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.
