Kingstone Announces Estimated Fourth Quarter 2022 Catastrophe Losses
01 Febbraio 2023 - 2:00PM
Business Wire
2022 Direct Written Premiums to Exceed $200
Million
Kingstone Companies, Inc. (Nasdaq: KINS) (the “Company”
or “Kingstone”), a Northeast regional property and casualty
insurance holding company, today announced that Kingstone Insurance
Company, its wholly-owned subsidiary, estimates net pre-tax
catastrophe losses for the fourth quarter of 2022 of $3.66 million
($2.89 million after-tax) or 12.0 points of net earned premium.
Catastrophe losses for the quarter primarily resulted from Winter
Storm Elliott, which significantly impacted the Northeast,
including the states in which Kingstone operates.
“The footprint of Winter Storm Elliott expanded to each of the
geographies in which Kingstone operates, including New York where
we have the majority of the Company’s business. Accordingly, our
business was impacted by severe and widespread weather-related
residential property losses, consistent with industry trends,” said
Barry Goldstein, Kingstone's Chairman and Chief Executive
Officer.
Goldstein continued, “I am delighted to share that Kingstone
achieved a milestone in 2022 with annual direct written premiums
exceeding $200 million for the first time. The increase in our
premiums at a higher rate than the growth in exposures is
representative of the progress we are making on our go-forward plan
to return Kingstone to profitability.”
As previously announced, Kingstone will hold its 2022 Fourth
Quarter and Full Year 2022 financial results conference call for
analysts and investors on Friday, March 31, 2023 at 8:30 a.m.
Eastern Time. The earnings announcement is scheduled for release
shortly after the stock markets close on Thursday, March 30th.
Financial information, including material announcements about
Kingstone Companies, is routinely posted on
www.kingstonecompanies.com.
About Kingstone Companies,
Inc.
Kingstone is a northeast regional property and casualty
insurance holding company whose principal operating subsidiary is
Kingstone Insurance Company (“KICO”). KICO is a New York domiciled
carrier writing business through retail and wholesale agents and
brokers. KICO offers primarily personal lines insurance products in
New York, New Jersey, Rhode Island, Massachusetts, and Connecticut.
Kingstone is also licensed in Pennsylvania, New Hampshire and
Maine.
Forward-Looking
Statements
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. For more details on factors
that could affect expectations, see Part I, Item 1A of our Annual
Report on Form 10-K for the year ended December 31, 2021 filed with
the Securities and Exchange Commission under "Factors That May
Affect Future Results and Financial Condition" and Part I, Item 2
and Part II, Item 1A of our Quarterly Report on Form 10-Q for the
period ended September 30, 2022 filed with the Securities and
Exchange Commission. These risks and uncertainties include, without
limitation, the following:
- As a property and casualty insurer, we may face significant
losses from catastrophes and severe weather events.
- Unanticipated increases in the severity or frequency of claims
may adversely affect our operating results and financial
condition.
- We are exposed to significant financial and capital markets
risk which may adversely affect our results of operations,
financial condition and liquidity, and our net investment income
can vary from period to period.
- The insurance industry is subject to extensive regulation that
may affect our operating costs and limit the growth of our
business, and changes within this regulatory environment may
adversely affect our operating costs and limit the growth of our
business.
- Changing climate conditions may adversely affect our financial
condition, profitability or cash flows.
- Because a significant portion of our revenue is currently
derived from sources located in New York, our business may be
adversely affected by conditions in such state.
- We are highly dependent on a relatively small number of
insurance brokers for a large portion of our revenues.
- Actual claims incurred may exceed current reserves established
for claims, which may adversely affect our operating results and
financial condition.
- We rely on our information technology and telecommunication
systems, and the failure of these systems could materially and
adversely affect our business.
Kingstone undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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Arielle Rothstein / Kaitlin Kikalo Joele Frank, Wilkinson
Brimmer Katcher (212) 355-4449
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