KINGSTONE COMPANIES, INC. (Form: 8-K, Received: 03/13/2025 17:12:21)

0000033992FALSE00000339922025-03-132025-03-13

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 13, 2025

KINGSTONE COMPANIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

000-01665

36-2476480

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


15 Joys Lane Kingston, New York						12401
(Address of principal executive offices)						(Zip code)

Registrant's telephone number, including area code (845) 802-7900

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	KINS	NASDAQ

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On March 13, 2025, Kingstone Companies, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2024 (the “Press Release”). The Press Release also announced that the Company will hold a conference call for analysts and investors on March 14, 2025 at 8:30 A.M. ET. (the “Conference Call”), as previously announced on February 24, 2025, and that the Company has prepared an investor presentation (the “Presentation Materials”) that can be accessed through the Investor Relations/Events & Presentations section of the Company website (www.kingstonecompanies.com). Copies of the Press Release and the Presentation Materials are furnished as Exhibits 99.1 and 99.2, respectively, hereto.

The Company intends to use the Presentation Materials in connection with the Conference Call and may use the Presentation Materials from time to time, possibly with modification, in other presentations to current and potential investors, lenders, creditors, insurers, vendors, customers, employees and others with an interest in the Company and its business.

The information contained in the Press Release and the Presentation Materials is summary information that should be considered in the context of the Company’s filings with the Securities and Exchange Commission and other public announcements that the Company may make by press release or otherwise from time to time. The Presentation Materials speak as of the date of this Current Report on Form 8-K. While the Company may elect to update the Presentation Materials in the future or reflect events and circumstances occurring or existing after the date of this Current Report on Form 8-K, the Company specifically disclaims any obligation to do so.

The information furnished with this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing

Item 7.01 Regulation FD Disclosure.

See Item 2.02 above.

The information in the Press Release and the Presentation Materials is being furnished, not filed, pursuant to this Item 7.01. Accordingly, the information in the Press Release and the Presentation Materials will not be incorporated by reference into any registration statement filed by the Company under the Securities Act unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this Current Report on Form 8-K with respect to the Press Release and the Presentation Materials is not intended to, and does not, constitute a determination or admission by the Company that the information in this Report with respect to the Press Release and the Presentation Materials is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

Item 9.01 Financial Statements and Exhibits.


(d)	Exhibits:

	99.1	Press release dated March 13, 2025, issued by Kingstone Companies, Inc.
	99.2	Investor Presentation
	104	Cover Page Interactive Data File (embedded within the inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	KINGSTONE COMPANIES, INC.

Dated: March 13, 2025	By:	/s/ Jennifer Gravelle
		Jennier Gravelle
		CFO

FOR IMMEDIATE RELEASE

Kingstone Reports Record Fourth Quarter and Full Year 2024 Results

Core DPW Growth of 31% and Combined Ratio of 80% for Full Year 2024; Raises 2025 Guidance

Kingston, NY — March 13, 2025 – Kingstone Companies, Inc. (Nasdaq: KINS) (the “Company” or “Kingstone”), a Northeast regional property and casualty insurance holding company, today announced its financial results for the fourth quarter and full year ended December 31, 2024. The Company will hold its fourth quarter and full year 2024 financial results conference call on Friday, March 14, 2025, at 8:30 a.m. Eastern Time. With this release, the Company has provided an investor presentation that can be accessed through the Investor Relations/Events & Presentations section of the Company website (www.kingstonecompanies.com).


Key Financial and Operational Highlights
	Quarters Ended					Years Ended
($ in thousands, except per share data)	December 31,					December 31,
	2024		2023		Change	2024		2023		Change
Direct premiums written1 - Core Business2	$	70,164	$	47,027	49.2%	$	232,227	$	176,692	31.4%
Net combined ratio	78.5%		89.5%		(11.0)pts	80.0%		105.3%		(25.3)pts
Net Income/(Loss)	$	5,439	$	2,946	84.6%	$	18,358	$	(6,168)	NM
Net Income/(Loss) per share - basic	$	0.44	$	0.27	63.0%	$	1.60	$	(0.57)	NM
Net Income/(Loss) per share - diluted	$	0.40	$	0.26	53.8%	$	1.48	$	(0.57)	NM
Return on equity - annualized	34.4%		38.6%		(4.2)pts	36.3%		(17.5)%		53.8pts

Management Commentary

Meryl Golden, President and Chief Executive Officer of Kingstone, stated, “We ended the year with outstanding profitability and unprecedented growth in both the fourth quarter and full year 2024.

“Core business direct premiums written grew by 49% in the final three months due to market dislocation, leading to record annual growth of 31% for the full year. We remain committed to profitable growth by adhering to disciplined underwriting while delivering exceptional service to our producers and policyholders.

Ms. Golden continued, “From a profitability standpoint, we achieved our fifth consecutive quarter of profitability during the fourth quarter of 2024, with a combined ratio of 78.5%, an 11-percentage point improvement from the same period last year. While we experienced a moderate increase in large losses, as expected during the holiday season, our improvement was driven by lower frequency overall, no catastrophe losses, and a lower expense ratio.

“For the full year, our combined ratio improved remarkably by 25.3-percentage points to 80.0%. The loss ratio improvement was driven by lower frequency and severity, along with minimal impact from severe weather and catastrophe events. Even with bonuses to employees and profit sharing to producers due to our record profitability, we were able to lower our expense ratio by another 1.6 points to 31.3%.”

Ms. Golden concluded, “Our continued success is rooted in disciplined execution, a commitment to operational excellence, and a deep understanding of market dynamics. 2024 was a pivotal year for Kingstone, with improvement in every dimension of our business, a testament to the commitment and tireless efforts of our dedicated teams.

We take great pride in the successful execution of our strategy and with favorable market conditions persisting, we are well-positioned to continue to capitalize on key opportunities. As we look ahead, we are committed to sustainable long-term profitability and value creation for our shareholders.”

Guidance (see “Disclaimer and Forward-Looking Statements” below)

For 2025, the Company’s full year expectations are calculated based on anticipated net premiums earned of approximately $184 million, and are as follows:


Guidance Metrics	2025 - Current	2025 - Previous
Core Business2 direct premiums written growth	15% to 25%	15% to 25%
Combined ratio	81% to 85%	82% to 86%
Net income per share – basic	$1.90 to $2.30	$1.60 to $2.00
Net income per share – diluted	$1.75 to $2.15	$1.45 to $1.85
Return on equity	27% to 35%	24% to 32%

The following reflects the impact of dilution to total shares outstanding for the year ended December 31, 2024 and full year 2025 guidance:


Common Stock Metrics	Year Ended	2025E
(shares in millions)	December 31, 2024
Weighted average shares outstanding – basic	11.5	13.3
Weighted average shares outstanding – diluted	12.4	14.2
Total shares outstanding as of end of period – basic	12.9	13.6
Total shares outstanding as of end of period – diluted	14.1	14.7
All changes to total shares outstanding – basic and diluted assumed for 2025 are primarily from the vesting of restricted shares and stock issued under our "at the market" offering.

Consolidated Financial Results


Consolidated Financial Results	Quarters Ended			Years Ended
($ in thousands, except per share data)	December 31,			December 31,
	2024	2023	Change	2024	2023	Change
Direct premiums written1	$72,533	$52,938	37.0%	$241,980	$200,175	20.9%
Net premiums earned	$35,967	$28,683	25.4%	$128,498	$114,384	12.3%

Net investment income	$1,906	$1,571	21.3%	$6,824	$6,009	13.6%
Net (loss)/gain on investments	($905)	$1,537	NM	$415	$2,135	(80.6)%

Underlying loss ratio1	49.1%	53.8%	(4.7)pts	48.2%	65.3%	(17.1)pts
Net development of prior year losses	(0.4)%	0.0%	(0.4)pts	(1.4)%	0.0%	(1.4)pts
Net loss ratio excluding the effect of catastrophes1	48.7%	53.8%	(5.1)pts	46.8%	65.3%	(18.5)pts
Catastrophe loss ratio1	0.0%	3.0%	(3.0)pts	1.9%	7.1%	(5.2)pts
Net loss ratio	48.7%	56.8%	(8.1)pts	48.7%	72.4%	(23.7)pts
Net underwriting expense ratio	29.8%	32.7%	(2.9)pts	31.3%	32.9%	(1.6)pts
Net combined ratio	78.5%	89.5%	(11.0)pts	80.0%	105.3%	(25.3)pts

Adjusted EBITDA1	$9,303	$4,201	121.4%	$30,516	($1,692)	NM
Net Income/(Loss)	$5,439	$2,946	84.6%	$18,358	($6,168)	NM
Net Income/(Loss) per share - basic	$0.44	$0.27	63.0%	$1.60	($0.57)	NM
Net Income/(Loss) per share - diluted	$0.40	$0.26	53.8%	$1.48	($0.57)	NM
Return on equity - annualized	34.4%	38.8%	(4.4)pts	36.3%	(17.5)%	NM

Other comprehensive (loss)/income	($3,135)	$4,845	NM	$99	$3,684	(97.3)%
Operating net income/(loss)1	$6,153	$1,732	255.3%	$18,031	($7,855)	NM
Operating net income/(loss) per share - basic1	$0.49	$0.16	206.3%	$1.57	($0.73)	NM
Operating net income/(loss) per share - diluted1	$0.46	$0.15	206.7%	$1.45	($0.73)	NM
Operating return on equity1	9.7%	5.7%	4.0pts	35.6%	(22.2)%	NM
Operating return on equity1 - annualized	38.9%	22.7%	16.2pts	35.6%	(22.2)%	NM

Book value per share - diluted				$4.73	$2.81	68.3%
Book value per share - diluted excluding AOCI				$5.59	$3.80	47.1%

Core Business Results (New York Only)

The Company refers to its New York policies as its Core Business.


Core Business Results (New York Only)	Quarters Ended			Years Ended
($ in thousands, except per share data)	December 31,			December 31,
	2024	2023	Change	2024	2023	Change
Direct premiums written1, 3	$70,164	$47,027	49.2%	$232,227	$176,692	31.4%
Net premiums earned	$34,700	$25,740	34.8%	$121,168	$99,346	22.0%
Net loss ratio excluding the effect of catastrophes1,3	48.4%	52.8%	(4.4)pts	45.8%	61.4%	(15.6)pts
Catastrophe loss ratio1, 3	0.0%	1.6%	(1.6)pts	1.3%	4.4%	(3.1)pts
Net loss ratio3	48.4%	54.4%	(6.0)pts	47.1%	65.8%	(18.7)pts

Non-Core Business Results (Outside of New York)

The Company has been aggressively reducing policy count in the Non-Core Business, subject to regulatory requirements.


Non-Core Business Results (Outside of New York)	Quarters Ended			Years Ended
($ in thousands, except per share data)	December 31,			December 31,
	2024	2023	Change	2024	2023	Change
Direct premiums written1, 3	$2,370	$5,911	(59.9)%	$9,754	$23,482	(58.5)%
Net premiums earned	$1,268	$2,943	(56.9)%	$7,330	$15,038	(51.3)%
Net loss ratio excluding the effect of catastrophes1,3	56.0%	62.4%	(6.4)pts	64.1%	91.4%	(27.3)pts
Catastrophe loss ratio1, 3	0.0%	15.7%	(15.7)pts	11.5%	24.9%	(13.4)pts
Net loss ratio3	56.0%	78.2%	(22.2)pts	75.5%	116.3%	(40.8)pts

Premium and Policy Trends


Premium and Policy Trends	Quarter Ended
($ in thousands)	December 31, 2024	Sequential Change	September 30, 2024	Sequential Change	June 30, 2024	Sequential Change	March 31, 2024	Sequential Change	December 31, 2023
Core Business2
Direct premiums written1, 3	$70,164	9.3%	$64,170	25.1%	$51,306	10.1%	$46,587	(0.9)%	$47,027
Policies in force	73,857	6.5%	69,347	3.6%	66,934	(0.1)%	66,991	(0.9)%	67,575
Non-Core Business2
Direct premiums written1,3	$2,370	(3.5)%	$2,457	12.2%	$2,190	(20.0)%	$2,738	(53.7)%	$5,911
Policies in force	3,799	(31.4)%	5,540	(24.2)%	7,306	(19.5)%	9,080	(16.1)%	10,823

1These measures are not based on GAAP and are defined and reconciled below to the most directly comparable GAAP measures. See “Definitions and Non-GAAP Measures”.

2Kingstone refers to New York business as its “Core” business and business outside of New York as its “Non-Core” business.

3Core and Non-Core business direct premiums written, net loss ratio excluding the effect of catastrophes and catastrophe loss ratio are not based on GAAP. Net premiums earned is the most directly comparable GAAP measure to direct premiums written. Net loss ratio is the most directly comparable GAAP measure to net loss ratio excluding the effect of catastrophes and catastrophe loss ratio. The aggregate of Core Business and Non-Core Business direct premiums written, net loss ratios and catastrophe loss ratios is represented by direct premiums written, net loss ratios and catastrophe loss ratio, as set forth under Consolidated Financial Results above. See “Definitions and Non-GAAP Measures”.

Conference Call Details

Friday, March 14, 2025, at 8:30 a.m. Eastern Time

To participate please dial:

U.S. toll free 1-877-423-9820

International 1-201-493-6749

Participants are asked to dial-in approximately 10 minutes before the conference call is scheduled to begin. The conference call can also be accessed via webcast in the “Investor Relations/Events & Presentations” tab of the Company’s website or by clicking here. The webcast will be archived and accessible for approximately 30 days.

About Kingstone Companies, Inc.

Kingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2024 was the 12th largest writer of homeowners insurance in New York. KICO is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine.

Investor Relations Contact:

The Equity Group Inc.

Disclaimer and Forward-Looking Statements

The guidance provided above is based on information available as of March 13, 2025 and management's review of the anticipated financial results for 2025. Such guidance remains subject to change based on management's ongoing review of the Company's 2025 results and is a forward-looking statement (see below). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission.

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023.

The risks and uncertainties include, without limitation, the following:

•the risk of significant losses from catastrophes and severe weather events;

•risks related to the lack of a financial strength rating from A.M. Best;

•risks related to limitations on the ability of our insurance subsidiary to pay dividends to us;

•adverse capital, credit and financial market conditions;

•risks related to volatility in net investment income;

•the unavailability of reinsurance at current levels and prices;

•the exposure to greater net insurance losses in the event of reduced reliance on reinsurance;

•the credit risk of our reinsurers;

•the inability to maintain the requisite amount of risk-based capital needed to grow our business;

•the effects of climate change on the frequency or severity of weather events and wildfires;

•risks related to the limited market area of our business;

•risks related to a concentration of business in a limited number of producers;

•legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators;

•limitations with regard to our ability to pay dividends;

•the effects of competition in our market areas;

•our reliance on certain key personnel;

•risks related to security breaches or other attacks involving our computer systems or those of our vendors; and

•our reliance on information technology and information systems.

Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Definitions and Non-GAAP Measures

Direct premiums written represent the total premiums charged on policies issued by the Company during the respective fiscal period.

Net premiums written are direct premiums written less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct premiums written and net premiums written, are net premiums written that are pro-rata earned during the fiscal period presented. All of the Company’s policies are written for a twelve-month period. Management uses direct premiums written and net premiums written, along with other measures, to gauge the Company’s performance and evaluate results. Direct premiums written and net premiums written are provided as supplemental information, not as a substitute for net premiums earned, and do not reflect the Company’s net premiums earned.

Adjusted EBITDA is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, and stock- based compensation. Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA.

Management uses adjusted EBITDA along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, and stock-based compensation, and may vary significantly between periods. Adjusted EBITDA is provided as supplemental information, not as a substitute for net income (loss) and does not reflect the Company’s overall profitability.

Operating net income (loss) and basic operating net income (loss) per share is net income (loss) and basic income (loss) per share exclusive of net gains (losses) on investments, net of tax. Net income (loss) and basic net income (loss) per share are the GAAP measures most closely comparable to operating net income (loss) and basic operating net income (loss) per share.

Management uses operating net income (loss) and basic operating net income (loss) per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and may vary significantly between periods. Operating net income (loss) and basic operating net income (loss) per share are provided as supplemental information, not as a substitute for net income (loss) and basic net income (loss) per share and do not reflect the Company’s overall profitability.

Operating net income (loss) and diluted operating net income (loss) per share is net income (loss) and diluted income (loss) per share exclusive of net gains (losses) on investments, net of tax. Net income (loss) and diluted net income (loss) per share are the GAAP measures most closely comparable to operating net income (loss) and diluted operating net income (loss) per share.

Management uses operating net income (loss) and diluted operating net income (loss) per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and may vary significantly between periods. Operating net income (loss) and diluted operating net income (loss) per share are provided as supplemental information, not as a substitute for net income (loss) and diluted net income (loss) per share, and do not reflect the Company’s overall profitability.

Operating return on equity is operating income (loss) divided by average equity. Return on equity is the GAAP measure most closely comparable to operating return on equity.

Management uses operating return on equity, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments, which may vary significantly between periods. Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company’s overall return on average common equity.

Underlying loss ratio is a non-GAAP ratio, which is computed as the GAAP net loss ratio excluding the effect of prior year loss reserve development and catastrophe losses.

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company’s loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The underlying loss ratio should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.

Net loss ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio and the effect of catastrophes on the net loss ratio.

Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by catastrophe losses. Catastrophe losses cause the Company’s net loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The net loss ratio excluding the effect of catastrophes should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio.

The table below reconciles direct premiums written to net premiums earned for the periods presented:


	For the Three Months Ended						For the Years Ended
	December 31,						December 31,
					%						%
	2024		2023		Change		2024		2023		Change
(000’s except percentages)
Direct Premiums Written Reconciliation:

Direct premiums written	$	72,533	$	52,938	37.0	%	$	241,980	$	200,175	20.9	%
Ceded written premiums1	(18,369)		(15,554)		18.1		(87,750)		(91,518)		(4.1)

Net premiums written	54,165		37,384		44.9		154,230		108,657		41.9
Change in unearned premiums	(18,197)		(8,701)		109.1		(25,732)		5,727		(549.3)

Net premiums earned	$	35,967	$	28,683	25.4	%	$	128,498	$	114,384	12.3	%

(Components may not sum due to rounding)

1Net premiums written balances from prior year periods were reclassified to conform with current year presentation. The reclassification had no effect on the Company’s previously reported financial condition, results of operations or cash flows.

The following table reconciles net income (loss) to adjusted EBITDA for the periods indicated:


	For the Three Months Ended						For the Years Ended
	December 31,						December 31,
					%						%
	2024		2023		Change		2024		2023		Change

(000’s except percentages)
Adjusted EBITDA Reconciliation:

Net income (loss)	$	5,439	$	2,946	84.6	%	$	18,358	$	(6,168)	NM	%
Interest expense	629		998		(37.0)		3,514		4,003		(12.2)
Income tax expense (benefit)	1,241		952		30.4		4,930		(1,197)		NM
Depreciation and amortization	613		646		(5.1)		2,449		2,973		(17.6)
EBITDA	7,922		5,542		42.9		29,251		(390)		NM
Loss on extinguishment of debt	—		—		NM		297		—		NM
Net loss (gain) on investments	905		(1,537)		NM		(415)		(2,135)		(80.6)
Stock-based compensation	477		196		143.4		1,383		833		66.0
Adjusted EBITDA	$	9,303	$	4,201	121.4	%	$	30,516	$	(1,692)	NM	%

(Components may not sum due to rounding)

The following table reconciles net income (loss) to operating net income (loss) and basic net income (loss) per share to basic operating net income (loss) per share for the periods indicated:


	For the Three Months Ended								For the Years Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023

	Amount		Basic income per common share		Amount		Basic income per common share		Amount		Basic income per common share		Amount		Basic loss per common share
(000’s except per common share amounts and percentages)
Operating Net Income (Loss) and Operating Net Income (Loss) per Basic Common Share Reconciliation:

Net income (loss)	$	5,439	$	0.44	$	2,946	$	0.27	$	18,358	$	1.60	$	(6,168)	$	(0.57)

Net loss (gain) on investments	905				(1,537)				(415)				(2,135)
Less tax benefit (expense) on net (gain) loss	190				(323)				(87)				(448)

Net loss (gain) on investments, net of taxes	715		$	0.06	(1,214)		$	(0.11)	(327)		$	(0.03)	(1,687)		$	(0.16)

Operating net income (loss)	$	6,153	$	0.49	$	1,732	$	0.16	$	18,031	$	1.57	$	(7,855)	$	(0.73)

Weighted average basic shares outstanding	12,482,146				10,761,763				11,478,899				10,756,487

(Components may not sum due to rounding)

The following table reconciles net income (loss) to operating net income (loss) and diluted net income (loss) per share to diluted operating net income (loss) per share for the periods indicated:


	For the Three Months Ended								For the Years Ended
	December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023

	Amount		Diluted income per common share		Amount		Diluted income per common share		Amount		Diluted income per common share		Amount		Diluted loss per common share
(000’s except per common share amounts and percentages)
Operating Net Income (Loss) and Operating Net Income (Loss) per Diluted Common Share Reconciliation:

Net income (loss)	$	5,439	$	0.40	$	2,946	$	0.26	$	18,358	$	1.48	$	(6,168)	$	(0.57)

Net loss (gain) on investments	905				(1,537)				(415)				(2,135)
Less tax benefit (expense) on net (gain) loss	190				(323)				(87)				(448)

Net loss (gain) on investments, net of taxes	715		$	0.05	(1,214)		$	(0.11)	(327)		$	(0.03)	(1,687)		$	(0.16)

Operating net income (loss)	$	6,153	$	0.46	$	1,732	$	0.15	$	18,031	$	1.45	$	(7,855)	$	(0.73)

Weighted average diluted shares outstanding	13,491,412				11,332,934				12,423,769				10,756,487

(Components may not sum due to rounding)

The following table reconciles net income (loss) to operating net income (loss) and return on equity to operating return on equity for the periods indicated:


	For the Three Months Ended					For the Years Ended
	December 31,					December 31,
	2024		2023		Change	2024		2023		Change
(000’s except percentages)
Operating Net Income (Loss) Reconciliation:

Net income (loss)	$	5,439	$	2,946	84.6%	$	18,358	$	(6,168)	NM

Net loss (gain) on investments	905		(1,537)		NM	(415)		(2,135)		80.6%
Less tax benefit (expense) on net loss (gain)	190		(323)		NM	(87)		(448)		80.6%

Net loss (gain) on investments, net of taxes	715		(1,214)		NM	(327)		(1,686)		80.6%

Operating net income (loss)	$	6,153	$	1,732	255.3%	$	18,031	$	(7,855)	NM

Operating Return on Equity Reconciliation:

Net income (loss)	$	5,439	$	2,946	84.6%	$	18,358	$	(6,168)	NM
Average equity	$	63,189	$	30,517	107.1%	$	50,606	$	35,337	43.2%
Return on equity	8.6%		9.7%		(1.1)pts	36.3%		(17.5)%		NM
Return on equity - annualized	34.4%		38.8%		(4.4)pts	36.3%		(17.5)%		NM

Net loss (gain) on investments, net of taxes	$	715	$	(1,214)	NM	$	(327)	$	(1,686)	80.6%
Average equity	$	63,189	$	30,517	107.1%	$	50,606	$	35,337	43.2%
Effect of net loss (gain) on investments, net of taxes, on return on equity	1.1%		(4.0)%		NM	(0.6)%		(4.8)%		86.5%

Operating net income (loss)	$	6,153	$	1,732	255.3%	$	18,031	$	(7,855)	NM
Operating net income (loss) - annualized	$	24,612	$	6,928	255.3%	$	18,031	$	(7,855)	NM
Average equity	$	63,189	$	30,517	107.1%	$	50,606	$	35,337	43.2%

Operating return on equity	9.7%		5.7%		4.0pts	35.6%		(22.2)%		NM
Operating return on equity - annualized	38.9%		22.7%		16.2pts	35.6%		(22.2)%		NM

(Components may not sum due to rounding)

The following table reconciles the underlying loss ratio and the net loss ratio excluding the effect of catastrophes to the net loss ratio for the periods presented:


	For the Three Months Ended				For the Years Ended
	December 31,				December 31,
	2024	2023	Percentage Point Change		2024	2023	Percentage Point Change
Loss Ratio Reconciliation:

Underlying Loss Ratio	49.1%	53.8%	(4.7)	pts	48.2%	65.3%	(17.1)	pts

Effect of prior-year reserve development	(0.4)%	—%	(0.4)	pts	(1.4)%	—%	(1.4)	pts
Net loss ratio excluding the effect of catastrophes	48.7%	53.8%	(5.1)	pts	46.8%	65.3%	(18.5)	pts
Effect of catastrophes	—%	3.0%	(3.0)	pts	1.9%	7.1%	(5.2)	pts

Net loss ratio	48.7%	56.8%	(8.1)	pts	48.7%	72.4%	(23.7)	pts

(Components may not sum due to rounding)


KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
	December 31, 2024		December 31, 2023
	(unaudited)
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of
$5,959,265 at December 31, 2024 and $6,106,148 at December 31, 2023)	$	7,047,342	$	7,052,541
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of
$202,308,158 at December 31, 2024 and $164,460,942 at December 31, 2023)	186,893,438		148,920,797
Equity securities, at fair value (cost of $13,527,554 at December 31, 2024 and
$17,986,783 at December 31, 2023)	10,296,505		14,762,340
Other investments	4,380,656		3,897,150
Total investments	208,617,941		174,632,828
Cash and cash equivalents	28,669,441		8,976,998
Premiums receivable, net	21,766,988		13,604,808
Reinsurance receivables, net	69,322,436		75,593,912
Deferred policy acquisition costs	24,732,371		19,802,564
Intangible assets	500,000		500,000
Property and equipment, net	9,283,970		9,395,697
Deferred income taxes, net	5,597,920		10,551,819
Other assets	4,170,281		4,574,584
Total assets	$	372,661,348	$	317,633,210

Liabilities
Loss and loss adjustment expense reserves	$	126,210,428	$	121,817,862
Unearned premiums	134,701,733		105,621,538
Advance premiums	3,503,063		3,797,590
Reinsurance balances payable	10,509,121		12,837,140
Deferred ceding commission revenue	11,541,239		9,460,865
Accounts payable, accrued expenses and other liabilities	8,315,893		4,350,546
Debt, net (current $6,849,257 and long-term $4,322,163 at December 31, 2024,
current $19,580,109 and long-term $5,663,421 at December 31, 2023)	11,171,420		25,243,530
Total liabilities	305,952,897		283,129,071

Commitments and Contingencies

Stockholders' Equity
Preferred stock, $.01 par value; authorized 2,500,000 shares	—		—
Common stock, $.01 par value; authorized 20,000,000 shares; issued 14,448,205
shares at December 31, 2024 and 12,248,313 shares at December 31, 2023;
outstanding 12,924,080 shares at December 31, 2024 and 10,776,907 shares at December 31, 2023	144,482		122,483
Capital in excess of par	89,063,326		75,338,010
Accumulated other comprehensive loss	(12,175,476)		(12,274,563)
Accumulated deficit	(4,755,874)		(23,114,310)
	72,276,458		40,071,620
Treasury stock, at cost, 1,524,125 shares at December 31, 2024
and 1,471,406 at December 31, 2023	(5,568,007)		(5,567,481)
Total stockholders' equity	66,708,451		34,504,139

Total liabilities and stockholders' equity	$	372,661,348	$	317,633,210


KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
	For the Three Months Ended				For the Years Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(unaudited)		(unaudited)		(unaudited)
Revenues
Net premiums earned	$	35,967,212	$	28,682,796	$	128,497,920	$	114,384,263
Ceding commission revenue	4,967,198		4,659,550		18,837,946		21,053,494
Net investment income	1,906,461		1,571,474		6,823,590		6,008,682
Net (losses) gains on investments	(904,756)		1,536,911		414,551		2,134,554
Other income	166,968		155,561		568,096		609,721
Total revenues	42,103,083		36,606,292		155,142,103		144,190,714

Expenses
Loss and loss adjustment expenses	17,509,224		16,296,645		62,634,716		82,849,210
Commission expense	8,840,787		8,143,255		33,929,333		33,364,629
Other underwriting expenses	7,017,007		6,036,080		25,692,727		25,909,962
Other operating expenses	813,963		588,462		3,634,583		2,456,473
Depreciation and amortization	613,429		645,749		2,448,932		2,973,440
Interest expense	629,474		997,967		3,513,655		4,002,531
Total expenses	35,423,884		32,708,158		131,853,946		151,556,245

Income (loss) from operations before taxes	6,679,199		3,898,134		23,288,157		(7,365,531)
Income tax expense (benefit)	1,240,524		952,182		4,929,721		(1,197,185)
Net income (loss)	5,438,675		2,945,952		18,358,436		(6,168,346)

Other comprehensive (loss) income, net of tax
Gross (increase) decrease in unrealized losses
on available-for-sale-securities	(3,971,325)		6,131,195		111,446		4,644,308

Reclassification adjustment for net realized
losses included in net income (loss)	2,511		1,610		13,979		18,811
Net (increase) decrease in unrealized losses,
on available-for-sale-securities	(3,968,814)		6,132,805		125,425		4,663,119
Income tax benefit (expense) related to items
of other comprehensive (loss) income	833,451		(1,287,889)		(26,338)		(979,254)
Other comprehensive (loss) income, net of tax	(3,135,363)		4,844,916		99,087		3,683,865

Comprehensive income (loss)	$	2,303,312	$	7,790,868	$	18,457,523	$	(2,484,481)

Earnings (loss) per common share:
Basic	$	0.44	$	0.27	$	1.60	$	(0.57)
Diluted	$	0.40	$	0.26	$	1.48	$	(0.57)

Weighted average common shares outstanding
Basic	12,482,146		10,761,763		11,478,899		10,756,487
Diluted	13,491,412		11,332,934		12,423,769		10,756,487


KINGSTONE COMPANIES, INC. AND SUBSIDIARIES

Consolidated Statements of Stockholders' Equity (Unaudited)
Three months ended December 31, 2024 and 2023


									Accumulated
							Capital		Other
	Preferred Stock			Common Stock			in Excess		Comprehensive		Accumulated		Treasury Stock
	Shares	Amount		Shares	Amount		of Par		Loss		Deficit		Shares	Amount		Total
Balance, October 1, 2023	—	$	—	12,227,562	$	122,275	$	75,153,808	$	(17,119,479)	$	(26,060,262)	1,471,406	$	(5,567,481)	$	26,528,861
Stock-based compensation	—	—		—	—		196,419		—		—		—	—		196,419
Vesting of restricted stock awards	—	—		25,888	259		(259)		—		—		—	—		—
Shares deducted from restricted stock
awards for payment of withholding taxes	—	—		(5,137)	(51)		(11,958)		—		—		—	—		(12,009)
Net income	—	—		—	—		—		—		2,945,952		—	—		2,945,952
Decrease in unrealized losses on available-
for-sale securities, net of tax	—	—		—	—		—		4,844,916		—		—	—		4,844,916
Balance, December 31, 2023	—	$	—	12,248,313	$	122,483	$	75,338,010	$	(12,274,563)	$	(23,114,310)	1,471,406	$	(5,567,481)	$	34,504,139


									Accumulated
							Capital		Other
	Preferred Stock			Common Stock			in Excess		Comprehensive		Accumulated		Treasury Stock
	Shares	Amount		Shares	Amount		of Par		Loss		Deficit		Shares	Amount		Total
Balance, October 1, 2024	—	$	—	13,818,950	$	138,190	$	84,334,037	$	(9,040,113)	$	(10,194,549)	1,506,654	$	(5,567,833)	$	59,669,732
Stock-based compensation	—	—		—	—		476,537		—		—		—	—		476,537
Vesting of restricted stock awards	—	—		72,361	724		(724)		—		—		—	—		—
Shares deducted from restricted stock
awards for payment of withholding taxes	—	—		(22,577)	(225)		(349,325)		—		—		—	—		(349,550)
Exercise of stock options	—	—		34,038	341		63,544		—		—		17,471	(174)		63,711
Exercise of warrants	—	—		243,856	2,439		(2,439)		—		—		—	—		—
Issuance of common stock, net of
offering costs of $67,109	—	—		301,577	3,013		4,541,696		—		—		—	—		4,544,709
Net income	—	—		—	—		—		—		5,438,675		—	—		5,438,675
Increase in unrealized losses on available-
for-sale securities, net of tax	—	—		—	—		—		(3,135,363)		—		—	—		(3,135,363)
Balance, December 31, 2024	—	$	—	14,448,205	$	144,482	$	89,063,326	$	(12,175,476)	$	(4,755,874)	1,524,125	$	(5,568,007)	$	66,708,451


KINGSTONE COMPANIES, INC. AND SUBSIDIARIES

Consolidated Statements of Stockholders' Equity (Unaudited)
Years ended December 31, 2024 and 2023
									Accumulated
							Capital		Other
	Preferred Stock			Common Stock			in Excess		Comprehensive		Accumulated		Treasury Stock
	Shares	Amount		Shares	Amount		of Par		Loss		Deficit		Shares	Amount		Total
Balance, January 1, 2023	—	$	—	12,171,512	$	121,715	$	74,519,590	$	(15,958,428)	$	(16,945,964)	1,471,406	$	(5,567,481)	$	36,169,432
Stock-based compensation	—	—		—	—		832,597		—		—		—	—		832,597
Vesting of restricted stock awards	—	—		82,865	828		(828)		—		—		—	—		—
Shares deducted from restricted stock
awards for payment of withholding taxes	—	—		(6,064)	(60)		(13,349)		—		—		—	—		(13,409)
Net income	—	—		—	—		—		—		(6,168,346)		—	—		(6,168,346)
Decrease in unrealized losses on available-
for-sale securities, net of tax	—	—		—	—		—		3,683,865		—		—	—		3,683,865
Balance, December 31, 2023	—	—		12,248,313	122,483		75,338,010		(12,274,563)		(23,114,310)		1,471,406	(5,567,481)		34,504,139
Stock-based compensation	—	—		—	—		1,382,912		—		—		—	—		1,382,912
Vesting of restricted stock awards	—	—		518,405	5,184		(5,184)		—		—		—	—		—
Exercise of stock options	—	—		71,997	721		63,516		—		—		52,719	(526)		63,711
Issuance of common stock, net of
offering costs of $427,779	—	—		1,437,287	14,370		13,596,437		—		—		—	—		13,610,807
Exercise of warrants	—	—		304,413	3,045		(3,045)		—		—		—	—		—
Shares deducted from restricted stock
awards for payment of withholding taxes	—	—		(132,210)	(1,321)		(1,309,320)		—		—		—	—		(1,310,641)
Net income	—	—		—	—		—		—		18,358,436		—	—		18,358,436
Decrease in unrealized losses on available-
for-sale securities, net of tax	—	—		—	—		—		99,087		—		—	—		99,087
Balance, December 31, 2024	—	$	—	14,448,205	$	144,482	$	89,063,326	$	(12,175,476)	$	(4,755,874)	1,524,125	$	(5,568,007)	$	66,708,451

Investor Presentation March 2025 NASDAQ: KINS P&C Insurance Company Capitalizing on Unique Niche Market Opportunity to Achieve Profitable Growth

2 DISCLAIMER & FORWARD- LOOKING STATEMENTS This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. For more details on factors that could affect expectations, see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, to be filed with the Securities and Exchange Commission. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from our expectations of future results, performance or achievements expressed or implied by these forward-looking statements. These forward-looking statements may not be realized due to a variety of factors. The risks and uncertainties include, without limitation, the following: • the risk of significant losses from catastrophes and severe weather events; • risks related to the lack of a financial strength rating from A.M. Best; • risks related to limitations on the ability of our insurance subsidiary to pay dividends to us; • adverse capital, credit and financial market conditions; • risks related to volatility in net investment income; • the unavailability of reinsurance at current levels and prices; • the exposure to greater net insurance losses in the event of reduced reliance on reinsurance; • the credit risk of our reinsurers; • the inability to maintain the requisite amount of risk-based capital needed to grow our business; • the effects of climate change on the frequency or severity of weather events and wildfires; • risks related to the limited market area of our business; • risks related to a concentration of business in a limited number of producers; • legislative and regulatory changes, including changes in insurance laws and regulations and their application by our regulators; • limitations with regard to our ability to pay dividends; • the effects of competition in our market areas; • our reliance on certain key personnel; • risks related to security breaches or other attacks involving our computer systems or those of our vendors; and • our reliance on information technology and information systems. Kingstone undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

3 KINGSTONE OVERVIEW cccc Market Cap Core Direct Written Premium Policies- In-Force Financial Strength Rating: Kingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company (“KICO”). KICO, a New York domiciled carrier writing business through 700+ licensed agents and brokers, is actively writing personal lines and commercial auto (livery physical damage only) insurance in New York. At December 31, 2024 Demotech: “A, Excellent” Stock Price*: $14.27 Shares Outstanding*: 12,924,080 Growth vs. FY2023+31% 78K “A” $184M 12,924,080 *Stock Price as of the close on March 12, 2025; Shares outstanding at December 31, 2024.

4 • Focusing on core business growth in Downstate NY • Core represents 95% of total policies at 12/31/2024. • Ranked by S&P as the 12th largest homeowners insurer in NY in 2024 with a market share of 2.1%. INVESTMENT HIGHLIGHTS Strong Position in Niche Markets Unprecedented Market Opportunity • Capitalizing on largest profitable growth opportunity in Company’s history due to competitor withdrawal from New York State. • Well-positioned for profitable growth. Low-cost, Highly-efficient Provider • In-house underwriting, information technology, claims, customer service and actuarial functions. • Enables greater control and efficiency. • Scalable operations. Conservative Reinsurance Program • Property Catastrophe Program. • Quota Share Treaties. • Per Risk, Excess of Loss (XOL) Treaties. Core Business refers to the Company’s New York policies.

5 8%91% 1% 2024 DIRECT PREMIUMS WRITTEN OF $242 MILLION 12TH LARGEST WRITER OF HOMEOWNERS INSURANCE IN THE STATE OF NEW YORK FOUNDED IN 1886 Personal Lines BUSINESS OPERATIONS Personal lines: Largest line of business; consists of homeowners and dwelling fire multi- peril, cooperative/condominiums, renters, and personal umbrella policies. Livery physical damage: For-hire vehicle physical damage only policies for livery and car service vehicles and taxicabs, primarily based in New York City. These policies insure only the physical damage portion of insurance for such vehicles, with no liability coverage included. Other: Write canine legal liability policies and have a small participation in mandatory state joint underwriting associations. Livery Physical Damage Other As of December 31, 2024 – based on policies-in-force

6 CORE BUSINESS GROWTH Downstate New York refers to NYC, Long Island and Westchester County. Atlantic Ocean Long Island SoundWestchester Kingstone refers to its New York business as its “Core Business”. (Kings) (Richmond) Percentage of In-force Premium by County County 12/31/2024 Suffolk 44.3% Nassau 16.5% Kings 14.0% Queens 11.4% Richmond 6.2% Bronx 4.6% New York 0.6% Westchester 1.4% Other 1.0%

7 STRATEGIC & PROFITABLE GROWTH Priced right; Properly matching rate to risk; Insuring all properties at their current replacement cost; Effectively managing risk and protocols; and Operating at a highly efficient expense structure. I believe the current market changes present us with the greatest profitable growth opportunity that Kingstone has ever experienced! ”- Meryl Golden, CEO Underwriting Measures to Grow Profitability; We are… In July 2024, competing carriers exited New York State (or exited the personal property market countrywide), representing >$200M market opportunity in Kingstone’s “Core Business” footprint. ” Core Business refers to the Company’s New York policies.

8 CORE VS NON-CORE PERSONAL LINES LOSS EXPERIENCE Core Business refers to the Company’s New York policies. FY2024 net loss ratio of 48.7%, an improvement of 23.7-percentage points from FY2023. Personal Lines Net Loss+ALAE Ratio 70.4% 56.1% 55.8% 62.1% 77.7% 61.9% 69.8% 48.5% 51.0% 37.9% 28.7% 38.3% 143.2% 101.8% 121.9% 115.8% 137.4% 104.9% 119.8% 76.7% 101.3% 61.7% 48.2% 41.7% 0% 20% 40% 60% 80% 100% 120% 140% 160% 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 PL Core PL Non-Core

9 Core HO 64% Core DF 22% PDO 8% Other 1% Non-Core 5% MIX OF BUSINESS BY POLICIES-IN-FORCE Core Business refers to the Company’s New York policies. 20242023 Core HO = Core Homeowners Core DF = Core Dwelling Fire Non-Core = Non-core Homeowners PDO = Livery Physical Damage Other = Personal Umbrella & Canine Legal Liability (65%) in Non-Core Business +9% in Core Business Kingstone is strategically scaling back on its unprofitable Non-Core Business while also focusing on expanding its profitable Core Business opportunity. December 31, December 31, Core HO 54% Core DF 22% PDO 8% Other 1% Non-Core 14% Change in policies-in-force

10 DIRECT PREMIUMS WRITTEN* Strategically shrinking Non-Core Business due to profitability concerns. Expanding growth in the profitable Core Business in 2H2024 and into 2025, driven by a favorable competitive landscape in New York. *Direct premiums written is not based on GAAP and is defined and reconciled below to the most directly comparable GAAP measure. See “Definitions and Non-GAAP Measures”. Also see “Raised 2025 Guidance”. E = Estimated. Achieved NY Growth of +31% in FY2024 driven by an unprecedented market opportunity $201M $200M Further strategic non- renewal of Non- Core policies in 2024 Estimating NY Growth of +15% to +25% driven by growth in renewal premiums $242M $ in m ill io ns 2022 DPW NY New NY Renewal Other Non-Core 2023 DPW NY New NY Renewal Other Non-Core 2024 DPW NY New NY Renewal Other Non-Core 2025E DPW* $150 $170 $190 $210 $230 $250 $270 $290 $310 $330 $350

11 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 Core - Renewal CPI PRICING TRENDS Achieving significant price increases, ahead of inflation. Average Core Business Renewal Premium Increase of +15% in Q4’24 vs. Q4’23 Replacement cost was adjusted on every policy starting Q3 2022 so that the entire portfolio is insured to value

12 MANAGING REINSURANCE REQUIREMENTS Successfully managing reinsurance requirements and costs while controlling growth of total insurable value. 1 0 0 YR V er is k H u rr ic an e P ro b ab le M ax im u m C o st To tal In su rab le V alu e Cumulative Risk Adjusted Rate Change - Catastrophe XOL 2020 2021 2022 2023 2024 Guy Carpenter Index 1.00 1.06 1.22 1.65 1.55 Kingstone 1.00 0.99 1.16 1.37 1.13 February 2016February 2017February 2018February 2019February 2020February 2021February 2022 September 2023* December 2023 March 2024 June 2024 September 2024 December 2024 $0 $10,000,000,000 $20,000,000,000 $30,000,000,000 $40,000,000,000 $50,000,000,000 $60,000,000,000 $70,000,000,000 $80,000,000,000 $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 $350,000,000 $400,000,000 February 2016 February 2017 February 2018 February 2019 February 2020 February 2021 February 2022 September 2023* December 2023 March 2024 June 2024 September 2024 December 2024 100-Year Hurricane PML TIV

13 EXPENSE REDUCTION INITIATIVE • Achieved a 1.6-percentage point reduction in our net underwriting expense ratio during FY2024, following a 3.1-percentage point reduction in FY2023, driven by ongoing efficiency improvements to business operations along with an increase in our average premium. $25 $26 $27 25% 30% 35% 40% 45% 2021 2022 2023 2024 Net Underwriting Expense Ratio Other Underwriting Expenses See “Raised 2024 Guidance”. ($ in th o u san d s)

14 KEY FINANCIAL METRICS THREE MONTHS ENDED DECEMBER 31 +37% DIRECT PREMIUMS WRITTEN GROWTH1 COMBINED RATIO IMPROVED BY 11.0 POINTS TO 78.5% 1These measures are not based on GAAP and are defined and reconciled below to the most directly comparable GAAP measures. See “Definitions and Non-GAAP Measures”. Consolidated Financial Results ($ in thousands, except per share data) 2024 2023 Change Direct premiums written1 $72,533 $52,938 37.0% Net premiums earned $35,967 $28,683 25.4% Net investment income $1,906 $1,571 21.3% Net (loss)/gain on investments ($905) $1,537 NM Underlying loss ratio1 49.1% 53.8% (4.7) pts Net development of prior year losses (0.4%) - (0.4) pts Net loss ratio excluding the effect of catastrophes1 48.7% 53.8% (5.1) pts Catastrophe loss ratio1 0.0% 3.0% (3.0) pts Net loss ratio 48.7% 56.8% (8.1) pts Net underwriting expense ratio 29.8% 32.7% (2.9) pts Net combined ratio 78.5% 89.5% (11.0) pts Adjusted EBITDA1 $9,303 $4,201 121.4% Net Income/(Loss) $5,439 $2,946 84.6% Net Income/(Loss) per share - basic $0.44 $0.27 63.0% Return on equity - annualized 34.4% 38.8% (4.4) pts Other comprehensive (loss)/income ($3,135) $4,845 NM Operating net income/(loss)1 $6,153 $1,732 255.3% Operating net income/(loss) per share - basic1 $0.49 $0.16 206.3% Operating return on equity1 - annualized 38.9% 22.7% 16.2 pts

15 KEY FINANCIAL METRICS FULL YEAR ENDED DECEMBER 31 +21% DIRECT PREMIUMS WRITTEN GROWTH1 COMBINED RATIO IMPROVED BY 25.3 POINTS TO 80.0% 1These measures are not based on GAAP and are defined and reconciled below to the most directly comparable GAAP measures. See “Definitions and Non-GAAP Measures”. Consolidated Financial Results ($ in thousands, except per share data) 2024 2023 Change Direct premiums written1 $241,980 $200,175 20.9% Net premiums earned $128,498 $114,384 12.3% Net investment income $6,824 $6,009 13.6% Net (loss)/gain on investments $415 $2,135 -80.6% Underlying loss ratio1 48.2% 65.3% (17.1) pts Net development of prior year losses (1.4%) - (1.4) pts Net loss ratio excluding the effect of catastrophes1 46.8% 65.3% (18.5) pts Catastrophe loss ratio1 1.9% 7.1% (5.2) pts Net loss ratio 48.7% 72.4% (23.7) pts Net underwriting expense ratio 31.3% 32.9% (1.6) pts Net combined ratio 80.0% 105.3% (25.3) pts Adjusted EBITDA1 $30,516 ($1,692) NM Net Income/(Loss) $18,358 ($6,168) NM Net Income/(Loss) per share - basic $1.60 ($0.57) NM Return on equity - annualized 36.3% -17.5% NM Other comprehensive (loss)/income $99 $3,684 -97.3% Operating net income/(loss)1 $18,031 ($7,855) NM Operating net income/(loss) per share - basic1 $1.57 ($0.73) NM Operating return on equity1 35.6% -22.2% NM Book value per share - diluted $4.73 $2.81 68.3% Book value per share - diluted excluding AOCI $5.59 $3.80 47.1%

16 BALANCE SHEET OVERVIEW December 31, December 31, 2024 2023 Assets Total investments $208,617,941 $174,632,828 Cash and cash equivalents 28,669,441 8,976,998 Premiums receivable, net 21,766,988 13,604,808 Reinsurance receivables, net 69,322,436 75,593,912 Deferred policy acquisition costs 24,732,371 19,802,564 Intangible assets 500,000 500,000 Property and equipment, net 9,283,970 9,395,697 Deferred income taxes, net 5,597,920 10,551,819 Other assets 4,170,281 4,574,584 Total assets $372,661,348 $317,633,210 Liabilities Loss and loss adjustment expense reserves $126,210,428 $121,817,862 Unearned premiums 134,701,733 105,621,538 Advance premiums 3,503,063 3,797,590 Reinsurance balances payable 10,509,121 12,837,140 Deferred ceding commission revenue 11,541,239 9,460,865 Accounts payable, accrued expenses and other liabilities 8,315,893 4,350,546 Debt, net 11,171,420 25,243,530 Total liabilities 305,952,897 283,129,071 Total stockholders' equity 66,708,451 34,504,139 Total liabilities and stockholders' equity $372,661,348 $317,633,210

17 INVESTMENT PORTFOLIO (as of 12/31/2024) • Outsourced portfolio management • High-quality portfolio provides consistent net investment income; • 79% of fixed income portfolio rated A, or higher, or held as U.S. Treasuries. • Average portfolio yield of 3.68%. • Effective duration of 3.9 years. Highlights $6.0 $6.8 2023 2024 Net Investment Income $ in millions 2.92% 3.20% 3.58% 3.68% 2021 2022 2023 2024 Average Yield A or Higher 79% BBB+ 11% BBB 8% ≤ BBB- or Non Rated 2% Fixed Portfolio Corporate 52% RBS & Other 30% Gov't 11% Preferred Stocks 5% Common Stock & ETFs 2% Estimated Fair Value

18 15% to 25% Core Business1 direct premiums written2 growth 81% to 85% Combined Ratio $1.90 to $2.30 Net Income Per Share – Basic $1.75 to $2.15 Net Income Per Share - Diluted RAISED 2025 GUIDANCE For 2025, the Company’s full year expectations are as follows: 1Kingstone refers to New York business as its "Core" business and business outside of New York as its "Non-Core" business. 2These measures are not based on GAAP and are defined and reconciled below to the most directly comparable GAAP measures. See “Definitions and Non-GAAP Measures”. The guidance provided above is based on information available as of March 13, 2025, and management's review of the anticipated financial results for 2025. Such guidance remains subject to change based on management's ongoing review of the Company's 2025 results and is a forward-looking statement (see “Disclaimer & Forward-Looking Statements on Slide #2). Kingstone assumes no obligation to update this guidance. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this presentation and in Kingstone's annual and quarterly filings with the Securities and Exchange Commission. 27% to 35% Return on Equity Common Stock Metrics Year Ended 2025E (shares in millions) December 31, 2024 Weighted average shares outstanding – basic 11.5 13.3 Weighted average shares outstanding – diluted 12.4 14.2 Total shares outstanding as of end of period – basic 12.9 13.6 Total shares outstanding as of end of period – diluted 14.1 14.7 All changes to total shares outstanding – basic and diluted assumed for 2025 are primarily from the vesting of restricted shares and stock issued under our "at the market” offering. 15% to 25% Core Business1 direct premiums written2 growth 82% to 86% Combined Ratio $1.60 to $2.00 Net Income Per Share – Basic $1.45 to $1.85 Net Income Per Share - Diluted 24% to 32% Return on Equity Previous Guidance (as of 11/12/2024):

19 EXECUTIVE MANAGEMENT TEAM Investor Relations Contact: Karin Daly Vice President The Equity Group Inc. kdaly@equityny.com Meryl S. Golden – President & Chief Executive Officer Jennifer Gravelle - Chief Financial Officer Sarah Chen – Senior Vice President & Chief Actuary

20 Direct premiums written represent the total premiums charged on policies issued by the Company during the respective fiscal period. Net premiums written are direct premiums written less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct premiums written and net premiums written, are net premiums written that are pro-rata earned during the fiscal period presented. All of the Company’s policies are written for a twelve-month period. Management uses direct premiums written and net premiums written, along with other measures, to gauge the Company’s performance and evaluate results. Direct premiums written and net premiums written are provided as supplemental information, not as a substitute for net premiums earned, and do not reflect the Company’s net premiums earned. Adjusted EBITDA is net income (loss) exclusive of interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, and stock- based compensation. Net income (loss) is the GAAP measure most closely comparable to adjusted EBITDA. Management uses adjusted EBITDA along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including interest expense, income tax expense (benefit), depreciation and amortization, loss on extinguishment of debt, net gains (losses) on investments, and stock-based compensation, and may vary significantly between periods. Adjusted EBITDA is provided as supplemental information, not as a substitute for net income (loss) and does not reflect the Company’s overall profitability. Operating net income (loss) and basic operating net income (loss) per share is net income (loss) and basic income (loss) per share exclusive of net gains (losses) on investments, net of tax. Net income (loss) and basic net income (loss) per share are the GAAP measures most closely comparable to operating net income (loss) and basic operating net income (loss) per share. Management uses operating net income (loss) and basic operating net income (loss) per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and may vary significantly between periods. Operating net income (loss) and basic operating net income (loss) per share are provided as supplemental information, not as a substitute for net income (loss) and basic net income (loss) per share and do not reflect the Company’s overall profitability. Operating net income (loss) and diluted operating net income (loss) per share is net income (loss) and diluted income (loss) per share exclusive of net gains (losses) on investments, net of tax. Net income (loss) and diluted net income (loss) per share are the GAAP measures most closely comparable to operating net income (loss) and diluted operating net income (loss) per share. Management uses operating net income (loss) and diluted operating net income (loss) per share along with other measures to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments and may vary significantly between periods. Operating net income (loss) and diluted operating net income (loss) per share are provided as supplemental information, not as a substitute for net income (loss) and diluted net income (loss) per share, and do not reflect the Company’s overall profitability. Operating return on equity is operating income (loss) divided by average equity. Return on equity is the GAAP measure most closely comparable to operating return on equity. Management uses operating return on equity, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including net gains (losses) on investments, which may vary significantly between periods. Operating return on equity is provided as supplemental information, is not a substitute for return on equity and does not reflect the Company’s overall return on average common equity. Underlying loss ratio is a non-GAAP ratio, which is computed as the GAAP net loss ratio excluding the effect of prior year loss reserve development and catastrophe losses. Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by prior year loss reserve development and catastrophe losses. Catastrophe losses cause the Company’s loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The underlying loss ratio should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio. Net loss ratio excluding the effect of catastrophes is a non-GAAP ratio, which is computed as the difference between GAAP net loss ratio and the effect of catastrophes on the net loss ratio. Management believes that this ratio is useful to investors, and it is used by management to reveal the trends in the Company’s business that may be obscured by catastrophe losses. Catastrophe losses cause the Company’s net loss ratios to vary significantly between periods as a result of their incidence of occurrence and magnitude and can have a significant impact on the net loss ratio. Management believes that this measure is useful for investors to evaluate this component separately when reviewing the Company’s underwriting performance. The most directly comparable GAAP measure is the net loss ratio. The net loss ratio excluding the effect of catastrophes should not be considered a substitute for the net loss ratio and does not reflect the Company’s net loss ratio. DEFINITIONS AND NON-GAAP MEASURES

21 RECONCILIATION OF DIRECT PREMIUMS WRITTEN TO NET PREMIUMS EARNED For the Three Months Ended For the Years Ended December 31, December 31, % % 2024 2023 Change 2024 2023 Change (000’s except percentages) Direct Premiums Written Reconciliation: Direct premiums written $ 72,533 $ 52,938 37.0 % $ 241,980 $ 200,175 20.9 % Ceded written premiums1 (18,369) (15,554) 18.1 (87,750) (91,518) (4.1) Net premiums written 54,165 37,384 44.9 154,230 108,657 41.9 Change in unearned premiums (18,197) (8,701) 109.1 (25,732) 5,727 (549.3) Net premiums earned $ 35,967 $ 28,683 25.4 % $ 128,498 $ 114,384 12.3 % (Components may not sum due to rounding) 1Net premiums written balances from prior year periods were reclassified to conform with current year presentation. The reclassification had no effect on the Company’s previously reported financial condition, results of operations or cash flows.

22 RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA For the Three Months Ended For the Years Ended December 31, December 31, % % 2024 2023 Change 2024 2023 Change (000’s except percentages) Adjusted EBITDA Reconciliation: Net income (loss) $ 5,439 $ 2,946 84.6 % $ 18,358 $ (6,168) NM % Interest expense 629 998 (37.0) 3,514 4,003 (12.2) Income tax expense (benefit) 1,241 952 30.4 4,930 (1,197) NM Depreciation and amortization 613 646 (5.1) 2,449 2,973 (17.6) EBITDA 7,922 5,542 NM % 29,251 (390) NM Loss on extinguishment of debt — — NM 297 — NM Net loss (gain) on investments 905 (1,537) NM (415) (2,135) (80.6) Stock-based compensation 477 196 143.4 1,383 833 66.0 Adjusted EBITDA $ 9,303 $ 4,201 121.4 % $ 30,516 $ (1,692) NM % (Components may not sum due to rounding)

23 NET INCOME (LOSS) TO OPERATING NET INCOME (LOSS) AND BASIC NET INCOME (LOSS) PER SHARE TO BASIC OPERATING NET INCOME (LOSS) PER SHARE For the Three Months Ended For the Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Amount Basic income per common share Amount Basic income per common share Amount Basic income per common share Amount Basic loss per common share (000’s except per common share amounts and percentages) Operating Net Income (Loss) and Operating Net Income (Loss) per Basic Common Share Reconciliation: Net income (loss) $ 5,439 $ 0.44 $ 2,946 $ 0.27 $ 18,358 $ 1.60 $ (6,168) $ (0.57) Net loss (gain) on investments 905 (1,537) (415) (2,135) Less tax benefit (expense) on net (gain) loss 190 (323) (87) (448) Net loss (gain) on investments, net of taxes 715 $ 0.06 (1,214) $ (0.11) (327) $ (0.03) (1,687) $ (0.16) Operating net income (loss) $ 6,153 $ 0.49 $ 1,732 $ 0.16 $ 18,031 $ 1.57 $ (7,855) $ (0.73) Weighted average basic shares outstanding 12,482,146 10,761,763 11,478,899 10,756,487 (Components may not sum due to rounding)

24 NET INCOME (LOSS) TO OPERATING NET INCOME (LOSS) AND DILUTED NET INCOME (LOSS) PER SHARE TO DILUTED OPERATING NET INCOME (LOSS) PER SHARE For the Three Months Ended For the Years Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Amount Diluted income per common share Amount Diluted income per common share Amount Diluted income per common share Amount Diluted loss per common share (000’s except per common share amounts and percentages) Operating Net Income (Loss) and Operating Net Income (Loss) per Diluted Common Share Reconciliation: Net income (loss) $ 5,439 $ 0.40 $ 2,946 $ 0.26 $ 18,358 $ 1.48 $ (6,168) $ (0.57) Net loss (gain) on investments 905 (1,537) (415) (2,135) Less tax benefit (expense) on net (gain) loss 190 (323) (87) (448) Net loss (gain) on investments, net of taxes 715 $ 0.05 (1,214) $ (0.11) (327) $ (0.03) (1,687) $ (0.16) Operating net income (loss) $ 6,153 $ 0.46 $ 1,732 $ 0.15 $ 18,031 $ 1.45 $ (7,855) $ (0.73) Weighted average diluted shares outstanding 13,491,412 11,332,934 12,423,769 10,756,487 (Components may not sum due to rounding)

25 RECONCILIATION OF NET INCOME (LOSS) TO OPERATING NET INCOME (LOSS) AND RETURN ON EQUITY TO OPERATING RETURN ON EQUITY For the Three Months Ended For the Years Ended December 31, December 31, 2024 2023 Change 2024 2023 Change (000’s except percentages) Operating Net Income (Loss) Reconciliation: Net income (loss) $ 5,439 $ 2,946 84.6% $ 18,358 $ (6,168) NM Net loss (gain) on investments 905 (1,537) NM (415) (2,135) 80.6% Less tax benefit (expense) on net loss (gain) 190 (323) NM (87) (448) 80.6% Net loss (gain) on investments, net of taxes 715 (1,214) NM (327) (1,686) 80.6% Operating net income (loss) $ 6,153 $ 1,732 255.3% $ 18,031 $ (7,855) NM Operating Return on Equity Reconciliation: Net income (loss) $ 5,439 $ 2,946 84.6% $ 18,358 $ (6,168) NM Average equity $ 63,189 $ 30,517 107.1% $ 50,606 $ 35,337 43.2% Return on equity 8.6% 9.7% (1.1) pts 36.3% (17.5)% NM Return on equity - annualized 34.4% 38.8% (4.4) pts 36.3% (17.5)% NM Net loss (gain) on investments, net of taxes $ 715 $ (1,214) NM $ (327) $ (1,686) 80.6% Average equity $ 63,189 $ 30,517 107.1% $ 50,606 $ 35,337 43.2% Effect of net loss (gain) on investments, net of taxes, on return on equity 1.1% (4.0)% NM (0.6)% (4.8)% 86.5% Operating net income (loss) $ 6,153 $ 1,732 255.3% $ 18,031 $ (7,855) NM Operating net income (loss) - annualized $ 24,612 $ 6,928 255.3% $ 18,031 $ (7,855) NM Average equity $ 63,189 $ 30,517 107.1% $ 50,606 $ 35,337 43.2% Operating return on equity 9.7% 5.7% 4.0 pts 35.6% (22.2)% NM Operating return on equity - annualized 38.9% 22.7% 16.2 pts 35.6% (22.2)% NM (Components may not sum due to rounding)

26 RECONCILIATION OF THE UNDERLYING LOSS RATIO AND THE NET LOSS RATIO EXCLUDING THE EFFECT OF CATASTROPHES TO THE NET LOSS RATIO For the Three Months Ended For the Years Ended December 31, December 31, 2024 2023 Percentage Point Change 2024 2023 Percentage Point Change Loss Ratio Reconciliation: Underlying Loss Ratio 49.1% 53.8% (4.7) pts 48.2% 65.3% (17.1) pts Effect of prior-year reserve development (0.4)% —% (0.4) pts (1.4)% —% (1.4) pts Net loss ratio excluding the effect of catastrophes 48.7% 53.8% (5.1) pts 46.8% 65.3% (18.5) pts Effect of catastrophes —% 3.0% (3.0) pts 1.9% 7.1% (5.2) pts Net loss ratio 48.7% 56.8% (8.1) pts 48.7% 72.4% (23.7) pts (Components may not sum due to rounding)