The following is a summary of the Kingstone Companies, Inc. (KINS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Kingstone Companies reported their highest income ever in Q3, with a net income of $7 million, or $0.61 per basic share for the quarter, and $12.9 million year-to-date.

• Direct written premiums increased by 28.1% this quarter, with core personal lines growing by 39.4%.

• The combined ratio improved significantly to 72%, with loss and expense ratios seeing notable improvements.

• Investment income increased by 14%, with a strategic shift to higher yielding corporate bonds.

• Earnings per share are projected to be between $1.40 and $1.70 for 2024 and between $1.60 and $2 for 2025.

Business Progress:

• Achieved record-setting premiums and a historic profit margin this quarter.

• Successfully managed growth from market dislocations without compromising profitability.

• Enhanced underwriting standards and tight control over catastrophe exposure.

• Built a strong cash balance through strategic share sales and debt management.

• Continuously adapting technologies and processes to enhance business operations and shareholder value.

Opportunities:

• Capitalized on the exit of two major competitors in the New York market, and potentially another major player in 2025, enhancing growth prospects.

• Plans to reduce quota share in 2025 to retain more premiums and profit, indicating a strategic shift towards greater financial independence and stronger earnings potential.

Risks:

• Potential increase in reinsurance costs due to a hardening market, influenced by natural disasters affecting broader industry conditions.

• Reliance on the success of the Select product and new market entries, which could alter if market conditions or competitive dynamics shift.

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