Company to Host Conference Call on August
11, 2017 at 8:30 a.m. ET
Kingstone Companies, Inc. (Nasdaq: KINS) (the
“Company” or “Kingstone”), a multi-line property and casualty
insurance holding company, today announced its financial results
for the quarter ended June 30, 2017.
Financial and Operational
Highlights
2017 Second Quarter
(All results are compared to prior year period unless otherwise
noted)
- Net income decreased 11.7% to $2.5
million or $0.23 per diluted share
- Net operating income1 decreased 8.6% to
$2.4 million or $0.22 per diluted share
- Net premiums earned increased 12.9% to
$17.0 million
- Direct written premiums1 increased
16.4%; Personal lines grew by 17.5%
- Net combined ratio of 77.6% compared to
73.7%
- Return on average common equity
(annualized) of 11.3%
- Operating return on average common
equity (annualized)1 of 10.9%
- Book value per share increased to
$8.50, up 25.0% over Q2 2016
Quarterly Dividend of $0.08 per share
The Company announced that its Board of Directors declared a
quarterly dividend of $0.08 per share payable on September 15, 2017
to stockholders of record at the close of business on August 31,
2017. This is Kingstone’s 25th consecutive quarterly dividend.
Management Commentary
Kingstone’s Chairman and CEO, Barry Goldstein, commented “First,
in spite of posting a quarterly combined ratio of under 78%, we
could not match the outstanding performance of the prior year. On a
year-to-date basis, net income has increased to just short of $4
million, up almost 18% over the prior year. And, with the addition
of added capital from the follow on offering in Q1, our investment
income grew significantly, as we put the funds to work by growing
our overall portfolio. An unusually large number of personal lines
fire claims this quarter ran counter to the abnormally low number
we saw in the previous second quarter, and had a 5.7 point impact
on the loss ratio compared to a typical second quarter. The
increase appears to be a random event not attributable to any
particular block of business. We do note that year-to-date claim
frequency, the performance metric we watch most closely, continues
to show a year-over-year decline in nearly all lines of
business.”
Mr. Goldstein elaborated on growth, stating “In the second
quarter we saw a sharp increase in new business, which contributed
to the increase in direct written premium year-over-year of 16.4%
overall, and a 17.5% increase for personal lines. Starting in May,
we noted a very large increase in personal lines quoting activity
from our existing New York agents. This was followed quickly by a
significant increase in new policies issued and a much higher
conversion rate than we had observed in recent quarters. Some of
this increase can be attributed to external market situations
unique to the quarter and some is related to internal actions we
took. However, we believe the lion’s share of the increase in new
business quoting and conversion can be attributed to the A.M. Best
rating upgrade. The growth in new business is particularly
encouraging since we have not yet made material changes to our
agency base to add higher end agencies specializing in risks that
require an A-rated carrier. The growth we have seen in the quarter
is purely related to increased activity from our existing agents.
We believe that much of this impact is related to our new elite
status as an A-rated carrier, particularly in coastal areas where
many of our current competitors are either not rated at all by A.M.
Best or who do not enjoy the A-rating we have worked so hard to
attain.”
Kingstone’s EVP and Chief Actuary, Ben Walden, commented on the
underwriting results for the quarter. “We continued to post very
strong results in the second quarter, and are well on the way to
our most profitable year ever. Looking at the results for the
quarter compared to 2016, we note that the Second Quarter of last
year was one of our best ever from a loss ratio perspective, with a
low frequency of large claims and lower average claim size than we
typically observe. This quarter, we reverted towards the mean but
still produced an outstanding 44.0% net loss ratio, which was
nearly identical to the result from second quarter 2015. The impact
of fire claims on the personal lines loss ratio was significantly
higher this second quarter than it was last year. However, year to
date we continue to see favorable trends in claim frequency
compared to 2016. Our net combined ratio of 77.6% for the quarter
is an outstanding result, not as good as last year but we are
pleased. In addition to continued excellent underwriting results,
our double digit New York growth rate continues with a strong
uptick that we believe can be attributed primarily to our A.M. Best
rating upgrade that was announced in April. We also opened up
business for our New Jersey Homeowners product in May. Our new
product is being well-received in the market and the mix of
business is in line with the coastal market preferred niche that we
are targeting. We have recently filed a similar product in Rhode
Island that we hope to launch by the end of the year.”
Mr. Walden concluded, “Our core net loss ratio excluding severe
winter weather and prior year loss development was 45.2% for second
quarter 2017, and the year-to-date core net loss ratio was 47.9%
which is in line with the 2016 loss ratio through June of 47.3%.
Prior year loss development had a favorable impact of 1.2 points in
the second quarter, compared to a 2.1 point unfavorable impact in
the second quarter of 2016. Our reserves remain strong, and even
with an increased impact from fire claims during the quarter we
were able to post a combined ratio in the 70s, something not many
other carriers our size can report. Through June, our year-to-date
combined ratio is in line with 2016 on higher volume, and we
anticipate many more growth and profit opportunities in the near
future.”
(1) This measure is not based on GAAP and is defined and
reconciled to the most directly comparable GAAP measure in
“Information Regarding Non-GAAP Measures” below.
Financial Highlights Table
Financial Highlights Three Months Ended June 30,
Six Months Ended June 30, ($ in thousands except per share
data)
2017
2016
%
Change
2017
2016
%
Change
Direct written premiums* $ 30,458 $ 26,161 16.4% $ 56,584 $ 49,204
15.0% Net written premiums* $ 19,727 $ 16,953 16.4% $ 36,462 $
31,615 15.3% Net premiums earned $ 16,954 $ 15,011 12.9% $ 33,323 $
29,543 12.8% Total ceding commission revenue $ 3,306 $ 2,569 28.7%
$ 6,490 $ 5,339 21.6% Net investment income $ 1,026 $ 764 34.3% $
1,884 $ 1,577 19.5% U.S. GAAP Net income $ 2,510 $ 2,842
-11.7% $ 3,981 $ 3,383 17.7% U.S. GAAP Diluted EPS $ 0.23 $ 0.36
-36.1% $ 0.39 $ 0.44 -11.4% Comprehensive income $ 3,052 $
3,232 -5.6% $ 4,905 $ 4,699 4.4% Net operating income* $ 2,426 $
2,655 -8.6% $ 3,932 $ 3,143 25.1% Net operating income diluted EPS*
$ 0.22 $ 0.34 -35.3% $ 0.38 $ 0.41 -7.3% Return on average
equity (annualized) 11.3% 22.7% -11.4 pts 10.8% 13.7% -2.9 pts
Net loss ratio 44.0% 38.6% 5.4 pts 47.3% 51.7% -4.4 pts Net
underwriting expense ratio 33.6% 35.1% -1.5 pts
34.1% 33.4% 0.7 pts Net combined ratio 77.6% 73.7%
3.9 pts 81.4% 85.1% -3.7 pts Effect of catastrophes on net
combined ratio 0 pts 0 pts 0 pts 0 pts 4.8 pts -4.8 pts
Net combined ratio excluding the effect of
catastrophes*
77.6% 73.7% 3.9 pts 81.4% 80.3% 1.1 pts * These measures are
not based on GAAP and are defined and reconciled to the most
directly comparable GAAP measures in "information Regarding
Non-GAAP Measures."
2017 Second Quarter Financial
Review
Net Income:
Net income declined by 11.7% to $2.51 million during the three
month period ended June 30, 2017, compared to net income of $2.84
million in the prior-year period. The decrease in net income can be
attributed primarily to a 5.4 point increase in the net loss ratio
and the increase of $.47 million in other operating expenses.
Earnings per share (“EPS”):
Kingstone reported EPS of $0.23 per diluted share for the three
months ended June 30, 2017, compared to $0.36 per diluted share for
the three months ended June 30, 2016. EPS for the three month
periods ended June 30, 2017 and 2016 was based on 10.82 million and
7.85 million weighted average diluted shares outstanding,
respectively.
Direct Written Premiums1, Net Written
Premiums1 and Net Premiums Earned:
Direct written premiums1 for the second quarter of 2017 were
$30.5 million, an increase of 16.4% from $26.2 million in the prior
year period. The increase is primarily attributable to an 11.8%
increase in the total number of policies in-force as of June 30,
2017 as compared to June 30, 2016.
(1) These measures are not based on GAAP and are defined and
reconciled to the most directly comparable GAAP measures in
“Information Regarding Non-GAAP Measures” below.
Net written premiums1 increased 16.4% to $19.7 million during
the three month period ended June 30, 2017 from $17.0 million in
the prior year period.
Net premiums earned for the quarter ended June 30, 2017
increased 12.9% to $17.0 million, compared to $15.0 million in the
quarter ended June 30, 2016.
Net Loss Ratio:
For the quarter ended June 30, 2017, the Company’s net loss
ratio was 44.0% compared to 38.6% in the prior period. The increase
in the second quarter 2017 net loss ratio was primarily due to an
increase in fire claims in our personal lines business, compared to
second quarter 2016 which had an abnormally low number of such
claims.
Net Other Underwriting Expense
Ratio:
For the quarter ended June 30, 2017, the net underwriting
expense ratio was 33.6% as compared to 35.1% in the prior year
period. The decrease of 1.5 percentage points was largely due to an
increase in ceding commission revenue, partially offset by expenses
related to our new state expansion initiative
Net Combined Ratio:
Kingstone’s net combined ratio was 77.6% for the three month
period ended June 30, 2017, compared to 73.7% for the prior year
period.
Other Operating Expenses not included in
Net Combined Ratio:
For the quarter ended June 30, 2017, other operating expenses
were $0.9 million, compared to $0.4 million in the prior period.
The increase of $.5 million includes $0.3 million of accrued
long-term bonus compensation pursuant to the three year employment
agreement effective January 1, 2017 with our Chief Executive
Officer. In Q2-2016 there was no long-term bonus compensation plan
in place.
Balance Sheet / Investment
Portfolio
Kingstone’s cash and investment holdings were $143.4 million at
June 30, 2017 compared to $104.1 million at June 30, 2016. The
Company’s investment holdings are comprised primarily of investment
grade corporate, mortgage-backed and municipal securities, with
fixed income investments representing approximately 90.9% of total
investments at June 30, 2017 and 87.7% at June 30, 2016. The
Company’s effective duration on its fixed-income portfolio is 4.9
years.
Net investment income increased 34.3% to $1,026,000 for the
second quarter of 2017 from $764,000 in the prior year period,
largely due to an increase in invested assets. The purchase of
higher rated and shorter duration securities has led to a reduction
in the pre-tax equivalent investment yield on estimated annual
income, excluding cash, to 4.00% at June 30, 2017 as compared to
4.04% as of June 30, 2016.
Accumulated Other Comprehensive Income
(AOCI), net of tax
As of June 30, 2017, AOCI was $1.00 million compared to $1.80
million at June 30, 2016.
Book
Value
The Company’s book value per share at June
30, 2017 was $8.50, an increase of 25.0% compared to $6.80 at June
30, 2016.
30-Jun-17 31-Mar-17 31-Dec-16
30-Sep-16 30-Jun-16 Book Value Per Share $
8.50 $ 8.29 $ 7.15 $ 7.16 $ 6.80 % Increase from specified
period to 6/30/2017 2.5% 18.9% 18.7% 25.0%
Conference Call Details
Management will discuss the Company’s operations and financial
results in a conference call on Friday, August 11, 2017, at 8:30
a.m. ET.
The dial-in numbers are:(877) 407-3105 (U.S.)(201) 493-6794
(International)
Accompanying Slide Presentation and
Webcast
The Company will also have an accompanying slide presentation
available in PDF format on the Kingstone Companies website at
http://www.kingstonecompanies.com/.
The presentation will be made available 30 minutes prior to the
conference call. In addition, the call will be simultaneously
webcast over the Internet via the Kingstone website or by clicking
on the conference call link:
http://kingstonecompanies.equisolvewebcast.com/q2-2017
The webcast will be archived and accessible for approximately 30
days.
Information Regarding Non-GAAP
Measures
Direct written premiums -
represents the total premiums charged on policies issued by the
Company during the respective fiscal period.
Net written premiums -
represents direct written premiums less premiums ceded to
reinsurers.
Net premiums earned - is the
GAAP measure most closely comparable to direct written premiums and
net written premiums. Management uses direct written premiums and
net written premiums, along with other measures, to gauge the
Company’s performance and evaluate results. Direct written premiums
and net written premiums are provided as supplemental information,
are not a substitute for net premiums earned and do not reflect the
Company’s net premiums earned.
The table below details the direct written premiums, net written
premiums, and net premiums earned for the periods indicated:
For the Three Months Ended For the Six
Months Ended June 30, June 30, 2017
2016 $ Change % Change
2017 2016 $ Change %
Change (000’s except percentages)
Direct and Net Written
Premiums Reconciliation: Direct written premiums
$30,458 $26,161 $ 4,297 16.4 % $56,584 $49,204 $ 7,380 15.0 %
Assumed written premiums 2 11 (9 ) (81.8 ) % 6 16 (10 ) (62.5 ) %
Ceded written premiums (10,733 ) (9,219 ) (1,514 ) 16.4 % (20,128 )
(17,605 ) (2,523 ) 14.3 %
Net written premiums 19,727
16,953 2,774 16.4 % 36,462 31,615 4,847 15.3 % Change in unearned
premiums (2,773 ) (1,942 ) (831 ) 42.8 % (3,139 ) (2,072 ) (1,067 )
51.5 %
Net premiums earned $16,954
$15,011 $ 1,943 12.9
% $33,323 $29,543 $
3,780 12.8 %
Net operating income - is
net income exclusive of realized investment gains, net of tax. Net
income is the GAAP measure most closely comparable to net operating
income.
Operating return on average common
equity - is net operating income divided by average
common equity. Return on average common equity is the GAAP measure
most closely comparable to operating return on average common
equity.
Management uses net operating income and operating return on
average common equity, along with other measures, to gauge the
Company’s performance and evaluate results, which can be skewed
when including realized investment gains, which may vary
significantly between periods. Net operating income and operating
return on average common equity are provided as supplemental
information, are not a substitute for net income or return on
average common equity and do not reflect the Company’s overall
profitability or return on average common equity.
The following table reconciles the net operating income to net
income and the operating return on average common equity to return
on average common equity for the periods indicated:
Three
Months Ended Three Months Ended Six Months Ended
Six Months Ended June 30, 2017 June 30, 2016
June 30, 2017 June 30, 2016 Diluted Diluted
Diluted
Diluted
earnings earnings earnings
earnings
per per per
per
common common common
common
Amount share Amount share Amount share Amount
share
(000’s except per commonshare amounts and
percentages)
Net Operating Income and Diluted
Earnings per Common Share Reconciliation:
Net income $ 2,510 $
0.23 $ 2,842 $ 0.36
$ 3,981 $ 0.39 $
3,383 $ 0.44 Net realized gain
on investments (130 ) (283 ) (76 ) (364 ) Less tax effect on
realized gains (46 ) (96 ) (27 ) (124 )
Net realized gain on investments, net of taxes (84 )
$ (0.01 ) (187 ) $ (0.02 ) (49 ) $ (0.01 )
(240 ) $ (0.03 )
Net operating income $
2,426 $ 0.22 $
2,655 $ 0.34 $
3,932 $ 0.38 $
3,143 $ 0.41 Weighted
average diluted shares outstanding 10,822,577
7,853,284 10,337,213 7,607,231
Operating Return on Average Common
Equity (Annualized for Quarterly Periods)
Reconciliation:
Net income $ 2,510 $
2,842 $ 3,981 $ 3,383 Average
common equity $ 89,208 $ 50,007 $ 73,499 $ 49,534
Return on average common equity
(annualized for quarterly periods)
11.3 % 22.7 % 10.8 %
13.7 % Net realized gain on investments, net
of taxes $ (84 ) $ (187 ) $ (49 ) $ (240 ) Average common equity $
89,208 $ 50,007 $ 73,499 $ 49,534
Effect of net realized gain on
investments, net of taxes,on return on average common
equity(annualized for quarterly periods)
-0.4 % -1.5 % -0.1 % -1.0 %
Net operating income
$ 2,426 $ 2,655 $ 3,932
$ 3,143 Average common equity $ 89,208 $ 50,007 $
73,499 $ 49,534
Operating return on average common
equity (annualized for quarterly periods)
10.9 % 21.2 % 10.7 %
12.7 %
Net combined ratio excluding the effect
of catastrophes - is a non-GAAP ratio, which is computed
as the difference between GAAP net combined ratio and the effect of
catastrophes on the net combined ratio. We believe that this ratio
is useful to investors and it is used by management to reveal the
trends in our business that may be obscured by catastrophe losses.
Catastrophe losses cause our loss trends to vary significantly
between periods as a result of their incidence of occurrence and
magnitude, and can have a significant impact on the net combined
ratio. We believe it is useful for investors to evaluate this
component separately and in the aggregate when reviewing our
underwriting performance. We also provide it to facilitate a
comparison to our outlook on the net combined ratio excluding the
effect of catastrophes. The most directly comparable GAAP measure
is the net combined ratio. The net combined ratio excluding the
effect of catastrophes should not be considered a substitute for
the net combined ratio and does not reflect the Company’s net
combined ratio.
The following table reconciles the net combined ratio excluding
the effects of catastrophes to the net combined ratio for the
periods indicated:
For the Three Months
Ended For the Six Months Ended June 30,
June 30, 2017 2016
Percentage Point
Change
2017 2016
Percentage Point
Change
Net Combined Ratio Excluding the Effect of Catastrophes
Reconciliation: Net combined ratio excluding the
effect of catastrophes 77.6 %
73.7 % 3.9 pts
81.4 % 80.3 % 1.1
pts Effect of catastrophe losses Net loss and
loss adjustment expenses 0.0 % 0.0 % - pts
0.0 % 4.8 % (4.8 ) pts Total effect of
catastrophe losses 0.0 % 0.0 % - pts
0.0 % 4.8 % (4.8 ) pts
Net combined
ratio 77.6 % 73.7 %
3.9 pts 81.4 %
85.1 % (3.7 ) pts
About Kingstone Companies,
Inc.
Kingstone is a property and casualty insurance holding company
whose principal operating subsidiary, Kingstone Insurance Company,
is domiciled in the State of New York. Kingstone is a multi-line
property and casualty insurance company writing business
exclusively through independent retail and wholesale agents and
brokers. Kingstone is licensed to write insurance policies in New
York, New Jersey, Pennsylvania, Connecticut, Texas and Rhode
Island. Kingstone offers property and casualty insurance products
to individuals and small businesses primarily in New York
State.
Forward-Looking
Statement
Statements in this press release may contain “forward-looking
statements” 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’s 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. More information about
these factors can be found in Kingstone’s filings with the
Securities and Exchange Commission, including its latest Annual
Report filed with the Securities and Exchange Commission on Form
10-K. Kingstone undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
The following table summarizes gross and net written premiums1,
net premiums earned, and loss and loss adjustment expenses by major
product type, which were determined based primarily on similar
economic characteristics and risks of loss.
For the Three Months Ended For the Six Months
Ended June 30, June 30, 2017
2016 2017 2016 Gross premiums
written (1): Personal lines $ 23,139,479 $ 19,697,839 $ 42,601,451
$ 37,138,925 Commercial lines 4,162,821 3,677,159 7,746,875
6,805,297 Livery physical damage 3,101,043 2,720,538 6,127,526
5,152,453 Other(2) 56,922 76,475
114,308 123,739 Total $ 30,460,265 $
26,172,011 $ 56,590,160 $ 49,220,414
Net premiums written (1): Personal lines $ 12,844,104 $ 10,831,897
$ 23,310,472 $ 20,217,335 Commercial lines 3,743,568 3,343,859
6,946,133 6,158,764 Livery physical damage 3,101,043 2,720,538
6,127,526 5,152,453 Other(2) 38,585 56,388
77,474 86,005 Total $ 19,727,300
$ 16,952,682 $ 36,461,605 $ 31,614,557
Net premiums earned: Personal lines $ 11,039,025 $ 9,826,564
$ 21,729,608 $ 19,290,460 Commercial lines 2,985,759 2,772,822
5,828,339 5,453,547 Livery physical damage 2,884,986 2,362,889
5,677,333 4,618,743 Other(2) 43,957 48,600
88,195 179,800 Total $
16,953,727 $ 15,010,875 $ 33,323,475 $
29,542,550 Net loss and loss adjustment expenses:
Personal lines $ 4,399,735 $ 3,137,613 $ 9,751,847 $ 10,686,164
Commercial lines 1,229,782 1,181,456 2,758,578 2,092,290 Livery
physical damage 1,260,153 946,101 2,225,675 1,934,654 Other(2)
74,672 95,470 22,598 (284,937 ) Unallocated loss adjustment
expenses 490,580 426,196 989,220
842,520 Total $ 7,454,922 $ 5,786,836
$ 15,747,918 $ 15,270,691 Net loss
ratio: Personal lines 39.9 % 31.9 % 44.9 % 55.4 % Commercial lines
41.2 % 42.6 % 47.3 % 38.4 % Livery physical damage 43.7 % 40.0 %
39.2 % 41.9 % Other(2) 169.9 % 196.4 % 25.6 % -158.5 % Total 44.0 %
38.6 % 47.3 % 51.7 % 1. These
measures are not based on GAAP and are defined and reconciled to
the most directly comparable GAAP measure in “Information Regarding
Non-GAAP Measures” above. 2. “Other” includes, among other things,
premiums and loss and loss adjustment expenses from commercial auto
and our participation in a mandatory state joint underwriting
association. Effective October 1, 2014 we decided to no longer
accept applications for new commercial auto coverage. In February
2015, we decided to no longer offer renewals to our existing
commercial auto policies beginning with those that expired on or
after May 1, 2015.
KINGSTONE COMPANIES,
INC. AND SUBSIDIARIES Condensed Consolidated
Statements of Income and Comprehensive Income (Unaudited)
For the Three Months Ended For the Six Months Ended
June 30, June 30, 2017 2016
2017 2016 Revenues Net premiums
earned $ 16,953,727 $ 15,010,875 $ 33,323,475 $ 29,542,550 Ceding
commission revenue 3,305,938 2,569,025 6,490,390 5,339,362 Net
investment income 1,026,004 764,070 1,883,804 1,577,127 Net
realized gains on investments 130,423 283,432 75,917 363,868 Other
income 308,159 284,508
597,859 533,855 Total revenues
21,724,251 18,911,910 42,371,445
37,356,762
Expenses Loss
and loss adjustment expenses 7,454,922 5,786,836 15,747,918
15,270,691 Commission expense 5,101,566 4,526,208 9,990,544
8,796,274 Other underwriting expenses 4,199,616 3,596,134 8,412,033
6,942,575 Other operating expenses 906,690 432,696 1,662,494
761,935 Depreciation and amortization 326,174
289,173 644,872 573,001
Total expenses 17,988,968
14,631,047 36,457,861 32,344,476
Income from operations before taxes 3,735,283
4,280,863 5,913,584 5,012,286 Income tax expense 1,224,891
1,438,602 1,932,612
1,628,993
Net income 2,510,392
2,842,261 3,980,972
3,383,293
Other comprehensive income, net of
tax
Gross change in unrealized gains on
available-for-sale-securities
951,047 873,850 1,475,869 2,357,914
Reclassification adjustment for gains
included in net income
(130,423 ) (283,432 ) (75,917 )
(363,868 ) Net change in unrealized gains 820,624 590,418 1,399,952
1,994,046
Income tax expense related to items of
other comprehensive income
(279,012 ) (200,742 ) (475,984 )
(677,976 )
Other comprehensive income, net of tax
541,612 389,676 923,968
1,316,070
Comprehensive income $ 3,052,004
$ 3,231,937 $ 4,904,940 $ 4,699,363
Earnings per common share: Basic $ 0.24 $ 0.36
$ 0.39 $ 0.45 Diluted $ 0.23 $ 0.36
$ 0.39 $ 0.44
Weighted average
common shares outstanding Basic 10,622,496
7,794,347 10,145,772 7,558,366
Diluted 10,822,577 7,853,284
10,337,213 7,607,231
Dividends
declared and paid per common share $ 0.0800 $ 0.0625
$ 0.1425 $ 0.1250
KINGSTONE COMPANIES, INC. AND SUBSIDIARIES Condensed
Consolidated Balance Sheets June
30, December 31, 2017
2016 (unaudited)
Assets Fixed-maturity securities,
held-to-maturity, at amortized cost (fair value of $5,193,772 at
June 30, 2017 and $5,298,119 at December 31, 2016) $ 4,895,894 $
5,094,902 Fixed-maturity securities, available-for-sale, at fair
value (amortized cost of $111,374,779 at June 30, 2017 and
$80,596,628 at December 31, 2016) 112,423,511 80,428,828 Equity
securities, available-for-sale, at fair value (cost of $11,311,097
at June 30, 2017 and $9,709,385 at December 31, 2016)
11,772,818 9,987,686 Total investments
129,092,223 95,511,416 Cash and cash equivalents 14,357,465
12,044,520 Premiums receivable, net 13,126,077 11,649,398
Reinsurance receivables, net 34,543,843 32,197,765 Deferred policy
acquisition costs 13,284,665 12,239,781 Intangible assets, net
1,180,000 1,350,000 Property and equipment, net 3,838,351 3,011,373
Other assets 1,268,699 1,442,209
Total assets $ 210,691,323 $ 169,446,462
Liabilities Loss and loss adjustment expense
reserves $ 44,196,576 $ 41,736,719 Unearned premiums 59,034,845
54,994,375 Advance premiums 2,169,979 1,421,560 Reinsurance
balances payable 2,803,939 2,146,017 Deferred ceding commission
revenue 7,228,966 6,851,841 Accounts payable, accrued expenses and
other liabilities 4,598,774 5,448,448 Deferred income taxes
339,840 166,949
Total
liabilities 120,372,919 112,765,909
Commitments and Contingencies
Stockholders' Equity Preferred stock, $.01 par value;
authorized 2,500,000 shares - - Common stock, $.01 par value;
authorized 20,000,000 shares; issued 11,600,288 shares at June 30,
2017 and 8,896,335 at December 31, 2016; outstanding 10,622,491
shares at June 30, 2017 and 7,921,866 shares at December 31, 2016
116,002 88,963 Capital in excess of par 68,218,302 37,950,401
Accumulated other comprehensive income 996,899 72,931 Retained
earnings 23,031,059 20,563,720
92,362,262 58,676,015 Treasury stock, at cost, 977,797 shares at
June 30, 2017 and 974,469 shares at December 31, 2016
(2,043,858 ) (1,995,462 )
Total stockholders'
equity 90,318,404 56,680,553
Total liabilities and stockholders' equity $
210,691,323 $ 169,446,462
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170810005944/en/
Kingstone Companies,
Inc.Amanda M. Goldstein, 516-960-1319Investor Relations
Director
Kingstone Companies (NASDAQ:KINS)
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