{"id":960175,"date":"2026-05-07T18:25:06","date_gmt":"2026-05-07T22:25:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/kingstone-reports-first-quarter-2026-results\/"},"modified":"2026-05-07T18:25:06","modified_gmt":"2026-05-07T22:25:06","slug":"kingstone-reports-first-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kingstone-reports-first-quarter-2026-results\/","title":{"rendered":"Kingstone Reports First Quarter 2026 Results"},"content":{"rendered":"
\n

\n
\n Net Premiums Earned Growth of\u00a0<\/em>
\n <\/strong>
\n
\n 28%<\/em>
\n <\/strong>
\n
\n for Q1 2026 | Direct Premiums Written Growth<\/em>
\n <\/strong>
\n
\n
\n 1<\/em>
\n <\/strong>
\n <\/sup>
\n
\n of <\/em>
\n <\/strong>
\n
\n 20%<\/em>
\n <\/strong>
\n
\n for Q1 2026 <\/em>
\n <\/strong>
\n
\n
\n Q1 GAAP Net Combined Ratio of <\/em>
\n <\/strong>
\n
\n 112.0%<\/em>
\n <\/strong>
\n
\n Driven by Eleven Winter Catastrophe Events in the Northeast U.S.<\/em>
\n <\/strong>
\n
\n
\n Q1 Underlying Combined Ratio<\/em>
\n <\/strong>
\n
\n
\n 1<\/em>
\n <\/strong>
\n <\/sup>
\n
\n Improved <\/em>
\n <\/strong>
\n
\n 5.1<\/em>
\n <\/strong>
\n
\n Points to <\/em>
\n <\/strong>
\n
\n 88.3%<\/em>
\n <\/strong>
\n
\n
\n Q1 Diluted Net Loss Per Share of <\/em>
\n <\/strong>
\n
\n $0.40<\/em>
\n <\/strong>
\n
\n | Q1 Diluted Operating Net Loss Per Share<\/em>
\n <\/strong>
\n
\n
\n 1<\/em>
\n <\/strong>
\n <\/sup>
\n
\n of <\/em>
\n <\/strong>
\n
\n $0.35<\/em>
\n <\/strong>\n <\/p>\n

\n
\n Company Reaffirms 2026 Full Year Guidance <\/em>
\n <\/strong>\n <\/p>\n

\n
\n Management to Host Conference Call Tomorrow at 8:30 a.m. Eastern Time<\/em>
\n <\/strong>\n <\/p>\n

KINGSTON, N.Y., May 07, 2026 (GLOBE NEWSWIRE) — Kingstone Companies, Inc. (Nasdaq: KINS)<\/strong> (\u201cKingstone\u201d or the \u201cCompany\u201d), a regional property and casualty insurance holding company, today announced its financial results for the first quarter ended March\u00a031, 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<\/a><\/u>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Key Financial and Operational Highlights<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n March 31,<\/strong>\n <\/td>\n<\/tr>\n
\n ($ in thousands, except per share data)<\/em>\n <\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n<\/tr>\n
Net premiums earned<\/td>\n$<\/td>\n55,869<\/td>\n\u00a0<\/td>\n$<\/td>\n43,523<\/td>\n\u00a0<\/td>\n28.4%<\/td>\n<\/tr>\n
Direct premiums written1<\/sup><\/td>\n$<\/td>\n69,603<\/td>\n\u00a0<\/td>\n$<\/td>\n58,175<\/td>\n\u00a0<\/td>\n19.6%<\/td>\n<\/tr>\n
Net combined ratio<\/td>\n\u00a0<\/td>\n112.0%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93.7%<\/td>\n\u00a0<\/td>\n18.3 pts<\/td>\n<\/tr>\n
Catastrophe loss ratio1<\/sup><\/td>\n\u00a0<\/td>\n26.0%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.7%<\/td>\n\u00a0<\/td>\n24.3 pts<\/td>\n<\/tr>\n
Underlying combined ratio1<\/sup><\/td>\n\u00a0<\/td>\n88.3%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93.4%<\/td>\n\u00a0<\/td>\n(5.1) pts<\/td>\n<\/tr>\n
Net (loss) income<\/td>\n$<\/td>\n(5,808)<\/td>\n\u00a0<\/td>\n$<\/td>\n3,883<\/td>\n\u00a0<\/td>\n(249.6)%<\/td>\n<\/tr>\n
Net (loss) income per share – diluted<\/td>\n$<\/td>\n(0.40)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.27<\/td>\n\u00a0<\/td>\n(248.1)%<\/td>\n<\/tr>\n
Operating net (loss) income per share – diluted1<\/sup><\/td>\n$<\/td>\n(0.35)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.17<\/td>\n\u00a0<\/td>\n(305.9)%<\/td>\n<\/tr>\n
Return on equity – annualized<\/td>\n\u00a0<\/td>\n(19.6)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20.8%<\/td>\n\u00a0<\/td>\n(40.4) pts<\/td>\n<\/tr>\n
\n
\n 1<\/em>
\n <\/sup>
\n Refer to section entitled “Definitions and Non-GAAP Measures” included in this press release.<\/em>\n <\/td>\n<\/tr>\n<\/table>\n

\n
\n
Management Commentary
<\/strong>Meryl Golden, President and Chief Executive Officer of Kingstone, stated, \u201cFirst 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.<\/p>\n

Excluding catastrophes, our performance underscores the earnings power of the platform we have built. Our underlying combined ratio1<\/sup> 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.<\/p>\n

Growth remained strong in the quarter with direct premiums written1<\/sup> 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.<\/p>\n

Our operating model continues to differentiate Kingstone. The increasing mix of our Select product is driving improved risk selection and loss performance, while our scalable platform enables us to grow efficiently. At the same time, our conservative reinsurance ensures that catastrophe events are an earnings event, not a capital event, allowing us to maintain financial flexibility even in periods of increased severe weather.<\/p>\n

Looking ahead, we remain confident in our trajectory and our full year 2026 guidance. Our underlying performance trends, combined with continued rate adequacy and disciplined growth, position us well to deliver strong profitability. We are also advancing our strategic initiatives, including our planned entry into California in the second quarter and the recent launch of Kingstone America Insurance Company, which will support our expansion into new markets on an admitted and non-admitted basis, starting with Connecticut in the third quarter. We will continue to execute with discipline, manage catastrophe exposure prudently, and invest in scalable growth opportunities to deliver long-term value to our shareholders.\u201d<\/p>\n

\n Fiscal Year 2026 Outlook
<\/strong>
\n (see \u201cDisclaimer and Forward-Looking Statements\u201d below)<\/em>\n <\/p>\n

The Company is reiterating its growth and profitability outlook for fiscal year 2026, which was originally issued on March 5, 2026. The guidance below reflects management\u2019s current expectations based on information available as of May 7, 2026 and is subject to the risks and uncertainties described in \u201cDisclaimer and Forward-Looking Statements\u201d below.<\/p>\n\n\n\n\n\n\n\n\n\n
\n Guidance Metrics<\/strong>\n <\/td>\n\n 2026 Estimate<\/strong>\n <\/td>\n<\/tr>\n
Direct premiums written1,4<\/sup> growth<\/td>\n16% to 20%<\/td>\n<\/tr>\n
Net combined ratio<\/td>\n81% to 86%<\/td>\n<\/tr>\n
Underlying combined ratio1,2<\/sup> (excluding catastrophe losses and prior-year reserve development)<\/td>\n74% to 76%<\/td>\n<\/tr>\n
Prior-year reserve development<\/td>\n\u2014%<\/td>\n<\/tr>\n
Catastrophe loss ratio3<\/sup><\/td>\n7% to 10%<\/td>\n<\/tr>\n
Net income per share \u2013 diluted<\/td>\n$2.20 to $2.90<\/td>\n<\/tr>\n
Return on equity<\/td>\n24% to 30%<\/td>\n<\/tr>\n<\/table>\n

\n \u00b9Refer to \u201cDefinitions and Non-GAAP Measures\u201d for definitions and first quarter 2026 reconciliations<\/em>
\n .<\/em>
\n
\n \u00b2The Underlying Combined Ratio is a non-GAAP measure. It is computed as the sum of the underlying loss ratio (which is a non-GAAP measure) and the net underwriting expense ratio. The underlying loss ratio excludes catastrophe losses and prior-year reserve development from the GAAP net loss ratio. The most directly comparable GAAP measure is the net combined ratio. Refer to the section entitled \u201cDefinitions and Non-GAAP Measures\u201d included in this press release for definitions and reconciliations of non-GAAP financial measures. A reconciliation of the 2026 estimate of Underlying Combined Ratio to the GAAP net combined ratio is not provided because the Company is unable to predict catastrophe losses and prior-year reserve development with reasonable certainty without unreasonable efforts. These items could materially impact the GAAP measure.<\/em>
\n
\n \u00b3 The catastrophe loss ratio estimate for 2026 of 7% to 10% is at or above the Company\u2019s six-year historical average of 7.1% (2019\u20132024) and gives effect to the elevated winter storm activity experienced in first quarter of 2026. Catastrophe losses are reported net of reinsurance recoveries and include loss adjustment expenses. The Company defines catastrophe events consistent with PCS industry designations.<\/em>
\n
\n
\n 4<\/em>
\n <\/sup>
\n Guidance for the most comparable GAAP measure, net premiums earned, is not provided because net premiums earned is an output of multiple variables including direct written premium growth, quota share cession rates, and premium earning patterns, several of which are not within the Company\u2019s direct control; therefore the Company is unable to predict such variables with reasonable certainty without unreasonable efforts.<\/em>\n <\/p>\n

\n Key Modeling Assumptions<\/strong>\n <\/p>\n

The following reflects certain key modeling assumptions with respect to the full year 2026 guidance:<\/p>\n\n\n\n\n
\n Assumption<\/strong>\n <\/td>\n\n 2026E<\/strong>\n <\/td>\n<\/tr>\n
Assumed effective tax rate<\/td>\n21%<\/td>\n<\/tr>\n
Weighted average diluted shares outstanding<\/td>\n14.8 million<\/td>\n<\/tr>\n<\/table>\n

\u00a0\u00a0<\/p>\n

\n Consolidated Financial Results<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Consolidated Financial Results<\/strong>\n <\/td>\n\n Three Months Ended<\/strong>\n <\/td>\n<\/tr>\n
\n ($ in thousands, except policy and per share data)<\/em>\n <\/td>\n\n March 31,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Change<\/strong>\n <\/td>\n<\/tr>\n
Net premiums earned<\/td>\n$<\/td>\n55,869<\/td>\n\u00a0<\/td>\n$<\/td>\n43,523<\/td>\n\u00a0<\/td>\n28.4%<\/td>\n<\/tr>\n
Direct premiums written1<\/sup><\/td>\n$<\/td>\n69,603<\/td>\n\u00a0<\/td>\n$<\/td>\n58,175<\/td>\n\u00a0<\/td>\n19.6%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Policies in force, at the end of the period<\/td>\n\u00a0<\/td>\n82,406<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n76,905<\/td>\n\u00a0<\/td>\n7.2%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net investment income<\/td>\n$<\/td>\n3,338<\/td>\n\u00a0<\/td>\n$<\/td>\n2,049<\/td>\n\u00a0<\/td>\n62.9%<\/td>\n<\/tr>\n
Net losses on investments<\/td>\n$<\/td>\n(1,015)<\/td>\n\u00a0<\/td>\n$<\/td>\n(138)<\/td>\n\u00a0<\/td>\n\n NM<\/em>\n <\/td>\n<\/tr>\n
Gain on sale of real estate<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n$<\/td>\n1,966<\/td>\n\u00a0<\/td>\n\n NM<\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss ratio<\/td>\n\u00a0<\/td>\n81.6%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62.4%<\/td>\n\u00a0<\/td>\n19.2 pts<\/td>\n<\/tr>\n
Net underwriting expense ratio<\/td>\n\u00a0<\/td>\n30.4%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31.3%<\/td>\n\u00a0<\/td>\n(0.9) pts<\/td>\n<\/tr>\n
Net combined ratio<\/td>\n\u00a0<\/td>\n112.0%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n93.7%<\/td>\n\u00a0<\/td>\n18.3 pts<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss ratio<\/td>\n\u00a0<\/td>\n81.6%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62.4%<\/td>\n\u00a0<\/td>\n19.2 pts<\/td>\n<\/tr>\n
Catastrophe loss ratio1<\/sup><\/td>\n\u00a0<\/td>\n26.0%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.7%<\/td>\n\u00a0<\/td>\n24.3 pts<\/td>\n<\/tr>\n
Net loss ratio excluding the effect of catastrophes1<\/sup><\/td>\n\u00a0<\/td>\n55.6%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60.7%<\/td>\n\u00a0<\/td>\n(5.1) pts<\/td>\n<\/tr>\n
Effect of prior-year favorable reserve development<\/td>\n\u00a0<\/td>\n(2.3)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1.4)%<\/td>\n\u00a0<\/td>\n(0.9) pts<\/td>\n<\/tr>\n
Underlying loss ratio1<\/sup><\/td>\n\u00a0<\/td>\n57.9%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62.1%<\/td>\n\u00a0<\/td>\n(4.2) pts<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net (loss) income<\/td>\n$<\/td>\n(5,808)<\/td>\n\u00a0<\/td>\n$<\/td>\n3,883<\/td>\n\u00a0<\/td>\n(249.6)%<\/td>\n<\/tr>\n
Net (loss) income per share – basic<\/td>\n$<\/td>\n(0.40)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.29<\/td>\n\u00a0<\/td>\n(237.9)%<\/td>\n<\/tr>\n
Net (loss) income per share – diluted<\/td>\n$<\/td>\n(0.40)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.27<\/td>\n\u00a0<\/td>\n(248.1)%<\/td>\n<\/tr>\n
Return on equity – annualized<\/td>\n\u00a0<\/td>\n(19.6)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20.8%<\/td>\n\u00a0<\/td>\n(40.4) pts<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Adjusted EBITDA1<\/sup><\/td>\n$<\/td>\n(4,947)<\/td>\n\u00a0<\/td>\n$<\/td>\n4,256<\/td>\n\u00a0<\/td>\n(216.2)%<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other comprehensive (loss) income, net of tax<\/td>\n$<\/td>\n(2,055)<\/td>\n\u00a0<\/td>\n$<\/td>\n2,223<\/td>\n\u00a0<\/td>\n(192.4)%<\/td>\n<\/tr>\n
Operating net (loss) income1<\/sup><\/td>\n$<\/td>\n(5,006)<\/td>\n\u00a0<\/td>\n$<\/td>\n2,439<\/td>\n\u00a0<\/td>\n(305.2)%<\/td>\n<\/tr>\n
Operating net (loss) income per share – basic1<\/sup><\/td>\n$<\/td>\n(0.35)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.18<\/td>\n\u00a0<\/td>\n(294.4)%<\/td>\n<\/tr>\n
Operating net (loss) income per share – diluted1<\/sup><\/td>\n$<\/td>\n(0.35)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.17<\/td>\n\u00a0<\/td>\n(305.9)%<\/td>\n<\/tr>\n
Operating return on equity1<\/sup><\/td>\n\u00a0<\/td>\n(4.2)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.3%<\/td>\n\u00a0<\/td>\n(7.5) pts<\/td>\n<\/tr>\n
Operating return on equity1<\/sup>– annualized<\/td>\n\u00a0<\/td>\n(16.9)%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13.1%<\/td>\n\u00a0<\/td>\n(30.0) pts<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Book value per share, at the end of the period – diluted<\/td>\n$<\/td>\n7.70<\/td>\n\u00a0<\/td>\n$<\/td>\n5.57<\/td>\n\u00a0<\/td>\n38.2%<\/td>\n<\/tr>\n
Book value per share, at the end of the period – diluted excluding AOCI<\/td>\n$<\/td>\n8.25<\/td>\n\u00a0<\/td>\n$<\/td>\n6.24<\/td>\n\u00a0<\/td>\n32.2%<\/td>\n<\/tr>\n<\/table>\n

\n NM = Not Meaningful<\/em>
\n
\n
\n 1<\/em>
\n <\/sup>
\n Refer to section entitled “<\/em>
\n Definitions and Non-GAAP Measures” included in this press release.<\/em>\n <\/p>\n

\n
\n
Conference Call Details<\/strong>\n <\/p>\n\n\n\n\n\n
Friday, May 8, 2026, at 8:30 a.m. Eastern Time<\/p>\n<\/td>\n<\/tr>\n
To participate please dial:<\/p>\n<\/td>\n<\/tr>\n
U.S. toll free<\/td>\n1-877-407-2991<\/td>\n<\/tr>\n
International<\/td>\n1-201-389-0925<\/td>\n<\/tr>\n<\/table>\n

\n
Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call will also be available via live webcast on the Company\u2019s website under the News & Events\/Presentations section at www.kingstonecompanies.com<\/a><\/u>. A replay will be available for 30 days.<\/p>\n

\n About Kingstone Companies, Inc.<\/strong>
\n
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.<\/p>\n

\n Investor Relations Contact:<\/strong>
\n
Elevate IR
KINS@elevate-ir.com
720-330-2829<\/p>\n

\n
\n Disclaimer and Forward-Looking Statements
<\/em>
\n <\/strong>
\n The guidance provided above is based on information available as of May 7, 2026 and management’s review of the anticipated financial results for 2026. Such guidance remains subject to change based on management’s ongoing review of the Company’s 2026 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone’s annual and quarterly filings with the Securities and Exchange Commission. <\/em>\n <\/p>\n

\n This press release may contain \u201cforward-looking statements\u201d 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\u2019s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. <\/em>\n <\/p>\n

\n The risks and uncertainties include, without limitation, the following:<\/em>\n <\/p>\n