Kingstone Companies Inc (NASDAQ: KINS) is a property and casualty insurance holding company that underwrites personal lines and commercial auto insurance policies primarily in New York through its wholly-owned subsidiary, Kingstone Insurance Company (KICO). Revenue comes from earned premiums, ceding commissions from quota share reinsurance arrangements, net investment income from the float generated between premium collection and claims payment, and policy fees including installment and reinstatement fees. KICO was the 12th largest writer of homeowners insurance in New York as of FY2024. For the years ended December 31, 2025 and 2024, respectively, 98.0% and 96.0% of KICO's direct written premiums came from New York policies. The company distributes through a network of more than 700 retail and wholesale producers, with a focus on a curated group of "Select" producers. KICO is licensed in New York, New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. Kingstone plans to enter the California market in the second quarter of 2026.

Revenue model

Earned premiums recognized ratably over 12-month policy terms, supplemented by ceding commissions from quota share reinsurance, net investment income from premium float, net realized gains and losses on investment securities, and policy fees (installment, reinstatement, non-sufficient fund). A subsidiary, Cosi Agency Inc., earns net commission revenue from policies placed with third-party carriers.

Products and services

Personal lines insurance (homeowners, dwelling fire, renter's insurance), commercial auto insurance, and coastal property coverage including catastrophe reinsurance-backed hurricane exposure. Policies are exclusively 12-month terms. The company also offers multi-policy discounts on homeowners policies and niche products distributed through Select producers.

Customers and end markets

Individual and commercial policyholders in New York and adjacent northeastern states, accessed through a network of more than 700 retail and wholesale producers. The end market is personal lines property and casualty insurance, with homeowners and dwelling fire as primary product categories. Coastal markets with hurricane exposure are actively written.

Value-chain role

Underwriter and primary carrier. KICO assumes insurance risk directly, prices and underwrites policies, manages reinsurance programs, handles claims, and invests the premium float. Cosi Agency Inc. acts as a general agency, placing business with third-party carriers and retaining net commission spread.

Geographic exposure

Heavily concentrated in New York, which represented 98.0% of KICO's direct written premiums for the year ended December 31, 2025, and 96.0% for the year ended December 31, 2024. KICO is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. California market entry planned for Q2 2026.

Source: SEC 10-K, filed 2026-03-16

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