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The **State Farm** of New York personal insurance.

A local **Progressive** for New York's unique personal insurance needs.

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• Personal Line Insurance Policies: Provides coverage for individuals' homes, apartments, and personal liability.
• For-Hire Vehicle Physical Damage Only Policies: Offers physical damage coverage specifically for livery, car service vehicles, and taxicabs.
• Canine Legal Liability Policies: Provides legal liability coverage related to canine ownership.
• Reinsurance Products: Offers insurance for other insurance companies to help them manage their risks.

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Kingstone Companies (KINS) primarily sells insurance products to individuals and small businesses.

The major customer categories are:

1. Individuals seeking personal property and liability insurance: This category includes homeowners, renters, cooperative/condominium unit owners, and individuals seeking personal umbrella policies to protect their assets and liabilities.
2. Operators of for-hire vehicles: This includes individuals or small businesses that operate livery, car service vehicles, and taxicabs, specifically seeking physical damage only policies for their vehicles.
3. Dog owners: Individuals who own dogs and are looking for canine legal liability policies to cover potential liabilities arising from their pets.

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• Guy Carpenter & Company, LLC (Marsh & McLennan Companies, Inc., MMC)
• Aon Reinsurance Solutions (Aon plc, AON)
• Munich Reinsurance America, Inc. (Munich Reinsurance Company, MUV2.DE)
• Swiss Re America Corporation (Swiss Re Ltd., SREN.SW)
• Everest Reinsurance Company (Everest Group, Ltd., EG)
• Transatlantic Reinsurance Company (Berkshire Hathaway Inc., BRK.B)

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Meryl Golden, Chief Executive Officer

Ms. Golden joined Kingstone in September 2019 as Chief Operating Officer and was appointed Chief Executive Officer effective October 1, 2023. She brings over 25 years of insurance experience to Kingstone, having most recently served as the head of business development for the Insurance Solutions group of Arity, a subsidiary of Allstate. Previously, she was the General Manager for the Northeast Region at both Liberty Mutual and Progressive, where she managed product, pricing, distribution, customer service, and claims. Ms. Golden also served as the General Manager at Earnix, a technology and analytics company.

Randy Patten, Chief Financial Officer

Mr. Patten joined Kingstone in August 2025 as Chief Financial Officer. He brings 28 years of leadership experience in the insurance industry. Most recently, he served as Vice President, Chief Accounting Officer, and Treasurer at NEXT Insurance, Inc., where he played a key role in NEXT Insurance's acquisition by ERGO Group AG, a subsidiary of MunichRe, for $2.6 billion. He also held the position of Chief Financial Officer for NEXT Insurance's U.S. insurance carrier subsidiary. Prior to NEXT Insurance, Mr. Patten spent nearly a decade at United Fire Group, Inc. (NASDAQ: UFCS), holding senior finance roles including Interim Co-Chief Financial Officer, Controller, and Director of Investor Relations. Earlier in his career, he spent 15 years at Transamerica Life Insurance Company/AEGON USA (NYSE: AEG) in various financial leadership positions.

Sarah Chen, Chief Actuary; Senior Vice President

Ms. Chen joined Kingstone in November 2020 as Chief Actuary and became Senior Vice President and Head of Product Management in August 2022. She is responsible for the reserving, pricing, planning, financial reporting and analysis, reinsurance management, and product management functions of the company. Ms. Chen has over a decade of experience in personal lines pricing, reserving, and other actuarial responsibilities. Prior to Kingstone, she was a Senior Pricing Manager at Homesite, a subsidiary of American Family, and an Actuarial Manager at Plymouth Rock. She also worked at XL Insurance, The Hartford, and Travelers in various actuarial roles.

David Fernandez, Senior Vice President, Chief Claims Officer

Mr. Fernandez joined Kingstone in November 2023 as Senior Vice President, Chief Claims Officer. He is responsible for all aspects of claims, including accuracy, customer service, and efficiency. Mr. Fernandez brings over 25 years of insurance experience in leading claims strategy and execution. Most recently, he was Vice President of Claims for Point32Health. He previously held senior claims positions at Progressive and Liberty Mutual, where he led organizations of over 1,000 claims professionals and spearheaded numerous transformation initiatives. Mr. Fernandez also served as Vice President of Claims Digital Transformation at Unum.

Victor Brodsky, Chief Accounting Officer

Mr. Brodsky was appointed Chief Accounting Officer effective May 1, 2024. He previously served as Kingstone’s Chief Financial Officer from August 2009 through September 2020, its Treasurer from August 2013 through September 2020, and its Chief Accounting Officer from August 2007 to July 2009. From October 2020 through April 2024, Mr. Brodsky served as a consultant to the company, primarily in connection with its accounting department.

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The emergence and growth of Insurtech companies poses a clear threat to Kingstone Companies. These digitally native insurance providers often leverage advanced technology, artificial intelligence, and direct-to-consumer models to offer a more streamlined, often lower-cost, and digitally integrated experience for personal lines insurance products such as homeowners, renters, and umbrella policies. This directly challenges Kingstone's reliance on traditional agent and broker distribution channels and could erode market share by appealing to customers seeking efficiency and convenience through digital platforms.

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Homeowners and Dwelling Fire Multi-Peril

Renters Insurance

Cooperative/Condominiums

Personal Umbrella Policies

For-hire vehicle physical damage only policies for livery and car service vehicles and taxicabs

Canine Legal Liability Policies

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Expected Drivers of Future Revenue Growth for Kingstone Companies (KINS)

Kingstone Companies (KINS) anticipates several key drivers for revenue growth over the next two to three years, stemming from strategic initiatives and favorable market conditions.

• Organic Growth in New York and Increased Direct Premiums Written (DPW): Kingstone expects robust organic growth in its core New York market, driven by its disciplined underwriting approach and the successful adoption of its "Select" product. The company projects direct premiums written growth for its core business to be 25-35% in 2024 and 15-25% in 2025. This growth is further fueled by market dislocations where competitors have exited, allowing Kingstone to capture new policies.

• Expansion into New Geographic Markets: A significant growth driver is the company's strategic expansion into new states, most notably California. Kingstone plans to enter the California market in the second quarter of 2026, targeting a five-year goal of $500 million in direct premiums by 2029. This multi-state expansion is expected to contribute to overall premium growth.

• Acquisition of Books of Business and Renewal-Rights Agreements: Kingstone has strategically acquired books of business and signed renewal-rights agreements, which are anticipated to boost premiums. For example, a renewal-rights agreement with AmGUARD in mid-2025 provided access to approximately $70 million of premiums in downstate New York, expected to generate $25 to $35 million of premium over 12 months and provide a runway of growth for the next 2-3 years. Additionally, acquisitions of Adirondack and Mountain Valley business added $29 million in incremental direct premiums written.

• Reduction in Personal Lines Quota Share Treaty: The company's decision to decrease its personal lines quota share treaty from 27% to 16% is projected to add $11 million to its earned premium in 2025. This adjustment allows Kingstone to retain a larger portion of the premiums it writes, directly contributing to revenue growth.

• Improved Underwriting and Operational Efficiency: While not a direct source of new revenue, enhanced underwriting and operational efficiency contribute to sustained profitable growth by improving the company's financial performance. Kingstone has achieved significant improvements in its combined ratio, which improved by 25.3 percentage points to 80.0% for the full year 2024. The net expense ratio also declined to 30.0% for full-year 2025, an 11-percentage point improvement since 2021. These efficiencies enable the company to maintain pricing power and allocate capital more effectively for growth initiatives.

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Share Repurchases

No public information is readily available regarding dollar amounts of share repurchases made or authorized for Kingstone Companies (KINS) over the last 3-5 years.

Share Issuance

• On June 18, 2025, Kingstone's Chief Actuary and Senior VP received 10,000 shares of common stock through a restricted stock grant.
• The number of outstanding shares for Kingstone Companies was 14,142,374 at the end of 2025 and as of March 2026.

Inbound Investments

• Gregory Fortunoff and Scott Fortunoff acquired beneficial ownership stakes in Kingstone Companies, with Gregory Fortunoff purchasing approximately $10.45 million and Scott Fortunoff purchasing approximately $1.89 million worth of shares through open-market transactions.

Outbound Investments

• Kingstone Companies plans to expand into new markets, specifically entering California in Q2 2026.
• The company has a five-year goal to reach $500 million in direct premiums by 2029, with expansion initiatives intended to be funded entirely through cash generated from operations.
• Kingstone's "Purchases of Investments" was USD -41.3 million in 2025, reflecting investments in its portfolio.

Capital Expenditures

• Kingstone invested approximately $652,000 in capital expenditures in Q3 2025, primarily for funding long-term assets and infrastructure.