Key Highlights

  • Net premiums earned rose 30.2 percent to $62.4 million in the third quarter of 2026.
  • Net combined ratio improved to 65.6 percent from 72.7 percent a year earlier.
  • Direct premiums written outlook for 2026 was updated to about 16 percent growth.
  • Diluted EPS guidance midpoint was raised to $2.80.

Kingstone Companies, Inc. (NASDAQ:KINS), a regional property and casualty insurance holding company, reported financial results for the third quarter ended September 30, 2026. Net premiums earned rose 30.2 percent to $62.4 million from $47.9 million a year earlier. The net combined ratio improved to 65.6 percent from 72.7 percent, and the company raised the midpoint of its Diluted Earnings per Share guidance to $2.80.

Premium Growth and Written Volume

Net premiums earned are the portion of written premiums recognized as Revenue during a period, so their growth reflects premium Volume that has been earned over time. The 30.2 percent gain in the quarter outpaced the 14.5 percent growth in direct premiums written to $86.8 million, which indicates that Earned Premium growth was supported by policies written in earlier periods.

For the first nine months of 2026, net premiums earned increased 29.8 percent to $178.7 million, and direct premiums written rose 17.4 percent to $228.9 million. The two growth rates over the longer period show that earned premiums continued to rise at a faster pace than written volume, consistent with the company's book of Business expanding over the year.

Underwriting Results and the Combined Ratio

The net combined ratio measures Underwriting expenses and losses relative to earned premiums, with lower figures indicating a more profitable underwriting result. A ratio of 65.6 percent in the third quarter compares with 72.7 percent a year earlier, a reduction of 7.1 points. The underlying combined ratio, which excludes catastrophe losses, was 64.2 percent, down from 72.5 percent.

The catastrophe loss ratio was 7.5 percent in the quarter, compared with 0.2 percent a year earlier. Despite that increase, the net combined ratio improved overall, which shows that the company's underlying underwriting results more than offset the higher catastrophe losses in the period. For the nine months, the net combined ratio was 81.7 percent, a figure higher than the prior-year nine-month ratio.

Guidance and Earnings Outlook

Kingstone updated its 2026 direct premiums written growth outlook to approximately 16 percent. It also improved its net combined ratio outlook to a range of 79 percent to 83 percent and raised the midpoint of its diluted EPS guidance to $2.80. The company noted that the guidance remains subject to change based on management's ongoing review of 2026 results.

The revised guidance combines premium growth expectations with an improved underwriting range, which together point to higher earnings for the year. Because catastrophe losses can vary significantly across quarters, the full-year ratio will depend in part on the weather and loss experience in the remaining months.

Final Takeaways

Kingstone reported rapid premium growth, a lower net combined ratio and an upward revision to its 2026 earnings midpoint. The third quarter figures show the company growing earned premiums faster than written premiums, with underwriting results improving even as catastrophe losses rose. The fourth quarter results will show whether the improved ratio range holds through the year-end catastrophe season.