Aug. 20 at 2:06 PM
$KINS Q2 was one of the cleanest prints I’ve seen from them:
- Record Profitability: Net income
$11.3M, EPS
$0.78 (highest since 2010), combined ratio 71.5%, ROE 50.8%.
- Growth & Investments: NPE up 52% y/y to
$46.2M; investment income +30% to
$2.3M.
- Reinsurance Reset: +57% more cat cover, <
$125M> cat bond issued,
$5M first-event retention,
$9M second-event retention.
- Guidance Raised: 2025 NPE
$187M, CR 79–83% (from 81–85%), diluted EPS
$1.95–
$2.35, ROE 30–38%.
- 5-Year Goal: Double premiums to
$500M via NY growth + new state entries in 2026/27.
Bottom line: underwriting is working, reinsurance is sturdier, and management raised the bar. Yet the stock popped then slid back under
$14. Market still not pricing in the turnaround.
I broke down the drivers, risks, and how it all ties into the original thesis. Full deep dive here: https://www.beatingthetide.com/p/kins-q2-profits-protection-and-a
