Kingstone Companies reported net income of $15.5 million, or $1.05 per share, driven by 19% premium growth and reduced quota-share cessions.
Kingstone Companies (NASDAQ:KINS) reported second-quarter net income of $15.5 million, or $1.05 per diluted share, up from $11.3 million, or $0.78 per share, in the prior-year period. Operating net income rose 41% to $15.3 million, or $1.04 per share, with an annualized GAAP return on equity of 50.8%.
Direct premiums written increased 19% year over year to $72.5 million, while net premiums earned rose 31% to $60.5 million. The company reduced its New York quota-share cession to 5% from 16%, boosting retained premiums and underwriting profit. Policies in force grew 9.9% to 84,570.
Management confirmed the company remains on track with its full-year outlook but noted rising competition in some markets.