Kingstone Companies, Inc. (Nasdaq: KINS) writes homeowners insurance through its subsidiary Kingstone Insurance Company, and was the 11th largest writer of homeowners insurance in New York in 2025. On October 16 the company said it will report third quarter results after the market closes on November 5, 2026.
At the October 19 close of $19.41, Kingstone's 14.48 million shares were worth $281.0 million, close to the top of a 52 week range of $13.83 to $20.90. Shareholders' equity was $129.2 million at June 30, 2026, or $8.92 a share.
Source: Kingstone Form 8-K filed October 16, 2026 (Exhibit 99.1); Form 10-Q for the quarter ended June 30, 2026, filed August 7, 2026. Price: stockanalysis.com, close of October 19, 2026. Market value and book value per share are Desk arithmetic.
The June Quarter
Direct premiums written rose 18.7% to $72.5 million in the June quarter, and 19.2% to $142.1 million for the first half. Policies in force reached 84,570 at June 30, up 9.9% from a year earlier. Part of that growth came from an agreement approved by New York's Department of Financial Services in April 2025, under which Kingstone offers replacement policies to Downstate New York homeowners of a competitor that pulled back from admitted personal lines.
Underwriting held up. The net combined ratio was 70.2%, against 71.5% a year earlier: a net loss ratio of 39.6% and an underwriting expense ratio of 30.6%. Net income was $15.5 million, up from $11.3 million.
Kingstone Net Combined Ratio
| Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |
|---|---|---|---|---|
| Net loss ratio | 39.6% | 38.8% | 59.7% | 50.3% |
| Underwriting expense ratio | 30.6% | 32.7% | 30.5% | 32.0% |
| Net combined ratio | 70.2% | 71.5% | 90.2% | 82.3% |
Source: Kingstone Form 10-Q, quarter ended June 30, 2026, segment reconciliation of the net combined ratio.
Source: Kingstone Form 10-Q for the quarter ended June 30, 2026 (Item 2, policies in force and direct premiums written; statements of income).
The Quarter Before It
The half year looks weaker than the June quarter because of the March quarter. Kingstone posted a net loss of $5.8 million in the first three months of 2026, against net income of $3.9 million a year earlier, as net loss and loss adjustment expenses rose to $45.6 million from $27.2 million. The company's June quarter report refers to reinstatement premiums tied to winter catastrophe losses. Its first quarter report says the underlying loss ratio, which excludes catastrophes and prior year reserve development, improved on lower non catastrophe frequency and higher average premiums.
For the six months, net income was $9.7 million against $15.1 million, and the net combined ratio was 90.2% against 82.3%. A homeowners book concentrated in the Northeast will have winters like this one.
Source: Kingstone Form 10-Q for the quarter ended March 31, 2026, filed May 8, 2026 (Item 2); Form 10-Q for the quarter ended June 30, 2026 (Item 2, reinsurance discussion).
Keeping More of the Premium
Kingstone changed how much business it hands to reinsurers. Its personal lines quota share treaty for 2025 ceded 16% of premiums. The treaty that started on January 1, 2026 cedes 5% in every state except California, where a separate 30% treaty applies. Ceding less means more of the premium, and more of the risk, stays on Kingstone's own books.
The effect shows in the income statement. Net premiums earned rose 30.8% to $60.5 million in the June quarter, faster than direct premiums, while ceding commission revenue from reinsurers fell to $1.5 million from $3.1 million. The catastrophe programme renewed on July 1, 2026, and includes the second year of a $125 million catastrophe bond.
Source: Kingstone Form 10-Q for the quarter ended June 30, 2026 (reinsurance note; statements of income). Growth in net premiums earned is Desk arithmetic.
Balance Sheet, Dividend and Share Count
At June 30, 2026, Kingstone held $334.1 million of investments and $16.9 million of cash against total assets of $477.9 million. Net investment income rose to $3.4 million in the quarter from $2.3 million. The company paid a dividend of $0.05 a share in each of the first two quarters of 2026, after paying none in the same periods of 2025.
Weighted average basic shares were 14.48 million in the June quarter, against 13.93 million a year earlier, an increase of about 4%. The cover of the June quarter report lists 14,476,133 shares outstanding at August 4, 2026.
Source: Kingstone Form 10-Q for the quarter ended June 30, 2026 (balance sheet; net investment income note; Note 8, Stockholders' Equity; earnings per share). Share change rate is Desk arithmetic.
Controls and a New Auditor
The auditor's report on internal control for 2025 was adverse. The material weakness came from not receiving a Service Organization Control 1 Type 2 report for Kingstone's premium quoting platform and its general ledger system. In its June quarter report the company says it believes both weaknesses were remediated during the quarter, and that demonstrating it will be completed by December 31, 2026.
On August 18, 2026, the audit committee dismissed CBIZ CPAs and engaged Deloitte & Touche for the 2026 audit, citing Deloitte's dedicated insurance practice. The company reported no disagreements with CBIZ CPAs, and the only reportable event it listed was the adverse internal control opinion.
Source: Kingstone Form 8-K, Item 4.01, filed August 24, 2026; Form 10-Q for the quarter ended June 30, 2026 (Item 4).
Valuation at publication
Kingstone Companies, Inc. (Nasdaq: KINS)
Price data as of: October 19, 2026 close (stockanalysis.com). Balance sheet data as of: June 30, 2026 (Form 10-Q filed August 7, 2026). Market capitalization and book value per share use the 10-Q cover share count.
Risks
- One state. New York policies produced 98.6% of direct premiums written in the first half. Kingstone began writing in California on a non admitted basis in June 2026, but the book remains a single state book.
- More retained risk. Cutting the quota share to 5% means a bad weather quarter now lands more heavily on Kingstone's own results, as the March quarter showed.
- Rising non catastrophe losses. The company said its June quarter loss ratio rose on higher frequency and severity of non catastrophe losses, offset by favorable prior year development.
- Controls still being tested. Remediation of the 2025 material weakness will not be demonstrated until the end of 2026, under a new audit firm.
- Against the bull read. The shares trade near their 52 week high at about 2.2 times book value, so the November 5 report has less room to disappoint.
Source: Kingstone Form 10-Q for the quarter ended June 30, 2026; Form 8-K filed August 24, 2026. Price to book multiple is Desk arithmetic.
The Desk's Read: Bull
Kingstone is growing policies by about a tenth a year, keeping more of the premium, and produced a 70.2% combined ratio in its most recent quarter. The trade off is that it now carries more of its own weather risk in one state. The November 5 report will show whether the third quarter looks more like June or more like March.
Sources
- Kingstone Companies, Form 10-Q for the quarter ended June 30, 2026, filed August 7, 2026
- Kingstone Companies, Form 10-Q for the quarter ended March 31, 2026, filed May 8, 2026
- Kingstone Companies, Form 8-K, Item 4.01, filed August 24, 2026
- Kingstone Companies, Form 8-K and Exhibit 99.1, filed October 16, 2026
- stockanalysis.com, KINS overview and statistics, close of October 19, 2026
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