The following is a summary of the Kingstone Companies, Inc. (KINS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Kingstone Companies reported a profitable Q2, marking the third consecutive quarter of profitability with net income of $4.5 million or $0.41 per basic share.

• For the first half of the year, net income increased to $11.5 million, a significant rise from the previous year.

• Direct premium written is expected to grow 25% to 35% for 2024, with a targeted GAAP combined ratio between 84 and 88, earnings per share between $1 and $1.30, and a return on equity between 26% and 34%.

• Initial 2025 projections include direct premium written growth of 15% to 25%, with a combined ratio between 85 and 89, earnings per share between $1.20 and $1.60, and a return on equity between 22% and 30%.

Business Progress:

• Kingstone capitalized on a market opportunity from exiting competitors in New York, leading to a significant increase in policies.

• The company has refined its underwriting processes to ensure growth in policy count aligns with profitability targets.

• Plans are underway for geographic and product expansion, including potential acquisitions, to bolster long-term growth beyond 2025.

Opportunities:

• Due to competitors exiting the New York personal property market, Kingstone expects to significantly increase policy count by the end of the year, potentially doubling its current size.

• The management team is keen on exploring market opportunities, including potential acquisitions, to continually grow and diversify Kingstone's offerings and revenue streams.

More details: Kingstone IR

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