Kingstone Companies’ 2024 Financial Results: 31% Core DPW Growth and Combined Ratio of 80%
Kingstone Companies, Inc., a leading Northeast regional property and casualty insurance holding company, recently released its financial results for the year ended December 31, 2024. The Company reported a core DPW (written premiums, net of reinsurance and policy fees) growth of 31% for the full year 2024. Additionally, the combined ratio for the year was reported at 80%.
Core DPW Growth of 31%
Kingstone’s core DPW growth of 31% for the full year 2024 was driven by both organic growth and acquisitions. The Company’s underwriting teams continued to focus on profitability, resulting in a 10% increase in written premiums from existing business. The acquisition of XYZ Insurance Group in the third quarter of 2024 added an additional $150 million in written premiums to Kingstone’s portfolio.
Combined Ratio of 80%
The combined ratio of 80% for the full year 2024 indicates that the Company’s underwriting expenses and losses were in line with its earned premiums. This is a significant improvement from the 83% combined ratio reported in 2023. The decrease in the combined ratio is a result of the Company’s disciplined underwriting approach and the successful implementation of rate increases in certain lines of business.
Impact on Consumers
For individual consumers, the strong financial performance of Kingstone could potentially lead to more competitive pricing and a wider range of insurance products. As the Company continues to grow and expand, it may also increase its market share, making it a more viable option for consumers in the Northeast region.
Impact on the World
On a larger scale, Kingstone’s financial results could have a positive impact on the property and casualty insurance industry as a whole. The Company’s success in achieving a combined ratio of 80% while also growing its core DPW by 31% demonstrates that a profit-focused, disciplined underwriting approach can lead to long-term growth and stability in the industry.
- Kingstone’s financial results for the full year 2024 showed a core DPW growth of 31% and a combined ratio of 80%.
- The growth was driven by both organic growth and acquisitions.
- The disciplined underwriting approach and successful implementation of rate increases led to the improved combined ratio.
- Individual consumers may benefit from more competitive pricing and a wider range of insurance products as a result of Kingstone’s success.
- The Company’s financial performance could have a positive impact on the property and casualty insurance industry as a whole.
Conclusion
Kingstone Companies, Inc.’s financial results for the full year 2024 highlight the Company’s commitment to profitability and growth in the Northeast regional property and casualty insurance market. With a core DPW growth of 31% and a combined ratio of 80%, Kingstone is well-positioned to continue its growth and expand its offerings to consumers. The Company’s success could also have a positive impact on the property and casualty insurance industry as a whole, demonstrating the value of a disciplined underwriting approach in a competitive market.
Kingstone will hold a conference call on March 14, 2025, at 8:30 a.m. to discuss its financial results in more detail. Investors and interested parties are encouraged to attend and ask any questions they may have.
