Kingstone Companies KINS Q2 2026 earnings

“I am very pleased to report the most profitable quarter in Kingstone's history. Net income was a record $15.5 million, diluted earnings per share rose 35% to $1.05, and our GAAP net combined ratio improved to 70.2%, resulting in an annualized return on equity of 50.8%. Diluted book value per share increased 35% year-over-year to $8.69. Direct premiums written grew 18.7%, led by continued strength in New York personal lines. Net premiums earned rose 31% as premiums from our reduced quota share continue to earn in. Our 39.6% net loss ratio included favorable prior-year reserve development and a negative catastrophe loss ratio, as favorable development on our first-quarter catastrophe estimate exceeded second-quarter catastrophe losses. Our underwriting expense ratio improved to 30.6%, reflecting the operating leverage of our scalable platform. Net investment income increased 49% on a growing investment portfolio and higher yields. Our strong capital position supports profitable growth and disciplined capital returns. We completed our catastrophe reinsurance placement that increased total coverage to $500 million, added wildfire protection, maintained low first-event retentions and reduced the risk-adjusted cost of our core catastrophe excess of loss coverage by more than 15%. We also announced a share repurchase authorization during the quarter and subsequently increased our quarterly dividend by 20% to $0.06 per share, one year after reinstating it. We remain confident in our trajectory and committed to delivering long-term value to our shareholders.”