Kingstone Companies, Inc. (NASDAQ:KINS), a player in the fire, marine, and casualty insurance industry with a market capitalization of $190 million and impressive YTD returns exceeding 630%, announced on Wednesday an amendment to a previous agreement with shareholders Gregory and Scott Fortunoff. The amendment, effective Tuesday, reflects a change in the board observer status granted to Gregory Fortunoff.
Previously, under an agreement dated March 3, 2023, Gregory Fortunoff had been granted the right to observe the company's board meetings. However, based on Kingstone's recent performance, the Fortunoffs have agreed that this observer status is no longer necessary. Consequently, Gregory Fortunoff has relinquished his right to serve as an observer to the company's Board of Directors or to be nominated for a board position.
The amendment signifies a shift in the relationship between the company and the Fortunoffs, who are shareholders of Kingstone Companies. The details of the amendment are outlined in the full text of the document, which has been filed as Exhibit 10.1 with the SEC and incorporated by reference into the company's current report.
Kingstone Companies, headquartered in Kingston, New York, is incorporated in Delaware and operates with a fiscal year-end of December 31. The company's common stock is traded on the NASDAQ Capital Market under the ticker symbol KINS.
In other recent news, Kingstone Companies, Inc. reported record Q3 results, marking the highest quarterly income since its 2009 acquisition. A notable 40% growth rate in core personal lines was achieved, along with a significant increase in premiums and profitability. The company also highlighted strategic adjustments in underwriting and investment portfolio management.
Direct written premiums for core personal lines saw a rise of 43%, with new business making up 27% of total premiums. The company also anticipates an incremental premium of $25 million to $30 million in 2024 due to market dislocation. Additionally, the company provided an updated guidance for 2024 and 2025, reflecting optimism in its growth trajectory and financial health.
Kingstone's net income for Q3 2024 was $7 million, contributing to a year-to-date net income of $12.9 million. The company also reported an improved combined ratio of 72%, and an increase in investment income by 14% to $1.7 million.
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