William Yankus, a director at Kingstone Companies, Inc. (NASDAQ:KINS), reported selling 10,253 shares of the company’s common stock. The transactions, executed on December 13, 2024, were completed at prices ranging from $16.05 to $16.29 per share, with a weighted average price of $16.18. This sale totaled $165,893. Following the sale, Yankus retains ownership of 91,834 shares, which includes 24,883 unvested shares received as director fees. These shares are set to vest on January 2, 2025, unless certain conditions trigger earlier vesting. The company, currently valued at $197 million, maintains a "GREAT" Financial Health score on InvestingPro, which offers 8 additional key insights and a comprehensive Pro Research Report for deeper analysis.
In other recent news, Kingstone Companies, Inc. reported record Q3 results, marking the highest quarterly income since its 2009 acquisition. The company demonstrated a 40% growth rate in core personal lines, along with a significant increase in premiums and profitability. Direct written premiums for core personal lines saw a rise of 43%, with new business making up 27% of total premiums. Kingstone anticipates an incremental premium of $25 million to $30 million in 2024 due to market dislocation.
The company's net income for Q3 2024 was $7 million, contributing to a year-to-date net income of $12.9 million. An improved combined ratio of 72% was reported, and an increase in investment income by 14% to $1.7 million was noted.
In other developments, Kingstone announced an amendment to a previous agreement with shareholders Gregory and Scott Fortunoff, signifying a shift in the relationship between the company and the Fortunoffs. Under the amendment, Gregory Fortunoff relinquished his right to serve as an observer to the company's Board of Directors. Kingstone continues to make strategic adjustments in underwriting and investment portfolio management, reflecting optimism in its growth trajectory and financial health.
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