KINS
Kingstone CompaniesCDocument history
Earnings documents stored for KINS.
Investor releaseQuarter not tagged2026-07-23Kingstone Increases Regular Quarterly Cash Dividend by 20% to $0.06 Per Share
GlobeNewswire
Kingstone Increases Regular Quarterly Cash Dividend by 20% to $0.06 Per Share
KINGSTON, N.Y., July 23, 2026 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq: KINS) (“Kingstone” or the “Company”), a regional property and casualty insurance holding company, today announced that its Board of Directors has approved a 20% increase in the Company’s quarterly cash dividend to $0.06 per share of common stock from $0.05 per share. The dividend is payable on August 26, 2026, to stockholders of record at the close of business on August 11, 2026. Randy Patten, Vice President and Chief Financial Officer of Kingstone, stated, “One year after reinstating our quarterly dividend, this 20% increase reflects the Board’s confidence in the earnings power of the platform we have built and our outlook for continued profitable growth. Together with the share repurchase program announced in May, it demonstrates our ability to return capital to shareholders while continuing to invest in the business. We remain committed to disciplined capital allocation and prioritizing the opportunities we believe will generate the highest long-term returns for our shareholders.” This is the first dividend increase since Kingstone reinstated its quarterly dividend in July 2025 and follows the Board’s authorization in May 2026 of a share repurchase program of up to 1,000,000 shares of the Company’s common stock over the next two years. About Kingstone Companies, Inc.Kingstone is a regional property and casualty insurance holding company whose principal operating subsidiaries write business through retail and wholesale agents and brokers. Kingstone delivers tailored homeowners insurance solutions through its sophisticated product suite, Select, supported by a scalable and efficient operating platform that enables the Company to pursue significant market opportunities and strategic expansion. Kingstone was the 11th largest writer of homeowners insurance in New York in 2025 and also writes homeowners coverage in California on a non-admitted basis. Forward-Looking StatementsThis press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that...
Investor releaseQuarter not tagged2026-07-16Kingstone Schedules Second Quarter 2026 Earnings Release and Conference Call
GlobeNewswire
Kingstone Schedules Second Quarter 2026 Earnings Release and Conference Call
KINGSTON, N.Y., July 16, 2026 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq: KINS) (“Kingstone” or the “Company”), a regional property and casualty insurance holding company, today announced that it will issue financial results for the second quarter ended June 30, 2026, after the market closes on Thursday, August 6, 2026. Management will host a conference call to discuss the Company’s business operations and financial results at 8:30 a.m. ET on Friday, August 7, 2026. Participants are asked to dial in approximately 10 minutes before the conference call is scheduled to begin using the following numbers: U.S. toll-free: 1-877-407-2991 International: 1-201-389-0925 A live webcast of the call will be available in the Investor Relations section of the Company’s website at www.kingstonecompanies.com or by clicking here. A replay of the webcast will be available shortly after the conclusion of the call and will remain accessible for approximately 30 days. About Kingstone Companies, Inc.Kingstone is a regional property and casualty insurance holding company whose principal operating subsidiaries write business through retail and wholesale agents and brokers. Kingstone delivers tailored homeowners insurance solutions through its sophisticated product suite, Select, supported by a scalable and efficient operating platform that enables the Company to pursue significant market opportunities and strategic expansion. Kingstone was the 11th largest writer of homeowners insurance in New York in 2025 and also writes homeowners coverage in California on a non-admitted basis. Investor Relations ContactElevate [email protected]
Investor releaseQuarter not tagged2026-05-09Kingstone Companies Inc (KINS) Q1 2026 Earnings Call Highlights: Navigating Growth Amidst Challenges
GuruFocus.com
Kingstone Companies Inc (KINS) Q1 2026 Earnings Call Highlights: Navigating Growth Amidst Challenges
This article first appeared on GuruFocus. Release Date: May 08, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Kingstone Companies Inc (NASDAQ:KINS) reported a 20% growth in direct premiums written, driven by strong performance in the New York personal lines business. The underlying combined ratio improved by 5.1 points year-over-year to 88.3%, indicating better control over the business operations. Investment income increased by 63%, reflecting robust cash generation and higher fixed income yields. The company is expanding into new markets, including California and Connecticut, which are expected to contribute to long-term growth. Kingstone Companies Inc (NASDAQ:KINS) has no long-term debt, providing financial flexibility to fund growth initiatives. The company reported a net loss of $5.8 million for the first quarter, primarily due to 11 winter catastrophe events. The GAAP net combined ratio was 112%, significantly impacted by the severe winter storm season. The annualized return on equity was negative at -19.6%, reflecting the financial impact of the catastrophe losses. Book value per diluted share decreased to $7.70 from $8.28 at the end of the previous year. The company faced higher operating expenses due to one-time board-level projects, impacting overall profitability. Warning! GuruFocus has detected 7 Warning Signs with WEN. Is KINS fairly valued? Test your thesis with our free DCF calculator. Q: How much of the catastrophe losses were covered by reinsurance, and what were the gross and net losses? A: (Merrill Golden, CEO) We had a $5 million recovery from our first event winter storm coverage and about $4 to $5 million going into the reinsurance tower. Our gross loss was approximately $25 million, with net losses around $14.5 million. Q: Has the policy count growth seen in March continued into April? A: (Merrill Golden, CEO) Yes, our growth has continued into the second quarter, with even slightly higher premium growth than previously experienced. We feel confident about our position in New York. Q: Why were other operating expenses higher than expected, and is this a one-time occurrence? A: (Randy Patton, CFO) The higher operating expenses were due to a one-time expense related to board-level projects. We do not expect this to continue in the future. Q: How does Kingstone plan to compete in...
Investor releaseQuarter not tagged2026-05-08Kingstone Reports First Quarter 2026 Results
GlobeNewswire
Kingstone Reports First Quarter 2026 Results
Net Premiums Earned Growth of 28% for Q1 2026 | Direct Premiums Written Growth1 of 20% for Q1 2026 Q1 GAAP Net Combined Ratio of 112.0% Driven by Eleven Winter Catastrophe Events in the Northeast U.S. Q1 Underlying Combined Ratio1 Improved 5.1 Points to 88.3% Q1 Diluted Net Loss Per Share of $0.40 | Q1 Diluted Operating Net Loss Per Share1 of $0.35 Company Reaffirms 2026 Full Year Guidance Management to Host Conference Call Tomorrow at 8:30 a.m. Eastern Time KINGSTON, N.Y., May 07, 2026 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq: KINS) (“Kingstone” or the “Company”), a regional property and casualty insurance holding company, today announced its financial results for the first quarter ended March 31, 2026. The Company has also provided an investor presentation that can be accessed through the News & Events/Presentations section of the Company website at www.kingstonecompanies.com. Management Commentary Meryl Golden, President and Chief Executive Officer of Kingstone, stated, “First quarter results reflected elevated winter catastrophe activity across the Northeast, resulting in a GAAP combined ratio of 112.0%. The winter storm season in Q1 was exceptionally severe for downstate New York and ranked as the coldest and snowiest in 11 years. Importantly, this level of catastrophe activity was in-line with our guidance and does not detract from the underlying strength of our business. Excluding catastrophes, our performance underscores the earnings power of the platform we have built. Our underlying combined ratio1 improved 5.1 points year-over-year to 88.3%, supported by low non-catastrophe loss frequency, higher average premium, and continued discipline in underwriting and expense management. These results reinforce the structural profitability improvements we have made over the past several years. Growth remained strong in the quarter with direct premiums written1 increasing 20%, driven by continued momentum in our New York homeowners business, higher average premiums, and solid retention. While policy volume was more moderate in January and February, likely due to the bad weather, March represented one of our strongest months of new business volume, reflecting sustained demand and the competitiveness of our product offering. Our operating model continues to differentiate Kingstone. The increasing mix of our Select product is driving improved risk s...
Investor releaseQuarter not tagged2026-05-08Kingstone Companies Q1 Earnings Call Highlights
MarketBeat
Kingstone Companies Q1 Earnings Call Highlights
Interested in Kingstone Companies, Inc? Here are five stocks we like better. GAAP net loss of $5.8 million in Q1 as an unusually severe Northeast winter produced 11 catastrophe events that pushed the combined ratio to 112% (catastrophe losses added ~26 points; gross cat loss ≈ $25M with ~ $5M reinsurance recovery). Underlying underwriting improved, with the underlying combined ratio falling to 88.3% from 93.4% year-over-year, supported by lower non-cat loss frequency, higher average premiums, a 0.9-point expense-ratio improvement, nearly 20% growth in direct premiums written, and a 63% rise in net investment income. Management reaffirmed 2026 guidance (15–20% DWP growth, underlying combined ratio 74–76%, diluted EPS $2.20–$2.90) while expanding into California (E&S with a conservative 30% quota share) and Connecticut (admitted writing), and finishing the quarter with no holding-company debt and book value per share up 38% year-over-year. Fast-Growing Companies That Are Still Undervalued Kingstone Companies (NASDAQ:KINS) reported a first-quarter 2026 net loss as an unusually severe winter storm season across the Northeast drove elevated catastrophe losses, though management emphasized continued improvement in underlying underwriting performance and premium growth. President and CEO Meryl Golden said the company posted a GAAP net combined ratio of 112 for the first quarter, with a net loss of $5.8 million, or $0.40 per diluted share. Golden attributed the quarterly loss primarily to “11 winter catastrophe events across the Northeast,” which contributed 26 points to the loss ratio. She added that the winter storm season was “exceptionally severe for downstate N.Y.” and “ranked as the coldest and snowiest in 11 years.” → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Vice President and CFO Randy Patten similarly said the quarter included a 112% combined ratio and an annualized return on equity of -19.6%. He noted catastrophe losses added 26 points to the combined ratio in the quarter, compared with 1.7 points in the prior-year period. On reinsurance, Golden said the company’s gross catastrophe loss was “about $25 million.” She said Kingstone purchased “first event winter storm coverage,” resulting in a “$5 million recovery,” and added the company had “roughly $4 million, maybe $5 million going into the reinsurance tower.” → Light Speed Returns:...
TranscriptFY2026 Q12026-05-08FY2026 Q1 earnings call transcript
Earnings source - 63 paragraphs
FY2026 Q1 earnings call transcript
Greetings, welcome to the Kingstone Companies' first quarter 2026 earnings conference call. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Stefan Norbom, Kingstone Companies' Investor Relations Representative. You may begin.
Thank you. Good morning, everyone. Joining us today on the call will be President and Chief Executive Officer, Meryl Golden, and Vice President and Chief Financial Officer, Randy Patten. On behalf of the company, I would like to note that this conference call may contain forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from projected results. Forward-looking statements speak only as of the date on which they are made, and Kingstone undertakes no obligation to update the information discussed. For more information, please refer to the section entitled Risk Factors in part one, Item 1A of the company's latest Form 10-K. Additionally, today's remarks may include references to non-GAAP measures.
For a reconciliation of these non-GAAP measures to GAAP figures, please see the tables in the latest earnings release available on the company's website at www.kingstonecompanies.com. With that, it's my pleasure to turn the call over to Meryl Golden. Meryl.
Thanks, Stefan. Good morning, everyone, thanks for joining our call. Let me start with the headlines. Our GAAP net combined ratio for the first quarter was 112. We had a net loss of $5.8 million or $0.40 per diluted share. The quarter's results were driven by 11 winter catastrophe events across the Northeast, contributing 26 points to the loss ratio. The winter storm season in the first quarter was exceptionally severe for downstate N.Y. and ranked as the coldest and snowiest in 11 years. I'm extremely proud of the way our claims organization handled these catastrophe events, with many staff members working nights and weekends for months to be accessible and help our policyholders return to their pre-loss condition. This level of catastrophe activity was contemplated in our full year guidance.
Now let me turn to what I believe is the more important story this quarter, the health of our underlying business. Last quarter, we introduced the underlying combined ratio as our primary operating metric, specifically to give investors a clearer view of the business we control, separated from the inherent volatility of catastrophe events. That framework was designed for exactly this type of quarter, and when you look at what we control, every key metric improved. Our underlying combined ratio improved by 5.1 points year-over-year to 88.3. The underlying loss ratio improved by over four points to 57.9. The expense ratio improved by about one point to 30.4. Direct premiums written grew by almost 20%. Net premiums earned grew by 28%.
Investment income increased by 63%, and policies in force were up over 7% from the prior year quarter and up 2.5% from year end. Let me give you more insight into the quarter. The 20% growth in direct premium written was driven by continued momentum in our New York personal lines business, with new business policies growing 19% year-over-year, average renewal premium up 10% and retention increasing by about a point. Policies in force grew over 7% to more than 82,000. Our renewal rights deal contribute approximately $2.5 million in direct premiums written for the quarter, so inorganic growth contributed about 4% and our organic growth in New York was a very strong 16%.
While policy volume was more moderate in January and February, likely due to the severe weather, March represented one of our strongest months of new business volume, reflecting sustained demand and the competitiveness of our product offering. The downstate New York market is still hard. While we have seen a few new market entrants and a bit of softening, we continue to see strong demand for our products from our producers. Net premiums earned growth remains a powerful tailwind, increasing 28% in the quarter, primarily due to our reduced quota share, which allows us to retain a greater share of premiums and underwriting profits. As a reminder, for the 2026 treaty year, we reduced our quota share from 16% to 5% for our core New York business, reflecting our confidence in the quality of the book.
Non-catastrophe claim frequency continues to be very low, but up modestly from the prior year quarter and in line with the full year 2025. Adjusted for inflation, non-cat severity was comparable to the prior year quarter. During the quarter, we also recognized 2.3 points of favorable prior year reserve development. On an inception to date basis, our Select homeowner claim frequency continues to be phenomenal and more than 33% lower than our legacy product, which bodes well for the future as Select is only 60% of our policies in force today. Our expense ratio improved by 0.9 points to 30.4%, reflecting continued operating leverage as we scale.
Underwriting expense dollars are growing at a slower pace than the growth in net earned premium. To put this in context, from full year 2023 to full year 2025, we improved the combined ratio from 105 to 75, grew direct premiums written by nearly 40%, built a balance sheet with no long-term debt, and positioned the company for its next phase of growth. One elevated winter quarter does not change that trajectory. The structural improvements we have made in risk selection, in our operating model, and in our claims organization are durable. Turning to our strategic initiatives, we remain on track to enter California in the second quarter on an excess and surplus lines basis. As we outlined in our shareholder letter in April, California is one of the largest homeowner markets in the country, with the fastest-growing excess and surplus lines market for homeowners.
Our approach is to grow in a very deliberate and controlled fashion as we learn more about our pricing and risk selection. We'll be starting with a small number of agencies, all of whom are existing Kingstone partners in New York. Out of an abundance of conservatism, we have a 30% quota share in place for California. While the initial contribution to our results will be modest, with most of our volume continuing to come from New York, we believe California can become a significant contributor to our growth and profit long term. We also recently incorporated Kingstone America Insurance Company, a new subsidiary domiciled in Connecticut that gives us flexibility to write business on both an admitted and non-admitted basis. We expect to begin writing admitted homeowners business in Connecticut in the third quarter.
These initiatives are important milestones in our five-year plan to reach $500 million in direct written premium by year end 2029. A quick comment on the insurance bills introduced by Governor Hochul earlier this year focused on insurance affordability. To date, all activity has been focused on auto insurance. As such, I am optimistic that there will be no changes during the budget process impacting property insurance this year. What continues to set Kingstone apart is clear. First, our Select product continues to drive low claim frequency through improved risk selection and a low loss ratio by matching rate to risk. Second, our producer relationships generate strong retention and consistent new business flow. Third, our operating efficiency with an expense ratio now at 30% provides durable margin advantage. Last, our conservative reinsurance program ensures that catastrophe events are an earnings event, not a capital event.
We will recover under our winter storm and catastrophe reinsurance programs during the quarter and are grateful to our reinsurance partners for their support. As far as our outlook, we are reaffirming all elements of our full 2026 guidance, which was issued on March 5th. Our guidance for direct premiums written growth of 15%-20%, an underlying combined ratio of 74%-76%, a catastrophe loss ratio of seven to 10 points, diluted earnings per share of $2.20-$2.90, and return on equity of 24%-30% remain unchanged. The first quarter catastrophe activity was within the scenario set embedded in our guidance.
As a reminder, each one point of catastrophe loss ratio has an approximate $0.13 per share impact on diluted earnings per share, which we provided last quarter to give investors the tools to model different scenarios. I want to emphasize that the earnings power of this franchise is concentrated in the second through fourth quarters, consistent with typical seasonality for our business. Our underlying performance trends, combined with continued rate adequacy and disciplined growth, position us well to deliver on our full year outlook. With that, I'll turn the call over to Randy Patten, our Chief Financial Officer, for a more detailed review of our results. Randy?
Thank you, Meryl. Good morning again, everyone. The first quarter of 2026 was impacted by losses from 11 winter catastrophe events. During the quarter, we reported a net loss of $5.8 million, a diluted loss per share of $0.40, a 112% combined ratio, and an annualized return on equity of -19.6%. Catastrophe losses added 26 points to the combined ratio in the first quarter of 2026 versus 1.7 points in the prior year quarter. We also recognized 2.3 points of favorable reserve development during the first quarter of 2026, compared to 1.4 points in the prior year quarter.
Removing the impact from catastrophe losses and favorable reserve development, our underlying combined ratio in the first quarter of 2026 improved 5.1 points to 88.3% from 93.4% in the first quarter of 2025. The underlying loss ratio of 57.9% improved over four points from the prior year quarter. Including catastrophes alone, the loss ratio improved 5.1 points to 55.6%. This improvement in the underlying loss ratio is supported by low non-catastrophe loss frequency, higher average premium, and continued discipline in underwriting. These results reinforce the structural profitability improvements we have made over the past several years.
Net premiums earned grew 28% to $55.9 million in the quarter, primarily reflecting the continued growth in direct premiums written, along with the reduced quota share cession Meryl described. As a financial matter, the reduction in the quota shares contributed approximately $0.20 of incremental earnings per share for the full year is incorporated in our 2026 guidance. To bring it together, our reported net combined ratio of 112% compared to 93.7% in the prior year quarter reflects an exceptionally severe winter season. Removing catastrophe losses, the underlying combined ratio of 88.3% improved 5.1 points year-over-year. As Meryl mentioned, we introduced the underlying combined ratio last year specifically to isolate the performance we control from catastrophe volatility.
The first quarter is precisely the type of quarter for which the metric was designed. Our net investment income for the quarter increased 63% to $3.3 million, up from $2 million in the same quarter last year. The momentum continues to be driven by robust cash generation from operations over the last year, which enabled us to grow our investment portfolio to $313.4 million, we benefited from higher fixed income yields. While we remain conservative in our investment strategy, we are actively seeking opportunities to enhance our portfolio's yield. As of March 31st, 2026, our portfolio yield is 4.3%, up from 3.7% at March 31, 2025, an increase of 60 basis points with an effective duration of 4.3 years.
For the first quarter of 2026, we reported an expense ratio of 30.4%, an improvement of 0.9 percentage points from the first quarter of 2025. We continue to be diligent with expense management, realizing economies of scale as we continue to grow. As a reminder, the company's expense ratio was 41% in 2021. In less than five years, we have lowered it by 10 points, we see opportunity to improve further as we gain scale. Moving on to our capital position, as a reminder, we have no debt at the holding company. Shareholders' equity ended the quarter at $114.5 million, a decrease of $8.2 million during the quarter, a 39% increase in the first quarter of 2025.
Book value per diluted share was $7.70 at March 31st, 2026, a decrease of $0.58 from December 31, 2025, but an increase of 38% from $5.57 at March 31, 2025. Excluding accumulated other comprehensive income, book value per diluted share was $8.23, an increase of 32% from the prior year. During April 2026, we declared our fourth consecutive quarterly dividend and have ample capital to fund the disciplined growth initiatives that we have outlined, including our entry into California in the second quarter and our launch of Kingstone America Insurance Company in Connecticut later this year.
To wrap up our prepared remarks, it is not uncommon for Kingstone to experience its greatest level of catastrophe losses in the first quarter every year being a Northeast writer. The first quarter of 2026 was one of the coldest and snowiest winters in the last 11 years after experiencing two of the more unusually mild winters in the previous two years. Looking beyond the catastrophe losses, the trajectory of the business has not changed. We continue to execute on our strategy. In the first quarter, we delivered improvements in underwriting, growth in premiums, an increased investment income, and continued diligent expense management, which will all carry through the rest of the year. Our capital position gives us the flexibility to execute against our growth plan without compromising balance sheet strength, and therefore we are reaffirming all metrics in our 2026 projections.
With that, operator, we are ready for questions.
Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Again, that is star one to ask questions. One moment please, while we poll for your questions. Our first questions come from the line of Bob Farnam with Brean Capital. Please proceed with your questions.
Hey there. Good morning.
Hi, Bob.
I had several questions here. One question I had was, how much of the cats got into the reinsurance layer. It sounded like you're gonna have some sort of recovery from the reinsurance company, so it sounds like it did. Can you give us an idea of what kind of gross losses look like relative to net losses?
Sure. If you recall, we bought first event winter storm coverage, so that is a $5 million recovery. We have, roughly $4 million, maybe $5 million going into the reinsurance tower. Our gross loss was about $25 million.
Okay. net was $14.5, and something along those lines?
Yeah. 26 points. Yeah.
Okay. I don't want to get too much into forward-looking stuff, but you said the policy count growth was, you know, accelerated in March. Can you give us an idea of how did that continue into April, or is that something that you don't want to touch at this point?
Yes, I can tell you that our growth has continued into the second quarter. We're at a even a slightly higher premium growth than we've been experiencing. I feel really good about our position in New York.
Okay, great. One quick question for, I guess, for probably for Randy. Other operating expenses was higher than I expected, and I wasn't sure if that was consulting fees, you know, re-related to get into California or something like that. I just want to know if that was more of a run rate or is that a one-off, relative to, you know, the last year's, it seems like it was a lot higher?
Hi, Bob. This is Randy. Other operating expenses. That was a one-time expense, and that was really related to some board-level projects, so we don't expect that to continue in future.
Okay, great. The last one I have, California. It, it's probably more of a all-encompassing question. All, all I hear over the last, you know, several months is, you know, X company getting into California on an excess and surplus lines basis. X MGAs getting into California, and then, G, you know, excess and surplus lines spaces. You know, it, I'm not sure what this does to the competitive environment in California, but I just kind of want to have an idea from you whether or not, you know, if the increased competition has an impact on your business plans, how amenable are you to tweaking your business plans? I just, I just want to get, maybe get a feel for kind of what the California situation is going to be looking like.
Sure. Let's not forget that the California market is $15 billion in homeowners premium, and it's the largest E&S homeowners market in the U.S. And lots of the admitted companies have pulled back. There is a huge need for capacity in California. I have heard of lots of different companies and/or MGAs entering on an E&S basis. I really don't think it is gonna change the demand for our product, given the need for capacity. If you recall, our plan was to enter in a very conservative way. We're anticipating that California volume will be less than 5% for 2026, so I don't think there will be any implications on our plan in California at this point.
You know, Kingstone is a very nimble company, and we will change our strategy in order to win in California, so we'll do what we need to do. Right now, I don't think there's any change that we need to make.
Okay. you know, I know I've asked you before, in the competitive environment in California, what does Kingstone offer that will give agents, you know, the option to say, "Hey, look, we're gonna put you with Kingstone over 30 other companies that might be looking for this business"?
Sure. Our strategy in California is to capitalize on the same strengths that we have demonstrated in the New York market. The first is that we created a Select product specific for California, so we'll have a very highly segmented product to match rate to risk. You know, potentially our price could be a reason that an agent puts business with us. You know, second, we are a company, not an MGA, so and we are very much committed to the long term in California. We are committed to independent agents, and our plan is to enter the state and offer ease of use to the independent agents. We want their business, and we want a long-term relationship with them, which is different than some of the entrants who are just looking to capitalize on short-term market opportunities.
We feel pretty good that we'll be able to succeed in California.
Great. Thanks for the color.
My pleasure.
Thank you. Our next question has come from the line of Gabriel McClure. Please proceed with your questions.
Good morning, Meryl.
Hi, Gabe.
Hi. I was gonna ask you if there's any color updates on the AmGUARD opportunity.
Sure. For those that don't know, we did sign a renewal rights agreement with AmGUARD. We started writing business last September, and the business is being non-renewed over a three year period in N.Y., consistent with the minimum policy term. We offer a quote to our producers, you know, when the business is renewing. We've been writing about $800,000 a month since last September. In the first quarter, we wrote $2.5 million. It represented about 4% of our growth in the quarter.
Okay, great. Are you doing any investing or work around AI right now?
Sure. We do a lot in AI. We don't talk about it much, but everything we're doing is about improving the productivity of our staff. I'll give you some examples. On the claims side, we are about to elevate AI, an agentic AI for first notice of loss. That would be very helpful in the event of a catastrophe, which we hope we don't have any more this year. We've had enough. But there will be no limit on the number of losses that can be taken at any point in time. We also use a system to generate all of the coverage letters for the claims adjusters, and we use AI in terms of the contents claims process, which has been very successful in improving the customer experience as well as reducing indemnity costs.
On the underwriting side, we use AI to evaluate property condition and also to identify inconsistencies between all the different sources the underwriters use to evaluate an individual property. I could go on and on, like it's evolving and changing, and I would say while we're doing a lot, just like many companies, we're early on, and we look forward to enhancing our usage of AI in the future.
Okay. Thanks. That sounds really, really good.
Excellent.
Yeah. I think Bob asked you about the increased pace of growth in the first quarter, just to kind of reaffirm, you said that the pace was continuing to be brisk, if not a little bit brisker in this quarter, if I heard right. I was gonna also ask you know, I live out here in Arizona, so, stupid question, but, do you guys have any cat activity in Q2 so far?
I think the answer is no. We experienced all that we could handle in Q1. Typically, Q2 is a very low cat quarter, and as far as I know, so far this quarter, there have been no catastrophe events.
Okay. Okay, very good. I want to ask you about Connecticut. You kind of announced that we're going in on an admitted basis. I was just kind of wondering about your thinking on going in on admitted basis versus a non-admitted basis when, you know, you have a few more strings tied to you when you go in on an admitted basis.
Yes. You know, on any individual state entry, we evaluate whether we should do it on an admitted or a non-admitted basis. You know, the Connecticut Insurance Department is pretty, you know, insurance company friendly. We've operated here before. They move pretty quickly on filings. They're very reasonable. Really feedback we received from producers is that we would be adversely selected against as an E&S writer. You know, there is, you know, an opportunity is on the admitted side. It's really a combination of a friendly regulatory environment along with the needs in the marketplace, and we think we can be successful in Connecticut on an admitted basis.
Okay. Okay, thanks for the color there. If I could just one last question, maybe for Randy. There was a $2 million loss in the AOCI. Was that tied to higher interest rates marking down the bonds?
Yeah, that's exactly right, Gabe. Yeah, that's correct.
Okay. All right. That's all for me. Thanks, guys.
Thanks, Gabe. See you in Las Vegas.
Yeah, see you in Vegas.
At Planet MicroCap.
Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. I'm showing no further questions at this time. I'd now like to hand the call back over to Meryl Golden, President and CEO, for any closing remarks.
Thanks for joining the call today. We're gonna continue to execute with discipline, manage catastrophe exposure prudently, and invest in scalable growth opportunities to deliver long-term value to our shareholders. We look forward to updating you as the year progresses. Have a good day.
Ladies and gentlemen, thank you so much. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.
Investor releaseQuarter not tagged2026-05-07Skyward Specialty Insurance (SKWD) Surpasses Q1 Earnings and Revenue Estimates
Zacks
Skyward Specialty Insurance (SKWD) Surpasses Q1 Earnings and Revenue Estimates
Skyward Specialty Insurance (SKWD) came out with quarterly earnings of $1.25 per share, beating the Zacks Consensus Estimate of $1.05 per share. This compares to earnings of $0.9 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +19.05%. A quarter ago, it was expected that this property and casualty insurance holding company would post earnings of $0.96 per share when it actually produced earnings of $1.17, delivering a surprise of +21.88%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Skyward, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $475.87 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 19.44%. This compares to year-ago revenues of $328.53 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Skyward shares have lost about 14.1% since the beginning of the year versus the S&P 500's gain of 6%. While Skyward has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Skyward was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the...
Investor releaseQuarter not tagged2026-05-01NMI Holdings (NMIH) Tops Q1 Earnings and Revenue Estimates
Zacks
NMI Holdings (NMIH) Tops Q1 Earnings and Revenue Estimates
NMI Holdings (NMIH) came out with quarterly earnings of $1.28 per share, beating the Zacks Consensus Estimate of $1.22 per share. This compares to earnings of $1.28 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +4.64%. A quarter ago, it was expected that this mortgage insurance company would post earnings of $1.17 per share when it actually produced earnings of $1.2, delivering a surprise of +2.56%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. NMI Holdings, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $183.48 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.36%. This compares to year-ago revenues of $173.25 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. NMI Holdings shares have added about 0.8% since the beginning of the year versus the S&P 500's gain of 4.2%. While NMI Holdings has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for NMI Holdings was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list o...
Investor releaseQuarter not tagged2026-04-28Kingstone Declares Quarterly Dividend
GlobeNewswire
Kingstone Declares Quarterly Dividend
KINGSTON, N.Y., April 27, 2026 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq: KINS) (“Kingstone” or the “Company”), a property and casualty insurance holding company, today announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share of common stock. The Company will pay the dividend on May 26, 2026, to stockholders of record at the close of business on May 11, 2026. About Kingstone Companies, Inc. Kingstone is a regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. Kingstone delivers tailored homeowners insurance solutions through its sophisticated product suite, Select, supported by a scalable and efficient operating platform that enables the Company to pursue significant market opportunities and strategic expansion. KICO was the 11th largest writer of homeowners insurance in New York in 2025 and is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. Investor Relations Contact: Elevate IR [email protected] 720-330-2829
Investor releaseQuarter not tagged2026-04-17Kingstone Schedules First Quarter 2026 Earnings Release and Conference Call
GlobeNewswire
Kingstone Schedules First Quarter 2026 Earnings Release and Conference Call
KINGSTON, N.Y., April 16, 2026 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq: KINS) (the "Company" or "Kingstone"), a property and casualty insurance holding company, today announced that it will issue financial results for the first quarter ended March 31, 2026, after the market closes on Thursday, May 7, 2026. Management will host a conference call to discuss the Company’s business operations and financial results at 8:30am ET on Friday, May 8, 2026. Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin by dialing: U.S toll-free: 1-877-407-2991 International: 1-201-389-0925 A webcast of the live call will be available in the “Investor Relations” section of the Company’s website at www.kingstonecompanies.com or by clicking here. A replay of the webcast will be available shortly after the conclusion of the call and will remain accessible for approximately 30 days. About Kingstone Companies, Inc. Kingstone is a Northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. Kingstone delivers tailored homeowners insurance solutions through its sophisticated product suite, Select, supported by a scalable and efficient operating platform that enables the Company to pursue significant market opportunities and strategic expansion. KICO was the 11th largest writer of homeowners insurance in New York in 2025 and is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. Kingstone Investor Relations Contact: Elevate IR [email protected] 720-330-2829
Investor releaseQuarter not tagged2026-04-02Kingstone CEO Meryl Golden Issues Shareholder Letter Following Record 2025 Results, Outlines Measured Expansion into California
GlobeNewswire
Kingstone CEO Meryl Golden Issues Shareholder Letter Following Record 2025 Results, Outlines Measured Expansion into California
KINGSTON, N.Y., April 01, 2026 (GLOBE NEWSWIRE) -- Kingstone Companies, Inc. (Nasdaq: KINS) (“Kingstone” or the “Company”), a Northeast regional property and casualty insurance holding company, today released the following letter to shareholders from President and Chief Executive Officer Meryl Golden regarding the Company’s entry into the California excess and surplus lines homeowners market. Dear Fellow Shareholders, Four years ago, Kingstone was an underperforming business. We were overexposed in states where we had no competitive advantage, selling a product that did not match rate to risk and running at a 41% net expense ratio. We made a series of difficult but necessary decisions—reducing our footprint in unprofitable states and segments, changing our product and risk appetite, rebuilding our claims organization, and fundamentally restructuring our cost base. Today, those decisions have reshaped Kingstone into a far more focused and profitable company. In 2025, we delivered the strongest financial performance in our history. Net income more than doubled to $40.8 million, diluted EPS increased 95% to $2.88, and our combined ratio improved to 75%, driving a 43% return on equity. Since year-end 2023, we have grown direct premiums written by 39% while improving our combined ratio by 30 points. Importantly, this performance is structural, not simply weather-driven, and validates the strength and durability of the platform we have built. In 2025 we announced our 5-year growth plan, to achieve $500 million in written premium by year-end 2029, doubling the size of the company, by continuing our organic and inorganic growth in New York and expanding into new geographies. Recently we announced that we intend to enter the California market as our first expansion state in Q2 2026. To reduce the volatility in our earnings and risk overall, it is imperative that we diversify from our current geographic concentration in a single state and a single regulatory environment. The purpose of this letter is to share more information about the California market, why this is a tremendous opportunity for us, and our approach. Why California. Why Now. The logic is straightforward. California is one of the largest homeowners markets in the country with over $15 billion in premium, almost double the market size of New York. We worked with an advisory firm to evaluate a large numbe...
Investor releaseQuarter not tagged2026-03-07Kingstone Companies Inc (KINS) Q4 2025 Earnings Call Highlights: Record Profits and Strategic ...
GuruFocus.com
Kingstone Companies Inc (KINS) Q4 2025 Earnings Call Highlights: Record Profits and Strategic ...
This article first appeared on GuruFocus. Release Date: March 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Kingstone Companies Inc (NASDAQ:KINS) reported its most profitable quarter and year in history, with net income of $14.8 million for Q4 and $40.8 million for the full year. The company achieved a significant improvement in its combined ratio, reaching 64.2% for the quarter and 75% for the year, reflecting strong underwriting performance. Direct premiums written grew by 14% in Q4 and 15% for the full year, driven by higher average premiums and strong retention. Kingstone Companies Inc (NASDAQ:KINS) plans to expand into the California market, which is seen as a significant growth opportunity due to its size and demand for homeowner's coverage. The company has successfully reduced its expense ratio from 41% in 2021 to 30% in 2025, indicating improved operational efficiency. The company's 2026 guidance assumes a higher than normal catastrophe load, which could impact earnings if realized. Kingstone Companies Inc (NASDAQ:KINS) faces potential regulatory challenges in New York regarding homeowner insurer profitability, which could affect future operations. The expansion into California, while promising, involves risks due to the state's regulatory environment and wildfire exposure. Despite strong performance, the company acknowledges the unpredictability of weather events, which could affect future results. The competitive landscape in New York could change with new entrants, potentially impacting Kingstone Companies Inc (NASDAQ:KINS)'s market position. Warning! GuruFocus has detected 1 Warning Sign with KINS. Is KINS fairly valued? Test your thesis with our free DCF calculator. Q: How does Kingstone plan to manage the differences in risk between California and New York, especially with the new entry into the excess and surplus lines market? A: Merrill Goldman, CEO, explained that Kingstone hired an actuarial consulting firm to assess catastrophe-exposed property markets, with California emerging as a top choice due to its large, dislocated market. Kingstone plans to enter with its select product, modified for California, and will use best-in-class models for underwriting wildfire risk. The entry will be disciplined, starting small with less than 5% of 2026 premiums, to ensure understanding of t...