Kingstone Companies reports Q4 net premiums earned $28.7M vs. $30.4M last year

Fourth Quarter 2023: Strengthened the profitability of the Company’s book of business by achieving a 48% reduction in policies-in-force in its non-core business as compared to December 31, 2022. Net premiums earned for all lines of business of $28.7 million versus $30.4 million as the Company continued to execute the strategic run-off of its non-core business, offsetting significant renewal rate achievement and new business premium in its core business. Net premiums earned from non-core business declined by 44% from $5.3 to $2.9 million. Consolidated fourth quarter GAAP combined ratio range of 90% to 92%, or a 22 to 24 percentage point improvement. The fourth quarter net loss ratio range of 57% and 59%, or a 24 to 22 percentage point improvement. Core business net loss ratio range of 55% and 57%, or a 17 to 15 percentage point improvement. Non-core business net loss ratio between 79% and 81%, or a 45 to 43 percentage point improvement. No favorable or unfavorable prior-year loss reserve development for the quarter.