Kingstone(KINS)

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Kingstone(KINS) - 2019 Q4 - Earnings Call Transcript
2020-03-12 15:26
Kingstone Companies, Inc. (NASDAQ:KINS) Q4 2019 Earnings Conference Call March 12, 2020 8:30 AM ET Company Participants Amanda Goldstein – Director-Investor Relations Barry Goldstein – Chief Executive Officer Ben Walden – Executive Vice President and Chief Actuary Meryl Golden – Chief Operating Officer Conference Call Participants Paul Newsome – Piper Sandler Operator Greetings, and welcome to Kingstone Companies 2019 Fourth Quarter Year End Financial Results Conference Call. At this time, all participants ...
Kingstone(KINS) - 2019 Q3 - Quarterly Report
2019-11-12 22:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to _________ Commission File Number 0-1665 KINGSTONE COMPANIES, INC. (Exact name of registrant as specified in its charter) Delaware(State or oth ...
Kingstone(KINS) - 2019 Q3 - Earnings Call Presentation
2019-11-12 18:36
Financial Performance - The Company's book value per share at September 30, 2019 was $8.04, a decrease of 5.9% compared to $8.54 at September 30, 2018[8] - Net loss for the three months ended September 30, 2019 was $(1,725,162) compared to net income of $3,933,730 for the three months ended September 30, 2018[19] - Net loss for the nine months ended September 30, 2019 was $(7,420,972) compared to net income of $3,973,093 for the nine months ended September 30, 2018[19] - Net operating loss for the three months ended September 30, 2019 was $(2,513,000) compared to net operating income of $3,656,000 for the three months ended September 30, 2018[12] - Net operating loss for the nine months ended September 30, 2019 was $(10,353,000) compared to net operating income of $4,193,000 for the nine months ended September 30, 2018[12] Premiums - Direct written premiums for the three months ended September 30, 2019 increased by 18.7% to $46,023,000 from $38,785,000 in 2018[10] - Direct written premiums for the nine months ended September 30, 2019 increased by 19.7% to $128,333,000 from $107,175,000 in 2018[10] - Net premiums earned for the three months ended September 30, 2019 increased by 24.3% to $34,220,000 from $27,534,000 in 2018[10] - Net premiums earned for the nine months ended September 30, 2019 increased by 27.6% to $95,017,000 from $74,476,000 in 2018[10] - Expansion direct written premiums for the three months ended September 30, 2019 increased by 158.2% to $7,371,000 from $2,855,000 in 2018[11] - Expansion direct written premiums for the nine months ended September 30, 2019 increased by 185.5% to $16,900,000 from $5,919,000 in 2018[11]
Kingstone(KINS) - 2019 Q3 - Earnings Call Transcript
2019-11-12 16:53
Financial Data and Key Metrics Changes - The company reported a significant headline loss for Q3 2019, which has caused disappointment among stakeholders [6] - An adverse development of $5 million in prior year reserves was recorded, with $4.4 million attributed to commercial lines [19][20] - The company aims to return to profitability in 2020, focusing on improving metrics employed by A.M. Best [12][13] Business Line Data and Key Metrics Changes - The majority of adverse development recorded in 2019 (80%) came from commercial liability lines, which have been shut down [7][8] - Personal lines business remains stable, with fast-paying property claims that are less affected by volatility [23] Market Data and Key Metrics Changes - The company has increased homeowner's rates effective November 1st and applied for increases in other states [14] - The expected growth rate for personal lines is projected to be in the low-to-mid-teens moving forward [31] Company Strategy and Development Direction - The company is shifting its focus from growth to profitability, reducing growth mandates to improve financial health [13] - A new management team member, Meryl Golden, has joined to bring energy and expertise to the company [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the loss of trust among shareholders and is committed to restoring it over time [26] - The company is confident that reserve levels have stabilized and will allow for a focus on profitable personal lines business [23][60] Other Important Information - The company is reviewing reinsurance options for commercial liability reserves, including a full loss portfolio transfer [22] - The average claim size for commercial lines has turned out to be higher than originally anticipated, impacting reserve estimates [20][43] Q&A Session Summary Question: Differences between internal and external reserve estimates - The company is booking to the central estimate based on internal review, confirming alignment with external actuary estimates [29][30] Question: Impact of profitability focus on growth rates - The expected growth rate for personal lines is projected to be in the low-to-mid-teens due to the new profitability focus [31] Question: Likelihood of not purchasing reinsurance - The company is comfortable with current reserves but is still in the market for reinsurance options [36][37] Question: Details on open claims and policy limits - Most open claims have a $1 million policy limit, with average paid claims severity now at about $50,000 [42][43] Question: Impact of commercial lines on future profitability - The company is non-renewing all commercial lines policies, which will be completed by the end of Q3 next year [60]
Kingstone(KINS) - 2019 Q2 - Quarterly Report
2019-08-09 20:32
FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to _________ Commission File Number 0-1665 KINGSTONE COMPANIES, INC. (Exact name of registrant as specified in its charter) Delaware 36-2476480 (State ...
Kingstone(KINS) - 2019 Q2 - Earnings Call Transcript
2019-08-09 18:50
Kingstone Companies, Inc. (NASDAQ:KINS) Q2 2019 Earnings Conference Call August 9, 2019 8:30 AM ET Company Participants Richard Swartz - Controller Barry Goldstein - Chairman and Chief Executive Officer Ben Walden - Chief Actuary Conference Call Participants Paul Newsome - Sandler O’Neill + Partners, L.P. Robert Farnam - Boenning & Scattergood, Inc. Operator Greetings. Welcome to Kingstone Companies 2019 Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. A question-and-a ...
Kingstone(KINS) - 2019 Q1 - Earnings Call Transcript
2019-05-14 02:51
Kingstone Companies Inc. (NASDAQ:KINS) Q1 2019 Results Earnings Conference Call May 9, 2019 8:30 AM ET Company Participants Amanda Goldstein - Investor Relations Dale Thatcher - Chief Executive Officer Barry Goldstein - Executive Chairman of the Board Ben Walden - Executive VP & Chief Actuary of Kingstone Insurance Company Conference Call Participants Jon Newsome - Sandler O'Neill Bob Farnam - Boenning and Scattergood, Inc. Operator Greetings. Welcome to Kingstone Companies 2019 First Quarter Earnings Call ...
Kingstone(KINS) - 2019 Q1 - Quarterly Report
2019-05-10 20:24
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to _________ Commission File Number 0-1665 KINGSTONE COMPANIES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other ...
Kingstone(KINS) - 2018 Q4 - Annual Report
2019-03-18 13:27
United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2018 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 0-1665 KINGSTONE COMPANIES, INC. (Exact name of registrant as specified in its charter) | Delaware | 36-2476480 | | --- | --- | | (State or other ...
Kingstone(KINS) - 2018 Q4 - Earnings Call Transcript
2019-03-14 14:09
Kingstone Companies, Inc. (NASDAQ:KINS) Q4 2018 Earnings Conference Call March 14, 2019 8:30 AM ET Company Participants Amanda Goldstein - IR Barry Goldstein - CEO Dale Thatcher - COO Conference Call Participants Paul Newsome - Sandler O'Neill Bob Farnam - Boenning & Scattergood Operator Greetings, and welcome to the Kingstone Companies' Year-End 2018 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instru ...