Kingstone Companies, Inc 8-K, filed Mar 5, 2026
Kingstone Companies, Inc. (KINS)
8-K
2026-03-05
For: 2026-03-05
View Original
Added on
April 06, 2026
About this 8-K
Kingstone Companies, Inc filed this 8-K on March 5, 2026.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 5, 2026
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Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Emerging growth company ☐
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Item 2.02 Results of Operations and Financial Condition.
On March 5, 2026, Kingstone Companies, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025 (the “Press Release”). The Press Release also announced that the Company will hold a conference call for analysts and investors on March 6, 2026 at 8:30 A.M. ET. (the “Conference Call”), as previously announced on February 4, 2026, and that the Company has prepared an investor presentation (the “Presentation Materials”) that can be accessed through the Investor Relations/Events & Presentations section of the Company website (www.kingstonecompanies.com). Copies of the Press Release and the Presentation Materials are furnished as Exhibits 99.1 and 99.2, respectively, hereto.
The Company intends to use the Presentation Materials in connection with the Conference Call and may use the Presentation Materials from time to time, possibly with modification, in other presentations to current and potential investors, lenders, creditors, insurers, vendors, customers, employees and others with an interest in the Company and its business.
The information contained in the Press Release and the Presentation Materials is summary information that should be considered in the context of the Company’s filings with the Securities and Exchange Commission and other public announcements that the Company may make by press release or otherwise from time to time. The Presentation Materials speak as of the date of this Current Report on Form 8-K. While the Company may elect to update the Presentation Materials in the future or reflect events and circumstances occurring or existing after the date of this Current Report on Form 8-K, the Company specifically disclaims any obligation to do so.
The information furnished with this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing
Item 7.01 Regulation FD Disclosure.
See Item 2.02 above.
The information in the Press Release and the Presentation Materials is being furnished, not filed, pursuant to this Item 7.01. Accordingly, the information in the Press Release and the Presentation Materials will not be incorporated by reference into any registration statement filed by the Company under the Securities Act unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this Current Report on Form 8-K with respect to the Press Release and the Presentation Materials is not intended to, and does not, constitute a determination or admission by the Company that the information in this Report with respect to the Press Release and the Presentation Materials is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits: | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| KINGSTONE COMPANIES, INC. | |||||||||||
Dated: March 5, 2026 | By: | /s/ Randy Patten | |||||||||
| Randy Patten | |||||||||||
| CFO | |||||||||||
Kingstone Reports Record Fourth Quarter and Full Year 2025 Results
Strongest Quarterly and Annual Results in Company History
Q4 GAAP Net Combined Ratio of 64.2% | Q4 Diluted EPS of $1.03 | Q4 Annualized ROE of 51.3%
Q4 Diluted Operating EPS1 of $1.08 | FY Net Income of $40.8M, up 122% | FY Book Value per Share of $8.28 up 75%
Net Premiums Earned Growth of 46% for FY 2025 |Direct Premiums Written Growth1 of 15% for FY 2025
Updates 2026 Guidance
Management to Host Conference Call Tomorrow at 8:30 a.m. Eastern Time
Kingston, NY — March 5, 2026 – Kingstone Companies, Inc. (Nasdaq: KINS) (“Kingstone” or the “Company”), a Northeast regional property and casualty insurance holding company, today announced its financial results for the fourth quarter and year ended December 31, 2025. The Company has also provided an investor presentation that can be accessed through the News & Events/Presentations section of the Company website at www.kingstonecompanies.com.
| Key Financial and Operational Highlights | ||||||||||||||||||||
| Quarters Ended | Years Ended | |||||||||||||||||||
| ($ in thousands, except per share data) | December 31, | December 31, | ||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Net premiums earned | $ | 49,463 | $ | 35,967 | 37.5% | $ | 187,127 | $ | 128,498 | 45.6% | ||||||||||
Direct premiums written1 | $ | 82,753 | $ | 72,533 | 14.1% | $ | 277,801 | $ | 241,980 | 14.8% | ||||||||||
| Net combined ratio | 64.2% | 78.5% | (14.3)pts | 75.0% | 80.0% | (5.0)pts | ||||||||||||||
Underlying combined ratio1 | 62.6% | 78.9% | (16.3)pts | 74.4% | 79.5% | (5.1)pts | ||||||||||||||
| Net income | $ | 14,760 | $ | 5,439 | 171.4% | $ | 40,767 | $ | 18,358 | 122.1% | ||||||||||
| Net income per share - diluted | $ | 1.03 | $ | 0.40 | 157.5% | $ | 2.88 | $ | 1.48 | 94.6% | ||||||||||
Operating net income per share - diluted1 | $ | 1.08 | $ | 0.46 | 134.8% | $ | 2.79 | $ | 1.45 | 92.4% | ||||||||||
| Return on equity - annualized | 51.3% | 34.4% | 16.9pts | 43.0% | 36.3% | 6.7pts | ||||||||||||||
1 Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release. | ||||||||||||||||||||
Management Commentary
Meryl Golden, President and Chief Executive Officer of Kingstone, stated, "We delivered record results for the fourth quarter and the full year, confirming the preliminary results we reported in February and marking our ninth consecutive quarter of profitability. From year-end 2023 to year-end 2025, we have grown direct premiums written by 39% while improving our combined ratio by 30 points. These results are structural, not simply weather-driven, and they validate the transformation we have executed.
Our competitive advantages are clear. Select, now 57% of policies in force compared to 45% one year ago, continues to drive lower claim frequency through improved risk selection. Our operating efficiency, with a net expense ratio that has improved from 41% in 2021 to 30% in 2025, provides margin durability. Net earned premium growth of 46% for the full year, combined with net investment income growth of 44%, demonstrates the breadth of our earnings power. And our conservative financial position, with no debt and robust reinsurance, means that a major catastrophe event is an income statement impact, not an existential risk.
We are now entering our next chapter of profitable growth. We have set a 2029 goal of $500 million in direct premiums written through continued growth in New York along with measured expansion into new markets, starting with California in Q2, supported by an infrastructure that scales with minimal incremental investment. We are updating our 2026 guidance today, which reflects continued direct premiums written growth of 16% to 20% and an underlying combined ratio1 of 74% to 76%. We will continue to execute with discipline, advance our measured expansion roadmap and allocate capital prudently to deliver long-term value to our shareholders."
1
Fiscal Year 2026 Outlook
(see “Disclaimer and Forward-Looking Statements” below)
The Company is providing an updated growth and profitability outlook for fiscal year 2026. The guidance ranges below reflect management’s current expectations based on information available as of March 5, 2026 and are subject to the risks and uncertainties described in “Disclaimer and Forward-Looking Statements” below.
| Guidance Metrics | 2026 Estimate | 2025 Actual | ||||||
Direct premiums written1,5 growth | 16% to 20% | 14.8% | ||||||
| Net combined ratio | 81% to 86% | 75.0% | ||||||
Underlying combined ratio1,2 (excluding catastrophe losses and prior-year reserve development) | 74% to 76% | 74.4% | ||||||
| Prior-year reserve development | —% | (0.6)% | ||||||
Catastrophe loss ratio3 | 7% to 10% | 1.2% | ||||||
| Net income per share – diluted | $2.20 to $2.90 | $2.88 | ||||||
| Return on equity | 24% to 30% | 43.0% | ||||||
Illustrative: Net income per share - diluted at 2025 Actual catastrophe loss ratio (1.2%)4 | ~$3.53 | |||||||
¹Refer to “Definitions and Non-GAAP Measures” for definitions and 2025 reconciliations.
²The Underlying Combined Ratio is a non-GAAP measure. It is computed as the sum of the underlying loss ratio (which is a non-GAAP measure) and the net underwriting expense ratio. The underlying loss ratio excludes catastrophe losses and prior-year reserve development from the GAAP net loss ratio. The most directly comparable GAAP measure is the net combined ratio. Refer to the section entitled “Definitions and Non-GAAP Measures” included in this press release for definitions and reconciliations of non-GAAP financial measures. A reconciliation of the 2026 estimate of Underlying Combined Ratio to the GAAP net combined ratio is not provided because the Company is unable to predict catastrophe losses and prior-year reserve development with reasonable certainty without unreasonable efforts. These items could materially impact the GAAP measure.
³ The catastrophe loss ratio estimate for 2026 of 7% to 10% is at or above the Company’s six-year historical average of 7.1% (2019–2024) and gives effect to the elevated winter storm activity experienced in early 2026. Catastrophe losses are reported net of reinsurance recoveries and include loss adjustment expenses. The Company defines catastrophe events consistent with PCS industry designations.
⁴ Illustrative sensitivity only; not forward-looking guidance. Represents guidance-midpoint net income per share-diluted recalculated at FY2025 actual catastrophe loss ratio of 1.2%, assuming that all other guidance assumptions remain constant. This figure is provided for modeling context only.
5Guidance for the most comparable GAAP measure, net premiums earned, is not provided because net premiums earned is an output of multiple variables including direct written premium growth, quota share cession rates, and premium earning patterns, several of which are not within the Company’s direct control, therefore the Company is unable to predict such variables with reasonable certainty without unreasonable efforts.
Catastrophe Sensitivity
For purposes of the 2026 guidance, it is assumed that each 1 point of catastrophe loss ratio will result in ~$2.5 million pre-tax losses, or ~$0.13 per diluted share after tax, as indicated below:
| CAT Sensitivity Metric (Per 1.0 pt change) | 2026E | ||||
| Pre-tax underwriting impact | ~$2.5 million | ||||
| After-tax underwriting impact per share (at assumed effective tax rate) | ~$0.13 per share | ||||
Key Modeling Assumptions
The following reflects certain key modeling assumptions with respect to the full year 2026 guidance:
| Assumption | 2026E | ||||
Illustrative net premiums earned* | ~$252 million | ||||
| Assumed effective tax rate | 21% | ||||
| Weighted average diluted shares outstanding | 14.8 million | ||||
* For modeling purposes only. The illustrative net premiums earned figure is a baseline assumption used solely for the catastrophe sensitivity calculations above. It is not forward-looking guidance on net premiums earned and should not be interpreted as such. Net premiums earned is an output of multiple variables including direct written premium growth, quota share cession rates, and premium earning patterns, several of which are not within the Company’s direct control.
2
Consolidated Financial Results
| Consolidated Financial Results | Quarters Ended | Years Ended | ||||||||||||||||||
| ($ in thousands, except policy and per share data) | December 31, | December 31, | ||||||||||||||||||
| 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||
| Net premiums earned | $ | 49,463 | $ | 35,967 | 37.5% | $ | 187,127 | $ | 128,498 | 45.6% | ||||||||||
Direct premiums written1 | $ | 82,753 | $ | 72,533 | 14.1% | $ | 277,801 | $ | 241,980 | 14.8% | ||||||||||
| Policies in force, at the end of the period | 80,432 | 77,656 | 3.6% | |||||||||||||||||
| Net investment income | $ | 2,951 | $ | 1,906 | 54.8% | $ | 9,799 | $ | 6,824 | 43.6% | ||||||||||
| Net gains (losses) on investments | $ | (901) | $ | (905) | 0.4% | $ | (310) | $ | 415 | NM | ||||||||||
| Gain on sale of real estate | $ | — | $ | — | —% | $ | 1,966 | $ | — | NM | ||||||||||
| Net loss ratio | 36.3% | 48.7% | (12.4)pts | 45.0% | 48.7% | (3.7)pts | ||||||||||||||
| Net underwriting expense ratio | 27.9% | 29.8% | (1.9)pts | 30.0% | 31.3% | (1.3)pts | ||||||||||||||
| Net combined ratio | 64.2% | 78.5% | (14.3)pts | 75.0% | 80.0% | (5.0)pts | ||||||||||||||
| Net loss ratio | 36.3% | 48.7% | (12.4)pts | 45.0% | 48.7% | (3.7)pts | ||||||||||||||
Catastrophe loss ratio1 | 2.1% | —% | 2.1pts | 1.2% | 1.9% | (0.7)pts | ||||||||||||||
Net loss ratio excluding the effect of catastrophes1 | 34.2% | 48.7% | (14.5)pts | 43.8% | 46.8% | (3.0)pts | ||||||||||||||
| Effect of prior-year favorable reserve development | (0.5)% | (0.4)% | (0.1)pts | (0.6)% | (1.4)% | 0.8pts | ||||||||||||||
Underlying loss ratio1 | 34.7% | 49.1% | (14.4)pts | 44.4% | 48.2% | (3.8)pts | ||||||||||||||
| Net Income | $ | 14,760 | $ | 5,439 | 171.4% | $ | 40,767 | $ | 18,358 | 122.1% | ||||||||||
| Net Income per share - basic | $ | 1.04 | $ | 0.44 | 136.4% | $ | 2.93 | $ | 1.60 | 83.1% | ||||||||||
| Net Income per share - diluted | $ | 1.03 | $ | 0.40 | 157.5% | $ | 2.88 | $ | 1.48 | 94.6% | ||||||||||
| Return on equity - annualized | 51.3% | 34.4% | 16.9pts | 43.0% | 36.3% | 6.7pts | ||||||||||||||
Adjusted EBITDA1 | $ | 20,342 | $ | 9,303 | 118.7% | $ | 54,052 | $ | 30,516 | 77.1% | ||||||||||
| Other comprehensive income (loss), net of tax | $ | 663 | $ | (3,135) | NM | $ | 6,094 | $ | 99 | NM | ||||||||||
Operating net income1 | $ | 15,471 | $ | 6,153 | 151.4% | $ | 39,459 | $ | 18,031 | 118.8% | ||||||||||
Operating net income per share - basic1 | $ | 1.09 | $ | 0.49 | 122.4% | $ | 2.83 | $ | 1.57 | 80.3% | ||||||||||
Operating net income per share - diluted1 | $ | 1.08 | $ | 0.46 | 134.8% | $ | 2.79 | $ | 1.45 | 92.4% | ||||||||||
Operating return on equity1 | 13.4% | 9.7% | 3.7pts | 41.7% | 35.6% | 6.1pts | ||||||||||||||
Operating return on equity1 - annualized | 53.7% | 38.9% | 14.8pts | 41.7% | 35.6% | 6.1pts | ||||||||||||||
| Book value per share, at the end of the period - diluted | $ | 8.28 | $ | 4.73 | 75.2% | |||||||||||||||
| Book value per share, at the end of the period - diluted excluding AOCI | $ | 8.69 | $ | 5.59 | 55.5% | |||||||||||||||
NM = Not Meaningful
1 Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release.
1 Refer to section entitled "Definitions and Non-GAAP Measures" included in this press release.
3
Conference Call Details
Friday, March 6, 2026, at 8:30 a.m. Eastern Time
To participate please dial:
U.S. toll free 1-877-407-2991
International 1-201-389-0925
Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call will also be available via live webcast on the Company’s website under the News & Events/Presentations section at www.kingstonecompanies.com. A replay will be available for 30 days.
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. Kingstone delivers tailored homeowners insurance solutions through its sophisticated product suite, Select, supported by a scalable and efficient operating platform that enables the Company to pursue significant market opportunities and strategic expansion. KICO was the 12th largest writer of homeowners insurance in New York in 2024 and is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine.
Investor Relations Contact:
Elevate IR
KINS@elevate-ir.com
720-330-2829
4
Disclaimer and Forward-Looking Statements
The guidance provided above is based on information available as of March 5, 2026 and management's review of the anticipated financial results for 2026. Such guidance remains subject to change based on management's ongoing review of the Company's 2026 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission.
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, 2024.
The risks and uncertainties include, without limitation, the following:
•the risk of significant losses from catastrophes and severe weather events;
•risks related to the lack of a financial strength rating from A.M. Best;
•risks related to limitations on the ability of our insurance subsidiary to pay dividends to us;
•adverse capital, credit and financial market conditions;
•risks related to volatility in net investment income;
•the unavailability of reinsurance at current levels and prices;
•the exposure to greater net insurance losses in the event of reduced reliance on reinsurance;
•the credit risk of our reinsurers;
•the inability to maintain the requisite amount of risk-based capital needed to grow our business;
•the effects of climate change on the frequency or severity of weather events and wildfires;
•risks related to the limited market area of our business;
•risks related to a concentration of business in a limited number of producers;
•legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators;
•the effects of competition in our market areas;
•our reliance on certain key personnel;
•risks related to security breaches or other attacks involving our computer systems or those of our vendors;
•our reliance on information technology and information systems; and
•the uncertainty relating to our geographic diversification strategy in entering the California market and other markets.
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.
5
Definitions and Non-GAAP Measures
Direct premiums written represent the total premiums charged on policies issued by the Company during the respective fiscal period.
Net premiums written are direct premiums written less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct premiums written 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 premiums written and net premiums written, along with other measures, to gauge the Company’s performance and evaluate results. Direct premiums written and net premiums written are provided as supplemental information, not as a substitute for net premiums earned, and do not reflect the Company’s net premiums earned.
Adjusted EBITDA is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation. Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA.
Management uses adjusted EBITDA along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, gain on sale of real estate, and stock-based compensation, and may vary significantly between periods. Adjusted EBITDA is provided as supplemental information, not as a substitute for net income and does not reflect the Company’s overall profitability.
Operating net income and basic operating net income per share is net income and basic income per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income and basic net income per share are the GAAP measures most closely comparable to operating net income and basic operating net income per share.
Management uses operating net income and basic operating net income per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income and basic operating net income per share are provided as supplemental information, not as a substitute for net income and basic net income per share and do not reflect the Company’s overall profitability.
Operating net income and diluted operating net income per share is net income and diluted income per share exclusive of net gains (losses) on investments and gain on sale of real estate, net of tax. Net income and diluted net income per share are the GAAP measures most closely comparable to operating net income and diluted operating net income (loss) per share.
Management uses operating net income and diluted operating net income per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate and may vary significantly between periods. Operating net income and diluted operating net income per share are provided as supplemental information, not as a substitute for net income and diluted net income per share, and do not reflect the Company’s overall profitability.
Operating return on equity is operating income divided by average equity. Return on equity is the GAAP measure most closely comparable to operating return on equity.
Management uses operating return on equity, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and gain on sale of real estate, which may vary significantly between periods. Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company’s overall return on average common equity.
Underlying loss ratio is a non-GAAP ratio, which is computed as the GAAP net loss ratio excluding the effect of prior year loss reserve development and catastrophe losses.
Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company’s 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. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The underlying loss ratio should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.
Net loss ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio and the effect of catastrophes on the net loss ratio.
Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by catastrophe losses. Catastrophe losses cause the Company’s net 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. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The net loss ratio excluding the effect of catastrophes should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.
6
Underlying combined ratio is a non-GAAP measure, which is computed as the sum of the underlying loss ratio and the net underwriting expense ratio.
Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company’s 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 combined ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net combined ratio. The underlying combined ratio should not be considered a substitute for the net combined ratio and does not reflect the Company’s net combined ratio.
7
The table below reconciles net premiums earned to direct premiums written for the periods presented:
| For the Three Months Ended | For the Years Ended | ||||||||||||||||||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||
| % | % | ||||||||||||||||||||||||||||||||||||||||
| (000’s except percentages) | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||||||||||||||||||||||
| Direct Premiums Written Reconciliation: | |||||||||||||||||||||||||||||||||||||||||
| Net premiums earned | $ | 49,463 | $ | 35,967 | 37.5 | % | $ | 187,127 | $ | 128,498 | 45.6 | % | |||||||||||||||||||||||||||||
| Change in unearned premiums | 19,387 | 18,197 | 6.5 | 26,592 | 25,732 | 3.3 | |||||||||||||||||||||||||||||||||||
| Net premiums written | 68,850 | 54,164 | 27.1 | 213,719 | 154,230 | 38.6 | |||||||||||||||||||||||||||||||||||
| Ceded written premiums | 13,903 | 18,369 | (24.3) | 64,082 | 87,750 | (27.0) | |||||||||||||||||||||||||||||||||||
| Direct premiums written | $ | 82,753 | $ | 72,533 | 14.1 | % | $ | 277,801 | $ | 241,980 | 14.8 | % | |||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||||||||||||||||||||
The following table reconciles net income to adjusted EBITDA for the periods indicated:
| For the Three Months Ended | For the Years Ended | ||||||||||||||||||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||
| % | % | ||||||||||||||||||||||||||||||||||||||||
| (000’s except percentages) | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA Reconciliation: | |||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 14,760 | $ | 5,439 | 171.4 | % | $ | 40,767 | $ | 18,358 | 122.1 | % | |||||||||||||||||||||||||||||
| Interest expense | 69 | 629 | (89.0) | 445 | 3,514 | (87.3) | |||||||||||||||||||||||||||||||||||
| Income tax expense | 3,695 | 1,241 | 197.7 | 10,279 | 4,930 | 108.5 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 678 | 613 | 10.6 | 2,560 | 2,449 | 4.5 | |||||||||||||||||||||||||||||||||||
| EBITDA | 19,201 | 7,922 | 142.4 | 54,051 | 29,251 | 84.8 | |||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | NM | 175 | 297 | (41.1) | |||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments | 901 | 905 | (0.4) | 310 | (415) | NM | |||||||||||||||||||||||||||||||||||
| Gain on sale of real estate | — | — | NM | (1,966) | — | NM | |||||||||||||||||||||||||||||||||||
| Stock-based compensation | 241 | 477 | (49.5) | 1,482 | 1,383 | 7.2 | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 20,342 | $ | 9,303 | 118.7 | % | $ | 54,052 | $ | 30,516 | 77.1 | % | |||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||||||||||||||||||||
NM = Not Meaningful
8
The following table reconciles net income to operating net income and basic net income per share to basic operating net income per share for the periods indicated:
| For the Three Months Ended | For the Years Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (000’s except per common share and outstanding share amounts) | Amount | Basic income per common share | Amount | Basic income per common share | Amount | Basic income per common share | Amount | Basic income per common share | |||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 14,760 | $ | 1.04 | $ | 5,439 | $ | 0.44 | $ | 40,767 | $ | 2.93 | $ | 18,358 | $ | 1.60 | |||||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments | 901 | 905 | 310 | (415) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of real estate | — | — | (1,966) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate | 901 | 905 | (1,656) | (415) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less tax benefit (expense) on net loss (gain) | 189 | 190 | (348) | (87) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate, net of taxes | 711 | $ | 0.05 | 715 | $ | 0.06 | (1,308) | $ | (0.09) | (327) | $ | (0.03) | |||||||||||||||||||||||||||||||||||||||||
| Operating net income | $ | 15,471 | $ | 1.09 | $ | 6,153 | $ | 0.49 | $ | 39,459 | $ | 2.83 | $ | 18,031 | $ | 1.57 | |||||||||||||||||||||||||||||||||||||
| Weighted average basic shares outstanding | 14,153,746 | 12,482,146 | 13,926,024 | 11,478,899 | |||||||||||||||||||||||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9
The following table reconciles net income to operating net income and diluted net income per share to diluted operating net income per share for the periods indicated:
| For the Three Months Ended | For the Years Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| (000’s except per common share and outstanding share amounts) | Amount | Diluted income per common share | Amount | Diluted income per common share | Amount | Diluted income per common share | Amount | Diluted income per common share | |||||||||||||||||||||||||||||||||||||||
| Net income | $ | 14,760 | $ | 1.03 | $ | 5,439 | $ | 0.40 | $ | 40,767 | $ | 2.88 | $ | 18,358 | $ | 1.48 | |||||||||||||||||||||||||||||||
| Net loss (gain) on investments | 901 | 905 | 310 | (415) | |||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of real estate | — | — | (1,966) | — | |||||||||||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate | 901 | 905 | (1,656) | (415) | |||||||||||||||||||||||||||||||||||||||||||
| Less tax benefit (expense) on net loss (gain) | 189 | 190 | (348) | (87) | |||||||||||||||||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate, net of taxes | 711 | $ | 0.05 | 715 | $ | 0.05 | (1,308) | $ | (0.09) | (327) | $ | (0.03) | |||||||||||||||||||||||||||||||||||
| Operating net income | $ | 15,471 | $ | 1.08 | $ | 6,153 | $ | 0.46 | $ | 39,459 | $ | 2.79 | $ | 18,031 | $ | 1.45 | |||||||||||||||||||||||||||||||
| Weighted average diluted shares outstanding | 14,383,270 | 13,491,412 | 14,143,173 | 12,423,769 | |||||||||||||||||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||||||||||||||||||||||||||
10
The following table reconciles net income to operating net income and return on equity to operating return on equity for the periods indicated:
| For the Three Months Ended | For the Years Ended | ||||||||||||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||||||||||||
| (000’s except percentages) | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||||||||||||||||||||||||
| Operating Net Income Reconciliation: | |||||||||||||||||||||||||||||||||||
| Net income | $ | 14,760 | $ | 5,439 | 171.4% | $ | 40,767 | $ | 18,358 | 122.1% | |||||||||||||||||||||||||
| Net loss (gain) on investments | 901 | 905 | (0.4)% | 310 | (415) | NM | |||||||||||||||||||||||||||||
| Gain on sale of real estate | — | — | NM | (1,966) | — | NM | |||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate | 901 | 905 | (0.4)% | (1,656) | (415) | 299.0% | |||||||||||||||||||||||||||||
| Less tax benefit (expense) on net loss (gain) | 189 | 190 | (0.5)% | (348) | (87) | 300.0% | |||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate, net of taxes | 711 | 715 | (0.6)% | (1,308) | (327) | 300.0% | |||||||||||||||||||||||||||||
| Operating net income | $ | 15,471 | $ | 6,153 | 151.4% | $ | 39,459 | $ | 18,031 | 118.8% | |||||||||||||||||||||||||
| Operating Return on Equity Reconciliation: | |||||||||||||||||||||||||||||||||||
| Net income | $ | 14,760 | $ | 5,439 | 171.4% | $ | 40,767 | $ | 18,358 | 122.1% | |||||||||||||||||||||||||
| Average equity | $ | 115,192 | $ | 63,189 | 82.3% | $ | 94,720 | $ | 50,606 | 87.2% | |||||||||||||||||||||||||
| Return on equity | 12.8% | 8.6% | 4.2pts | 43.0% | 36.3% | 6.7pts | |||||||||||||||||||||||||||||
| Return on equity - annualized | 51.3% | 34.4% | 16.9pts | 43.0% | 36.3% | 6.7pts | |||||||||||||||||||||||||||||
| Net loss (gain) on investments and (gain) on sale of real estate, net of taxes | $ | 711 | $ | 715 | (0.6)% | $ | (1,308) | $ | (327) | 300.0% | |||||||||||||||||||||||||
| Average equity | $ | 115,192 | $ | 63,189 | 82.3% | $ | 94,720 | $ | 50,606 | 87.2% | |||||||||||||||||||||||||
| Effect of net loss (gain) on investments and (gain) on sale of real estate, net of taxes, on return on equity | 0.6% | 1.1% | (0.5)pts | (1.4)% | (0.6)% | (0.8)pts | |||||||||||||||||||||||||||||
| Operating net income | $ | 15,471 | $ | 6,153 | 151.4% | $ | 39,459 | $ | 18,031 | 118.8% | |||||||||||||||||||||||||
| Operating net income - annualized | $ | 61,884 | $ | 24,612 | 151.4% | $ | 39,459 | $ | 18,031 | 118.8% | |||||||||||||||||||||||||
| Average equity | $ | 115,192 | $ | 63,189 | 82.3% | $ | 94,720 | $ | 50,606 | 87.2% | |||||||||||||||||||||||||
| Operating return on equity | 13.4% | 9.7% | 3.7pts | 41.7% | 35.6% | 6.1pts | |||||||||||||||||||||||||||||
| Operating return on equity - annualized | 53.7% | 38.9% | 14.8pts | 41.7% | 35.6% | 6.1pts | |||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | |||||||||||||||||||||||||||||||||||
NM = Not Meaningful
11
The following table reconciles the net loss ratio to the underlying loss ratio, which excludes the effect of catastrophe losses and prior-year loss reserve development for the periods presented:
| For the Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Percentage Point Change | 2025 | 2024 | Percentage Point Change | |||||||||||||||||||||||||||||||||||||||
| Underlying Loss Ratio Reconciliation: | ||||||||||||||||||||||||||||||||||||||||||||
| Net loss ratio | 36.3% | 48.7% | (12.4) | pts | 45.0% | 48.7% | (3.7) | pts | ||||||||||||||||||||||||||||||||||||
| Effect of catastrophes | 2.1% | —% | 2.1 | pts | 1.2% | 1.9% | (0.7) | pts | ||||||||||||||||||||||||||||||||||||
| Net loss ratio excluding the effect of catastrophes | 34.2% | 48.7% | (14.5) | pts | 43.8% | 46.8% | (3.0) | pts | ||||||||||||||||||||||||||||||||||||
| Effect of prior-year favorable reserve development | (0.5)% | (0.4)% | (0.1) | pts | (0.6)% | (1.4)% | 0.8 | pts | ||||||||||||||||||||||||||||||||||||
| Underlying Loss Ratio | 34.7% | 49.1% | (14.4) | pts | 44.4% | 48.2% | (3.8) | pts | ||||||||||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | ||||||||||||||||||||||||||||||||||||||||||||
The following table reconciles the net combined ratio to the underlying combined ratio, which excludes the effect of catastrophe losses and prior-year loss reserve development for the periods presented:
| For the Three Months Ended | For the Years Ended | |||||||||||||||||||||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | Percentage Point Change | 2025 | 2024 | Percentage Point Change | |||||||||||||||||||||||||||||||||||||||
| Underlying Combined Ratio Reconciliation: | ||||||||||||||||||||||||||||||||||||||||||||
| Net combined ratio | 64.2% | 78.5% | (14.3) | pts | 75.0% | 80.0% | (5.0) | pts | ||||||||||||||||||||||||||||||||||||
| Effect of catastrophes | 2.1% | —% | 2.1 | pts | 1.2% | 1.9% | (0.7) | pts | ||||||||||||||||||||||||||||||||||||
Effect of prior-year favorable reserve development | (0.5)% | (0.4)% | (0.1) | pts | (0.6)% | (1.4)% | 0.8 | pts | ||||||||||||||||||||||||||||||||||||
Underlying Combined Ratio | 62.6% | 78.9% | (16.3) | pts | 74.4% | 79.5% | (5.1) | pts | ||||||||||||||||||||||||||||||||||||
| (Components may not sum due to rounding) | ||||||||||||||||||||||||||||||||||||||||||||
12
| KINGSTONE COMPANIES, INC. AND SUBSIDIARIES | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,137,267 at December 31, 2025 and $5,959,265 at December 31, 2024) | $ | 6,042,348 | $ | 7,047,342 | |||||||
| Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $296,738,055 at December 31, 2025 and $202,308,158 at December 31, 2024) | 289,037,190 | 186,893,438 | |||||||||
| Equity securities, at fair value (cost of $13,546,654 at December 31, 2025 and $13,527,554 at December 31, 2024) | 10,056,595 | 10,296,505 | |||||||||
| Other investments | 4,552,378 | 4,380,656 | |||||||||
| Total investments | 309,688,511 | 208,617,941 | |||||||||
| Cash and cash equivalents | 12,178,730 | 28,669,441 | |||||||||
| Premiums receivable, net of allowance for credit losses of $20,831 at December 31, 2025 and $402,290 at December 31, 2024 | 21,012,408 | 21,766,988 | |||||||||
| Reinsurance receivables, net | 58,996,945 | 69,322,436 | |||||||||
| Prepaid reinsurance | 2,142,329 | — | |||||||||
| Deferred policy acquisition costs | 27,867,207 | 24,732,371 | |||||||||
| Intangible assets | 500,000 | 500,000 | |||||||||
| Property and equipment, net | 7,897,675 | 9,283,970 | |||||||||
| Deferred income taxes, net | 4,179,559 | 5,597,920 | |||||||||
| Other assets | 8,961,787 | 6,424,776 | |||||||||
| Total assets | $ | 453,425,151 | $ | 374,915,843 | |||||||
| Liabilities | |||||||||||
| Loss and loss adjustment expense reserves | $ | 140,538,618 | $ | 126,210,428 | |||||||
| Unearned premiums | 154,028,072 | 134,701,733 | |||||||||
| Advance premiums | 4,003,453 | 3,503,063 | |||||||||
| Reinsurance balances payable | 5,232,319 | 10,509,121 | |||||||||
| Deferred ceding commission revenue | 8,362,529 | 11,541,239 | |||||||||
| Accounts payable, accrued expenses and other liabilities | 11,253,649 | 10,570,388 | |||||||||
Income taxes payable | 2,835,135 | — | |||||||||
| Debt, net (Current $1,296,900 and long-term $3,143,227 at December 31, 2025 and current $6,849,257 and long-term $4,322,163 at December 31, 2024) | 4,440,127 | 11,171,420 | |||||||||
| Total liabilities | 330,693,902 | 308,207,392 | |||||||||
| Commitments and Contingencies | — | — | |||||||||
| Stockholders' Equity | |||||||||||
| Preferred stock, $0.01 par value; authorized 2,500,000 shares | — | — | |||||||||
| Common stock, $0.01 par value; authorized 20,000,000 shares; issued 15,921,651 shares at December 31, 2025 and 14,448,205 shares at December 31, 2024; outstanding 14,397,526 shares at December 31, 2025 and 12,924,080 shares at December 31, 2024 | 159,216 | 144,482 | |||||||||
| Capital in excess of par | 99,624,713 | 89,063,326 | |||||||||
| Accumulated other comprehensive loss | (6,081,530) | (12,175,476) | |||||||||
Retained earnings (accumulated deficit) | 34,596,857 | (4,755,874) | |||||||||
| 128,299,256 | 72,276,458 | ||||||||||
| Treasury stock, at cost, 1,524,125 shares at December 31, 2025 and 1,524,125 shares | |||||||||||
at December 31, 2024 | (5,568,007) | (5,568,007) | |||||||||
| Total stockholders' equity | 122,731,249 | 66,708,451 | |||||||||
| Total liabilities and stockholders' equity | $ | 453,425,151 | $ | 374,915,843 | |||||||
13
| KINGSTONE COMPANIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| Consolidated Statements of Income and Comprehensive Income | |||||||||||||||||||||||
| For the Three Months Ended | For the Years Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Net premiums earned | $ | 49,463,346 | $ | 35,967,212 | $ | 187,126,722 | $ | 128,497,920 | |||||||||||||||
| Ceding commission revenue | 4,734,323 | 4,967,198 | 15,674,971 | 18,837,946 | |||||||||||||||||||
| Net investment income | 2,950,830 | 1,906,461 | 9,798,764 | 6,823,590 | |||||||||||||||||||
Net (losses) gains on investments | (900,588) | (904,756) | (309,994) | 414,551 | |||||||||||||||||||
| Realized gain on sale of real estate | — | — | 1,965,989 | — | |||||||||||||||||||
| Other income | 173,346 | 166,968 | 610,849 | 568,096 | |||||||||||||||||||
| Total revenues | 56,421,257 | 42,103,083 | 214,867,301 | 155,142,103 | |||||||||||||||||||
| Expenses | |||||||||||||||||||||||
| Loss and loss adjustment expenses | 17,931,158 | 17,509,224 | 84,265,722 | 62,634,716 | |||||||||||||||||||
| Commission expense | 10,476,200 | 8,840,787 | 40,726,801 | 33,929,333 | |||||||||||||||||||
| Other underwriting expenses | 8,227,549 | 7,017,007 | 31,718,770 | 25,692,727 | |||||||||||||||||||
| Other operating expenses | 585,835 | 813,963 | 4,105,310 | 3,634,583 | |||||||||||||||||||
| Depreciation and amortization | 677,955 | 613,429 | 2,559,835 | 2,448,932 | |||||||||||||||||||
| Interest expense | 68,076 | 629,474 | 445,213 | 3,513,655 | |||||||||||||||||||
| Total expenses | 37,966,773 | 35,423,884 | 163,821,651 | 131,853,946 | |||||||||||||||||||
Income from operations before taxes | 18,454,484 | 6,679,199 | 51,045,650 | 23,288,157 | |||||||||||||||||||
Income tax expense | 3,694,823 | 1,240,524 | 10,278,522 | 4,929,721 | |||||||||||||||||||
Net income | 14,759,661 | 5,438,675 | 40,767,128 | 18,358,436 | |||||||||||||||||||
| Other comprehensive income, net of tax | |||||||||||||||||||||||
| Gross (increase) decrease in unrealized losses on available-for-sale-securities | 628,661 | (3,971,325) | 7,491,149 | 111,446 | |||||||||||||||||||
Reclassification adjustment for losses included in net income | 210,580 | 2,511 | 222,706 | 13,979 | |||||||||||||||||||
| Net (increase) decrease in unrealized losses | 839,241 | (3,968,814) | 7,713,855 | 125,425 | |||||||||||||||||||
| Income tax benefit (expense) related to items of other comprehensive income (loss) | (176,241) | 833,451 | (1,619,909) | (26,338) | |||||||||||||||||||
| Other comprehensive income (loss), net of tax | 663,000 | (3,135,363) | 6,093,946 | 99,087 | |||||||||||||||||||
Comprehensive income | $ | 15,422,661 | $ | 2,303,312 | $ | 46,861,074 | $ | 18,457,523 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
| Basic | $ | 1.04 | $ | 0.44 | $ | 2.93 | $ | 1.60 | |||||||||||||||
| Diluted | $ | 1.03 | $ | 0.40 | $ | 2.88 | $ | 1.48 | |||||||||||||||
| Weighted average common shares outstanding | |||||||||||||||||||||||
| Basic | 14,153,746 | 12,482,146 | 13,926,024 | 11,478,899 | |||||||||||||||||||
| Diluted | 14,383,270 | 13,491,412 | 14,143,173 | 12,423,769 | |||||||||||||||||||
| Dividends declared and paid per common share | $ | 0.05 | $ | — | $ | 0.10 | $ | — | |||||||||||||||
14
4Q25 Earnings Presentation March 6, 2026
The guidance provided in this presentation is based on information available as of March 6, 2026 and management's review of the anticipated financial results for 2026. Such guidance remains subject to change based on management's ongoing review of the Company's 2026 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this presentation and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission. This presentation 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, 2024, filed with the Securities and Exchange Commission. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from our expectations of future results, performance or achievements expressed or implied by these forward-looking statements. These forward-looking statements may not be realized due to a variety of factors. The risks and uncertainties include, without limitation, the following: the risk of significant losses from catastrophes and severe weather events; risks related to the lack of a financial strength rating from A.M. Best; risks related to limitations on the ability of our insurance subsidiary to pay dividends to us; adverse capital, credit and financial market conditions; risks related to volatility in net investment income; the unavailability of reinsurance at current levels and prices; the exposure to greater net insurance losses in the event of reduced reliance on reinsurance; the credit risk of our reinsurers; the inability to maintain the requisite amount of risk-based capital needed to grow our business; the effects of climate change on the frequency or severity of weather events and wildfires; risks related to the limited market area of our business; risks related to a concentration of business in a limited number of producers; legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators; the effects of competition in our market areas; our reliance on certain key personnel; risks related to security breaches or other attacks involving our computer systems or those of our vendors; and our reliance on information technology and information systems. 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. Disclaimer and Forward Looking Statements 2KINGSTONE COMPANIES, INC | NASDAQ: KINS
$278M Direct Premiums Written1 +15% YoY; +39% since 2023 $2.88 Net Income Per Share–Diluted +95% YoY 74.4% Underlying Combined Ratio¹ –30 pts from 2022 30.0% Net Expense Ratio -11 pts from FY21 57% Select PIF Penetration vs. 45% one year ago 43.0% FY2025 Return on Equity Record profitability $8.28 Book Value Per Share +75% YoY $500M DPW Target by 2029 ~2x from FY25 Kingstone Companies, Inc. (NASDAQ: KINS) is a property insurer that underwrites through Select, a proprietary risk-segmentation platform driving disciplined underwriting, operating efficiency, and profitable growth. Its subsidiary, Kingstone Insurance Company (KICO), distributes through ~700 independent agents, with measured expansion into new markets via admitted and E&S channels. 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Measures” and the tables included in our press release dated March 5, 2026 for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures and the reasons management uses each measure. Kingstone at a Glance 3
• FY25 net income more than doubled to $40.8M; diluted EPS of $2.88 (+95%); Direct Premiums Written1 grew 15% to $277.8M • FY25 book value per share of $8.28 (+75%); expense ratio reached 30.0% (down 11 pts since 2021); dividend reinstated • 4Q25 net income of $14.8M; diluted EPS of $1.03 (operating EPS¹ of $1.08), exceeding November guidance • 4Q25 GAAP net combined ratio of 64.2% (−14.3 pts YoY); underlying combined ratio¹ of 62.6% ex-CAT, ex-PYD • 4Q25 annualized ROE of 51.3% (+16.9 pts YoY), driven by improved attritional loss experience, low CAT losses and Select risk selection Record Q4 and Full Year 2025 Performance 4 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Measures” and the tables included in our press release dated March 5, 2026 for reconciliations of these non- GAAP financial measures to the most directly comparable GAAP measures and the reasons management uses each measure. ($ in thousands, except per share data) 4Q25 4Q24 Change FY25 FY24 Change Net premiums earned $49,463 $35,967 37.5% $187,127 $128,498 45.6% Direct premiums written¹ $82,753 $72,533 14.1% $277,801 $241,980 14.8% Net combined ratio 64.2% 78.5% (14.3) pts 75.0% 80.0% (5.0) pts Underlying combined ratio (ex-cat, ex- PYD)¹ 62.6% 78.9% (16.3) pts 74.4% 79.5% (5.1) pts Net income $14,760 $5,439 171.4% $40,767 $18,358 122.1% Net income per share — diluted $1.03 $0.40 157.5% $2.88 $1.48 94.6% Operating net income per share — diluted¹ $1.08 $0.46 134.8% $2.79 $1.45 92.4% Return on equity — annualized 51.3% 34.4% 16.9 pts 43.0% 36.3% 6.7 pts
Execution • Nine consecutive profitable quarters • Record FY2025 net combined ratio of 75%; • Direct Premiums Written1 grew 39% while combined ratio improved 30 points since 2023 Select Product • 57% of policies in force, up from 45% one year ago • Lower claim frequency driving sustainable underlying loss ratio improvement Operating Efficiency • Net expense ratio reduced from 41% in 2021 to 30% in FY2025 • Quota share reinsurance reduced from 27% to 16%, contributing ~$0.25 to FY2025 EPS Distribution • FY 2025 Direct Premiums Written1 of $277.8 million, an increase of 15%; $500 million target by 2029 • Continued growth in New York, measured expansion into new markets, and opportunistic absorption of exiting carriers’ books Capital Strength • Diluted book value per share of $8.28, an increase of 75%; no holding company debt • $440 million catastrophe reinsurance program; maximum first-event retention of $5 million pre-tax 5 Five Reinforcing Pillars Drive Durable Profitable Growth 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Measures” and the tables included in our press release dated March 5, 2026 for reconciliations of these non- GAAP financial measures to the most directly comparable GAAP measures and the reasons management uses each measure.
Nine Consecutive Profitable Quarters, with Attritional Loss Ratio Declining to 35% 9 Consecutive Profitable Quarters | FY2025 Record Low 75.0% Net Combined Ratio 6 68% 65% 59% 47% 39% 49% 62% 39% 44% 35% 7% 7% 5% 1% 2% 0% 2% 1% 0% 2% 36% 33% 31% 31% 33% 30% 31% 33% 28% 28% 113.3% 105.3% 93.3% 78.2% 72.0% 78.5% 93.7% 71.5% 72.7% 64.2% FY22 FY23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Attritional Loss Ratio Cat Loss Ratio Expense Ratio 100% Breakeven
Select Delivers ~31% Lower Claim Frequency at 57% PIF Penetration Proprietary Underwriting Platform Driving Superior Loss Performance 57% PIF Penetration vs. 45% one year ago ~31% Lower Claim X-Cat Frequency Select vs. Legacy (cumulative. to-date, NY HO) Source: Kingstone Select vs. Legacy Analysis, NY HO ex-catastrophe, Q1 2022 through Q4 2025 KINS | Q4 2025 Earnings Presentation 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Cl ai m F re qu en cy - Re po rt ed Legacy RB Select Total All Products Total 7
Net Expense Ratio Reduction of 11 Points Since 2021 Sustained Expense Ratio Reduction 30.0% FY2025 Net Expense Ratio vs. 31.3% prior year 27.9% Q4 2025 Net Expense Ratio Record quarterly low 11pts Cumulative Improvement Since 2021 (40.6%) KINS | Q4 2025 Earnings Presentation 40.6% 36.0% 32.9% 31.3% 30.0% 2021 2022 2023 2024 2025 8
$440M Total Reinsurance Tower ~$5M Company Retention (first event) Reinsurance Program Structure • Property Catastrophe Excess of Loss: $440M tower with $5M retention • For 2026, 5% Quota Share Treaty; 30% for CA: Reduces net exposure on in-force book • Excess of Loss (per risk): Individual risk attachment @$825K • Historical average cat load: 7.1 pts (6-year avg); FY2025 actual: 1.2 pts KINS | Q4 2025 Earnings Presentation Reinsurance & Risk Management Conservative Risk Transfer Strategy 9
Balance Sheet & Capital Allocation Strong Capital Position Supporting Growth $122.7M Total Equity vs. $66.7M prior year (+84%) Zero Net Debt At the Holding Company $99.2M Insurance Subsidiary Surplus Well in excess of regulatory requirements $8.28 BVPS (Diluted) +75% YoY | $8.69 ex-AOCI (+56%) $309.7M Total Investments vs. $208.6M prior year (+48%) $0.05 Quarterly Dividend Reinstated in Q3 2025 KINS | Q4 2025 Earnings Presentation 10
Growth Drivers Multiple Levers for Premium Expansion Adirondack / Mountain Valley $29M Incremental Direct Premiums Written • Two Company’s whose exit from the State of NY, provided an opportunity for Kingstone to immediately add premium • Policies re-underwritten through Select platform for loss ratio improvement • Retention and renewal economics expected to accelerate through 2026 Guard Renewal Rights ~$800K/mo Run-Rate Premium • Acquired renewal rights to Guard Insurance Group personal lines book • Revenue stream through 2028 with renewal economics • ~$5M incremental Direct Premiums Written in FY2025 starting in September; expected to write $25-$30M overall for Guard’s withdrawal 11
FY25 and Projected FY26 Direct Premiums Written1 KINS | Q4 2025 Earnings Presentation 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Measures” and the tables included in our press release dated March 5, 2026 for reconciliations of these non- GAAP financial measures to the most directly comparable GAAP measures and the reasons management uses each measure. FY24 DPW Organic / Rate GUARD Legacy Runoff FY25 DPW Organic / Rate Expansion States GUARD Legacy Runoff FY26 DPW 12 16% to 20% growth $242M $44M $5M ($13)M $278M
KINS | Q4 2025 Earnings Presentation 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Measures” and the tables included in our press release dated March 5, 2026 for reconciliations of these non- GAAP financial measures to the most directly comparable GAAP measures and the reasons management uses each measure. 13 NY Core + Multi-State Expansion Supports the Path to $500M DPW1 by 2029 Direct Premiums Written1 2022-2025A & 2026-2029P ($M) $20 1M $20 0 M $24 2M $278 M $322-$333M $4 18 M $4 8 9M $563M $0 M $10 0M $200 M $300 M $4 00 M $500 M $60 0M FY22 FY23 FY24 FY25 FY26P FY27P 20 28 P 20 29P Ne w York All Oth e r
FY2026 Guidance Embeds Conservative Cat Assumptions Illustrative EPS of ~$3.53 at FY25 Cat Levels Guidance Metric FY26E FY25 Actual Direct premiums written growth1,5 16% – 20% 14.8% Net combined ratio 81% – 86% 75.0% Underlying Combined Ratio (ex-CAT, ex-PYD) ¹,² 74% – 76% 74.4% Catastrophe loss assumption ³ 7% – 10% 1.2% Net income per share — diluted $2.20 – $2.90 $2.88 Return on equity 24% – 30% 43.0% Prior-year reserve development None assumed 0.6 pts fav. Illustrative: Diluted EPS at FY2025 cat levels (1.2%)⁴ ~$3.53 — Cat Sensitivity Metric Per 1.0 pt Change Pre-tax underwriting impact ~$2.5 million After-tax underwriting impact per share diluted (at assumed effective tax rate) ~$0.13 per share Key Modeling Assumptions Value Illustrative net premiums earned* ~$252 million Assumed effective tax rate ~21% Weighted Average diluted shares outstanding ~14.8 million 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Measures” and the tables included in our press release dated March 5, 2026 for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures and the reasons management uses each measure. ² The Underlying Combined Ratio is a non-GAAP measure. It is computed as the sum of the underlying loss ratio (which is a non-GAAP measure) and the net underwriting expense ratio. The underlying loss ratio excludes catastrophe losses and prior-year reserve development from the GAAP net loss ratio. The most directly comparable GAAP measure is the net combined ratio. Refer to the section entitled “Definitions and Non-GAAP Measures” included in our press release dated March 5, 2026 for definitions and reconciliations of non-GAAP financial measures. A reconciliation of the 2026 estimate of Underlying Combined Ratio to the GAAP net combined ratio is not provided because the Company is unable to predict catastrophe losses and prior-year reserve development with reasonable certainty without unreasonable efforts. These items could materially impact the GAAP measure. ³ The catastrophe loss ratio estimate for 2026 of 7% to 10% is at or above the Company’s six-year historical average of 7.1% (2019–2024) and gives effect to the elevated winter storm activity experienced in early 2026. Catastrophe losses are reported net of reinsurance recoveries and include loss adjustment expenses. The Company defines catastrophe events consistent with PCS industry designations. ⁴ Illustrative sensitivity only; not forward-looking guidance. Represents guidance-midpoint. 5 Guidance for the most comparable GAAP measure, net premiums earned, is not provided because net premiums earned is an output of multiple variables including direct written premium growth, quota share cession rates, and premium earning patterns, several of which are not within the Company’s direct control, therefore the Company is unable to predict such variables with reasonable certainty without unreasonable efforts. * For modeling purposes only. The illustrative net premiums earned figure is a baseline assumption used solely for the catastrophe sensitivity calculations above. It is not forward-looking guidance on net premiums earned and should not be interpreted as such. Net premiums earned is an output of multiple variables including direct written premium growth, quota share cession rates, and premium earning patterns, several of which are not within the Company’s direct control. 14
KINS | Q4 2025 Earnings Presentation $201 $200 $242 $278 $322-$333 0 50 100 150 200 250 300 350 400 2022 2023 2024 2025 2026E Direct Premiums Written1 68% 65% 48% 44% 36% 33% 31% 30% 104.2% 98.2% 79.5% 74.4% 74%-76% 0 2022 2023 2024 2025 2026E Underlying Combined Ratio1 Attritional Expense Total ($2.12) ($0.57) $1.48 $2.88 $2.20-$2.90 2022 2023 2024 2025 2026E Net Income per Diluted Share (40.3%) (17.5%) 36.3% 43.0% 24%-30% 2022 2023 2024 2025 2026E Return on Equity 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Measures” and the tables included in our press release dated March 5, 2026 for reconciliations of these non- GAAP financial measures to the most directly comparable GAAP measures and the reasons management uses each measure. Record Profitability, with Visible Forward Growth 15
Executive Management Team 90+ Years Combined Insurance Leadership Meryl S. Golden President & CEO 30+ years Joined 2019 as COO; appointed CEO Oct 2023 Liberty Mutual · PRG · Earnix Randy L. Patten Vice President & CFO 25+ years Joined Aug 2025; led finance through NEXT Insurance's $2.6B acquisition NEXT Insurance · United Fire Group · Transamerica Sarah (Minlei) Chen SVP, Chief Actuary & Head of Product Mgmt 10+ years Joined Nov 2020; product development and actuarial pricing Homesite · Plymouth Rock · Travelers David Fernandez SVP & Chief Claims Officer 25+ years Joined Nov 2023; led 1,000+ claims professionals at prior carriers Progressive · Liberty Mutual · Point32Health 16
Appendix Material
Appendix: Definitions and Non-GAAP Measures KINS | Q4 2025 Earnings Presentation Direct Premiums Written (DPW) Total premiums written during the period, before ceding any to reinsurers. Net Premiums Written (NPW) Direct premiums less ceded premiums; reflects premiums retained on a written basis. Net Premiums Earned (NPE) Net premiums written adjusted for unearned premiums; earned ratably over the policy period. Loss Ratio Net losses and LAE divided by net premiums earned. Primary measure of underwriting profitability. Expense Ratio Net underwriting expenses divided by net premiums earned. Measures operational efficiency. Combined Ratio Loss ratio plus expense ratio. Below 100% indicates underwriting profit. Underlying Combined Ratio Combined ratio ex-catastrophes and prior-year development. Measures core underwriting performance. Attritional Loss Ratio Loss ratio ex-catastrophes and prior-year development; also called the underlying or ex-cat loss ratio. Catastrophe (CAT) Loss Ratio Losses from ISO/PCS-designated catastrophe events divided by net premiums earned. Operating Net Income Net income excluding after-tax realized investment gains/losses and other non- recurring items. Return on Equity (ROE) Net income divided by average stockholders' equity; Operating ROE excludes non- recurring items.
Consolidated Financial Results ($ in thousands, except per share data) 4Q25 4Q24 Change FY25 FY24 Change Net premiums earned $49,463 $35,967 37.5% $187,127 $128,498 45.6% Direct premiums written¹ $82,753 $72,533 14.1% $277,801 $241,980 14.8% Policies in force, at period end 80,432 77,656 3.6% Net investment income $2,951 $1,906 54.8% $9,799 $6,824 43.6% Net gains (losses) on investments ($901) ($905) 0.4% ($310) $415 NM Gain on sale of real estate $— $— — $1,966 $— NM Net loss ratio 36.3% 48.7% (12.4) pts 45.0% 48.7% (3.7) pts Net underwriting expense ratio 27.9% 29.8% (1.9) pts 30.0% 31.3% (1.3) pts Net combined ratio 64.2% 78.5% (14.3) pts 75.0% 80.0% (5.0) pts Net loss ratio 36.3% 48.7% (12.4) pts 45.0% 48.7% (3.7) pts Catastrophe loss ratio¹ 2.1% —% 2.1 pts 1.2% 1.9% (0.7) pts Net loss ratio excluding the effect of catastrophes¹ 34.2% 48.7% (14.5) pts 43.8% 46.8% (3.0) pts Effect of prior-year favorable reserve development (0.5)% (0.4)% (0.1) pts (0.6)% (1.4)% 0.8 pts Underlying loss ratio¹ 34.7% 49.1% (14.4) pts 44.4% 48.2% (3.8) pts Net income $14,760 $5,439 171.4% $40,767 $18,358 122.1% Net income per share — basic $1.04 $0.44 136.4% $2.93 $1.60 83.1% Net income per share — diluted $1.03 $0.40 157.5% $2.88 $1.48 94.6% Return on equity — annualized 51.3% 34.4% 16.9 pts 43.0% 36.3% 6.7 pts Adjusted EBITDA¹ $20,342 $9,303 118.7% $54,052 $30,516 77.1% Other comprehensive income (loss), net $663 ($3,135) NM $6,094 $99 NM Operating net income¹ $15,471 $6,153 151.4% $39,459 $18,031 118.8% Operating net income per share — basic¹ $1.09 $0.49 122.4% $2.83 $1.57 80.3% Operating net income per share — diluted¹ $1.08 $0.46 134.8% $2.79 $1.45 92.4% Operating return on equity¹ — annualized 53.7% 38.9% 14.8 pts 41.7% 35.6% 6.1 pts Book value per share (diluted) $8.28 $4.73 75.2% Book value per share excl. AOCI (diluted) $8.69 $5.59 55.5% 1 These are non-GAAP financial measures. See section entitled “Definitions and Non-GAAP Measures” and the tables included in our press release dated March 5, 2026 for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures and the reasons management uses each measure.
Income Statement ($ in thousands, except per share data) 4Q25 (Unaudited) 4Q24 (Unaudited) FY25 (Unaudited) FY24 Revenues Net premiums earned $49,463 $35,967 $187,127 $128,498 Ceding commission revenue 4,734 4,967 15,675 18,838 Net investment income 2,951 1,906 9,799 6,824 Net (losses) gains on investments (901) (905) (310) 415 Realized gain on sale of real estate — — 1,966 — Other income 173 167 611 568 Total revenues 56,421 42,103 214,867 155,142 Expenses Loss and loss adjustment expenses 17,931 17,509 84,266 62,635 Commission expense 10,476 8,841 40,727 33,929 Other underwriting expenses 8,228 7,017 31,719 25,693 Other operating expenses 586 814 4,105 3,635 Depreciation and amortization 678 613 2,560 2,449 Interest expense 68 629 445 3,514 Total expenses 37,967 35,424 163,822 131,854 Income from operations before taxes 18,454 6,679 51,046 23,288 Income tax expense 3,695 1,241 10,279 4,930 Net income $14,760 $5,439 $40,767 $18,358 Other comprehensive income (loss), net of tax $663 ($3,135) $6,094 $99 Comprehensive income $15,423 $2,303 $46,861 $18,458 Earnings per common share: Basic $1.04 $0.44 $2.93 $1.60 Diluted $1.03 $0.40 $2.88 $1.48 Weighted average shares: Basic 14,153,746 12,482,146 13,926,024 11,478,899 Diluted 14,383,270 13,491,412 14,143,173 12,423,769 Dividends declared per share $0.05 $— $0.10 $—
21 ($ in thousands) 31-Dec-25 (Unaudited) 31-Dec-24 Fixed-maturity securities, held-to-maturity $6,042 $7,047 Fixed-maturity securities, available-for-sale 289,037 186,893 Equity securities, at fair value 10,057 10,297 Other investments 4,552 4,381 Total investments 309,689 208,618 Cash and cash equivalents 12,179 28,669 Premiums receivable, net 21,012 21,767 Reinsurance receivables, net 58,997 69,322 Prepaid reinsurance 2,142 — Deferred policy acquisition costs 27,867 24,732 Intangible assets 500 500 Property and equipment, net 7,898 9,284 Deferred income taxes, net 4,180 5,598 Other assets 8,962 6,425 Total assets $453,425 $374,916 Liabilities Loss and loss adjustment expense reserves $140,539 $126,210 Unearned premiums 154,028 134,702 Advance premiums 4,003 3,503 Reinsurance balances payable 5,232 10,509 Deferred ceding commission revenue 8,363 11,541 Accounts payable and other liabilities 11,254 10,570 Income taxes payable 2,835 — Debt, net 4,440 11,171 Total liabilities 330,694 308,207 Stockholders’ Equity Common stock 159 144 Capital in excess of par 99,625 89,063 Accumulated other comprehensive loss (6,082) (12,175) Retained earnings (accumulated deficit) 34,597 (4,756) Treasury stock (5,568) (5,568) Total stockholders’ equity $122,731 $66,708 Total liabilities and stockholders' equity $453,425 $374,916 Balance Sheet
