Q2 2024 Kingstone Companies Inc Earnings Call Transcript
Key Points
- Kingstone Companies Inc (KINS) reported its third consecutive quarter of profitability, marking the most profitable quarter in the last seven years.
- The company has successfully returned to profitability by raising premiums and updating replacement costs on policy renewals ahead of competitors.
- Kingstone Companies Inc (KINS) experienced a significant increase in new business, with new business policy count up 5 times and new business premium up 13 times compared to the prior year.
- The company has a scalable platform and is considering expansion into new geographies, additional product offerings, and potential acquisitions.
- Kingstone Companies Inc (KINS) has a strong capital position and is prepared to utilize quota share if needed to support growth.
- The insurance market in New York has been volatile, with several competitors exiting the market, creating uncertainty.
- Kingstone Companies Inc (KINS) faces challenges in maintaining profitability while growing, as rapid growth in the insurance business can be difficult to manage.
- The company's expense ratio is higher than the target due to increased employee bonuses and contingent commissions, which may impact overall profitability.
- Kingstone Companies Inc (KINS) is heavily dependent on favorable weather conditions, and the guidance assumes no major catastrophe events.
- The company has not yet factored the recent market changes into its 2024 and 2025 guidance, creating potential uncertainty in future projections.
Greetings, and welcome to the Kingstone Company's second quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kevin Lee, Vice President, the Equity Group and Kingstone's Investor Relations represented. Karen, you may begin.
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Thank you, Chamaly. Good morning, everyone. Joining us on the call today will be Chief Executive Officer, Meryl Golden; and Chief Financial Officer, Jennifer Gravelle. On behalf of the company, I would like to note that this conference call may contain forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from projected results.
Forward-looking statements speak only as of the date on which they are made and Kingstone undertakes no obligation to
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