Kingstone reported FY 2025 results in its annual report (Form 10-K), posting net income of USD 40.77 million, up 122.1% year over year. Direct written premiums rose 14.8% to USD 277.8 million, driven primarily by higher personal lines premiums tied to New York market dislocations and higher rates tied mainly to replacement costs. Net premiums earned increased 45.6% to USD 187.13 million, reflecting an 11 percentage point reduction in the personal lines quota share ceding percentage alongside premium growth. The net combined ratio improved to 75.0% from 80.0%, as the net loss ratio fell to 45.0% and the net underwriting expense ratio declined to 30.0%. Management said it is pursuing a 5-year goal of USD 500 million in direct written premium, with a plan to go live in California and Connecticut in 2026 and two additional states in 2027.

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