Kingstone Posts Record Q4 2025 Results, Eyes $500M Premium Goal by 2029 — Kingstone Companies, Inc.

Event summary

Kingstone reported preliminary Q4 2025 GAAP net combined ratio of 64-66%, down 15-13 points YoY.
Direct premiums written grew 14% YoY in Q4 2025 to $83M, with full-year growth of 15% to $278M.
Q4 2025 operating net income per diluted share ranged $1.03-$1.08, up 124-135% YoY.
Select product now represents 57% of policies in force, up from 45% a year ago.
Company targets $500M in premium by 2029 through expansion beyond New York.

The big picture

Kingstone's record results reflect strong underwriting discipline and risk selection improvements in its Select product. The company's strategic focus on expanding beyond New York while maintaining profitability will be key as it pursues its $500M premium goal by 2029. The Northeast regional P&C insurance market remains competitive, with climate change and regulatory factors posing ongoing challenges.

What we're watching

Underwriting Discipline: Whether Kingstone can maintain its improved combined ratio amid potential catastrophe losses.
Market Expansion: The pace at which Kingstone can successfully expand beyond its core New York market.
Regulatory Risks: How the lack of an A.M. Best rating may impact growth and reinsurance relationships.