Kingstone Companies, Inc
Kingstone Companies, Inc. is a New York-focused property and casualty insurer operating through its subsidiary Kingstone Insurance Company (KICO). It writes personal lines and selected commercial auto coverage through retail and wholesale agents and brokers, with a business model centered on homeowners and related personal property risks in New York and a smaller non-Core book outside the state.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueResidential property and liability policies including homeowners, dwelling fire, condo/co-op, renters, and umbrella.
Legacy commercial liability and related non-Core policies that are being reduced or non-renewed.
Smaller non-Core book including commercial auto and participation in joint underwriting associations.
Commission-related income tied to quota share reinsurance and the Cosi agency structure.
Income earned on the insurance float and holding company cash portfolio.
Customers
The company sells primarily to homeowners and other personal lines insureds in New York, especially in downstate markets where it has been expanding distribution. It also serves agents and brokers who place policies with KICO, plus a smaller set of commercial auto and legacy non-Core customers. Demand is driven by replacement coverage, renewal retention, and the ability to underwrite risks that larger carriers are exiting.
Buy homeowners policies for primary residences, often through agents, because KICO offers admitted coverage in a market where competitors are retrenching.
Buy replacement coverage after non-renewals or mid-term cancellations, especially in downstate New York.
Place policies with KICO because it can quote and bind personal lines business in New York and surrounding states.
Purchase smaller personal lines products that broaden the residential book and improve cross-sell opportunities.
Buy runoff or limited commercial auto coverage while the company shrinks legacy exposures.
Strategy
Kingstone is executing a profitability-first strategy after earlier modernization efforts, using better segmentation, tighter underwriting, and technology upgrades to improve returns. The current growth opportunity comes from competitors exiting or shrinking New York personal lines, which is allowing KICO to add homeowners policies through new distribution partners while it continues to shrink non-Core business. Management is also trying to reduce catastrophe exposure and improve policy quality so growth does not come at the expense of underwriting discipline.
Improves loss ratio and reduces the chance that growth destroys value.
Carrier exits in New York create immediate replacement demand for homeowners coverage.
Legacy lines have hurt underwriting results and consume capital and management attention.
Modern systems and more granular pricing should improve efficiency and risk selection.
Geography
KICO is domiciled in New York and writes the vast majority of its business there; management said 98.3% of direct written premiums came from New York in the quarter ended March 31, 2025. The company is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine, but those markets remain non-Core and much smaller. Geographic concentration makes New York market dynamics, regulation, and competitor exits especially important to growth and underwriting results.
Risks
The company is highly exposed to New York homeowners and personal lines underwriting, so catastrophe losses, pricing pressure, and regulatory changes can quickly affect results. Its growth opportunity is tied to competitor withdrawals, but that also creates execution risk if replacement business is priced poorly or if claims severity rises. Legacy non-Core runoff, reserve estimates, and investment market volatility remain important sources of earnings variability.
Most premiums come from one state, so local regulation, weather, and competition have outsized impact.
Exposure: New York personal lines
Homeowners and dwelling fire books are sensitive to hurricanes, wind, freeze, and other events.
Exposure: Property catastrophe claims
Insurance claims develop over time and estimates can be revised upward, affecting earnings and capital.
Exposure: Personal lines and runoff claims
Rapid policy inflows can weaken underwriting if pricing, claims handling, or distribution controls lag.
Exposure: Replacement homeowners business
Shrinking legacy books can reduce revenue before expense savings fully flow through.
Exposure: New Jersey and other non-Core states
Accounting
Judgemental itemsWritten premiums are recognized over the policy term, so growth or runoff affects timing of revenue.
Impact: Quarterly revenue can lag policy issuance and renewal activity
Claims are estimated using case, IBNR, and actuarial methods, which can change as experience develops.
Impact: Reserve strengthening or releases can materially move earnings
Quota share reinsurance generates commission income that offsets acquisition costs and affects underwriting margin.
Impact: Changes in reinsurance structure alter reported revenue and expenses
Insurance float is invested, so market rates and security prices affect non-underwriting earnings.
Impact: Can add volatility outside core underwriting performance
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Last updated: 24/09/2026