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Kingstone Companies (KINS) investor relations material
Kingstone Companies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved eighth consecutive profitable quarter in Q3 2025, with net income of $10.9 million, diluted EPS of $0.74, and annualized ROE of 43%, supported by disciplined underwriting and expense management.
Direct written premium grew 14% year-over-year in Q3 2025, reaching $75.8 million, with policies in force up 4.2% to 78,000 and significant new business from competitor exits.
Net premiums earned increased over 40% for the third consecutive quarter, driven by reduced quota share and strong retention.
Select homeowners program now represents 54% of policies in force, with claim frequency 31% lower than legacy products and all new business written in Select since 2022.
Benefited from market exits by competitors, capturing significant new business and premium growth.
Financial highlights
Net income for Q3 2025 was $10.9 million, up 55.8% year-over-year; year-to-date net income reached $26 million, more than double the prior year.
Net premiums earned rose 43.5% year-over-year to $47.9 million in Q3 2025; net investment income grew 52% to $2.5 million for the quarter and 39% year-to-date to $6.8 million.
Adjusted EBITDA for Q3 2025 grew 40.6% to $14.7 million; book value per share (diluted) increased 68.7% year-over-year to $7.28.
Net earned premium growth exceeded 40% for three consecutive quarters, driven by reduced quota share and prior new business surge.
Expense ratio decreased by 4.6 percentage points in the quarter, aided by sliding scale ceding commissions.
Outlook and guidance
Raised 2025 guidance: direct premiums written growth 12–17%, net combined ratio 78–82%, basic EPS $2.30–$2.70, diluted EPS $2.20–$2.60, ROE 35–39%.
Fiscal 2026 guidance: direct premiums written growth 15–20%, net combined ratio 79–83%, basic EPS $2.15–$2.85, ROE 26–36%.
Strategic expansion into new states planned for 2026 and 2027, targeting $500 million direct premiums written by 2029.
Improved combined ratio guidance by 100 basis points, EPS by 9–12%, and ROE by 300 basis points at midpoint.
Fiscal 2026 guidance assumes normal seasonality and catastrophe activity, with updates to be provided in March.
E&S homeowners market demand outlook
Sustainability of reduced quota share benefits
Long-term strategy for legacy product
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Next Kingstone Companies earnings date
Q4 202513 Mar, 2026
Next Kingstone Companies earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
Kingstone Companies Inc is a property and casualty insurance holding company operating through its subsidiary, Kingstone Insurance Company. It offers personal and commercial insurance products including homeowners, renters, and business owners policies, primarily in the Northeastern United States. Kingstone Companies Inc is headquartered in Kingston, New York, and its shares are listed on the NASDAQ.
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