Kingstone Companies Inc: Tumbles on surprise Q3 loss

Kingstone Companies

12/11/2019 19:03

** Property and casualty insurer's shares  KINS.O  down
~9.6% at $7.99 on surprise Q3 loss; set for their biggest
one-day pct loss in over 6 months 
    ** "Our third quarter financial outcome was disappointing,
driven by a comprehensive internal and external reserve review
process" - CEO Barry Goldstein
    ** Co also posts Q3 net combined ratio of 109.9% compared to
86%, a year earlier - a ratio above 100% means the insurer earns
less in premiums than it pays out in claims  urn:newsml:reuters.com:*:nBw3CRjzya  
    ** However, KINS posts a ~16% rise in net investment income 
    ** Stock has fallen ~54% this year

 (Reporting by Abhishek Manikandan in Bengaluru)
 ((Abhishek.Manikandan@thomsonreuters.com))