported total liabilities of $320,937,200 as of September 30, 2025, an increase from $308,207,392 at December 31, 2024[15]. - Loss and loss adjustment expense reserves rose to $141,194,246, up 11.9% from $126,210,428 at December 31, 2024[15]. - The net balance of unpaid loss and LAE reserves at the end of the nine months ended September 30, 2025, was $106,377,687, an increase from $93,887,791 at the beginning of the period, reflecting a growth of approximately 13.5%[63]. - The total balance of loss and LAE reserves at the end of the period was $141,194,246, up from $126,210,428 at the end of 2024, marking an increase of approximately 11.9%[63]. Investment Performance - The company reported a gross decrease in net unrealized losses on available-for-sale securities of $6,862,488 for the nine months ended September 30, 2025[16]. - The company experienced a net cash outflow of $56,363,084 in investing activities for the nine months ended September 30, 2025, compared to an outflow of $9,218,359 in 2024[26]. - The total fixed-maturity securities amounted to $261,180,534 as of September 30, 2025, with gross unrealized losses of $10,228,979[40]. - The estimated fair value of available-for-sale fixed-maturity securities as of September 30, 2025, was $252.64 billion, down from $186.89 billion on December 31, 2024[42]. Premiums and Underwriting - The company reported premiums written of $195,047,268 for the nine months ended September 30, 2025, up from $169,446,603 in the same period of 2024, indicating a growth of about 15.1%[61]. - Premiums earned for the nine months ended September 30, 2025, were $137,663,376, compared to $92,530,708 for the same period in 2024, reflecting a year-over-year increase of approximately 48.7%[61]. - For the three months ended September 30, 2025, direct written premiums increased by 13.8% to $75.81 million compared to $66.63 million in the same period of 2024[207]. - The net combined ratio for the three months ended September 30, 2025, was 72.7%, slightly up from 72.0% in 2024, while the nine-month net combined ratio improved to 79.0% from 80.7%[170]. Reinsurance and Risk Management - The company entered into a 27% quota share reinsurance treaty for its personal lines business effective January 1, 2024, transitioning to a 16% quota share treaty on January 1, 2025[83]. - A new catastrophe bond ("Series 2025-1 Notes") was issued providing $125,000,000 of collateralized reinsurance protection, priced at 4.5%, effective July 1, 2025[84]. - The total reinsurance recoverable on unpaid losses as of September 30, 2025, was $34,817,000[82]. - The total gross liability for loss and LAE reserves reflects a significant increase in reinsurance coverage and strategic risk management initiatives[82]. Stock and Compensation - The Company declared a quarterly dividend of $0.05 per share, paid on August 26, 2025[107]. - Stock-based compensation for the three months ended September 30, 2024, was recorded at $359,170[20]. - Stock-based compensation increased to $1,241,040 for the nine months ended September 30, 2025, compared to $906,375 in 2024, reflecting a rise of approximately 37%[26]. - The Company accrued $1,414,952 for the employee bonus plan for the three months ended September 30, 2025, compared to $873,219 in 2024, marking a rise of about 61.9%[159]. Growth and Strategic Initiatives - The company has initiated a 5-Year Growth Plan aiming for $500 million in direct written premiums, effectively doubling the company's size[211]. - The company is expanding its footprint in Downstate New York by offering replacement policies to homeowners affected by competitors' withdrawal from the market[210]. - The current plan includes going live in two states in 2026 and two additional states in 2027[212]. - A thorough study of selected geographies has been conducted with the help of industry-leading third-party advisors[212].

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Financial Data and Key Metrics Changes - The company reported net income of $10.9 million and diluted earnings per share of $0.74, marking the second most profitable quarter in its history and the eighth consecutive quarter of profitability [3][10] - The GAAP combined ratio was 72.7%, with an annualized return on equity of 43% [3][10] - Direct written premium grew by 14%, and net investment income increased by 52% to $2.5 million [3][10] Business Line Data and Key Metrics Changes - Policies in force increased by 4.2% year over year and 1.4% sequentially, indicating stability in the agent and customer base [5] - The Select homeowners program now represents 54% of policies in force, with a claim frequency 31% lower than the legacy product [7] - The underlying loss ratio was 44.1%, an increase of 4.9 percentage points year over year, driven by higher claim severity [5][7] Market Data and Key Metrics Changes - The company experienced a month-over-month increase in new business since June, continuing into the fourth quarter [4] - The growth of 14% for the quarter was primarily driven by an average premium increase of 13% and improved retention [4] - Catastrophe losses contributed 0.2 percentage points to the loss ratio compared to 1.7 percentage points in the prior year quarter, indicating a favorable trend [7] Company Strategy and Development Direction - The company is progressing with its state expansion initiative and plans to present a multi-year roadmap in the first half of next year [8] - Guidance for 2025 has been raised for net combined ratio, EPS, and ROE, while maintaining direct written premium growth expectations between 12% and 17% [8][9] - The company aims to capitalize on opportunities in the homeowners' market, particularly in catastrophe-exposed areas, where demand exceeds supply [29] Management's Comments on Operating Environment and Future Outlook - Management noted that hard market conditions in downstate New York remain stable, with strong overall volume despite competitors broadening their underwriting appetite [4] - The company anticipates retention rates, which represent over 80% of the premium base, to continue trending higher as rate changes moderate [4] - Management expressed confidence in the company's competitive position, citing a high conversion rate and healthy growth despite increased competition [23] Other Important Information - The company has no debt at its holding company, and shareholders' equity exceeded $107 million, an increase of 80% year over year [13] - The year-to-date return on equity is 39.8%, an increase of 3 percentage points from the same period last year [14] Q&A Session Summary Question: Will all accounts eventually move to the select product? - Management confirmed that the legacy book will be maintained as it is profitable, with plans to convert it to select only when it becomes small enough [17] Question: Is all new business written on the select platform? - Yes, all new business has been written in Select since the beginning of 2022 [18] Question: How is the new E&S product being developed? - The company is currently developing the new product with an outside actuarial consulting firm, leveraging experience from the select product [19] Question: How has the AmGuard book performed since its inception? - The AmGuard book is performing within expectations, with a current writing rate of about $1 million a month [22] Question: How is competition evolving in downstate New York? - Management noted that competitors are expanding their target areas, but the company's growth remains healthy with a high conversion rate [23]

Financial Data and Key Metrics Changes - The company reported net income of $10.9 million and diluted earnings per share of $0.74, marking the second most profitable quarter in its history and the eighth consecutive quarter of profitability [2][9] - The GAAP combined ratio was 72.7%, with an annualized return on equity of 43% [2][9] - Direct written premium grew by 14%, and net investment income increased by 52% to $2.5 million [2][9][10] Business Line Data and Key Metrics Changes - Policies in force increased by 4.2% year-over-year and 1.4% sequentially, indicating stability in the agent and customer base [4] - The Select homeowners program now represents 54% of policies in force, with a claim frequency 31% lower than the legacy product [6] - The underlying loss ratio was 44.1%, an increase of 4.9 percentage points year-over-year, driven by higher claim severity [4][6] Market Data and Key Metrics Changes - The company experienced a month-over-month increase in new business since June, continuing into the fourth quarter [3] - The growth of 14% for the quarter was primarily driven by an average premium increase of 13% and improved retention [3] - Catastrophe losses contributed only 0.2 percentage points to the loss ratio compared to 1.7 percentage points in the prior year quarter, indicating a favorable trend [6] Company Strategy and Development Direction - The company is progressing with its state expansion initiative and plans to present a multi-year roadmap in the first half of next year [7] - Guidance for 2025 has been raised for net combined ratio, EPS, and ROE, while reaffirming direct written premium growth to range between 12% and 17% [7][8] - The company aims to maintain a disciplined posture on pricing and exposure management while seeking opportunities to enhance portfolio yield [8][10] Management's Comments on Operating Environment and Future Outlook - Management noted that hard market conditions in downstate New York have not changed materially, with strong overall volume [3] - The homeowners' market is in a crisis due to companies not making money, presenting an opportunity for the company to expand geographically [28] - Management expressed confidence in the company's competitive position despite increased competition in the market [22] Other Important Information - The company has no debt at its holding company, and shareholders' equity exceeded $107 million, an increase of 80% year-over-year [12] - Year-to-date return on equity is 39.8%, an increase of 3 percentage points from the same period last year [13] Q&A Session Summary Question: Will all accounts eventually move to the Select product? - Management confirmed that the legacy book will be maintained as it is profitable, and any conversion will occur only when it becomes small enough [16] Question: Is all new business written on the Select platform? - Yes, all new business has been written in Select since the beginning of 2022 [17] Question: How is the new E&S product being developed? - The company is deep into the development of the new product, benefiting from the experience gained with the Select product [18] Question: How has the AmGUARD book performed since writing began? - The performance is on track with expectations, writing about $1 million a month so far [21] Question: How are competitors expanding in downstate New York? - Competitors are opening up to writing more classes of business, but the company's growth remains healthy with a high conversion rate [22]

Financial Data and Key Metrics Changes - The company reported net income of $10.9 million and diluted earnings per share of $0.74, marking the second most profitable quarter in its history and the eighth consecutive quarter of profitability [3][10] - The GAAP combined ratio was 72.7%, with an annualized return on equity of 43% [3][10] - Direct written premium grew by 14%, and net investment income increased by 52% to $2.5 million [3][10] Business Line Data and Key Metrics Changes - Policies in force increased by 4.2% year over year and 1.4% sequentially, indicating stability in the agent and customer base [5] - The Select homeowners program now represents 54% of policies in force, with a claim frequency 31% lower than legacy products [6] - The underlying loss ratio was 44.1%, an increase of 4.9 percentage points year over year, driven by higher claim severity [5][6] Market Data and Key Metrics Changes - The company experienced a month-over-month increase in new business since June, continuing into the fourth quarter [4] - The growth of 14% for the quarter was primarily driven by an average premium increase of 13% and improved retention [4] - Catastrophe losses contributed only 0.2 percentage points to the loss ratio compared to 1.7 percentage points in the prior year quarter [6] Company Strategy and Development Direction - The company plans to present a multi-year roadmap for state expansion in the first half of next year [8] - Guidance for 2025 has been raised for net combined ratio, EPS, and ROE, while maintaining direct written premium growth expectations between 12% and 17% [8][9] - The company aims to capitalize on opportunities in the homeowners' market, particularly in catastrophe-exposed areas, to expand geographically [33] Management's Comments on Operating Environment and Future Outlook - Management noted that hard market conditions in downstate New York have not changed materially, with strong overall volume [4] - The company expects retention, which represents over 80% of its premium base, to continue trending higher as rate changes transition to high single digits [4] - Management remains optimistic about the competitive landscape, indicating a healthy growth trajectory despite increased competition [23] Other Important Information - The company has no debt at its holding company, and shareholders' equity exceeded $107 million, an increase of 80% year over year [12] - The year-to-date return on equity is 39.8%, an increase of 3 percentage points from the same period last year [12] Q&A Session Summary Question: Will all accounts eventually move to the select product? - The company will maintain its legacy book as it is profitable, with plans to convert to select only when it becomes small enough [17] Question: Is all new business put on the select platform? - Yes, all new business has been written in Select since the beginning of 2022 [18] Question: How is the new E&S product being developed? - The company is working with an outside actuarial consulting firm to develop the new product, benefiting from the experience gained with the select product [19] Question: How has the AmGuard book performed? - The AmGuard book is performing as expected, with a mix similar to the select product and geographic diversification [22] Question: How is competition in downstate New York evolving? - Competitors are expanding their target areas, but the company has maintained a healthy growth rate and high conversion rates [23]

Company Overview - Kingstone is the 12th largest homeowners' insurer in the State of New York, founded in 1886 [5] - The company's market capitalization is $208 million, with a stock price of $1458 as of October 31, 2025 [5] - Shares outstanding are 14,147,428 as of September 30, 2025 [4, 5] - Policies in-force of 78,000 at September 30, 2025 [5] Financial Performance (Q3 2025 vs Q3 2024) - Direct Written Premium Growth of +14% [5] - Net Investment Income Growth of 52% with an average portfolio yield of 403% [5] - Net premiums earned increased by 435% to $47925 thousand [72] - Net income increased by 558% to $10872 thousand [72] Profitability and Expense Management - Kingstone achieves superior profitability compared to the industry, which has an average combined ratio of 1036% (2017-2025E) [27] - The company reduced its net expense ratio by 10 points from 2021 to 2024 [33] - The company retired legacy systems saving $15 million annually [33] Strategic Initiatives and Guidance - The company estimates approximately $12 million in premiums beginning 9/1/2025 from AmGuard renewal rights transaction [44] - Direct premiums written growth is guided at 12% to 17% for 2025 [51] - The company anticipates net premiums earned of approximately $187 million for fiscal year 2025 [48] - The company aims for ~$500 million Direct Premiums Written by 2029 [59]

Core Insights - Kingstone Companies, Inc. reported a 14% growth in direct premiums written and a 56% increase in net income to $10.9 million for Q3 2025, reflecting strong operational performance and market conditions [1][3][4]. Financial Performance - Direct premiums written for Q3 2025 reached $75.81 million, up from $66.63 million in Q3 2024, marking a 13.8% increase [2]. - Net income for Q3 2025 was $10.87 million, compared to $6.98 million in Q3 2024, representing a 55.8% increase [2][9]. - The net combined ratio improved slightly to 72.7% in Q3 2025 from 72.0% in Q3 2024, indicating effective cost management [2][9]. - Net income per share (diluted) increased to $0.74 in Q3 2025 from $0.55 in Q3 2024, a growth of 34.5% [2][9]. Operational Highlights - The company experienced a net earned premium growth exceeding 40% for the third consecutive quarter, primarily due to a reduced quota share [4]. - The net combined ratio was supported by lower frequency and lower-than-expected catastrophe losses, along with an increase in ceding commission, resulting in a lower expense ratio [5][9]. - Policies in force at the end of Q3 2025 totaled 78,026, a 4.2% increase from the previous year [8]. Future Guidance - Kingstone affirmed its growth guidance for 2025, projecting direct premiums written growth of 12% to 17% and a net combined ratio of 78% to 82% [6][7]. - For 2026, the company anticipates direct premiums written growth of 15% to 20% and a net combined ratio of 79% to 83% [7]. Investment Metrics - The annualized return on equity for Q3 2025 was reported at 42.9%, down from 55.6% in Q3 2024 [2][9]. - Book value per share (diluted) increased to $7.28, a 68.7% rise compared to the previous year [9].