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Kingstone Companies, Inc. (NASDAQ: KINS) reported its results of operations for the year ended December 31, 2011.
Barry Goldstein, KINS Chairman and CEO, said “2011 was our best year yet. Kingstone Insurance Company (“KICO”) produced the best results in its 125 year history, leading to an increase in all important year over year metrics for KINS: Net Premiums Earned +34%; Net Income +155%; Net Earnings per Share (Basic) +124%; Book Value per Share +21%.”
Mr. Goldstein continued, “Our dedicated and knowledgeable staff works closely with our selected producers, allowing for these stellar results. We seek to maintain an open, accessible and personal underwriting environment with our select producers, where each party knows what to expect of the other. We do not believe in the ‘one size fits all’ on-line only approach that so many of our competitors have deployed. They have built slick interfaces and exceedingly granular on-line rating tables, with the expectation of achieving a reduction in expenses. While that is no doubt true, what that has also led to is an impersonal relationship between carrier and agent, in an industry that prides itself on individual service.”
Mr. Goldstein concluded, “We believe that our approach leads to long-term high quality relationships and our gaining a larger share of our producers’ business over time. We now enjoy a balanced product mix between personal and commercial lines. Many carriers seek to grow their single or limited offerings solely via an expansion of their distribution channel. We instead have developed a multi-product approach for individuals and small businesses. Our offerings include Homeowners/Dwelling Fire, Commercial Auto, Commercial Liability for Artisans and Business Owners, Personal Umbrella, For-Hire Physical Damage and Canine Legal Liability. We strive to make KICO our select producers’ “Go To” company and carefully select only those producers who value the product mix and relationship that we offer.”