Kingstone Announces Certain Preliminary Fourth Quarter 2023 Results and Schedules Conference Call

The Company Expects to Report Return to Profitability in the Fourth Quarter of 2023 with Continued Material Reduction in Non-Core Policies-In-Force and No Fourth Quarter Prior-Year Loss Reserve Development

KINGSTON, NY / ACCESSWIRE / February 27, 2024 / Kingstone Companies, Inc. (NASDAQ:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, announced today certain preliminary financial results for its fourth quarter ended December 31, 2023, and announced that it will hold its fourth quarter and year-end 2023 financial results conference call on Thursday, March 28, 2024, at 8:30 a.m. Eastern Time. The financial results news release is scheduled to be issued after the market closes on Wednesday, March 27, 2024.

Preliminary Results

(Estimated and Unaudited)

Fourth Quarter 2023 (all metrics are compared to Fourth Quarter 2022):

Kingstone refers to New York business as its "core" business and the business outside of New York as its "non-core" business.

• Strengthened the profitability of the Company's book of business by achieving a 48% reduction in policies-in-force in its non-core business as compared to December 31, 2022.
• Net premiums earned for all lines of business of $28.7 million versus $30.4 million as the Company continued to execute the strategic run-off of its non-core business, offsetting significant renewal rate achievement and new business premium in its core business.
  • Net premiums earned from non-core business declined by 44% from $5.3 to $2.9 million.
• Consolidated fourth quarter GAAP combined ratio range of 90% to 92%, or a 22 to 24 percentage point improvement.
• The fourth quarter net loss ratio range of 57% and 59%, or a 24 to 22 percentage point improvement.
  • Core business net loss ratio1 range of 55% and 57%, or a 17 to 15 percentage point improvement.
  • Non-core business net loss ratio ¹ between 79% and 81%, or a 45 to 43 percentage point improvement.
  • No favorable or unfavorable prior-year loss reserve development for the quarter.

¹ Core business net loss ratio and non-core business net loss ratio are not based on accounting principles generally accepted in the United States ("GAAP"). Net loss ratio is the most directly comparable GAAP measure. The aggregate of core business net loss ratio and non-core business net loss ratio is represented by net loss ratio, as set forth immediately above the non-GAAP measures.