Kingstone is on track to meet its full-year 2025 guidance, thanks to outstanding performance in the first half and continuing into the third quarter. This strong showing also positions the company for top-tier growth and profitability in 2026.
For 2025, the property and casualty insurance holding company expects direct premiums written growth between 12% to 17%, and core business (New York) direct premiums written growth to 15% to 20%.
Net premiums earned are expected to achieve $187 million, with the net combined ratio projected to be between 79% to 83%. Net income per share – basic is predicted to be $2.10 to $2.50, while net income per share – diluted is between $1.95 to $2.35, and return on equity 30% to 38%.
For 2026, Kingstone expects a 15% to 20% direct premiums written growth, an increase compared to 2025. Net premiums earned are expected to reach $233 million, with the net combined ratio expected to stay the same as in 2025.
Net income per share – basic is predicted to increase to between $2.15 and $2.85, net income per share – diluted $2.10 to $2.80 and return on equity 26% to 36%
The company noted that beginning with the period ending September 30, 2025, Kingstone will no longer be reporting Core operating results vs. non-Core operating results as non-Core operations currently represent an immaterial portion of its overall business and are anticipated to represent less than 5% of business in FY2026.
Meryl Golden, President and Chief Executive Officer of Kingstone, said: “Kingstone delivered exceptional results during the first half of the year and thus far in the third quarter, which positions us well to achieve our full year 2025 guidance. Looking ahead to FY2026, we are focused on sustaining this strong momentum, with confidence that we can once again achieve top tier growth and profitability.”
Kingston also plans to launch into two new markets outside of New York State in 2026, a move that is expected to reduce risk and improve growth potential.
Golden stated: “We intend to pursue a combination of organic initiatives and strategic inorganic opportunities in New York, along with thoughtful and disciplined expansion into two new markets in 2026 as we work towards our 5-year goal of half a billion dollars in written premium, growing an average of 15% per year.”
Concluding: “For 2026, we plan to fund our expansion initiatives entirely through cash generated from operations, which underscores the strength of our business. Should growth accelerate beyond our expectations and additional capital is needed, we intend to first look to our quota share reinsurance partners to provide efficient and non-dilutive capital.
“We remain highly optimistic about Kingstone’s outlook for sustainable growth and profitability in 2026 and beyond. We are focused on maintaining our strong financial foundation and building value for our shareholders.”
