trending Market Intelligence /marketintelligence/en/news-insights/trending/etplrzxqyb3qjknewybvpq2 content esgSubNav
In This List

Kingstone records lower net operating income YOY in Q4'17

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Kingstone records lower net operating income YOY in Q4'17

Kingstone Cos. Inc. reported net operating income of $1.9 million, or 18 cents per share, in the fourth quarter of 2017, down from $2.1 million, or 26 cents per share, in the prior-year period.

Net income was $1.9 million, or 18 cents per share, down from $2.1 million, or 26 cents per share, in the last three months of 2016.

The year-over-year decline in net income was attributed to an increase in the net loss ratio, increases in other underwriting expenses related to premium growth and new state expansion, and a decrease in ceding commissions as a result of the reduction in personal lines quota share reinsurance rate to 20% on July 1, 2017, from the previous rate of 40%.

For full year 2017, net operating income was $9.9 million, or 94 cents per share, compared to $8.6 million, or $1.10 per share, in 2016.

Net income was $10.0 million, or 94 cents per share, compared to $8.9 million, or $1.14 per share, in the prior year.

Separately, Kingstone announced that board member Dale Thatcher was elected as its COO as well as president of Kingstone Insurance Co. Inc.