Kingstone Companies, Inc. reported financial results for the first quarter of 2026, with net income rising 28% despite a harsh winter in the Northeastern United States that resulted in a net loss of $5.8 million for the insurer.
Net premium income for the quarter was $55.8 million, up from $43.5 million in the same period last year. Direct written premiums for the quarter were $69.6 million, an increase of 20% from $58.2 million in the first quarter of 2025
Direct written premium growth was driven by continued momentum in Kingston’s New York homeowners business, higher average premiums and stable retention rates.
While policy volumes were milder in January and February (possibly due to severe weather), March was one of the company’s strongest months for new business, reflecting continued demand and the competitiveness of the insurer’s products.
GAAP combined ratio for the first quarter of 2026 was 112.0%, reflecting increased winter disaster activity in the country’s Northeast region. The net loss in the first quarter of 2026 compared to the net income of $3.8 million reported in the first quarter of 2025.
Southern New York State experienced an unusually severe winter storm season in the first quarter, making it the coldest and snowiest in 11 years.
The company noted that Kingston had anticipated this level of catastrophic activity and, consistent with the company’s guidance, confirmed that the underlying strength of the business had not been impacted.
Kingston President and CEO Meryl Golden added: “Barring catastrophes, our results underscore the profitability of the platform we have built.
“Our underlying combined ratio improved 5.1 percentage points year over year to 88.3%, driven by lower non-catastrophic loss frequency, higher average premiums and continued discipline in underwriting and expense management. These results reinforce the structural profitability improvements we have achieved over the past several years.”
She added: “Our operating model continues to differentiate Kingston. Our growing portfolio of select products is driving improvements in risk selection and loss performance, while our scalable platform enables us to grow efficiently. At the same time, our conservative reinsurance ensures that catastrophic events are revenue events, not capital events, allowing us to maintain financial flexibility even during periods of heightened severe weather.”
The insurer believes its continued underlying performance, continued rate adequacy and measurable growth will allow it to achieve substantial profitability, reaffirming its full-year 2026 guidance.
“We are also advancing our strategic initiatives, including our planned entry into California in the second quarter and the recent launch of Golden Stone Insurance Company of America, which will support our expansion into new markets on an admitted and non-admitted basis, beginning in Connecticut in the third quarter. We will continue to execute disciplinedly, prudently manage catastrophic risk, and invest in scalable growth opportunities to deliver long-term value to our shareholders,” Golden concluded.
