KINGSTONE COMPANIES, INC.

Listed Company

KINSCIK 0000033992NasdaqAcceleratedSmaller ReportingFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$214.87M

Net Income

$40.77M

Total Assets

$453.43M

Equity

$122.73M

Shares Out

14.48M

Op. Cash Flow

$75.86M

Business

KINGSTONE COMPANIES, INC. provides property and casualty insurance primarily through its wholly owned subsidiary, Kingstone Insurance Company (KICO). It offers personal lines products including homeowners, dwelling fire, cooperative/condominium, renters and personal umbrella policies, as well as livery physical damage and niche coverages, supported by underwriting, claims handling and reinsurance programs. The company operates through two principal units: KICO, the insurance carrier, and Cosi Agency, a multi-state licensed general agency that sources alternative distribution and commission revenue. It is licensed in New York and several Northeastern states and distributes exclusively through retail and wholesale agents and brokers.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned	187	128	114	114	144
Ceding commission revenue	16	19	21	19	89,681
Net investment income	10	7	6	5	7
Net (losses) gains on investments	−309,994	414,551	2	−9	10
Realized gain on sale of real estate	2	0	—	—	—
Other income	610,849	568,096	609,721	910,455	851,494
Total revenues	215	155	144	130	161
Loss and loss adjustment expenses	84	63	83	88	102
Commission expense	41	34	33	35	33
Other underwriting expenses	32	26	26	27	26
Other operating expenses	4	4	2	3	4
Depreciation and amortization	3	2	3	3	3
Interest expense	445,213	4	4	—	—
Total expenses	164	132	152	158	171
Income from operations before taxes	51	23	−7	−28	—
Income tax expense	10	5	−1	−5	−2
Net income	41	18	−6	−23	−7
Gross decrease in unrealized losses on available-for-sale-securities	7	111,446	5	−23	−5
Reclassification adjustment for losses included in net income	222,706	13,979	18,811	65,333	−5
Net decrease in unrealized losses	8	125,425	5	−22	−10
Income tax expense related to items of other comprehensive income	−2	−26,338	−979,254	—	—
Other comprehensive income, net of tax	6	99,087	4	−18	−8
Comprehensive income	47	18	−2	−40	−15
Basic (in dollars per share)	2.93	1.6	−0.57	−2.12	−0.7
Diluted (in dollars per share)	2.88	1.48	−0.57	−2.12	−0.7
Weighted average common shares outstanding, Basic (in shares)	14	11	11	11	11
Weighted average common shares outstanding, Diluted (in shares)	14	12	11	11	11
Dividends declared and paid per common share (in dollars per share)	0.1	0	0	0.12	0.16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,137,267 at December 31, 2025 and $5,959,265 at December 31, 2024)	6	7	—	—	—
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $296,738,055 at December 31, 2025 and $202,308,158 at December 31, 2024)	289	187	—	—	—
Equity securities, at fair value (cost of $13,546,654 at December 31, 2025 and $13,527,554 at December 31, 2024)	10	10	15	14	40
Other investments	5	4	4	3	8
Total investments	310	209	175	179	214
Cash and cash equivalents	12	29	9	12	—
Premiums receivable, net of allowance for credit losses of $20,831 at December 31, 2025 and $402,290 at December 31, 2024	21	22	14	14	12
Reinsurance receivables, net	59	69	—	—	—
Prepaid reinsurance	2	0	—	—	—
Deferred policy acquisition costs	28	25	20	24	22
Intangible assets	500,000	500,000	500,000	—	—
Property and equipment, net	8	9	9	11	9
Deferred income taxes, net	4	6	11	10	192,253
Other assets	9	6	5	4	9
Total assets	453	375	318	320	331
Loss and loss adjustment expense reserves	141	126	122	—	—
Unearned premiums	154	135	106	107	98
Advance premiums	4	4	4	3	3
Reinsurance balances payable	5	11	13	13	13
Deferred ceding commission revenue	8	12	9	11	10
Accounts payable, accrued expenses and other liabilities	11	11	4	7	8
Income taxes payable	3	0	—	—	—
Debt, net (Current $1,296,900 and long-term $3,143,227 at December 31, 2025 and current $6,849,257 and long-term $4,322,163 at December 31, 2024)	4	11	25	25	30
Total liabilities	331	308	283	284	256
Commitments and Contingencies (Note 17)	—	—	—	—	—
Preferred stock, $0.01 par value; authorized 2,500,000 shares	0	0	0	0	0
Common stock, $0.01 par value; authorized 20,000,000 shares; issued 15,921,651 shares at December 31, 2025 and 14,448,205 shares at December 31, 2024; outstanding 14,397,526 shares at December 31, 2025 and 12,924,080 shares at December 31, 2024	159,216	144,482	122,483	121,715	119,557
Capital in excess of par	100	89	75	75	72
Accumulated other comprehensive loss	−6	−12	−12	−16	2
Retained earnings (accumulated deficit)	35	−5	−23	−17	7
Stockholders' Equity before treasury stock	128	72	40	42	81
Treasury stock, at cost, 1,524,125 shares at December 31, 2025 and 1,524,125 shares at December 31, 2024	−6	−6	−6	−6	6
Total stockholders' equity	123	67	35	36	76
Total liabilities and stockholders' equity	453	375	318	320	331

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net realized losses on investments	222,706	62,349	18,811	140,063	—
Net unrealized losses on equity investments	259,010	6,606	−1	6	—
Net unrealized gains on other investments	−171,722	−483,506	−1	3	−2
Gain on sale of real estate	−2	0	—	—	—
Bad debt expense	599,653	115,470	75,215	132,577	160,369
Accretion of bond discount, net	−17,958	−520,901	−36,712	4	260,343
Amortization of discount and issuance costs on debt	65,163	989,101	1	—	—
Loss on extinguishment of debt	174,962	296,553	0	—	—
Stock-based compensation	1	1	—	1	2
Deferred income tax (benefit) expense	−201,548	5	−1	−5	−2
Premiums receivable, net	154,927	−8	200,481	−2	−659,066
Reinsurance receivables, net	10	6	−9	−26	5
Prepaid reinsurance	−2	0	—	—	—
Deferred policy acquisition costs	−3	−5	4	−2	−2
Other assets	−2	−2	−825,737	5	667,952
Loss and loss adjustment expense reserves	14	4	3	23	12
Unearned premiums	19	29	−2	10	8
Advance premiums	500,390	−294,527	958,562	—	—
Reinsurance balances payable	−5	−2	−224,826	100,398	6
Deferred ceding commission revenue	−3	2	−1	871,061	10
Accounts payable, accrued expenses and other liabilities	683,261	6	−2	−1	−728,837
Taxes payable	3	0	—	—	—
Net cash flows provided by operating activities	76	58	−11	−915,521	24
Redemption - fixed-maturity securities held-to-maturity	1	0	750,000	1	2
Purchase - fixed-maturity securities available-for-sale	−154	−165	−51	−49	—
Sale and maturity - fixed-maturity securities available-for-sale	60	128	62	26	85
Purchase - equity securities	−19,100	0	0	−684,778	−19
Sale - equity securities	0	4	99,917	19	16
Proceeds from sale of real estate	4	0	—	—	—
Acquisition of property and equipment	−3	−2	−2	−5	−4
Net cash flows used in investing activities	−93	−35	9	−6	−16
Principal payments on equipment financing	−1	−1	−1	−191,169	0
Issue costs on 2024 and 2022 Notes	0	−203,902	−14,299	−2	0
Proceeds from exercise of stock options	62,714	63,711	0	—	—
Proceeds from employee stock purchase plan	137,116	0	—	—	—
Withholding taxes paid on net exercise of stock options	−14,305	0	—	—	—
Withholding taxes paid on vested restricted stock awards	−562,214	−1	−13,409	−392,011	−205,773
Net proceeds from issuance of common stock	9	14	0	60,464	0
Dividends paid	−1	0	—	—	—
Net cash flows provided by (used in) financing activities	506,074	−3	−1	−6	−4
(Decrease) increase in cash and cash equivalents	−16	20	−3	—	5
Cash paid for income taxes-federal	8	0	—	—	—
Cash paid for income taxes-state	250	0	—	—	—
Cash paid for interest	2	3	3	2	2
Lease liability in exchange for right-of-use asset	198,042	0	—	—	—

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