Kingstone Companies Reports 154.7% Increase in Net Income and 42.2% Revenue Growth for First Half of 2025

Kingstone Companies, Inc. reported significant financial growth in its latest quarterly results, with net income for the six months ending June 30, 2025, reaching $15.1 million, a 154.7% increase from $5.9 million in the same period last year. The company’s total revenues surged to $102.8 million, up 42.2% from $72.3 million in the prior year, driven primarily by a 51.8% increase in net premiums earned, which totaled $89.7 million compared to $59.1 million in 2024. This growth reflects the company's strategic focus on its core personal lines business, which saw direct written premiums rise by 19.5% to $117 million.

In terms of operational metrics, Kingstone's net loss ratio improved to 50.3% for the first half of 2025, down from 54.3% in the previous year, indicating enhanced underwriting profitability. The net underwriting expense ratio also saw a slight increase to 32.0%, compared to 31.3% in 2024, attributed to higher commission expenses and other underwriting costs. The company reported a total of 76,925 policies in force as of June 30, 2025, marking a 3.6% increase from the previous year, with a notable 11.4% rise in its core business policies.

Strategically, Kingstone has been actively managing its portfolio, reducing its non-core business significantly, which has contributed to improved financial performance. The company has also entered into a new 16% quota share reinsurance treaty effective January 1, 2025, which is expected to further stabilize its financial results. Additionally, Kingstone completed the sale of its headquarters building for $3.6 million, which is part of its ongoing efforts to optimize its asset base.

Looking ahead, Kingstone is optimistic about its growth trajectory, aiming for $500 million in direct written premiums over the next five years. The company is also expanding its footprint in Downstate New York, having entered into agreements to offer replacement policies to homeowners affected by competitors exiting the market. This strategic positioning, combined with a focus on profitability and operational efficiency, is expected to support continued growth and stability in the company's financial performance.