Kingstone Companies, Inc. (Nasdaq: KINS) (the “Company”
or “Kingstone”), a Northeast regional property and casualty
insurance holding company, today announced its financial results
for the quarter ended March 31, 2023. The Company will host a
conference call for analysts and investors on May 12, 2023, at 8:30
a.m. Eastern Time, as previously announced on April 21, 2023.
Financial and Operational
Highlights 2023 First Quarter (All results are
compared to prior year quarterly period unless otherwise noted)
- Loss per share of $(0.47) compared to loss per share of
$(0.87); net operating loss per share1 of $(0.56) compared to
$(0.54). Losses attributable to catastrophes were $(0.27) per share
compared to $(0.22)
- Book value per share of $3.09, down 8.6% from the prior
quarter. Book value per share excluding Accumulated Other
Comprehensive (Loss)1 was $4.39
- Direct written premiums1 grew by 10.7% to $47.6 million
- Net premiums earned increased 5.9% to $28.3 million
- Net combined ratio decreased to 123.3% from 124.5%
- Net loss ratio was 88.6%, up from 86.0%, including 13.2% of
catastrophe losses up from 11.3%
- Net underwriting expense ratio decreased to 34.7% from
38.5%
- Net combined ratio excluding catastrophes and prior year loss
development1 was 110.1% compared to 113.2%
- No shares repurchased during Q1
Annual Meeting of Stockholders
As previously announced, the 2023 Annual Meeting of Stockholders
will be held on Wednesday, August 9, 2023 at 9:00 A.M. at 15 Joys
Lane, Kingston, New York. Stockholders of record as of the close of
business on June 15, 2023 will be entitled to vote at the Annual
Meeting.
__________________ 1 These measures are not based on accounting
principles generally accepted in the United States (“GAAP”) and are
defined and reconciled below to the most directly comparable GAAP
measures.
Management Commentary
Barry Goldstein, Kingstone's Chairman and Chief Executive
Officer, commented, “We have been working diligently to strengthen
and fortify our business, as we continue to navigate today’s
challenging environment. While we are reporting an underwriting
loss for the first quarter, this is not unexpected given the
difficult northeast winter and reflects a reality of operating
within this region. Looking ahead, I believe that many of the
headwinds we’ve faced will begin to slow, enabling us to see
increasing benefits from the strategic actions we’ve taken. Our
entire team remains relentlessly focused on improving our
underwriting results and returning Kingstone to profitability.”
Jennifer Gravelle, Kingstone’s Chief Financial Offer, continued,
“While our underwriting loss this quarter was comparable to last
year due to weather-related events, our investment results improved
due to the stabilization of the capital markets. Further, we’ve
continued to make great progress on our disciplined expense
reduction efforts, an important part of building a strong
foundation for sustained growth.”
Meryl Golden, Kingstone's Chief Operating Officer, concluded,
“We’ve already made inroads on Kingstone 3.0, our four-pillar
strategy for 2023 and 2024, which we introduced last quarter. We’re
rapidly offloading our unprofitable non-New York book of business
to enhance our bottom line, are seeing average premiums up
materially due to rate changes and updated replacement costs, have
kept our tight underwriting criteria in place and implemented a
host of initiatives to manage our PML, and are reporting that our
expense ratio is down considerably and continues to decline. I’m
optimistic for Kingstone’s future and remain laser-focused on
implementing our strategic plan that will restore us to
profitability and deliver long term value for shareholders.”
See “Forward-Looking Statements”
Financial Highlights Table
Three Months Ended March 31, ($ in thousands except
per share data)
2023
2022
%
Change
Direct written premiums1
$
47,597
$
42,984
10.7%
Net written premiums1
$
23,969
$
24,918
-3.8%
Net premiums earned
$
28,255
$
26,673
5.9%
Total ceding commission revenue
$
5,445
$
4,681
16.3%
Net investment income
$
1,541
$
1,359
13.4%
Net gains (losses) on investments
$
1,225
$
(4,398)
na
U.S. GAAP loss
$
(5,055)
$
(9,198)
-45.0%
U.S. GAAP Diluted loss per share
$
(0.47)
$
(0.87)
-45.7%
Comprehensive loss
$
(3,103)
$
(16,959)
-81.7%
Net operating loss1
$
(6,022)
$
(5,723)
5.2%
Net operating loss1 per share
$
(0.56)
$
(0.54)
4.0%
Return on average equity (annualized)
-58.2%
-54.9%
6.0%
Net loss ratio
88.6%
86.0%
2.6 pts Net underwriting expense ratio
34.7%
38.5%
-3.8 pts Net combined ratio
123.3%
124.5%
-1.2 pts Effect of catastrophes and prior year loss
development on net combined ratio1 13.2 pts 11.3 pts 1.9 pts
Net combined ratio excluding effect of catastrophes and prior year
loss development1
110.1%
113.2%
-3.1 pts 1 These measures are not based on GAAP and are
defined and reconciled below to the most directly comparable GAAP
measures.
2023 First Quarter Financial
Review
Net loss: Net loss was $5.1 million
during the three-month period ended March 31, 2023, compared to net
loss of $9.2 million in the prior year period. Typically, the first
quarter of the year produces an underwriting loss due to the
geographic positioning of Kingstone’s policyholders.
Earnings (Loss) per share (“EPS”):
Kingstone reported EPS of $(0.47) per diluted share for the three
months ended March 31, 2023, compared to EPS of $(0.87) per diluted
share for the three months ended March 31, 2022. EPS for the
three-month periods ended March 31, 2023 and 2022 was based on 10.8
million and 10.6 million weighted average diluted shares
outstanding, respectively.
Direct Written Premiums,1 Net Written
Premiums1 and Net Premiums Earned Direct written premiums1
for the first quarter of 2023 were $47.6 million, an increase of
$4.6 million, or 10.7%, from $43.0 million in the prior year
period. The increase is primarily attributable to a $4.0 million
increase in premiums from our personal lines business and a $0.6
million increase in our livery physical damage product.
Net written premiums1 decreased $0.9 million, or 3.8%, to $24.0
million during the three-month period ended March 31, 2023 from
$24.9 million in the prior year period. The decrease in the first
quarter was attributable to the runoff of a 8.5% portion of a 30%
personal lines quota share treaty. The remainder of the treaty was
on a cutoff basis and was placed at 30% on January 1, 2023.
Net premiums earned for the quarter ended March 31, 2023
increased 5.9% to $28.3 million, compared to $26.7 million for the
quarter ended March 31, 2022. The increase in the first quarter was
attributable to an increase in direct written premiums.
Net Loss Ratio: For the quarter
ended March 31, 2023, the Company’s net loss ratio was 88.6%,
compared to 86.0% in the prior year period. The loss ratio
increased from the prior year period mainly due to an increase in
catastrophe losses. The impact of catastrophe losses was 13.2
points for 2023 compared to 11.3 points in the prior year.
Net Underwriting Expense Ratio: For
the quarter ended March 31, 2023, the net underwriting expense
ratio was 34.7% as compared to 38.5% in the prior year period, a
decrease of 3.8 percentage points. The decrease in the first
quarter was primarily attributable to the increase in provisional
ceding commissions from the 30% personal lines quota share, a
decrease in IT expenses from the retirement of the Company’s legacy
systems and changes to producer commissions..
____________________ 1 These measures are not based on GAAP and
are defined and reconciled below to the most directly comparable
GAAP measures.
Balance Sheet / Investment
Portfolio Kingstone’s cash and investment holdings were
$190.6 million at March 31, 2023 compared to $191.0 million at
March 31, 2022. The Company’s investment holdings are comprised
primarily of investment grade corporate, mortgage-backed and
municipal securities, with fixed income investments representing
approximately 90.1% of total investments at March 31, 2023 and
90.7% at December 31, 2022. The Company’s effective duration on its
fixed-income portfolio is 4.3 years.
Net investment income increased 13.4% to $1.54 million for the
first quarter of 2023 from $1.36 million in the prior year
period.
Accumulated Other Comprehensive Income/
(Loss) (“AOCI”), net of tax As of March 31, 2023, AOCI was a
loss of $(14.0) million compared to loss of $(16.0) million at
December 31, 2022. The increase in AOCI at March 31, 2023 of $2.0
million is attributable to the impact of stabilizing interest rates
on available for sale securities since December 31, 2022.
Share Repurchase Program
The Company did not repurchase any shares during the
quarter.
Book Value The Company’s
book value per share at March 31, 2023 was $3.09, a decline of 8.6%
compared to $3.38 at December 31, 2022.
31-Mar-23
31-Dec-22
30-Sep-22
30-Jun-22
31-Mar-22
Book Value Per Share
$
3.09
$
3.38
$
3.65
$
4.42
$
5.50
% Increase from specified period to 3/31/23
-8.6%
-15.3%
-30.1%
-43.8%
Book value excluding Accumulated Other
Comprehensive (Loss) Income per Share1
The Company’s book value excluding Accumulated Other
Comprehensive (Loss) per share at March 31, 2023 was $4.39, a
decline of 9.8% compared to $4.87 at December 31, 2022.
31-Mar-23
31-Dec-22
30-Sep-22
30-Jun-22
31-Mar-22
Book Value Per Share Excluding Accumulated Other Comprehensive
(Loss) Income1
$
4.39
$
4.87
$
5.15
$
5.55
$
6.06
% Increase from specified period to 3/31/23
-9.8%
-14.7%
-20.8%
-27.5%
____________________ 1 This measure is not based on GAAP and is
defined and reconciled below to the most directly comparable GAAP
measure.
Conference Call Details
Management will discuss the Company’s operations and financial
results in a conference call on Friday, May 12, 2023, at 8:30 a.m.
ET.
The dial-in numbers are: 877-407-3105 (U.S.) 201-493-6794
(International)
Accompanying Webcast The
call will be simultaneously webcast over the Internet via the
Kingstone website or by clicking on the conference call link:
Kingstone Companies First Quarter 2023 Financial Results Webcast
The webcast will be archived and accessible for approximately 30
days.
Definitions and Non-GAAP
Measures
Direct written premiums
represent the total premiums charged on policies issued by the
Company during the respective fiscal period. Net premiums written are direct written
premiums less premiums ceded to reinsurers. Net premiums earned,
the GAAP measure most comparable to direct written premiums and net
premiums written, are net premiums written that are pro-rata earned
during the fiscal period presented. All of the Company’s policies
are written for a twelve-month period. Management uses direct
written premiums and net premiums written, along with other
measures, to gauge the Company’s performance and evaluate
results.
Net operating income (loss)
- is net income (loss) exclusive of realized investment gains
(losses), net of tax. Net income (loss) is the GAAP measure most
closely comparable to net operating income (loss).
Management uses net operating income (loss) along with other
measures to gauge the Company’s performance and evaluate results,
which can be skewed when including realized investment gains
(losses), and may vary significantly between periods. Net operating
income (loss) is provided as supplemental information, not as a
substitute for net income (loss) and does not reflect the Company’s
overall profitability.
Book value per share excluding
accumulated other comprehensive (loss) income - is book
value per share excluding the impact of accumulated other
comprehensive (loss) income or AOCI. Management uses book value per
share excluding accumulated other comprehensive (loss) income to
evaluate the results to exclude the impact of interest rate changes
on our fixed income portfolio.
Net combined ratio excluding effect of
catastrophes and prior year loss development - is a
non-GAAP ratio, which is computed as the difference between GAAP
net combined ratio and the effect of catastrophes and prior year
loss development on the net combined ratio.
We believe that these ratios are useful to investors, and they
are used by management to reveal the trends in our business that
may be obscured by catastrophe losses and prior year loss
development. Catastrophe losses cause our loss ratios to vary
significantly between periods as a result of their incidence of
occurrence and magnitude and can have a significant impact on the
net loss ratio and net combined ratio. Prior year loss development
can cause our loss ratio to vary significantly between periods and
separating this information allows us to better compare the results
for the current accident period over time. We believe these
measures are useful for investors to evaluate these components
separately and in the aggregate when reviewing our underwriting
performance. We also provide them to facilitate a comparison to our
outlook on the net combined ratio excluding the effect of
catastrophes and prior year loss development. The most directly
comparable GAAP measure is the net combined ratio. The net combined
ratio excluding the effect of catastrophes and prior year loss
development should not be considered a substitute for the net
combined ratio and does not reflect the Company’s net combined
ratio.
____________________
The table below reconciles direct written premiums and net
written premiums to net premiums earned for the periods
presented:
For the Three Months Ended March 31,
%
2023
2022
$ Change
Change
(000’s except percentages)
Direct and Net Written
Premiums Reconciliation: Direct written
premiums
$
47,597
$
42,984
$
4,613
10.7
%
Ceded written premiums
(23,628
)
(18,066
)
(5,562
)
30.8
Net written premiums
23,969
24,918
(949
)
(3.8
)%
Change in unearned premiums
4,286
1,755
2,531
144.2
Net premiums earned
$
28,255
$
26,673
$
1,582
5.9
%
(Components may not sum due to rounding)
____________________
The following table reconciles net operating loss to net
(loss) income for the periods indicated:
For the Three Months Ended March 31, 2023 March
31, 2022 Amount Diluted loss per common share Amount
Diluted loss per common share (000’s except per common share
amounts and percentages)
Net Loss and Diluted Loss per Common
Share Reconciliation: Net loss
$
(5,055
)
$
(0.47
)
$
(9,198
)
$
(0.87
)
Net realized (gain) loss on investments
(1,225
)
4,398
Less tax (expense) benefit on net realized (gain) loss
(257
)
924
Net realized (gain) loss on investments, net of taxes
(968
)
$
(0.09
)
3,474
$
0.33
Net operating loss
$
(6,022
)
$
(0.56
)
$
(5,723
)
$
(0.54
)
Weighted average diluted shares outstanding
10,756,913
#
10,630,450
(Components may not sum due to rounding)
____________________
The following table reconciles book value excluding
accumulated other comprehensive (loss) income to book value as of
the dates indicated:
31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22
31-Mar-22 Book Value Per Share
$
3.09
$
3.38
$
3.65
$
4.42
$
5.50
Accumulated other comprehensive loss
$
(14,007,076
)
$
(15,958,428
)
$
(15,978,570
)
$
(11,994,258
)
$
(5,964,578
)
Shares outstanding
10,760,559
10,700,106
10,645,675
10,645,675
10,637,901
Accumulated other comprehensive loss per common share
$
(1.30
)
$
(1.49
)
$
(1.50
)
$
(1.13
)
$
(0.56
)
Book value per share excluding accumulated other
comprehensive loss
$
4.39
$
4.87
$
5.15
$
5.55
$
6.06
(Components may not sum due to rounding)
____________________
The following table reconciles the net combined ratio
excluding catastrophes and prior year loss development to the net
combined ratio for the periods presented:
For the Three Months Ended March 31,
2023
2022
Percentage Point
Change
Net Combined Ratio Excluding Catastrophes and Prior Year Loss
Development Reconciliation: Net Combined Ratio
Excluding Catastrophes and Prior Year Loss Development
110.1
%
113.2
%
(3.1
)
pts Effect of catastrophe losses and prior year loss
development Catastrophe losses
13.2
%
11.3
%
1.9
pts Prior year loss development
0.0
%
0.0
%
-
pts Effect of catastrophe losses and prior year loss development on
net loss and loss adjustment expenses
13.2
%
11.3
%
1.9
pts Net underwriting expense ratio
0.0
%
0.0
%
-
pts Total effect of catastrophe losses and prior year loss
development
13.2
%
11.3
%
1.9
pts
Net combined ratio
123.3
%
124.5
%
(1.2
)
pts
____________________
The following table reconciles the net loss ratio excluding
catastrophes and prior year loss development to the net loss ratio
for the periods presented:
For the Three Months Ended March 31,
2023
2022
Percentage Point
Change
Net Loss Ratio Excluding Catastrophes and Prior Year Loss
Development Reconciliation: Net Loss Ratio Excluding
Catastrophes and Prior Year Loss Development
75.4
%
74.7
%
0.7
pts Effect of catastrophe losses and prior year loss
development Catastrophe losses
13.2
%
11.3
%
1.9
pts Prior year loss development
0.0
%
0.0
%
-
pts Effect of catastrophe losses and prior year loss development on
net loss and loss adjustment expenses
13.2
%
11.3
%
1.9
pts
Net loss ratio
88.6
%
86.0
%
2.6
pts
____________________
KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and
Comprehensive Income (Loss) (Unaudited) For the Three Months
Ended March 31,
2023
2022
Revenues Net premiums earned
$
28,254,953
$
26,673,380
Ceding commission revenue
5,445,407
4,681,396
Net investment income
1,541,492
1,359,100
Net gains (losses) on investments
1,224,871
(4,398,405
)
Other income
161,040
235,824
Total revenues
36,627,763
28,551,295
Expenses Loss and loss adjustment expenses
25,039,410
22,941,198
Commission expense
8,539,762
8,351,086
Other underwriting expenses
6,871,619
6,815,949
Other operating expenses
662,634
881,955
Depreciation and amortization
808,130
770,110
Interest expense
1,009,891
456,545
Total expenses
42,931,446
40,216,843
Loss from operations before taxes
(6,303,683
)
(11,665,548
)
Income tax benefit
(1,248,973
)
(2,468,016
)
Net loss
(5,054,710
)
(9,197,532
)
Other comprehensive income (loss), net of tax Gross
change in unrealized gains (losses) on
available-for-sale-securities
2,467,426
(9,865,777
)
Reclassification adjustment for losses included in net loss
2,639
41,324
Net change in unrealized gains (losses), on
available-for-sale-securities
2,470,065
(9,824,453
)
Income tax (expense) benefit related to items of other
comprehensive income (loss)
(518,713
)
2,063,136
Other comprehensive income (loss), net of tax
1,951,352
(7,761,317
)
Comprehensive loss
$
(3,103,358
)
$
(16,958,849
)
Loss per common share: Basic
$
(0.47
)
$
(0.87
)
Diluted
$
(0.47
)
$
(0.87
)
Weighted average common shares outstanding Basic
10,756,913
10,630,450
Diluted
10,756,913
10,630,450
Dividends declared and paid per common share
$
-
$
0.04
The following table summarizes gross and net written
premiums, net premiums earned, net loss and loss adjustment
expenses and net loss ratio by major product type, which were
determined based primarily on similar economic characteristics and
risks of loss.
For the Three Months Ended March 31,
2023
2022
Gross premiums written:
Personal lines(3)
$
44,170,938
$
40,163,149
Livery physical damage
3,405,668
2,773,280
Other(1)
20,840
47,468
Total gross premiums written
$
47,597,446
$
42,983,897
Net premiums written: Personal lines(3)
$
20,551,687
$
22,110,665
Livery physical damage
3,405,668
2,773,280
Other(1)
11,392
34,243
Total net premiums written
$
23,968,747
$
24,918,188
Net premiums earned: Personal lines(3)
$
25,019,085
$
24,160,216
Livery physical damage
3,211,834
2,474,565
Other(1)
24,034
38,599
Total net premiums earned
$
28,254,953
$
26,673,380
Net loss and loss adjustment expenses(4): Personal
lines
$
22,569,609
$
21,036,154
Livery physical damage
1,385,141
830,569
Other(1)
151,607
(23,400
)
Unallocated loss adjustment expenses
891,090
969,393
Total without commercial lines
24,997,447
22,812,716
Commercial lines (in run-off effective July 2019)(2)
41,963
128,482
Total net loss and loss adjustment expenses
$
25,039,410
$
22,941,198
Net loss ratio(4): Personal lines
90.2
%
87.1
%
Livery physical damage
43.1
%
33.6
%
Other(1)
630.8
%
-60.6
%
Total without commercial lines
88.5
%
85.5
%
Commercial lines (in run-off effective July 2019)(2) na na Total
88.6
%
86.0
%
- “Other” includes, among other things, premiums and loss and
loss adjustment expenses from our participation in a mandatory
state joint underwriting association and loss and loss adjustment
expenses from commercial auto.
- In July 2019, the Company decided that it will no longer
underwrite Commercial Liability risks.
- See discussion with regard to “Direct Written Premiums, Net
Written Premiums and Net Premiums Earned” above.
- See discussion above with regard to “Net Loss Ratio”.
KINGSTONE COMPANIES, INC. AND
SUBSIDIARIES
Condensed Consolidated Balance Sheets March 31,
December 31,
2023
2022
(unaudited)
Assets Fixed-maturity securities,
held-to-maturity, at amortized cost (fair value of $6,825,609 at
March 31, 2023 and $6,600,388 at December 31, 2022)
$
7,765,096
$
7,766,140
Fixed-maturity securities, available-for-sale, at fair value
(amortized cost of $172,374,518 at March 31, 2023 and $174,918,427
at December 31, 2022)
154,641,319
154,715,163
Equity securities, at fair value (cost of $18,011,146 at March 31,
2023 and $18,086,700 at December 31, 2022)
14,622,549
13,834,390
Other investments
3,135,449
2,771,652
Total investments
180,164,413
179,087,345
Cash and cash equivalents
10,500,753
11,958,228
Premiums receivable, net
13,339,037
13,880,504
Reinsurance receivables, net
78,018,606
66,465,061
Deferred policy acquisition costs
22,692,044
23,819,453
Intangible assets
500,000
500,000
Property and equipment, net
10,199,878
10,541,935
Deferred income taxes, net
11,061,418
10,331,158
Other assets
3,921,334
3,748,847
Total assets
$
330,397,483
$
320,332,531
Liabilities Loss and loss adjustment expense reserves
$
124,121,818
$
118,339,513
Unearned premiums
105,159,893
107,492,777
Advance premiums
5,660,391
2,839,028
Reinsurance balances payable
20,110,212
13,061,966
Deferred ceding commission revenue
10,739,429
10,619,569
Accounts payable, accrued expenses and other liabilities
6,147,717
6,651,723
Debt, net
25,176,019
25,158,523
Total liabilities
297,115,479
284,163,099
Commitments and Contingencies Stockholders'
Equity Preferred stock, $.01 par value; authorized 2,500,000
shares
-
-
Common stock, $.01 par value; authorized 20,000,000 shares; issued
12,231,965 shares at March 31, 2023 and 12,171,512 shares at
December 31, 2022; outstanding 10,760,559 shares at March 31, 2023
and 10,700,106 shares at December 31, 2022
122,320
121,715
Capital in excess of par
74,734,915
74,519,590
Accumulated other comprehensive loss
(14,007,076
)
(15,958,428
)
Accumulated deficit
(22,000,674
)
(16,945,964
)
38,849,485
41,736,913
Treasury stock, at cost, 1,471,406 shares at March 31, 2023 and
December 31, 2022
(5,567,481
)
(5,567,481
)
Total stockholders' equity
33,282,004
36,169,432
Total liabilities and stockholders' equity
$
330,397,483
$
320,332,531
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 (“Risk
Factors”) of our Annual Report on Form 10-K for the year ended
December 31, 2022 filed with the Securities and Exchange Commission
and Part I, Item 2 of our Quarterly Report on Form 10-Q for the
period ended March 31, 2023 to be 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230511005726/en/
Kingstone Companies, Inc.
Jennifer Gravelle Chief Financial Officer (845) 768-1970
Grafico Azioni Kingstone Companies (NASDAQ:KINS)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Kingstone Companies (NASDAQ:KINS)
Storico
Da Mag 2023 a Mag 2024