Kingstone's Policy Growth Steady: Will it Fuel Premium Acceleration?

Kingstone Companies, Inc. KINS has demonstrated robust growth in policies-in-force (‘PIF’), a key indicator of active insurance coverage. This progress reflects a strategic pivot toward its core personal lines business, which now represents 96% of total PIF, up from 88% a year earlier. 

A significant driver of this momentum was the exit of major insurers from the New York personal lines market in 2024, which left a large volume of policies available for reassignment. Leveraging its strong agency network and local market knowledge, Kingstone captured a substantial share, writing over 6,000 new policies and adding $23 million in premium volume in the latter half of 2024.

This influx not only accelerated revenue growth but also enhanced the company’s risk profile, as the newly onboarded policies adhered to Kingstone’s tightened underwriting standards. As these policies continue to be renewed through 2025, KINS anticipates PIF expansion alongside improved profitability and capital discipline. Management projects 15-25% premium growth in its core segment this year.

Kingstone’s intensified focus on core markets follows its deliberate exit from underperforming and non-core areas, enabling a sharper allocation of underwriting resources. This disciplined growth strategy has translated into steady gains in both policy count and premium volume, highlighted by a nearly 19% year-over-year increase in renewal premiums in first-quarter 2025. These developments have ramped up underwriting performance, delivering six consecutive profitable quarters and improved combined ratios—testifying Kingstone’s commitment to stable, high-margin growth.

What About KINS’ Competitors?

KINS closely competes with Kinsale Capital Group KNSL and Heritage Insurance Group HRTG. 

PIF plays a vital role in driving Kinsale’s growth, underscoring its expanding presence in the excess and surplus insurance market. Disciplined underwriting and focus on underserved, hard-to-place risks have steadily increased its policy count, boosting premium volume and enhancing underwriting profitability. This growth supports Kinsale’s operational scalability.

PIF plays a vital role in fueling Heritage Insurance’s growth, reflecting its strategic emphasis on disciplined underwriting and targeted market expansion. Heritage has increased its in-force policy count by prioritizing higher-margin segments like commercial residential and E&S lines, while exiting underperforming personal lines. This shift has driven premium growth, strengthened underwriting results and supported long-term profitability.

KINS Price Performance

Shares of KINS have lost 2.5% year to date, underperforming the industry.

KINS’ Expensive Valuation

KINS trades at a price-to-book value ratio of 2.46, above the industry average of 1.55. But it carries a Value Score of A.

Estimates for KINS Witness No Movement

The Zacks Consensus Estimate for KINS’ 2025 and 2026 earnings has witnessed no movement in the past 30 days. 
 

Yet, the consensus estimates for KINS’ 2025 and 2026 revenues and EPS indicate year-over-year increases. The company has a Growth Score of A. 

KINS stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research