Kingstone Companies Files Q3 2024 10-Q

Ticker: KINS · Form: 10-Q · Filed: Nov 14, 2024 · CIK: 33992

Sentiment: neutral

Topics: 10-Q, financials, insurance

TL;DR

**KINGSTONE COMPANIES (KINS) FILED Q3 2024 10-Q - FINANCIALS OUT NOW**

AI Summary

Kingstone Companies, Inc. filed its Q3 2024 10-Q report on November 14, 2024, covering the period ending September 30, 2024. The filing details the company's financial performance and position for the third quarter and the year-to-date. Key financial data and operational updates are provided within the report.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational status of Kingstone Companies, Inc., crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — As a publicly traded company filing regular financial reports, Kingstone Companies, Inc. faces inherent market and operational risks that are detailed in its SEC filings.

Key Numbers

Key Players & Entities

FAQ

What were the key financial highlights for Kingstone Companies in Q3 2024?

The 10-Q filing for the period ending September 30, 2024, provides detailed financial statements, but specific highlights like revenue, net income, or EPS are not summarized in the provided header information.

When was this 10-Q report filed with the SEC?

This 10-Q report was filed on November 14, 2024.

What is the fiscal year-end for Kingstone Companies, Inc.?

The fiscal year end for Kingstone Companies, Inc. is December 31.

Has Kingstone Companies, Inc. operated under different names previously?

Yes, Kingstone Companies, Inc. was formerly known as DCAP GROUP INC and EXTECH CORP.

What industry does Kingstone Companies, Inc. operate in?

Kingstone Companies, Inc. operates in the FIRE, MARINE & CASUALTY INSURANCE industry, with SIC code 6331.

Filing Stats: 4,569 words · 18 min read · ~15 pages · Grade level 19 · Accepted 2024-11-14 14:42:30

Key Financial Figures

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION 4 Item 1 —

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months and nine months ended September 30, 2024 (Unaudited) and 2023 (Unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity for the three months and nine months ended September 30, 2024 (Unaudited) and 2023 (Unaudited) 6 - 8 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 (Unaudited) and 2023 (Unaudited) 9 Notes to Condensed Consolidated Financial Statements (Unaudited) 10 Item 2 —

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 3 —

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 85 Item 4 —

Controls and Procedures

Controls and Procedures 85

— OTHER INFORMATION

PART II — OTHER INFORMATION 87 Item 1 —

Legal Proceedings

Legal Proceedings 87 Item 1A —

Risk Factors

Risk Factors 87 Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds 87 Item 3 — Defaults Upon Senior Securities 87 Item 4 — Mine Safety Disclosures 87 Item 5 — Other Information 87 Item 6 — Exhibits 88

Signatures

Signatures 89 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report contains forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The events described in forwardlooking statements contained in this Quarterly Report may not occur. Generally, these statements relate to business plans or strategies, projected or anticipated results or other consequences of our plans or strategies, projected or anticipated results from acquisitions to be made by us, or projections involving anticipated revenues, earnings, costs or other aspects of our operating results. The words "may," "will," "expect," "believe," "anticipate," "project," "plan," "intend," "estimate," and "continue," and their opposites and similar expressions are intended to identify forwardlooking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control, which may influence the accuracy of the statements and the projections upon which the statements are based. Factors which may cause actual results and outcomes to differ materially from those contained in the forward-looking statements include, but are not limited to the risks and uncertainties discussed in Part I, Item 1A ("Risk Factors") of our Annual Report on Form 10-K for the year ended December 31, 2023, Part I, Item 2 of this Quarterly Report and Part II, Item 1A of this Quarterly Report. Any one or more of these uncertainties, risks and other influences could materially affect our results of operations and whether forwardlooking statements made by us ultimately prove to be accurate. Our actual results, performance and achievements could differ materially from those expressed or implied in these forwardlooking statements. We undertake no obligation to publicly update or revise any forwardlooking statements, whether from new information, future events or otherwise except as requ

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements . KINGSTONE COMPANIES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets September 30, 2024 December 31, 2023 (unaudited) Assets Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $ 6,278,968 at September 30, 2024 and $ 6,106,148 at December 31, 2023) $ 7,048,662 $ 7,052,541 Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $ 176,904,251 at September 30, 2024 and $ 164,460,942 at December 31, 2023) 165,458,345 148,920,797 Equity securities, at fair value (cost of $ 13,527,554 at September 30, 2024 and $ 17,986,783 at December 31, 2023) 11,280,228 14,762,340 Other investments 4,299,178 3,897,150 Total investments 188,086,413 174,632,828 Cash and cash equivalents 33,760,798 8,976,998 Premiums receivable, net 17,601,417 13,604,808 Reinsurance receivables, net 65,746,827 75,593,912 Deferred policy acquisition costs 21,852,365 19,802,564 Intangible assets 500,000 500,000 Property and equipment, net 9,299,163 9,395,697 Deferred income taxes, net 6,002,833 10,551,819 Other assets 4,144,585 4,574,584 Total assets $ 346,994,401 $ 317,633,210 Liabilities Loss and loss adjustment expense reserves $ 116,842,451 $ 121,817,862 Unearned premiums 119,974,779 105,621,538 Advance premiums 5,307,223 3,797,590 Reinsurance balances payable 9,866,555 12,837,140 Deferred ceding commission revenue 10,286,093 9,460,865 Accounts payable, accrued expenses and other liabilities 7,749,981 4,350,546 Debt, net (current $ 856,605 and long-term $ 16,440,982 at September 30, 2024,current $ 19,580,109 and long-term $ 5,663,421 at December 31, 2023) 17,297,587 25,243,530 Total liabilities 287,324,669 283,129,071 Commitments and Contingencies (Note 11) Stockholders' Equity Preferred stock, $ 0.01 par value; authorized 2,500,000 shares - - Common stock, $ 0.01 par value; authorized 20,000,000 shares; issued 13,818,950 shares at September 30, 2024 and 12,248,313 share

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