Kingstone’s Q3’25 net income increases 56%, reports CoR of 72.7%

P&C insurance holding company Kingstone Companies has released its financial results for the third quarter of 2025, reporting a net income of $10.9 million, a 56% increase from the $6.9 million seen a year earlier.

Kingstone’s net combined ratio was up 0.7 pts in Q3 2025, to 72.7% from 72.0% in Q3 2024. The quarter’s CoR was supported by lower frequency and lower-than-expected catastrophe losses as well as an increase in ceding commission resulting in a lower expense ratio.

“Notably, even with typical third quarter catastrophe losses, our combined ratio would have been in the low eighties, reflecting the differentiated platform we have built at Kingstone,” Meryl Golden, President and Chief Executive Officer of Kingstone, stated.

The net loss ratio was 44.3% in Q3 2025, up from 39.0% in Q3 2024. The net loss ratio excluding the effects of catastrophes was 44.1% in this year’s third quarter, compared with the 37.3% reported in the same period the year prior.

As part of its financial results for Q3 2025, Kingstone also reported growth in direct premiums written, to $75.8 million from $66.6 million, driven by higher average premiums and strong retention.

Net premiums earned went up 43.5%, to $47.9 million from $33.4 million in Q3 2024. Annualized return on equity in Q3 2025 was 42.9%, down from 55.6% reported in Q3 2024.

Golden commented: “”Direct premiums written for the quarter grew 14%, driven by higher average premiums and strong retention. The hard market conditions in our Downstate New York footprint have not changed materially. Our volume remains strong with a month-over-month increase in new business since June and continuing into the fourth quarter.

“Net earned premium growth continues to be a powerful tailwind, exceeding 40% for the third consecutive quarter of 2025, primarily due to our reduced quota share.

“Our net combined ratio of 72.7% was supported by lower frequency and lower-than-expected catastrophe losses as well as an increase in ceding commission resulting in a lower expense ratio. Notably, even with typical third quarter catastrophe losses, our combined ratio would have been in the low eighties, reflecting the differentiated platform we have built at Kingstone.”

She concluded: “We will continue to execute with discipline, advance our measured expansion roadmap and allocate capital prudently to drive sustained, profitable growth. Our success underscores the strength and durability of our strategy, and we remain committed to delivering long-term value to our shareholders.”