Tue, Mar 18, 9:12 PM (40 days ago)
Kingstone Companies, Inc. (KINS) is a property and casualty insurance company that operates through its wholly-owned subsidiary, Kingstone Insurance Company (KICO). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2024 was the 12th largest writer of homeowners insurance in New York. KICO is also licensed in the states of New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. For the years ended December 31, 2024 and 2023, respectively, 96.0% and 88.3% of KICO’s direct written premiums came from the New York policies. The company refers to its New York business as its “Core” business and the business outside of New York as its “non-Core” business. In addition, through its subsidiary, Cosi Agency, Inc. (“Cosi”), a multi-state licensed general agency, the company receives commission revenue from KICO for the policies it places with others and pays commissions to these agencies. The company's financial performance for the year ended December 31, 2024 showed a significant improvement, with a net income of $18,358,000 compared to a net loss of $6,168,000 in 2023. The company's gross written premiums totaled $242.0 million in 2024, an increase of 20.9% from the $200.2 million in 2023. The company's strategic initiatives, including Kingstone 2.0 and Kingstone 3.0, have focused on strengthening the management team, reducing expenses, and improving underwriting profitability. The company's market position has also improved, with KICO being the 12th largest writer of homeowners insurance in New York in 2024. The company's financial condition is strong, with a total assets of $374.9 million and total liabilities of $308.2 million as of December 31, 2024. The company's risk factors include exposure to catastrophes, changes in claim severity, and dependence on a relatively small number of insurance brokers. The company's future outlook is positive, with plans to continue growing profitably while managing risk through prudent use of reinsurance.