Property and casualty insurance holding company Kingstone Companies, Inc. reported the strongest quarterly and annual results in the company’s history, with diluted net income per share increasing 145-158% to $0.98-1.03 for the quarter and 89-95% for the full year of 2025 to $2.80-2.88.
In its preliminary results, the insurer reported that direct premiums rose 14% to $83 million in the fourth quarter of 2025, compared with $73 million a year ago, while direct premiums for the year increased 15% to $278 million, compared with $242 million in 2024.
Net premiums increased 27% to $69 million in 4Q25, compared to $54 million in 4Q25; net premiums increased 39% to $214 million in FY25, compared to $154 million in 2024.
Net premiums for the quarter increased 37% to $49 million, compared to $36 million in 4Q24; net premiums for FY25 increased 46% to $187 million, compared to $128 million in FY24.
The company reported a GAAP net combined ratio of 64-66% in the fourth quarter of 2025, compared with 79% in the fourth quarter of 2025. Meanwhile, the 2025 GAAP net combined ratio range is 75-77%, compared with 80% in 2024.
Kingston’s diluted net operating income per share increased 124-135% in the fourth quarter of 2025, to $1.0.3-1.08, and increased 87-92% for the full year of 2025, to $2.71-2.79.
Kingston President and Chief Executive Officer Meryl Golden commented, “Our most profitable quarter in our history caps off the most profitable year in our history. I’m pleased to report that our preliminary full-year results are ahead of the 2025 guidance we issued in the third quarter of 2025.”
“Our direct written premium growth of 14% and 15% for the fourth quarter and full year 2025, respectively, coupled with our excellent underwriting profits for the fourth quarter and full year 2025, is a testament to the durability of the platform we have built.”
He continued, “We are proud to continue serving producers and policyholders in southern New York, even as other insurance companies have withdrawn or limited coverage in this market. Throughout 2025 During the quarter, we benefited from lower catastrophe losses and continued improvements in property frequency driven by risk selection across our select products, which now account for 57% of active policies (up from 45% a year ago). During the quarter, we also recognized the benefits of continued improvements in our claims business, with faster cycle times providing earlier visibility into final property claim costs.
“We have laid the foundation for Kingston’s next phase with Select products, a superior claims organization, strong data analytics, enhanced investment management and a low-cost fee structure: continued earnings growth in New York while steadily expanding into new markets to achieve our 2029 premium target of $500 million. We look forward to sharing more about these programs, consolidated results and increased 2026 guidance on our upcoming earnings call.”
