Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...

Kingstone Companies, Inc (KINS) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be releas ...

Kingstone Companies, Inc (KINS) shares rallied 6.6% in the last trading session to close at $9.58. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 6.5% gain over the past four weeks. Kingstone's growth strategy encompasses reducing non-core business, managing costs, achieving strong rate and manage exposure to a hard reinsurance pricing environment. Recently, this Northeast regional property and casualty insu ...

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, 2024 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) (State or other jurisdict ...

[FORM 8-K Filing Information](index=1&type=section&id=FORM%208-K%20Filing%20Information) This section outlines the fundamental administrative and securities information for Kingstone Companies, Inc.'s Form 8-K filing [Registrant Details](index=1&type=section&id=Registrant%20Details) This section provides the core identification details for the registrant, Kingstone Companies, Inc., including its jurisdiction, file number, and principal executive offices Registrant Identification Details | Detail | Value | | :--- | :--- | | Registrant Name | KINGSTONE COMPANIES, INC. | | Jurisdiction of Incorporation | Delaware | | Commission File Number | 000-01665 | | IRS Employer Identification No. | 36-2476480 | | Principal Executive Offices | 15 Joys Lane, Kingston, New York 12401 | | Registrant's Telephone Number | (845) 802-7900 | [Securities Information](index=1&type=section&id=Securities%20Information) This section details the securities registered under Section 12(b) of the Securities Exchange Act of 1934, specifically the common stock of Kingstone Companies, Inc Registered Securities Details | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :--- | :--- | :--- | | Common Stock, $0.01 par value per share | KINS | NASDAQ Capital Market | - The registrant is not an emerging growth company and has not elected to use the extended transition period for complying with new or revised financial accounting standards[2](index=2&type=chunk) [Item 2.02. Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) This section details the announcement of Kingstone Companies, Inc.'s first-quarter 2024 financial results and related investor communications [Announcement of Q1 2024 Financial Results](index=2&type=section&id=Announcement%20of%20Q1%202024%20Financial%20Results) Kingstone Companies, Inc. announced its financial results for the first quarter ended March 31, 2024, through a press release issued on May 13, 2024 - Kingstone Companies, Inc. issued a press release on May 13, 2024, announcing its financial results for the first quarter ended March 31, 2024[3](index=3&type=chunk) [Conference Call and Investor Presentation Details](index=2&type=section&id=Conference%20Call%20and%20Investor%20Presentation%20Details) The company will host a conference call on May 14, 2024, at 8:30 A.M. ET for analysts and investors, and has made investor presentation materials available on its website - A conference call for analysts and investors is scheduled for May 14, 2024, at 8:30 A.M. ET[3](index=3&type=chunk) - Investor presentation materials are accessible via the Investor Relations/Events & Presentations section of the Company website (www.kingstonecompanies.com)[3](index=3&type=chunk) - The Presentation Materials may be used in connection with the Conference Call and other presentations to various stakeholders[4](index=4&type=chunk) [Disclaimer Regarding Information Furnished](index=2&type=section&id=Disclaimer%20Regarding%20Information%20Furnished) The information provided in the press release and presentation materials is summary in nature and should be considered in context with other SEC filings. The company disclaims any obligation to update these materials - The information in the Press Release and Presentation Materials is summary information and should be considered in the context of the Company's SEC filings[5](index=5&type=chunk) - The Company specifically disclaims any obligation to update the Presentation Materials to reflect future events or circumstances[5](index=5&type=chunk) - The furnished information (Exhibits 99.1 and 99.2) is not deemed 'filed' for Section 18 of the Exchange Act and is not incorporated by reference into other filings unless expressly stated[6](index=6&type=chunk) [Item 7.01 Regulation FD Disclosure](index=2&type=section&id=Item%207.01%20Regulation%20FD%20Disclosure) This section reiterates that the information from the press release and presentation materials is being furnished, not filed, under Regulation FD, clarifying its legal status and implications for incorporation by reference - The information in the Press Release and Presentation Materials is furnished, not filed, pursuant to Item 7.01[7](index=7&type=chunk) - This information will not be incorporated by reference into any registration statement under the Securities Act unless specifically identified[7](index=7&type=chunk) - Furnishing this information does not constitute a determination or admission by the Company that it is material or complete for investment decisions[7](index=7&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=3&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits accompanying the Form 8-K filing, which include the press release announcing Q1 2024 results and the investor presentation List of Exhibits | Exhibit No. | Description | | :--- | :--- | | 99.1 | Press release, dated May 13, 2024, issued by Kingstone Companies, Inc. | | 99.2 | Investor Presentation | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [SIGNATURES](index=4&type=section&id=SIGNATURES) This section formally concludes the Form 8-K filing, confirming that the report has been duly signed on behalf of Kingstone Companies, Inc. by an authorized officer - The report was signed on May 13, 2024, by Jennifer Gravelle, CFO, on behalf of Kingstone Companies, Inc.[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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) (State or other jurisdiction o ...

PART I — FINANCIAL INFORMATION This section presents the Company's unaudited condensed consolidated financial statements and related notes [Item 1 — Financial Statements](index=2&type=section&id=Item%201%20%E2%80%94%20Financial%20Statements) Unaudited condensed consolidated financial statements and notes for Kingstone Companies, Inc. are presented for Q3 2023 [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheets provide a snapshot of the Company's assets, liabilities, and stockholders' equity at period-end Condensed Consolidated Balance Sheets | Metric | Sep 30, 2023 (Unaudited) | Dec 31, 2022 | | :----------------------------------- | :----------------------- | :----------- | | **Assets** | | | | Total investments | $156,961,693 | $179,087,345 | | Cash and cash equivalents | $15,132,969 | $11,958,228 | | Total assets | $316,988,261 | $320,332,531 | | **Liabilities** | | | | Loss and loss adjustment expense reserves | $121,674,947 | $118,339,513 | | Unearned premiums | $103,161,550 | $107,492,777 | | Total liabilities | $290,459,400 | $284,163,099 | | **Stockholders' Equity** | | | | Total stockholders' equity | $26,528,861 | $36,169,432 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Statements of operations and comprehensive loss detail the Company's revenues, expenses, and net loss over the periods Condensed Consolidated Statements of Operations and Comprehensive Loss | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :----------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net premiums earned | $27,938,318 | $29,360,976 | $85,701,467 | $83,936,424 | | Total revenues | $34,236,671 | $35,537,635 | $107,584,422 | $93,068,180 | | Total expenses | $38,633,229 | $40,096,924 | $118,848,087 | $116,075,459 | | Net loss | $(3,537,571) | $(3,997,621) | $(9,114,298) | $(18,574,772) | | Comprehensive loss | $(5,763,478) | $(7,981,933) | $(10,275,349) | $(36,350,081) | | Basic Loss per common share | $(0.33) | $(0.38) | $(0.85) | $(1.75) | | Diluted Loss per common share | $(0.33) | $(0.38) | $(0.85) | $(1.75) | [Condensed Consolidated Statements of Stockholders' Equity](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) This statement outlines changes in the Company's stockholders' equity, including common stock and accumulated deficit Condensed Consolidated Statements of Stockholders' Equity | Metric | Sep 30, 2023 | Dec 31, 2022 | | :----------------------------------- | :----------- | :----------- | | Common stock, $.01 par value | $122,275 | $121,715 | | Capital in excess of par | $75,153,808 | $74,519,590 | | Accumulated other comprehensive loss | $(17,119,479) | $(15,958,428) | | Accumulated deficit | $(26,060,262) | $(16,945,964) | | Treasury stock | $(5,567,481) | $(5,567,481) | | Total stockholders' equity | $26,528,861 | $36,169,432 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statements summarize cash generated and used in operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :----------------------------------- | :-------------------------- | :-------------------------- | | Net cash flows used in operating activities | $(15,754,344) | $(7,921,438) | | Net cash flows provided by investing activities | $19,755,073 | $398,911 | | Net cash flows used in financing activities | $(825,988) | $(1,656,865) | | Increase (decrease) in cash and cash equivalents | $3,174,741 | $(9,179,392) | | Cash and cash equivalents, end of period | $15,132,969 | $15,111,206 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes provide additional information and context for the condensed consolidated financial statements [Note 1 - Nature of Business and Basis of Presentation](index=7&type=section&id=Note%201%20-%20Nature%20of%20Business%20and%20Basis%20of%20Presentation) Kingstone Companies, Inc. underwrites property and casualty insurance in New York through KICO, with GAAP-compliant financial statements - Kingstone Companies, Inc. operates through its wholly-owned subsidiary, Kingstone Insurance Company (KICO), underwriting property and casualty insurance[29](index=29&type=chunk) - For the three and nine months ended September 30, 2023, **88.5%** and **88.1%** of KICO's direct written premiums, respectively, originated from New York policies[29](index=29&type=chunk) - The financial statements are unaudited and prepared in accordance with U.S. GAAP, with certain reclassifications for ceded premiums having no impact on prior financial results[30](index=30&type=chunk)[31](index=31&type=chunk) [Note 2 – Accounting Policies](index=7&type=section&id=Note%202%20%E2%80%93%20Accounting%20Policies) Accounting policies are detailed, emphasizing estimates for loss reserves, reinsurance receivables, and the non-material impact of ASU 2016-13 - Management relies on estimates and assumptions for financial statements, particularly for loss and loss adjustment expense reserves and reinsurance receivables, which are subject to inherent uncertainty[32](index=32&type=chunk)[33](index=33&type=chunk) - The condensed consolidated financial statements include Kingstone and its wholly-owned subsidiaries (KICO, CMIC Properties, 15 Joys Lane, and Cosi Agency)[33](index=33&type=chunk) - The adoption of ASU 2016-13 (Financial Instruments - Credit Losses) on January 1, 2023, did not have a material impact on the Company's consolidated financial statements[34](index=34&type=chunk) [Note 3 - Investments](index=8&type=section&id=Note%203%20-%20Investments) The investment portfolio breakdown includes fixed-maturity, equity, and other securities, detailing fair value, income, and confirming no credit losses Fixed-Maturity Securities, Available-for-Sale (Fair Value) | Category | Sep 30, 2023 | Dec 31, 2022 | | :---------------------------------------------------------------- | :----------- | :----------- | | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $8,167,845 | $23,869,096 | | Political subdivisions of States, Territories and Possessions | $12,414,354 | $13,141,387 | | Corporate and other bonds Industrial and miscellaneous | $69,465,238 | $72,082,485 | | Residential mortgage and other asset backed securities | $42,739,462 | $45,622,195 | | Total fixed-maturity securities | $132,786,899 | $154,715,163 | Net Investment Income | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Income | $1,531,134 | $1,508,332 | $4,694,376 | $3,734,358 | | Investment expenses | $86,774 | $89,811 | $257,168 | $322,412 | | Net investment income | $1,444,360 | $1,418,521 | $4,437,208 | $3,411,946 | Net (Losses) Gains on Investments | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :----------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net realized (losses) gains | $(4,181) | $1,399,906 | $(17,201) | $1,189,006 | | Net unrealized (losses) gains | $(820,189) | $(1,797,564) | $614,844 | $(10,502,442) | | Net (losses) gains on investments | $(824,370) | $(397,658) | $597,643 | $(9,313,436) | - The Company determined that none of the unrealized losses on its fixed-maturity securities were deemed credit losses, citing credit quality, magnitude of losses, investment nature, interest rate environment, and management's intent/ability to hold the investments[54](index=54&type=chunk) [Note 4 - Fair Value Measurements](index=13&type=section&id=Note%204%20-%20Fair%20Value%20Measurements) Fair value hierarchy (Level 1, 2, 3) for investments, including fixed-maturity, equity, hedge funds, and long-term debt, is outlined Fair Value Hierarchy of Investments (Sep 30, 2023) | Category | Level 1 | Level 2 | Level 3 | Total | | :---------------------------------------------------------------- | :-------- | :-------- | :-------- | :---------- | | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $8,167,845 | $- | $- | $8,167,845 | | Political subdivisions of States, Territories and Possessions | $- | $12,414,354 | $- | $12,414,354 | | Corporate and other bonds industrial and miscellaneous | $69,465,238 | $- | $- | $69,465,238 | | Residential mortgage and other asset backed securities | $- | $42,739,462 | $- | $42,739,462 | Hedge Fund Investment at NAV | Category | Sep 30, 2023 | Dec 31, 2022 | | :------------- | :----------- | :----------- | | Hedge fund | $3,213,318 | $2,771,652 | Fair Value of Long-Term Debt (Senior Notes due 2024) | Date | Level 1 | Level 2 | Level 3 | Total | | :----------- | :-------- | :---------- | :-------- | :---------- | | Sep 30, 2023 | $- | $17,314,915 | $- | $17,314,915 | | Dec 31, 2022 | $- | $15,829,096 | $- | $15,829,096 | [Note 5 - Fair Value of Financial Instruments and Real Estate](index=14&type=section&id=Note%205%20-%20Fair%20Value%20of%20Financial%20Instruments%20and%20Real%20Estate) Carrying and fair values of financial instruments and real estate are provided, categorized by fair value hierarchy levels Fair Value of Financial Instruments and Real Estate (Sep 30, 2023) | Instrument | Carrying Value | Fair Value | | :------------------------------------------ | :------------- | :----------- | | Fixed-maturity securities-held-to maturity | $7,053,825 | $5,699,498 | | Cash and cash equivalents | $15,132,969 | $15,132,969 | | Premiums receivable, net | $13,326,369 | $13,326,369 | | Reinsurance receivables, net | $84,257,926 | $84,257,926 | | Real estate, net of accumulated depreciation | $2,015,414 | $2,800,000 | | Reinsurance balances payable | $20,263,484 | $20,263,484 | [Note 6 – Property and Casualty Insurance Activity](index=15&type=section&id=Note%206%20%E2%80%93%20Property%20and%20Casualty%20Insurance%20Activity) Property and casualty insurance activities are detailed, including premiums, loss reserves, actuarial methods, reinsurance, and ceding commission revenue Premiums Earned (9 Months Ended Sep 30) | Metric | 2023 | 2022 | | :-------------------------- | :----------- | :----------- | | Direct premiums written | $147,236,636 | $147,353,911 | | Ceded premiums written | $(91,009,861) | $(81,313,211) | | Net premiums written | $56,226,775 | $66,040,700 | | Net premiums earned | $85,701,467 | $83,936,424 | Loss and Loss Adjustment Expense Reserves Reconciliation | Metric | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :----------------------------------- | :-------------------------- | :-------------------------- | | Balance at beginning of period | $118,339,513 | $94,948,745 | | Total incurred | $66,552,565 | $63,624,755 | | Total paid | $67,860,922 | $62,713,420 | | Balance at end of period | $121,674,947 | $106,928,898 | - The Company utilizes various actuarial reserving methodologies, including Paid Loss Development, Incurred Loss Development, Bornhuetter-Ferguson methods, Incremental Claim-Based Methods, and Frequency/Severity Based Methods, to estimate loss and LAE reserves[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) Ceding Commission Revenue (9 Months Ended Sep 30) | Metric | 2023 | 2022 | | :-------------------------- | :----------- | :----------- | | Provisional ceding commissions earned | $15,733,145 | $14,116,044 | | Contingent ceding commissions earned | $660,799 | $167,033 | | Total ceding commission revenue | $16,393,944 | $14,283,077 | [Note 7 – Debt](index=20&type=section&id=Note%207%20%E2%80%93%20Debt) Debt obligations are detailed, including FHLBNY, 2022 Senior Notes, equipment financing, and a Leverage Maintenance Test waiver - KICO is a member of FHLBNY, providing access to flexible, low-cost funding, with eligible collateral including residential and commercial mortgage-backed securities, and U.S. Treasury securities[98](index=98&type=chunk) Debt Balances | Debt Type | Sep 30, 2023 | Dec 31, 2022 | | :---------------- | :----------- | :----------- | | 2022 Notes, net | $18,129,327 | $17,252,868 | | Equipment financing | $7,095,366 | $7,905,655 | | Total Debt | $25,224,693 | $25,158,523 | - The Company issued **$19,950,000** of **12.0%** Senior Notes due December 30, 2024, as part of a Note and Warrant Exchange Agreement, with interest payable semi-annually[100](index=100&type=chunk)[101](index=101&type=chunk) - As of September 30, 2023, the Company's leverage ratio was **31.4%**, exceeding the **30%** limit, but a waiver was obtained from noteholders on November 7, 2023[105](index=105&type=chunk)[161](index=161&type=chunk) [Note 8 – Stockholders' Equity](index=22&type=section&id=Note%208%20%E2%80%93%20Stockholders%27%20Equity) Changes in stockholders' equity are outlined, covering dividend suspension, equity plans, and the issuance and valuation of warrants - Dividends on Common Stock were suspended for the nine months ended September 30, 2023, compared to **$1,277,066** paid in the prior year, following a Board decision on November 11, 2022[108](index=108&type=chunk) - The 2014 Equity Participation Plan's authorized shares were increased to **1,900,000** on August 9, 2023[109](index=109&type=chunk) Stock-Based Compensation Expense | Type | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Stock options | $-0- | $2,000 | $-0- | $9,000 | | Restricted stock awards | $207,000 | $186,000 | $636,000 | $1,180,000 | | Employee Stock Purchase Plan | $-0- | $5,000 | $-0- | $16,000 | - Warrants to purchase **969,525** shares of Common Stock were issued on December 15, 2022, with a fair value of **$993,200**, exercisable at **$1.00** per share through December 30, 2025[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) [Note 9 – Income Taxes](index=24&type=section&id=Note%209%20%E2%80%93%20Income%20Taxes) Income tax policies are detailed, including deferred tax assets/liabilities, NOL carryovers, and state NOL valuation allowance Net Deferred Income Tax Asset | Metric | Sep 30, 2023 | Dec 31, 2022 | | :----------------------------------- | :----------- | :----------- | | Total deferred tax assets | $18,106,252 | $16,296,969 | | Total deferred tax liabilities | $5,317,092 | $5,965,811 | | Net deferred income tax asset | $12,789,160 | $10,331,158 | - The Company has federal net operating loss (NOL) carryovers of **$6,411,993** (Sep 30, 2023) with no expiration, and state NOLs of approximately **$39,317,000** (Sep 30, 2023) with a valuation allowance due to uncertainty of utilization[129](index=129&type=chunk) - A deferred tax liability of **$759,543** related to the investment in KICO is maintained due to a temporary difference with an indefinite life[130](index=130&type=chunk) [Note 10 – Loss Per Common Share](index=26&type=section&id=Note%2010%20%E2%80%93%20Loss%20Per%20Common%20Share) The calculation of basic and diluted loss per common share is explained, noting anti-dilutive securities were excluded from diluted EPS Weighted Average Common Shares Outstanding | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :----------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Weighted average number of shares outstanding | 10,756,156 | 10,645,675 | 10,754,709 | 10,640,290 | | Weighted average number of shares outstanding, used for computing diluted loss per share | 10,756,156 | 10,645,675 | 10,754,709 | 10,640,290 | - No options, warrants, or restricted stock awards were included in the computation of diluted loss per common share for the three and nine months ended September 30, 2023 and 2022, as they were anti-dilutive[135](index=135&type=chunk) [Note 11 - Commitments and Contingencies](index=26&type=section&id=Note%2011%20-%20Commitments%20and%20Contingencies) Commitments and contingencies are detailed, including legal proceedings, operating leases, executive agreements, and leadership changes - The Company is involved in various legal proceedings in the ordinary course of business, with potential liabilities considered in loss and LAE estimates[137](index=137&type=chunk) - The Company has a non-cancellable operating lease for its KICO office facility expiring March 31, 2024[138](index=138&type=chunk) - Effective October 1, 2023, Barry Goldstein transitioned from President and CEO, with his salary reduced to **$300,000** per annum and bonus eligibility removed[148](index=148&type=chunk) - Effective October 1, 2023, Meryl Golden was appointed President and Chief Executive Officer of the Company[155](index=155&type=chunk)[162](index=162&type=chunk) [Note 12 – Employee Benefit Plans](index=29&type=section&id=Note%2012%20%E2%80%93%20Employee%20Benefit%20Plans) Employee benefit plans are covered, including the 401(k) Plan with matching contributions and the terminated Deferred Compensation Plan - The Company matches **100%** of participant contributions up to **4%** in its 401(k) Plan[157](index=157&type=chunk) 401(k) Plan Expense | Period | Expense | | :-------------------------- | :-------- | | 3 Months Ended Sep 30, 2023 | $90,000 | | 3 Months Ended Sep 30, 2022 | $71,000 | | 9 Months Ended Sep 30, 2023 | $249,000 | | 9 Months Ended Sep 30, 2022 | $207,000 | - The Deferred Compensation Plan was terminated effective December 22, 2022, with termination payments to participants to be made between December 22, 2023, and December 22, 2024[158](index=158&type=chunk) [Note 13 – Subsequent Events](index=29&type=section&id=Note%2013%20%E2%80%93%20Subsequent%20Events) Significant subsequent events include a Leverage Maintenance Test waiver and Meryl Golden's appointment as CEO - On November 7, 2023, a majority of 2022 Note holders agreed to waive the Leverage Maintenance Test as of September 30, 2023[161](index=161&type=chunk) - Effective October 1, 2023, Meryl Golden was appointed President and Chief Executive Officer of the Company[162](index=162&type=chunk) [Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202%20%E2%80%94%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion and analysis covers financial condition, operational results, insurance business, key metrics, strategic initiatives, and outlook [Overview of Business and Product Lines](index=30&type=section&id=Overview%20of%20Business%20and%20Product%20Lines) Kingstone operates through KICO, underwriting property and casualty insurance in New York, with revenue from premiums, ceding commissions, and investments - Kingstone's primary business is property and casualty insurance through KICO, with **88.5%** (3 months) and **88.1%** (9 months) of direct written premiums from New York policies[163](index=163&type=chunk) - The Company's main product lines are personal lines (homeowners, dwelling fire, etc) and livery physical damage[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk] [Key Measures and Critical Accounting Policies](index=30&type=section&id=Key%20Measures%20and%20Critical%20Accounting%20Policies) Key financial metrics for insurance underwriting and critical accounting policies, including loss reserves and reinsurance, are defined - Key measures for analyzing insurance underwriting include: Net loss ratio, Net underwriting expense ratio, Net combined ratio, and Underwriting income[173](index=173&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk] - Critical accounting policies and estimates relate to reserves for loss and LAE, amounts recoverable from reinsurers, deferred income taxes, allowance for credit losses of investment securities, and valuation of warrants[179](index=179&type=chunk) [Strategic Initiatives: Kingstone 2.0 and 3.0](index=31&type=section&id=Strategic%20Initiatives%3A%20Kingstone%202.0%20and%203.0) Kingstone 2.0 focused on modernization, while Kingstone 3.0 targets non-Core business reduction, pricing adjustments, and expense control - Kingstone 2.0 initiatives included strengthening management, reducing expenses via technology, developing segmented products (Kingstone Select), and better managing catastrophe exposure[180](index=180&type=chunk) - Kingstone 3.0 strategy focuses on: 1) Aggressively reducing non-Core business (policy count down **38.9%** YoY as of Sep 30, 2023) 2) Adjusting pricing to stay ahead of loss trends (average written premium for Legacy Core homeowners increased **25.5%** over 12 months) 3) Tightly managing reinsurance requirements and costs 4) Continuing expense reduction to achieve a **33%** net expense ratio by year-end 2024 (achieved **33.0%** for 9 months ended Sep 30, 2023)[181](index=181&type=chunk)[183](index=183&type=chunk] Policies In Force and Direct Written Premiums (YoY Change as of Sep 30, 2023) | Metric | Core Policies In Force | Core Direct Written Premiums | Non-Core Policies In Force | Non-Core Direct Written Premiums | | :---------------- | :--------------------- | :--------------------------- | :------------------------- | :----------------------------- | | % change (YoY) | -4.5% | 4.7% | -38.9% | -43.9% | [Consolidated Results of Operations (Nine Months Ended September 30, 2023 Compared to Nine Months Ended September 30, 2022)](index=32&type=section&id=Consolidated%20Results%20of%20Operations%20%28Nine%20Months%20Ended%20September%2030%2C%202023%20Compared%20to%20Nine%20Months%20Ended%20September%2030%2C%202022%29) The Company reported a reduced net loss of $9.1 million for the nine months ended September 30, 2023, driven by increased revenues and an improved net combined ratio Consolidated Financial Highlights (9 Months Ended Sep 30) | Metric | 2023 ($ thousands) | 2022 ($ thousands) | Change ($ thousands) | Percent Change | | :----------------------------------- | :----------------- | :----------------- | :------------------- | :------------- | | Total revenues | $107,584 | $93,068 | $14,517 | 15.6% | | Total expenses | $118,848 | $116,075 | $2,774 | 2.4% | | Net loss | $(9,114) | $(18,575) | $9,461 | 50.9% | | Net loss ratio | 77.7% | 75.8% | 1.9 ppt | 2.5% | | Net underwriting expense ratio | 33.0% | 37.2% | (4.2) ppt | (11.3)% | | Net combined ratio | 110.7% | 113.0% | (2.3) ppt | (2.0)% | - Direct written premiums remained stable at **$147.2 million**, with a **9.6%** increase in Core business premiums offset by a **39.5%** decrease in non-Core business premiums, aligning with the Kingstone 3.0 strategy[189](index=189&type=chunk)[192](index=192&type=chunk] - Net investment income increased by **30.0%** to **$4.4 million**, primarily due to a prior year adjustment and higher interest rates on cash balances[202](index=202&type=chunk) - Net loss and LAE increased by **4.6%** to **$66.6 million**, with the net loss ratio rising to **77.7%** due to a larger impact from catastrophe losses (**8.5** points in 2023 vs **4.1** points in 2022)[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk] - Interest expense surged by **119.3%** to **$3.0 million**, driven by the **12%** interest rate on the 2022 Notes and equipment financing[221](index=221&type=chunk) [Consolidated Results of Operations (Three Months Ended September 30, 2023 Compared to Three Months Ended September 30, 2022)](index=38&type=section&id=Consolidated%20Results%20of%20Operations%20%28Three%20Months%20Ended%20September%2030%2C%202023%20Compared%20to%20Three%20Months%20Ended%20September%2030%2C%202022%29) The Company's net loss decreased to $3.5 million for the three months ended September 30, 2023, due to lower expenses and improved net combined ratio Consolidated Financial Highlights (3 Months Ended Sep 30) | Metric | 2023 ($ thousands) | 2022 ($ thousands) | Change ($ thousands) | Percent Change | | :----------------------------------- | :----------------- | :----------------- | :------------------- | :------------- | | Total revenues | $34,237 | $35,538 | $(1,303) | (3.7)% | | Total expenses | $38,633 | $40,097 | $(1,465) | (3.7)% | | Net loss | $(3,538) | $(3,998) | $460 | 11.5% | | Net loss ratio | 78.5% | 75.0% | 3.5 ppt | 4.7% | | Net underwriting expense ratio | 31.7% | 36.9% | (5.2) ppt | (14.1)% | | Net combined ratio | 110.2% | 111.9% | (1.7) ppt | (1.5)% | - Direct written premiums decreased by **4.8%** to **$52.0 million**, primarily due to a **5.5%** decrease in personal lines premiums, partially offset by a **7.1%** increase in livery physical damage premiums[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk] - Net premiums earned decreased by **4.8%** to **$27.9 million**, influenced by lower direct written premiums and increased catastrophe reinsurance rates[238](index=238&type=chunk) - Ceding commission revenue increased by **13.3%** to **$5.5 million**, driven by higher provisional and contingent ceding commissions[239](index=239&type=chunk) - Net loss and LAE remained stable at **$21.9 million**, but the net loss ratio increased to **78.5%** due to a higher impact from catastrophe losses (**7.7** points in 2023 vs **1.1** points in 2022)[246](index=246&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk] - Other underwriting expenses decreased by **13.2%** to **$6.3 million**, mainly due to reductions in salaries, credit card fees, and policy management system fees[254](index=254&type=chunk) [Additional Financial Information (Segment Reporting)](index=44&type=section&id=Additional%20Financial%20Information%20%28Segment%20Reporting%29) Detailed segment reporting for the insurance underwriting business includes premiums, loss expenses by product type, and key performance measures Gross Premiums Written by Product Type (9 Months Ended Sep 30) | Product Type | 2023 | 2022 | | :----------------------- | :----------- | :----------- | | Personal lines | $136,601,070 | $138,197,960 | | Livery physical damage | $10,559,310 | $9,036,713 | | Other | $76,256 | $119,238 | | Total gross premiums written | $147,236,636 | $147,353,911 | Net Loss Ratio by Product Type (9 Months Ended Sep 30) | Product Type | 2023 | 2022 | | :----------------------- | :----- | :----- | | Personal lines | 79.0% | 74.3% | | Livery physical damage | 39.2% | 46.1% | | Other | 205.2% | -13.9% | | Total without commercial lines | 77.3% | 74.9% | | Total | 77.7% | 75.8% | Key Measures for Insurance Underwriting Business (9 Months Ended Sep 30) | Metric | 2023 | 2022 | | :----------------------------------- | :----- | :----- | | Net loss ratio | 77.7% | 75.8% | | Net underwriting expense ratio | 33.0% | 37.2% | | Net combined ratio | 110.7% | 113.0% | [Investments Portfolio Analysis](index=47&type=section&id=Investments%20Portfolio%20Analysis) A comprehensive analysis of the investment portfolio covers fixed-maturity, equity, and other securities, detailing fair value, credit ratings, yields, and maturity [Fixed-Maturity Securities](index=47&type=section&id=Fixed-Maturity%20Securities) This section details the Company's fixed-maturity securities, including available-for-sale and held-to-maturity categories Fixed-Maturity Securities, Available-for-Sale (Fair Value) | Category | Sep 30, 2023 | Dec 31, 2022 | | :---------------------------------------------------------------- | :----------- | :----------- | | U.S. Treasury securities and obligations of U.S. government corporations and agencies | $8,167,845 | $23,869,096 | | Political subdivisions of States, Territories and Possessions | $12,414,354 | $13,141,387 | | Corporate and other bonds Industrial and miscellaneous | $69,465,238 | $72,082,485 | | Residential mortgage and other asset backed securities | $42,739,462 | $45,622,195 | | Total fixed-maturity securities | $132,786,899 | $154,715,163 | [Equity Securities](index=48&type=section&id=Equity%20Securities) This section provides a breakdown of the Company's equity securities, including preferred and common stocks and exchange-traded funds Equity Securities (Fair Value) | Category | Sep 30, 2023 | Dec 31, 2022 | | :----------------------------------- | :----------- | :----------- | | Preferred stocks | $10,199,241 | $9,994,629 | | Common stocks and exchange traded funds | $3,708,410 | $3,839,761 | | Total | $13,907,651 | $13,834,390 | [Other Investments](index=48&type=section&id=Other%20Investments) This section details other investments, specifically the hedge fund measured at fair value Other Investments (Hedge Fund Fair Value) | Category | Sep 30, 2023 | Dec 31, 2022 | | :------------- | :----------- | :----------- | | Hedge fund | $3,213,318 | $2,771,652 | [Held-to-Maturity Securities](index=49&type=section&id=Held-to-Maturity%20Securities) This section details the Company's held-to-maturity securities, including U.S. Treasury, municipal, and corporate bonds Held-to-Maturity Securities (Fair Value) | Category | Sep 30, 2023 | Dec 31, 2022 | | :---------------------------------------------------------------- | :----------- | :----------- | | U.S. Treasury securities | $1,147,493 | $1,222,883 | | Political subdivisions of States, Territories and Possessions | $489,990 | $500,730 | | Exchange traded debt | $252,500 | $275,000 | | Corporate and other bonds Industrial and miscellaneous | $3,809,515 | $4,601,775 | | Total | $5,699,498 | $6,600,388 | [Credit Rating of Fixed-Maturity Securities](index=50&type=section&id=Credit%20Rating%20of%20Fixed-Maturity%20Securities) This section analyzes the credit quality and average yield of the Company's fixed-maturity securities portfolio Credit Quality of Available-for-Sale Fixed-Maturity Securities (Fair Value) | Rating Category | Sep 30, 2023 (Estimated Fair Value) | Sep 30, 2023 (% of Total) | Dec 31, 2022 (Estimated Fair Value) | Dec 31, 2022 (% of Total) | | :---------------------------------------------------------------- | :---------------------------------- | :------------------------ | :---------------------------------- | :------------------------ | | U.S. Treasury securities | $8,167,845 | 6.2% | $23,869,096 | 15.4% | | Total corporate and municipal bonds | $80,238,403 | 60.4% | $83,572,384 | 54.1% | | Total residential mortgage backed, asset backed, and other collateralized obligations | $44,380,651 | 33.4% | $47,273,683 | 30.5% | | Total | $132,786,899 | 100.0% | $154,715,163 | 100.0% | Average Yield by Fixed-Maturity Security Type | Category | Sep 30, 2023 | Dec 31, 2022 | | :---------------------------------------------------------------- | :----------- | :----------- | | U.S. Treasury securities and obligations of U.S. government corporations and agencies | 4.53% | 2.58% | | Political subdivisions of States, Territories and Possessions | 3.61% | 3.58% | | Corporate and other bonds Industrial and miscellaneous | 3.72% | 3.68% | | Residential mortgage backed securities | 2.97% | 2.70% | | Total | 3.53% | 3.20% | [Fair Value Consideration](index=51&type=section&id=Fair%20Value%20Consideration) This section discusses the fair value considerations for the investment portfolio, including pricing levels and credit loss assessments - As of September 30, 2023, and December 31, 2022, **62%** and **65%**, respectively, of the investment portfolio recorded at fair value was priced based on quoted market prices (Level 1)[286](index=286&type=chunk) - The Company determined that none of the gross unrealized losses on its 150 fixed-maturity securities (available-for-sale) at September 30, 2023, were credit losses, based on credit quality, loss magnitude, investment nature, interest rate environment, and management's intent to hold[289](index=289&type=chunk) [Liquidity and Capital Resources](index=52&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity and capital resources are discussed, covering cash flows, reinsurance, inflation impact, and the absence of material off-balance sheet arrangements [Cash Flows](index=52&type=section&id=Cash%20Flows) This section analyzes cash flows from operating, investing, and financing activities, highlighting key changes and sources - Primary cash flow sources for KICO include direct premiums, ceding commissions, loss recovery payments, investment income, and proceeds from investment sales/maturities[290](index=290&type=chunk) - KICO paid a **$1,250,000** dividend and a **$2,700,000** distribution from paid-in capital to the holding company during the nine months ended September 30, 2023[291](index=291&type=chunk) Cash Flow Summary (9 Months Ended Sep 30) | Cash Flow Activity | 2023 | 2022 | | :----------------------------------- | :------------- | :------------- | | Operating activities | $(15,754,344) | $(7,921,438) | | Investing activities | $19,755,073 | $398,911 | | Financing activities | $(825,988) | $(1,656,865) | | Net increase (decrease) in cash and cash equivalents | $3,174,741 | $(9,179,392) | | Cash and cash equivalents, end of period | $15,132,969 | $15,111,206 | - Net cash used in operating activities increased by **$7,833,000** to **$15,754,000** in Nine Months 2023, primarily due to fluctuations in operating assets and liabilities[294](index=294&type=chunk) - Net cash provided by investing activities increased by **$19,356,000** to **$19,755,000** in Nine Months 2023, driven by net cash from the investment portfolio and decreased fixed asset acquisitions[296](index=296&type=chunk) [Reinsurance](index=53&type=section&id=Reinsurance) This section details the Company's reinsurance program, including quota share, excess of loss, and catastrophe treaties - The Company utilizes quota share, excess of loss, and catastrophe reinsurance treaties to manage capital and financial ratios, and to provide income through ceding commissions[298](index=298&type=chunk)[299](index=299&type=chunk] - New quota share (**30%** personal lines), excess of loss, and catastrophe reinsurance treaties became effective January 1, 2023, and July 1, 2023, respectively[298](index=298&type=chunk)[299](index=299&type=chunk] [Inflation](index=54&type=section&id=Inflation) This section discusses the impact of inflation on loss and loss adjustment expenses and the investment portfolio - Inflation impacts loss and loss adjustment expenses, especially medical and hospital rates, and influences interest rates, affecting the investment portfolio and yields[303](index=303&type=chunk)[304](index=304&type=chunk] - Continuing economic inflation in Nine Months 2023 impacted loss and LAE, and if trends persist, could negatively affect results of operations[305](index=305&type=chunk) [Off-Balance Sheet Arrangements](index=54&type=section&id=Off-Balance%20Sheet%20Arrangements) This section confirms the absence of material off-balance sheet arrangements that would significantly affect the Company's financials - The Company has no material off-balance sheet arrangements that would significantly affect its financial condition, revenues, or liquidity[306](index=306&type=chunk) [Outlook](index=55&type=section&id=Outlook) The outlook indicates net premiums earned will be influenced by written premium volume, competitive markets, and underwriting changes prioritizing profitability - Net premiums earned are expected to be impacted by net written premium volume, which is influenced by competitive market conditions and general economic conditions[308](index=308&type=chunk) - Underwriting changes emphasizing profitability over growth are anticipated to lead to a slowdown in premium growth, especially in new business[308](index=308&type=chunk) [Item 3 — Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203%20%E2%80%94%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Company, as a smaller reporting company, is not required to provide market risk disclosures - The Company is exempt from providing quantitative and qualitative disclosures about market risk as it is a smaller reporting company[309](index=309&type=chunk) [Item 4 — Controls and Procedures](index=55&type=section&id=Item%204%20%E2%80%94%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2023, with no material changes in internal control - As of September 30, 2023, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective[310](index=310&type=chunk)[311](index=311&type=chunk] - There have been no material changes in internal control over financial reporting during the most recently completed fiscal quarter[312](index=312&type=chunk) - Internal control over financial reporting has inherent limitations and may not prevent or detect all misstatements[313](index=313&type=chunk)[314](index=314&type=chunk] PART II — OTHER INFORMATION This section provides other required information, including legal proceedings, risk factors, and exhibits [Item 1 — Legal Proceedings](index=55&type=section&id=Item%201%20%E2%80%94%20Legal%20Proceedings) No material legal proceedings are reported - The Company has no material legal proceedings to disclose[316](index=316&type=chunk) [Item 1A — Risk Factors](index=55&type=section&id=Item%201A%20%E2%80%94%20Risk%20Factors) No material changes to previously disclosed risk factors have occurred since the 2022 Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in Part I, Item 1A of the Company's 2022 Annual Report[317](index=317&type=chunk) [Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202%20%E2%80%94%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds are reported - There are no unregistered sales of equity securities or use of proceeds to report[318](index=318&type=chunk)[325](index=325&type=chunk] [Item 3 — Defaults Upon Senior Securities](index=56&type=section&id=Item%203%20%E2%80%94%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities are reported - The Company has no defaults upon senior securities to report[319](index=319&type=chunk) [Item 4 — Mine Safety Disclosures](index=56&type=section&id=Item%204%20%E2%80%94%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to the Company - Mine safety disclosures are not applicable to the Company[320](index=320&type=chunk) [Item 5 — Other Information](index=56&type=section&id=Item%205%20%E2%80%94%20Other%20Information) No other information is reported - There is no other information to report[321](index=321&type=chunk) [Item 6 — Exhibits](index=56&type=section&id=Item%206%20%E2%80%94%20Exhibits) Exhibits filed with the Quarterly Report include corporate documents, CEO/CFO certifications, and XBRL taxonomy documents - Exhibits include the Restated Certificate of Incorporation, By-laws, Rule 13a-14(a)/15d-14(a) Certifications of CEO and CFO, and XBRL Instance, Schema, Calculation, Definition, Label, and Presentation Linkbase documents[322](index=322&type=chunk) [Signatures](index=56&type=section&id=Signatures) The report includes signatures from the Chief Executive Officer and Chief Financial Officer, certifying its filing - The report is signed by Meryl Golden, Chief Executive Officer, and Jennifer Gravelle, Chief Financial Officer, on November 20, 2023[324](index=324&type=chunk)[325](index=325&type=chunk)[326](index=326&type=chunk]

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 June 30, 2023 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 ...

Financial Data and Key Metrics Changes - For Q2 2023, the company reported a net loss of $0.5 million, or $0.05 per diluted share, compared to a net loss of $5.4 million, or $0.51 per diluted share for the same period last year [12] - Direct written premiums decreased by 4.3% to $47.6 million, down $2.1 million from $49.8 million in the prior year [12] - The attritional loss ratio improved to 61.7%, 3.8 points lower than the same quarter last year, driven by lower frequency and better risk selection [13] - Operating EBITDA for the current quarter was $1.02 million, or $0.10 per share [15] Business Line Data and Key Metrics Changes - In New York, direct written premiums increased by 5% while premiums outside New York declined by 46% [10] - Policies in force outside New York were reduced by 27% through Q2, with an anticipated 50% reduction by year-end [9] - The net loss ratio for personal lines outside New York was 108.9%, while it was 64.7% for New York [28] Market Data and Key Metrics Changes - Kingstone's market share in New York homeowners is less than 2%, indicating significant growth potential [8] - The company has received approval for a 6.3% increase in New York homeowners and an 18.2% increase in Massachusetts [29] Company Strategy and Development Direction - The company is focusing on returning to its roots as a premier writer of coastal property insurance in Downstate New York and reducing its footprint outside of New York [8] - The strategy includes replacing unprofitable policies outside New York with profitable ones in New York [28] Management's Comments on Operating Environment and Future Outlook - Management believes the worst is behind the company and is optimistic about future growth opportunities in New York [6][24] - The company is confident that continued execution of its strategic plan will lead to consistent profitability [30] Other Important Information - The company has tightened expenses, leading to a reduction in headcount, now at the lowest level since 2017 [14] - The company is experiencing elevated large losses primarily driven by inflation, but is actively managing these risks [11] Q&A Session Summary Question: How does the company view rate versus underlying claims inflation on the core New York book? - Management noted a decline in frequency for both water and fire claims, indicating positive signs, but acknowledged a double-digit increase in severity [17] Question: What is the competitive environment in New York? - The market is described as very tight, with many competitors tightening guidelines and reducing business, presenting a significant opportunity for Kingstone [62] Question: What combined ratio is needed to break even in the future? - Management indicated that a combined ratio below 100% is typically expected to be profitable, but additional adjustments may be needed to cover other operational costs [46][47] Question: What is the current book yield of the investment portfolio? - The book yield is currently at 3.63% [49] Question: When will the non-New York business no longer impact the company? - Management anticipates that the non-New York business will continue to be a drag on results through the end of next year, but it will decrease significantly as policies are non-renewed [51][52]

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, 2023 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) (State or other jurisdict ...