Kingstone Reports Second Quarter Results Direct Written Premiums Up 24% Year To Date
Kingstone Companies, Inc. (NASDAQ: KINS) today released its results for the period ended June 30, 2010.
Net income for the second quarter was $358,319, up 54% from Q1 of $232,394. Operating income was $639,865, up 76% from Q1 of $363,110. Earnings per share were $0.11 for the quarter and $0.20 for the six months period.
Barry Goldstein, KINS Chairman and CEO, commented, “Our results are driven by Kingstone Insurance Company (“KICO”), which we acquired on July 1, 2009. KICO writes business in New York State, exclusively through the independent producer channel. It is with this select group of producers that we continue to build our business.”
For the six months ended June 30 th, the following table depicts the premium volumes at KICO.
|Item||Six Months EndedJune 30, 2010||Six Months EndedJune 30, 2009||Percentage Change|
|Direct Premiums Written||$||16,593,343||$||13,382,539||+24.0||%|
|Add: Premiums Assumed||$||3,136||$||2,904||+ 8.0||%|
|Less: Premiums Ceded to Reinsurers||($9,513,527||)||($8,922,250||)||+ 6.6||%|
|Net Written Premiums||$||7,082,952||$||4,463,193||+58.7||%|
|KINGSTONE INSURANCE COMPANY Item||Six Months EndedJune 30, 2010(000’s omitted)||Six Months EndedJune 30, 2009(000’s omitted)||PercentageChange|
|Net Premiums Earned||$||4,840||$||4,489||+7.8||%|
|Ceding Commission Revenue||$||4,182||$||4,157||+0.6||%|
|Net Investment Income||$||281||$||164||+71.3||%|
|Net realized gains (losses) on investments||$||145||$||( 124||)||N/A|
|Total Revenues||$||9,610||$||8,875||+ 8.3||%|
|Loss and loss adjustment expenses||$||2,610||$||2,875||- 9.2||%|
|Other underwriting expenses||$||2,532||$||2,352||+ 7.6||%|
|Depreciation and Amortization||$||307||$||117||+162.4||%|
|Total Expenses||$||7,809||$||7,540||+ 3.6||%|
|Income before taxes||$||1,801||$||1,336||+ 34.8||%|
|Income tax expense||$||610||$||438||+ 39.3||%|
|Net Income||$||1,191||$||898||+ 32.6||%|
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