The following is a summary of the Kingstone Companies, Inc. (KINS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kingstone reported a net income of $1.4 million or $0.13 per share for Q1 2024, marking a $6.5 million turnaround from the same quarter last year.

• Core direct written premiums grew by 12.5% to hit $47 million, even as non-core business strategically declined by 55.6%.

• Consolidated direct premiums written saw an increase of 3.6% primarily due to ongoing pricing maneuvers.

• The company announced an improved combined ratio of 93.3%, attributable to both lower losses and expenses.

• Net investment income remained steady at $1.5 million, mirroring the figures from the same period in the previous year.

Business Progress:

• Turnaround plans and strategic investments have fueled a double-digit growth in their core operations and boosted underwriting results.

• Continuation of growth has been forecasted for the second quarter.

• The performance of the 'Select' product, designed for better rate-risk correlation, exceeded expectations and recorded a significantly lower frequency than the legacy product.

• The company is working on enhancing the Select product to foster future growth and profitability.

• Significant cuts have been made in the volatile non-core business, with plans to eradicate its negative impact on consolidated earnings.

• Following an overperformance in the first quarter, Kingstone has raised its 2024 guidance, forecasting direct written premium growth in their core business between 16% and 20%, a combined ratio between 86% and 90%, earnings per share between $0.75 and $1.10, and a return on equity between 22% and 30%.

More details: Kingstone IR

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