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 ...

Financial Data and Key Metrics Changes - For Q1 2023, the company reported a net loss of $5.1 million, improving from a net loss of $9.2 million in the same period last year [49] - Direct written premiums increased by 10.7% to $47.6 million, up from $43 million in the prior year [49] - The net loss in LAE ratio was 88.6%, up 2.6 points from the prior year, primarily driven by catastrophe losses [31] Business Line Data and Key Metrics Changes - The company expects its overall premium in 2023 to equal that of 2022, despite a projected decline of more than 10% in total policies in force [9] - The average New York Homeowner Renewal Premium increased by 21% from $2,498 to over $3,000, largely due to rate changes and updates to replacement costs [52] - The non-New York book of business was reduced by 8.5% in Q1, with expectations to decline by more than 50% by year-end 2023 [77] Market Data and Key Metrics Changes - The company noted a consistent decline in annual inflation ratings over the past eight to nine months, indicating potential improvement in market conditions [29] - The competitive landscape in the insurance market is described as favorable, with indications that rates may have peaked [48] Company Strategy and Development Direction - The company is focused on aggressively reducing its non-New York business, which has historically had a negative impact on underwriting results [50] - A four-pillar strategy has been implemented to maximize profitability, including adjusting pricing to stay ahead of loss trends and managing reinsurance costs [67] - The company aims to stabilize operations and optimize its New York business while reducing expenses [61] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future conditions, believing that macroeconomic factors negatively impacting results may have peaked [29] - The company is committed to executing its strategic plan to return to high performance and deliver long-term value to shareholders [53] - Management acknowledged the challenges posed by adverse weather and inflation but remains focused on improving profitability [26] Other Important Information - The net underwriting expense ratio decreased by 3.7 points to 34.7%, attributed to disciplined expense reduction efforts [50] - The company successfully navigated UPC's insolvency without increasing its probable maximum loss (PML) [35] Q&A Session Summary Question: Can you characterize the loss ratio in the business you're rolling off? - The loss ratio in the non-New York book was over 100, indicating unprofitability [7] Question: What is the expected revenue walk from this quarter to next year? - Overall premium is expected to remain stable, but policies in force will decline significantly [9] Question: Should we expect the other 50% of non-New York policies to roll off in 2024? - The company is working to reduce that business quickly, with expectations for more roll-off in 2024 [11] Question: How close would New York have been to profitability with the new rates? - New York has been profitable, and profitability is expected to improve as the company exits unprofitable states [14] Question: What is the current book yield on the portfolio? - The average yield on cash invested assets was reported at 3.35% [16] Question: Are you trying to turn a profit this year or stabilize? - The focus is on stabilizing and reducing losses, with an aim to improve profitability in the future [61]

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, 2022 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 ...

Financial Data and Key Metrics Changes - Direct written premiums increased by 7.7% to $53.9 million, up $3.8 million from $50.1 million in the prior year period [1] - The net loss in LAE ratio was 81.3%, an increase of 19.5 points from the prior year, primarily driven by catastrophe losses [2] - The net underwriting expense ratio decreased by 6.9 points to 32.6%, attributed to various expense reduction initiatives [3] - The company reported a net loss of $3.95 million or $0.37 per diluted share for Q4 2022, compared to net income of $2.2 million or $0.21 per diluted share for the same period last year [25] Business Line Data and Key Metrics Changes - The attritional or non-cat loss ratio was 61.1%, the lowest of any quarter in 2022, indicating potential for underwriting profit if not for catastrophe losses [3] - The company has tightened underwriting and reduced maximum coverage, leading to non-renewals of policies outside new guidelines [6][7] Market Data and Key Metrics Changes - The company anticipates a continued rise in replacement costs due to ongoing inflation, expecting premiums to increase accordingly [27] - The company has seen a 25% increase in average premium since implementing a new practice to update the replacement cost of insured properties [34] Company Strategy and Development Direction - The strategic plan, referred to as Kingstone 3.0, focuses on reducing the non-New York book of business, adjusting pricing to stay ahead of loss trends, managing reinsurance requirements, and continuing expense reduction [35] - The company aims to return to profitability in 2023 and set the stage for double-digit returns on equity in the future [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by inflation and rising interest rates, which have impacted the valuation of the investment portfolio [14][32] - The company is optimistic about the future, with a solid foundation and clear plans to capitalize on strengths and deliver long-term value creation for shareholders [42] Other Important Information - The company has made significant efforts to reduce expenses, achieving a 4-point reduction in the net expense ratio for 2022 [40] - Management has adopted a more conservative approach to reserving, with reserves now $2 million above the central point estimates from an independent actuarial firm [65] Q&A Session All Questions and Answers Question: Can you provide more details on the reserve development in the quarter? - The company recorded a $2 million additional reserve related to commercial multi-parallel policies, a line of business exited in 2019, as a precautionary measure [45] Question: What is the impact of the debt refinancing on the model prospectively? - The company reduced its debt from $30 million to just under $20 million, but the interest rate increased to 12%, resulting in a significant increase in interest expense [47] Question: Any early read on the July renewals for this year? - There is an expectation of increased reinsurance costs, but there may be additional capacity in the Northeast for upcoming renewals [61]

Kingstone Companies, Inc. (NASDAQ:KINS) Q3 2022 Earnings Conference Call November 15, 2022 8:30 AM ET Company Participants Rich Swartz - CAO Barry Goldstein - CEO Meryl Golden - COO Conference Call Participants Paul Newsome - Piper Sandler Operator Greetings, and welcome to Kingstone Companies, Inc. Third Quarter 2022 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Rich Swartz, Chief Accounting Officer. Thank you, sir. Yo ...

[Part I — Financial Information](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201%20%E2%80%94%20Financial%20Statements) The company reported a significant net loss and declining equity for the nine months ended September 30, 2022, facing going concern doubt due to maturing senior notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a significant decrease in total assets and stockholders' equity as of September 30, 2022, primarily due to investment declines and net loss Balance Sheet Summary (as of September 30, 2022 vs. December 31, 2021) (USD) | Metric | Sep 30, 2022 (Unaudited) | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Investments** | $177,117,608 | $213,594,861 | | **Cash and cash equivalents** | $15,111,206 | $24,290,598 | | **Total Assets** | $315,707,946 | $331,312,275 | | **Total Liabilities** | $276,837,833 | $255,640,081 | | **Total Stockholders' Equity** | $38,870,113 | $75,672,194 | - Total stockholders' equity decreased significantly by **48.6%** to **$38.9 million** as of September 30, 2022, from **$75.7 million** at the end of 2021, primarily driven by a net loss and a large increase in accumulated other comprehensive loss from **$(16.0) million** compared to **$1.8 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) The company reported a substantial increase in net loss for the nine months ended September 30, 2022, primarily driven by net investment losses Statement of Operations Summary (Unaudited) (USD) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $35,537,635 | $38,957,974 | $93,068,180 | $118,061,625 | | **Net Premiums Earned** | $29,360,976 | $36,803,251 | $83,936,424 | $106,828,895 | | **Net (Losses) Gains on Investments** | $(397,658) | $204,534 | $(9,313,436) | $5,480,202 | | **Net Loss** | $(3,997,621) | $(10,618,265) | $(18,574,772) | $(9,606,001) | | **Comprehensive Loss** | $(7,981,933) | $(11,538,588) | $(36,350,081) | $(13,279,383) | | **Diluted Loss Per Share** | $(0.38) | $(1.01) | $(1.75) | $(0.90) | - For the nine months ended Sep 30, 2022, the company's net loss nearly doubled to **$18.6 million** from **$9.6 million** in the prior year period, largely due to a significant swing from a **$5.5 million** net gain on investments in 2021 to a **$9.3 million** net loss in 2022[16](index=16&type=chunk)[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow from operating activities experienced a significant negative swing for the nine months ended September 30, 2022, leading to a net decrease in cash Cash Flow Summary (Nine Months Ended Sep 30, Unaudited) (USD) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | **Net Cash (Used in) Provided by Operating Activities** | $(7,921,438) | $29,079,787 | | **Net Cash Provided by (Used in) Investing Activities** | $398,911 | $(9,297,954) | | **Net Cash Used in Financing Activities** | $(1,656,865) | $(3,137,487) | | **Net (Decrease) Increase in Cash** | $(9,179,392) | $16,644,346 | - Cash from operating activities saw a significant negative swing, from a **$29.1 million** inflow in 2021 to a **$7.9 million** outflow in 2022 for the nine-month period, primarily driven by an increase in reinsurance receivables and a decrease in reinsurance payables[26](index=26&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes highlight going concern doubt due to maturing debt, significant unrealized investment losses, impacts of a new reinsurance treaty, and subsequent liquidity actions and strategic discussions - The company's continuation as a going concern is in doubt due to **$30 million** in Senior Unsecured Notes maturing on December 30, 2022, with management's plan including refinancing, exchanging notes, and utilizing funds from its subsidiary, KICO[33](index=33&type=chunk)[34](index=34&type=chunk)[36](index=36&type=chunk) - The company's investment portfolio has significant unrealized losses, with available-for-sale fixed-maturity securities having gross unrealized losses of **$20.3 million** as of September 30, 2022, a sharp increase from **$0.9 million** at year-end 2021, primarily due to interest rate changes[43](index=43&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - Effective December 31, 2021, the company entered into a **30%** quota share reinsurance treaty for its personal lines business (2021/2023 Treaty), which significantly impacted ceded premiums and ceding commission revenue in 2022[85](index=85&type=chunk)[93](index=93&type=chunk) - Subsequent to the quarter end, on October 27, 2022, KICO entered into a sale-leaseback transaction, selling **$8.1 million** of fixed assets to a bank[101](index=101&type=chunk)[149](index=149&type=chunk) - The company is in discussions with Griffin Highline Capital LLC regarding a potential strategic transaction, although an acquisition of the entire company is not currently being pursued, and the period of exclusivity has expired[147](index=147&type=chunk)[148](index=148&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=29&type=section&id=Item%202%20%E2%80%94%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A highlights increased direct written premiums offset by reinsurance, a widened nine-month net loss due to investment swings, improved Q3 net loss due to lower catastrophe impact, and significant liquidity challenges from maturing debt [Business Overview and Product Lines](index=29&type=section&id=Business%20Overview%20and%20Product%20Lines) The company primarily offers property and casualty insurance in downstate New York, with product lines including personal and livery physical damage insurance - The company offers property and casualty insurance primarily in downstate New York, which accounted for over **80%** of direct written premiums for the nine months ended September 30, 2022, with operations also active in NJ, RI, MA, and CT[28](index=28&type=chunk)[151](index=151&type=chunk) - Product lines consist of personal lines (homeowners, dwelling fire, etc.), livery physical damage, and other minor lines, with the commercial liability line discontinued in July 2019 and in run-off[157](index=157&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Nine-month net loss increased due to investment swings and inflation, while Q3 net loss improved due to lower catastrophe impact, and a new reinsurance treaty impacted premiums and expense ratios Key Ratios Comparison (Nine Months Ended Sep 30) (%) | Ratio | 2022 | 2021 | | :--- | :--- | :--- | | **Net Loss Ratio** | 75.8% | 74.0% | | **Net Underwriting Expense Ratio** | 37.2% | 41.0% | | **Net Combined Ratio** | 113.0% | 115.0% | Key Ratios Comparison (Three Months Ended Sep 30) (%) | Ratio | 2022 | 2021 | | :--- | :--- | :--- | | **Net Loss Ratio** | 75.0% | 97.1% | | **Net Underwriting Expense Ratio** | 36.9% | 39.3% | | **Net Combined Ratio** | 111.9% | 136.4% | - Direct written premiums for the nine months of 2022 increased **12.0%** to **$147.4 million**, primarily due to rate increases in personal lines, while net written premiums decreased **19.3%** due to the new **30%** personal lines quota share treaty[171](index=171&type=chunk)[176](index=176&type=chunk)[178](index=178&type=chunk) - The Q3 2022 net loss ratio improved to **75.0%** from **97.1%** in Q3 2021, mainly due to lower catastrophe losses (**1.1 point** impact) compared to the prior year (**33.1 point** impact from storms including Ida)[229](index=229&type=chunk)[231](index=231&type=chunk) - The underlying loss ratio for Q3 2022 (excluding catastrophes and prior year development) was **72.4%**, an increase of **8.4 points** from Q3 2021, attributed to increased property claim severity from inflation[232](index=232&type=chunk) [Investments Analysis](index=45&type=section&id=Investments%20Analysis) The investment portfolio, primarily fixed-maturity securities, experienced significant unrealized losses due to rising interest rates, while a hedge fund redemption yielded a realized gain - The fair value of the available-for-sale fixed-maturity portfolio was **$145.3 million**, which is **$20.2 million** below its amortized cost of **$165.5 million** as of September 30, 2022[259](index=259&type=chunk) - The equity securities portfolio had a fair value of **$21.5 million** against a cost of **$26.8 million**, representing an unrealized loss of **$5.3 million**[262](index=262&type=chunk) - The company redeemed **50%** of its hedge fund investment as of September 30, 2022, recognizing a realized gain of **$0.6 million**[264](index=264&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces significant liquidity challenges with $30 million in debt maturing, addressed by subsequent sale-leaseback, intercompany loans, and a negative swing in operating cash flow - The company must satisfy **$30 million** of Senior Unsecured Notes due December 30, 2022, with the holding company's cash and investments only **$2.4 million** at quarter-end[276](index=276&type=chunk) - Subsequent to quarter-end, the company took several actions to improve liquidity: KICO completed an **$8.1 million** sale-leaseback, paid a **$3.0 million** dividend to the parent company, and provided a **$6.45 million** loan to the parent company[274](index=274&type=chunk) - KICO has access to additional liquidity through the Federal Home Loan Bank of New York (FHLBNY), with a maximum borrowing capacity of approximately **$10.5 million** as of September 30, 2022, though no borrowings have been made[275](index=275&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203%20%E2%80%94%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure is not required as the company qualifies as a smaller reporting company - This item is not applicable as the company qualifies as a smaller reporting company[295](index=295&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204%20%E2%80%94%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2022[296](index=296&type=chunk)[297](index=297&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the most recently completed fiscal quarter[299](index=299&type=chunk) [Part II — Other Information](index=54&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Other Information and Disclosures](index=54&type=section&id=Item%201%2C%201A%2C%202%2C%203%2C%204%2C%205) The company reported no legal proceedings, defaults, or other material information, with risk factors unchanged except for the Griffin Highline indication of interest - The company reports no legal proceedings[303](index=303&type=chunk) - There have been no material changes to the risk factors disclosed in the company's 2021 Annual Report, except as related to the non-binding indication of interest from Griffin Highline[304](index=304&type=chunk) - The company reported no unregistered sales of equity securities, defaults upon senior securities, or other information for Items 2, 3, 4, and 5[305](index=305&type=chunk)[308](index=308&type=chunk)[309](index=309&type=chunk)[310](index=310&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) Delaware 36-2476480 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 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 ...

Kingstone Companies, Inc. (NASDAQ:KINS) Q2 2022 Earnings Conference Call August 12, 2022 8:30 PM ET Company Participants Amanda Goldstein - IR Director Barry Goldstein - CEO Meryl Golden - COO Conference Call Participants Paul Newsome - Piper Sandler Operator Greetings, and welcome to the Kingstone Companies Second Quarter 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a remi ...