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].