Kingstone Announces Estimated First Quarter 2023 Catastrophe Losses
08 Mayo 2023 - 3:15PM
Business Wire
Kingstone Companies, Inc. (Nasdaq: KINS) (the “Company”
or “Kingstone”), a Northeast regional property and casualty
insurance holding company, today announced that Kingstone Insurance
Company, its wholly-owned subsidiary, estimates net pre-tax
catastrophe losses for the first quarter of 2023 of $3.72 million
($2.96 million after-tax). Catastrophe losses for the quarter
resulted from two events.
As previously announced, Kingstone will hold its 2023 First
Quarter financial results conference call for analysts and
investors on Friday, May 12, 2023 at 8:30 a.m. Eastern Time. The
earnings announcement is scheduled for release shortly after the
stock markets close on Thursday, May 11th.
Financial information, including material announcements about
Kingstone Companies, is routinely posted on
www.kingstonecompanies.com.
About Kingstone Companies,
Inc.
Kingstone is a northeast regional property and casualty
insurance holding company whose principal operating subsidiary is
Kingstone Insurance Company (“KICO”). KICO is a New York domiciled
carrier writing business through retail and wholesale agents and
brokers. KICO offers primarily personal lines insurance products in
New York, New Jersey, Rhode Island, Massachusetts, and Connecticut.
Kingstone is also licensed in Pennsylvania, New Hampshire and
Maine.
Forward-Looking
Statements
Statements in this press release may contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, may be forward-looking statements. These
statements are based on management's current expectations and are
subject to uncertainty and changes in circumstances. These
statements involve risks and uncertainties that could cause actual
results to differ materially from those included in forward-looking
statements due to a variety of factors. For more details on factors
that could affect expectations, see Part I, Item 1A (“Risk
Factors”) of our Annual Report on Form 10-K for the year ended
December 31, 2022 filed with the Securities and Exchange
Commission. These risks and uncertainties include, without
limitation, the following:
- As a property and casualty insurer, we may face significant
losses from catastrophes and severe weather events.
- Unanticipated increases in the severity or frequency of claims
may adversely affect our operating results and financial
condition.
- We are exposed to significant financial and capital markets
risk which may adversely affect our results of operations,
financial condition and liquidity, and our net investment income
can vary from period to period.
- The insurance industry is subject to extensive regulation that
may affect our operating costs and limit the growth of our
business, and changes within this regulatory environment may
adversely affect our operating costs and limit the growth of our
business.
- Changing climate conditions may adversely affect our financial
condition, profitability or cash flows.
- Because a significant portion of our revenue is currently
derived from sources located in New York, our business may be
adversely affected by conditions in such state.
- We are highly dependent on a relatively small number of
insurance brokers for a large portion of our revenues.
- Actual claims incurred may exceed current reserves established
for claims, which may adversely affect our operating results and
financial condition.
- We rely on our information technology and telecommunication
systems, and the failure of these systems could materially and
adversely affect our business.
Kingstone undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230508005483/en/
INVESTOR RELATIONS: Arielle Rothstein / Kaitlin Kikalo Joele
Frank, Wilkinson Brimmer Katcher (212) 355-4449
Kingstone Companies (NASDAQ:KINS)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Kingstone Companies (NASDAQ:KINS)
Gráfica de Acción Histórica
De May 2023 a May 2024