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Here are 1-3 brief analogies to describe Kingstone Companies (KINS):

• State Farm for New York homeowners
• A regional Allstate for New York property insurance

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• Personal Lines Property and Casualty Insurance: Kingstone offers various property and casualty insurance policies primarily for individuals, including homeowners, dwelling fire, and renters insurance, predominantly in New York.

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Kingstone Companies (symbol: KINS) primarily sells its insurance policies to individuals through a network of independent agents and brokers. The ultimate customers, who purchase and hold the insurance policies, fall into the following categories:

1. Homeowners: Individuals who own and occupy their primary residences and seek comprehensive coverage for their property (dwelling, other structures, personal property) and personal liability.
2. Landlords/Rental Property Owners: Individuals who own residential properties that they rent out to tenants. They typically seek dwelling fire (DP-1, DP-3) or similar policies to cover the structure and their liability as the property owner.
3. Condominium/Co-op Unit Owners: Individuals who own a condominium or cooperative unit and require specialized insurance (often an HO-6 policy) to cover their unit's interior, personal belongings, and personal liability, which complements the master policy held by the condo/co-op association.

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• Everest Group, Ltd. (ER)
• RenaissanceRe Holdings Ltd. (RNR)
• TransRe
• AXA S.A. (AXAHY)
• Swiss Re AG (SSREY)
• Munich Re (MURGY)
• PartnerRe
• Chaucer
• Cincinnati Financial Corporation (CINF)

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Meryl S. Golden, Chief Executive Officer, President and Director

Meryl S. Golden serves as the President, Chief Executive Officer, and Director of Kingstone Companies. She has been noted for leading the company through strong performance, achieving significant net income and consistent profitability. Golden commented on key appointments, indicating her leadership in the company's strategic direction.

Randy L. Patten, Chief Financial Officer

Randy L. Patten was appointed Chief Financial Officer of Kingstone Companies, effective August 25, 2025. Prior to joining Kingstone, he served as Vice President, Chief Accounting Officer, and Treasurer at NEXT Insurance. In this role, Patten played a key part in NEXT Insurance's $2.6 billion acquisition by ERGO Group AG. His extensive career also includes nearly a decade at United Fire Group and 15 years at Transamerica Life Insurance Company/AEGON USA, bringing three decades of insurance experience to Kingstone.

Sarah Chen, Senior Vice President, Chief Actuary and Head of Product Management, Kingstone Insurance Company

Sarah Chen holds the titles of Senior Vice President, Chief Actuary, and Head of Product Management for Kingstone Insurance Company, a subsidiary of Kingstone Companies.

Victor Brodsky, Chief Accounting Officer

Victor Brodsky serves as the Chief Accounting Officer for Kingstone Companies.

Thomas Newgarden, Non-Executive Chairman of the Board

Thomas Newgarden was appointed to Kingstone's Board of Directors on June 18, 2024, and serves as the Non-Executive Chairman of the Board. He is an analytics-driven insurance executive with over 30 years of experience, primarily focused on personal lines within the property and casualty sector. His expertise spans predictive modeling/data science, product management/development segmentation, Insurtech/business development, underwriting, and actuarial disciplines. Notably, Newgarden played an instrumental role in the successful acquisition and rehabilitation of National General Insurance (formerly GMAC Insurance), holding executive positions such as Executive Vice President and Chief Underwriting Officer, Chief Analytics Officer, and President of National General Preferred, which culminated in its successful sale to Allstate Insurance.

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The key risks to Kingstone Companies' (KINS) business include its significant exposure to catastrophic weather events exacerbated by geographic concentration, the impact of adverse loss trends and market softening, and limitations on capital access due to a credit rating withdrawal.

1. Catastrophe and Weather Risk, Exacerbated by Geographic Concentration: Kingstone Companies, a homeowner-focused property and casualty insurer, has a substantial presence in the Northeast, particularly New York, where 96% of its policies are concentrated. This geographic focus exposes the company heavily to losses from hurricanes, windstorms, and other natural disasters. While Kingstone utilizes reinsurance to mitigate its exposure (up to $275 million in catastrophe coverage), a single major event or an accumulation of smaller events could result in claims exceeding normal levels, potentially harming profitability and capital. The potential for increased frequency of severe weather due to climate change is also an ongoing concern.
2. Attrition Loss Experience, Claims Inflation, and Market Softening: Kingstone Companies faces significant risks from adverse loss trends. Attritional losses, driven by inflation in claims, can exert downward pressure on earnings. Furthermore, the property market has shown signs of softening after a period of reduced capacity and rising rates, which could further erode Kingstone's profitability. The company needs to carefully monitor these trends, as increased attritional loss ratios could indicate that claims inflation is outpacing rate increases.
3. Limited Access to Capital due to Credit Rating Withdrawal: In 2023, Kingstone Insurance Company (KICO), Kingstone's insurance subsidiary, voluntarily withdrew from A.M. Best's interactive rating process. While this reduced compliance costs, it has also limited the company's access to long-term capital, making it more vulnerable in scenarios requiring emergency funding, such as after large natural catastrophes. The company now relies on a Demotech rating, which is generally considered less rigorous by the market, potentially impacting future capital raises and expansion plans.

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The rise of digital-first, AI-powered insurtech companies poses a clear emerging threat to Kingstone Companies. These new entrants, such as Lemonade, operate with fundamentally different business models, leveraging artificial intelligence for underwriting, claims processing, and customer service, often with a direct-to-consumer approach. Lemonade, for example, directly competes in the homeowners' and renters' insurance markets, which are core segments for Kingstone in New York. Their ability to offer a highly digital, streamlined user experience and potentially more dynamic pricing structures can disrupt traditional insurance models that rely more heavily on legacy systems and agent networks, potentially eroding Kingstone's market share and profitability over time.

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Kingstone Companies (NASDAQ: KINS) operates primarily in the property and casualty insurance market, focusing its underwriting and service operations mainly in New York State, with some offerings extending to neighboring Connecticut. The company's main products include personal lines insurance such as homeowners, dwelling fire, cooperative/condominium, renters, and personal umbrella policies, as well as commercial auto insurance products.

Addressable Markets for Kingstone Companies' Main Products and Services:

• New York Property and Casualty Insurance Market:

  The market size for the Property, Casualty & Direct Insurance industry in New York is estimated to be $75.9 billion in 2025.

• U.S. Homeowners Insurance Market:

  The Homeowners' Insurance industry in the United States has a projected market size of $144.0 billion in 2025. Other estimates for the U.S. homeowners insurance market size include $169.55 billion in 2024, and it was valued at $52.89 billion in 2024, expected to reach $87.1 billion by 2030. Kingstone Insurance Company was the 15th largest writer of homeowners insurance in New York in 2023.

• U.S. Commercial Auto Insurance Market:

  While specific New York commercial auto insurance market data was not available, the broader U.S. motor insurance market, which includes commercial auto, is valued at $466.00 billion in 2025 and is forecast to climb to $702.99 billion by 2030. Another source indicates the U.S. car insurance market size was $192.36 billion in 2023 and is anticipated to exceed $294.42 billion by 2033. Commercial auto generated 45.63% of direct premiums in the property and casualty insurance market in 2024.

• U.S. Personal Auto Insurance Market:

  The Automobile Insurance market in the U.S. is estimated at $352.9 billion in 2025. The personal auto insurance sector's premiums rose sharply in 2023 and 2024.

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Kingstone Companies (KINS) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and market dynamics:

1. Core Business Direct Written Premium Growth: Kingstone anticipates significant growth in its core business's direct written premiums. For fiscal year 2025, the company has guided for core business direct written premium growth to be in the range of 15% to 20%. This growth is partly fueled by an increase in new business counts and higher renewal average premiums for property lines. The company has been focusing on its core personal lines business, which now constitutes 96% of its total policies-in-force.
2. Geographic Expansion into New States: Kingstone has concrete plans for measured geographic expansion, aiming to become a multi-state operator. The company intends to enter two new states in 2026 and two more in 2027. This expansion initiative is progressing, and a multi-year roadmap is expected to be presented in the first half of next year.
3. Acquisition of Renewal Rights (AmGUARD Transaction): Kingstone's subsidiary, Kingstone Insurance Company, is offering replacement policies to selected Homeowners policyholders in Downstate New York as AmGUARD Insurance Company exits the admitted personal lines business. This transaction involves approximately $70 million in written premium, with policy transitions scheduled to begin in the third quarter of 2025. Management estimates that ~$12 million from this transaction will be earned starting September 2025, with remaining gains throughout the subsequent 12 months, potentially increasing Kingstone's net premiums earned by over 30%.
4. Growth in Net Investment Income: The company has demonstrated strong growth in net investment income. Kingstone reported a 52% increase in net investment income in Q3 2025 and a 36% increase in Q1 2025 year-over-year. Strong cash generation from operations continues to support the growth of its investment portfolio, with recent investments in highly rated securities.
5. "Select Homeowners Program" and Improved Underwriting: Kingstone's strategic focus on its "Select homeowners program" has been instrumental in its sustained profitability and contributes to growth by attracting and retaining customers with a more efficient and accurate product. This new product uses advanced underwriting techniques, including by-peril pricing, insurance score integrations, and updated deductible data, which has resulted in approximately 31% lower claim frequency than past products. This disciplined underwriting and focus on core markets lead to improved combined ratios and high-margin growth.

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