KINS · Kingstone Companies, Inc.

Kingstone Companies reported a net loss of $5.8 million for Q1 2026, compared to net income of $3.9 million in the prior-year quarter, driven by an elevated catastrophe loss ratio of 26.0% from eleven winter storm events in the Northeast. The GAAP net combined ratio deteriorated to 112.0% from 93.7%, entirely due to catastrophe losses. However, excluding catastrophes and prior-year reserve development, the underlying combined ratio improved 5.1 points to 88.3%, reflecting lower non-catastrophe loss frequency, higher average premiums, and disciplined expense management. Net premiums earned grew 28.4% to $55.9 million, supported by 19.6% growth in direct premiums written to $69.6 million, driven by continued momentum in New York homeowners, higher average premiums, and solid retention. The net underwriting expense ratio improved to 30.4% from 31.3%. Net investment income rose 62.9% to $3.3 million, benefiting from higher yields. Management noted that the winter storm activity was in line with guidance and does not detract from underlying business strength. The company reaffirmed its full-year 2026 guidance, including direct premiums written growth of 16-20%, net combined ratio of 81-86%, and diluted EPS of $2.20-$2.90. Kingstone also highlighted strategic initiatives, including planned entry into California in Q2 and the launch of Kingstone America Insurance Company for expansion into Connecticut. The company declared a quarterly dividend of $0.05 per share.