Kingstone Companies, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 10, 2023 at 07:18 am EDT
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Kingstone Companies, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 36.72 million compared to USD 28.98 million a year ago. Net loss was USD 0.522017 million compared to USD 5.38 million a year ago. Basic loss per share from continuing operations was USD 0.05 compared to USD 0.51 a year ago. Diluted loss per share from continuing operations was USD 0.05 compared to USD 0.51 a year ago.
For the six months, revenue was USD 73.35 million compared to USD 57.53 million a year ago. Net loss was USD 5.58 million compared to USD 14.58 million a year ago. Basic loss per share from continuing operations was USD 0.52 compared to USD 1.37 a year ago. Diluted loss per share from continuing operations was USD 0.52 compared to USD 1.37 a year ago.
Kingstone Companies, Inc., through its wholly owned subsidiary, Kingstone Insurance Company, operates as a property and casualty insurance company. The Company's property insurance covers the financial consequences of accidental losses to the insured's property, such as a home and the personal property in it, or a business owner's building, inventory and equipment. Casualty insurance (also referred to as liability insurance) covers the financial consequences related to the legal liability of an individual or an organization resulting from negligent acts and omissions that cause bodily injury and/or property damage to a third party. The Company's product lines include personal lines, livery physical damage, and other. Its personal lines consist of homeowners and dwelling fire multi-peril, cooperative/condominiums, renters, and personal umbrella policies. The Company writes for-hire vehicle physical damage only policies for livery and car service vehicles and taxicabs.