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Kingstone Companies Inc (KINS-4.60%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $155.1 million for 2024, an increase from $144.2 million in 2023. This increase was primarily due to a rise in net premiums earned, which amounted to $128.5 million in 2024 compared to $114.4 million in 2023.
Net income for the year was $18.4 million, a significant turnaround from a net loss of $6.2 million in the previous year. The improvement was attributed to a decrease in loss and loss adjustment expenses, which were $62.6 million in 2024 compared to $82.8 million in 2023.
The company reported a net loss ratio of 48.7% in 2024, down from 72.4% in 2023. The net underwriting expense ratio also decreased to 31.3% from 32.9% in the previous year.
Kingstone's total assets as of December 31, 2024, were $374.9 million, up from $317.6 million at the end of 2023. The increase was driven by higher cash and cash equivalents and an increase in investments.
The company's liabilities increased to $308.2 million from $283.1 million in 2023, primarily due to a rise in unearned premiums.
Kingstone's stockholders' equity increased to $66.7 million as of December 31, 2024, from $34.5 million in 2023, reflecting the company's improved financial performance.
The filing also details changes in the company's reinsurance treaties and the impact of catastrophe losses on its financial results. Catastrophe losses were significantly lower in 2024, contributing 1.9 percentage points to the net loss ratio compared to 7.1 percentage points in 2023.
Kingstone continues to focus on its core business in New York while reducing its non-core business in other states. The company reported a 31.4% increase in direct written premiums for its core business, while non-core business premiums decreased by 58.5%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kingstone Companies Inc annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.