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.
Key Financial and Operational Highlights
Three Months Ended
March 31,
($ in thousands, except per share data)
2026
2025
Change
Net premiums earned
$
55,869
$
43,523
28.4%
Direct premiums written1
$
69,603
$
58,175
19.6%
Net combined ratio
112.0%
93.7%
18.3 pts
Catastrophe loss ratio1
26.0%
1.7%
24.3 pts
Underlying combined ratio1
88.3%
93.4%
(5.1) pts
Net (loss) income
$
(5,808)
$
3,883
(249.6)%
Net (loss) income per share - diluted
$
(0.40)
$
0.27
(248.1)%
Operating net (loss) income per share - diluted1
$
(0.35)
$
0.17
(305.9)%
Return on equity - annualized
(19.6)%
20.8%
(40.4) pts
1Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release.
Management CommentaryMeryl 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 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.
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."
Fiscal Year 2026 Outlook(see "Disclaimer and Forward-Looking Statements" below)
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's current expectations based on information available as of May 7, 2026 and is subject to the risks and uncertainties described in "Disclaimer and Forward-Looking Statements" below.
Guidance Metrics
2026 Estimate
Direct premiums written1,4 growth
16% to 20%
Net combined ratio
81% to 86%
Underlying combined ratio1,2 (excluding catastrophe losses and prior-year reserve development)
74% to 76%
Prior-year reserve development
—%
Catastrophe loss ratio3
7% to 10%
Net income per share, diluted
$2.20 to $2.90
Return on equity
24% to 30%
¹Refer to "Definitions and Non-GAAP Measures" for definitions and first quarter 2026 reconciliations. ²The 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 "Definitions and Non-GAAP Measures" 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.³ The catastrophe loss ratio estimate for 2026 of 7% to 10% is at or above the Company's six-year historical average of 7.1% (2019–2024) 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.4Guidance 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's direct control; therefore the Company is unable to predict such variables with reasonable certainty without unreasonable efforts.
Key Modeling Assumptions
The following reflects certain key modeling assumptions with respect to the full year 2026 guidance:
Assumption
2026E
Assumed effective tax rate
21%
Weighted average diluted shares outstanding
14.8 million
Consolidated Financial Results
Consolidated Financial Results
Three Months Ended
($ in thousands, except policy and per share data)
March 31,
2026
2025
Change
Net premiums earned
$
55,869
$
43,523
28.4%
Direct premiums written1
$
69,603
$
58,175
19.6%
Policies in force, at the end of the period
82,406
76,905
7.2%
Net investment income
$
3,338
$
2,049
62.9%
Net losses on investments
$
(1,015)
$
(138)
NM
Gain on sale of real estate
$
—
$
1,966
NM
Net loss ratio
81.6%
62.4%
19.2 pts
Net underwriting expense ratio
30.4%
31.3%
(0.9) pts
Net combined ratio
112.0%
93.7%
18.3 pts
Net loss ratio
81.6%
62.4%
19.2 pts
Catastrophe loss ratio1
26.0%
1.7%
24.3 pts
Net loss ratio excluding the effect of catastrophes1
55.6%
60.7%
(5.1) pts
Effect of prior-year favorable reserve development
(2.3)%
(1.4)%
(0.9) pts
Underlying loss ratio1
57.9%
62.1%
(4.2) pts
Net (loss) income
$
(5,808)
$
3,883
(249.6)%
Net (loss) income per share - basic
$
(0.40)
$
0.29
(237.9)%
Net (loss) income per share - diluted
$
(0.40)
$
0.27
(248.1)%
Return on equity - annualized
(19.6)%
20.8%
(40.4) pts
Adjusted EBITDA1
$
(4,947)
$
4,256
(216.2)%
Other comprehensive (loss) income, net of tax
$
(2,055)
$
2,223
(192.4)%
Operating net (loss) income1
$
(5,006)
$
2,439
(305.2)%
Operating net (loss) income per share - basic1
$
(0.35)
$
0.18
(294.4)%
Operating net (loss) income per share - diluted1
$
(0.35)
$
0.17
(305.9)%
Operating return on equity1
(4.2)%
3.3%
(7.5) pts
Operating return on equity1- annualized
(16.9)%
13.1%
(30.0) pts
Book value per share, at the end of the period - diluted
$
7.70
$
5.57
38.2%
Book value per share, at the end of the period - diluted excluding AOCI
$
8.25
$
6.24
32.2%
NM = Not Meaningful1Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release.
Conference Call Details
Friday, May 8, 2026, at 8:30 a.m. Eastern Time
To participate please dial:
U.S. toll free
1-877-407-2991
International
1-201-389-0925
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's website under the News & Events/Presentations section at www.kingstonecompanies.com. A replay will be available for 30 days.
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 ...
