Kingstone Companies Announces Return to Profitability in Fourth Quarter 2023

Kingstone Companies, Inc., a regional property and casualty insurance holding company in the Northeast, released certain preliminary financial results for the fourth quarter ending December 31, 2023. The company reported a return to profitability and a significant 48% reduction in policies outside of its key New York market. Net premiums earned were $28.7 million, reflecting the strategy of gradual withdrawal from non-core activities.

A notable improvement was seen in the fourth quarter GAAP combined ratio, coming in between 90% and 92%, marking an improvement of 22 to 24 percentage points. The fourth quarter net loss ratio improved to between 57% and 59%. The company also reported that there were no favorable or unfavorable developments regarding the prior year's loss provision during the quarter.

Kingstone will hold its fourth quarter and year-end 2023 financial results conference call on Thursday, March 28, 2024. This announcement comes against a backdrop of optimizing the company's profitability and strategically reducing its non-core policies to consolidate its core activities.