Kingstone has announced its financial results for the first quarter of 2026, reporting a 28% growth in net premiums earned, even as a harsh Northeast winter in the US drove the insurer to a net loss of $5.8 million.
Net premiums earned in the quarter stood at $55.8 million, up from the $43.5 million reported in the same period last year. Direct premiums written were $69.6 million in the quarter, a 20% increase compared to Q1 2025’s $58.2 million
The increase in direct premiums written was driven by continued momentum in Kingstone’s New York homeowners business, higher average premiums, and solid retention.
While policy volume was more moderate in January and February, likely due to the bad weather, March represented one of the company’s strongest months of new business volume, reflecting sustained demand and the competitiveness of the insurer’s product offering.
The GAAP combined ratio of 112.0% in Q1 2026 reflected the elevated winter catastrophe activity experienced across the country’s Northeast region. The net loss seen in Q1 2026 compares to a net income of $3.8 million reported in Q1 2025.
Downstate New York experienced an exceptionally severe winter storm season in Q1, making it the coldest and snowiest in 11 years.
Kingstone had anticipated this level of catastrophe activity, and is consistent with the company’s guidance, confirming that the underlying strength of the business remains unaffected, the firm noted.
Meryl Golden, President and Chief Executive Officer of Kingstone, added: “Excluding catastrophes, our performance underscores the earnings power of the platform we have built.
“Our underlying combined ratio improved 5.1 points year-over-year to 88.3%, supported by low non-catastrophe loss frequency, higher average premium, and continued discipline in underwriting and expense management. These results reinforce the structural profitability improvements we have made over the past several years.”
She added: “Our operating model continues to differentiate Kingstone. The increasing mix of our Select product is driving improved risk selection and loss performance, while our scalable platform enables us to grow efficiently. At the same time, our conservative reinsurance ensures that catastrophe events are an earnings event, not a capital event, allowing us to maintain financial flexibility even in periods of increased severe weather.”
The insurer is confident that its sustained underlying performance, ongoing rate adequacy, and measured growth will enable it to achieve significant profitability, leading to a reaffirmation of its full-year guidance for 2026.
“We are also advancing our strategic initiatives, including our planned entry into California in the second quarter and the recent launch of Kingstone America Insurance Company, which will support our expansion into new markets on an admitted and non-admitted basis, starting with Connecticut in the third quarter. We will continue to execute with discipline, manage catastrophe exposure prudently, and invest in scalable growth opportunities to deliver long-term value to our shareholders,” Golden concluded.
