Sixth Consecutive Quarter of Profitability
Kingstone reported its sixth consecutive quarter of profitability, with an 18% growth in direct written premiums and net income of $3.9 million, or $0.27 per diluted share.
Growth in Core Business
The core business saw a 23% growth in direct written premiums, led by a 68% increase in new business count and a 19% higher renewal average premium.
Successful Renewal Rights Transaction
Kingstone executed a renewal rights agreement with AmGUARD, providing competitive advantages and expected to contribute $25 million to $35 million in premiums over a 12-month period.
Improved Select Homeowners Program
The Select homeowners program's cumulative frequency decreased for 13 straight quarters, with frequency at 1.6% compared to 2.3% for the legacy product.
Strong Investment Income
Net investment income increased by 36% to $2 million, supported by strong cash generation and strategic investment in fixed-income securities.
Healthy Financial Position
Kingstone finalized the sale of its headquarters, resulting in a $1.5 million after-tax gain, and fully paid off holding company debt, saving over $800,000 in annual interest.