Kingstone : Press release, dated November 11, 2021, issued by Kingstone Companies, Inc - Form 8-K

	FOR IMMEDIATE RELEASE Kingstone Announces 2021 Third QuarterFinancial Results Board Declares Quarterly Dividend Kingston, NY - November 11, 2021 - 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 quarter ended September 30, 2021. The Company will host a conference call for analysts and investors on November 12, 2021, at 8:30 a.m. Eastern Time, as previously announced on October 13, 2021. 2021 Third Quarter Financial and Operational Highlights (All results are compared to prior year quarterly period unless otherwise noted)
	·	Loss per share of $(1.01) compared to $(0.12); Operating loss per share1 of ($1.02) compared to $(0.27)
	·	Book value per share of $7.43 down 12.8% from the prior quarter
	·	Direct written premiums1 grew by 6.8% to $48.9 million
	·	Net premiums earned increased 33.7% to $36.8 million
	·	Net combined ratio increased to 136.4% from 111.9% driven by an increase in the net loss ratio to 97.1% from 73.1%.
	·	Net investment income increased 12.2% to $1.7 million
	·	Portfolio realignment increases credit quality and maintains limited duration profile
	·	88,329 shares repurchased during Q3. Total return to shareholders during Q3 including dividends of $1.4 million or 1.6% of the prior quarter's shareholders' equity.
	Quarterly Dividend of $0.04 per share
	The Company announced that its Board of Directors declared a quarterly dividend of $0.04 per share payable on December 15, 2021 to stockholders of record at the close of business on November 30, 2021.
	__________
	1 These measures are not based on accounting principles generally accepted in the United States ("GAAP") and are defined and reconciled below to the most directly comparable GAAP measures.

Management Commentary Barry Goldstein, Kingstone's Chief Executive Officer, elaborated on the Company's results: "Along with every other shareholder I am disappointed in the results. Even with weather being outside of our control, never before had there been a single calendar quarter with three separate storms each resulting in more than $1 million of loss. These Catastrophe losses and loss adjustment expenses added 33 points to our combined ratio this quarter. Our core losses were higher than expected as well, much of which I believe is a Covid-19 impact. We are a business that's been around, collected premiums and paid claims since 1886. We report here on our history, but as a company we are always planning for the future. We analyze and scrutinize in painstaking detail when our results don't meet expectations. That is exactly what we are doing now. At the same time we again call out that we are continuing to see reasonable growth in new higher premium profitable business, primarily due to the restrictive actions taken by some of our competitors. We remain hyper focused on profitability, and we maintain tight underwriting standards. Our new higher rates are rolling on and will increase our earned premium and bring us a much higher average rate level. This bodes well for future profitability. Investment income increased by 12.2% during the quarter. Also of note is that our new fixed income manager has begun to restructure our portfolio, which as of the end of Q3 resulted in a higher average credit quality, better diversification, and little change to our focus on shorter duration securities. During the quarter we repurchased 88,329 shares, making the total share repurchases during 2021 219,914 shares. We also paid our 42nd consecutive quarterly dividend during Q3." Meryl Golden, Kingstone's Chief Operating Officer, continued: "The quarter's high attritional loss ratio reflects two main factors. First, we have seen a continuation of increased liability claims frequency for the dwelling fire line of business. We reported this increase last quarter across our property lines but fortunately we no longer see this heightened frequency in our homeowner line. Second, we saw an increase in the number of severe fire claims in our homeowner line. Otherwise, the third quarter non-cat loss experience was higher than in 2020 but similar to prior years. Overall, it was a disappointing quarter. However, we continue to believe that we have done and are doing all of the right things to return the company to profitability." See "Forward-Looking Statements"

2

	Financial Highlights Table
			Three Months Ended			Nine Months Ended
			September 30,			September 30,
	($ in thousands except per share data)		2021			2020			% Change			2021			2020			% Change
	Direct written premiums1		$	48,865			$	45,742				6.8	%		$	131,610			$	125,090				5.2	%
	Net written premiums1		$	41,642			$	29,995				38.8	%		$	109,756			$	81,276				35.0	%
	Net premiums earned		$	36,803			$	27,521				33.7	%		$	106,829			$	81,099				31.7	%
	Total ceding commission revenue		$	(7	)		$	3,449			na			$	37			$	10,760				-99.7	%
	Net investment income		$	1,677			$	1,494				12.2	%		$	5,138			$	4,772				7.7	%
	Net gains (losses) on investments		$	205			$	2,108				-90.3	%		$	5,480			$	(1,639	)		na
	U.S. GAAP Net loss		$	(10,618	)		$	(1,228	)			-764.7	%		$	(9,606	)		$	(2,064	)			-365.4	%
	U.S. GAAP Diluted (loss) per share		$	(1.01	)		$	(0.12	)			-741.7	%		$	(0.90	)		$	(0.19	)			-373.7	%
	Comprehensive (loss) income		$	(11,539	)		$	(302	)			-3720.9	%		$	(13,279	)		$	2,185			na
	Net operating loss 1		$	(10,780	)		$	(2,893	)			-272.6	%		$	(13,935	)		$	(769	)			-1712.1	%
	Net operating loss1 per share		$	(1.02	)		$	(0.27	)			-277.8	%		$	(1.31	)		$	(0.07	)			-1771.4	%
	Return on average equity (annualized)			-50.6	%			-5.5	%		-45.1 pts				-15.0	%			3.1	%		-18.1 pts
	Net loss ratio			97.1	%			73.1	%		24 pts				74.0	%			60.8	%		13.2 pts
	Net underwriting expense ratio			39.3	%			38.8	%		0.5 pts				41.0	%			38.9	%		2.1 pts
	Net combined ratio			136.4	%			111.9	%		24.5 pts				115.0	%			99.7	%		15.3 pts
	Effect of catastrophes and prior year loss
	development on net combined ratio1		33.1 pts			31.1 pts			2.0 pts			11.5 pts			12.5 pts			-1.0 pts
	Net combined ratio excluding effect of
	catastrophes and prior year loss
	development1			103.3	%			80.8	%		22.5 pts				103.5	%			87.2	%		16.3 pts
1 These measures are not based on GAAP and are defined and reconciled below to the most directly comparable GAAP measures.
2021 Third Quarter Financial Review Net income: There was a net loss of $10.6 million during the three-month period ended September 30, 2021, compared to a net loss of $1.2 million in the prior year period. The increased net loss in the latest three-month period can be attributed to a 24.0 point increase in net loss ratio and a $1.9 million decrease in gains on investments. The net loss ratio was 97.1% for the three-month period ended September 30, 2021, compared to 73.1 % in the prior year period. Earnings (Loss) per share ("EPS"): Kingstone reported a net loss of $(1.01) per diluted share for the three months ended September 30, 2021, compared to a net loss of $(0.12) per diluted share for the three months ended September 30, 2020. EPS for the three-month periods ended September 30, 2021 and 2020 was based on 10.5 million and 10.7 million weighted average diluted shares outstanding, respectively.

3

Direct Written Premiums,1 Net Written Premiums1 and Net Premiums Earned Direct written premiums1 for the third quarter of 2021 were $48.9 million, an increase of $3.2 million or 6.8% from $45.7 million in the prior year period. The increase is primarily attributable to a $2.4 million increase in premiums from our personal lines business and a $0.8 million increase in livery physical damage as the economy continues to reopen and more drivers return to work. Net written premiums1 increased 38.8% to $41.6 million during the three-month period ended September 30, 2021 from $30.0 million in the prior year period. The increase in the third quarter was attributable to the exit from the 25% personal lines quota share treaty on December 30, 2020. Net premiums earned for the quarter ended September 30, 2021 increased 33.7% to $36.8 million, compared to $27.5 million for the quarter ended September 30, 2020. The increase was attributable to the exit from the 25% personal lines quota share treaty on December 30, 2020, partially offset by the decrease of $0.2 million in commercial lines premiums, a line of business from which the Company completed its run-off in September 2020. Net Loss Ratio: For the quarter ended September 30, 2021, the Company's net loss ratio was 97.1%, compared to 73.1% in the prior year period. The loss ratio is higher than the prior year period mainly due to a continuation of increased liability claims frequency for the dwelling fire line of business as well as an increase in the number of severe fire claims in the homeowner line. Otherwise, the third quarter non-cat loss experience was higher than 2020 but similar to prior years. Net Underwriting Expense Ratio: For the quarter ended September 30, 2021, the net underwriting expense ratio was 39.3% as compared to 38.8% in the prior year period, an increase of 0.5 percentage points. The 0.5 percentage point increase is primarily attributable to the exit from the 25% personal lines quota share treaty and the decrease in provisional ceding commissions from the prior year quota share. In addition, there was an increase in IT and Professional Services expenses related to Kingstone 2.0 initiatives. ____________________ 1 These measures are not based on GAAP and are defined and reconciled below to the most directly comparable GAAP measures. Balance Sheet / Investment Portfolio Kingstone's cash and investment holdings were $246.0 million at September 30, 2021 compared to $222.3 million at September 30, 2020. The Company's investment holdings are comprised primarily of investment grade corporate, mortgage-backed and municipal securities, with fixed income investments representing approximately 77.3% of total investments at September 30, 2021 and 81.3% at September 30, 2020. The Company's effective duration on its fixed-income portfolio is 4.3 years. Net investment income increased 12.2% to $1.7 million for the third quarter of 2021 from $1.5 million in the prior year period.

4

	Accumulated Other Comprehensive Income/Loss (AOCI), net of tax As of September 30, 2021, AOCI was $6.2 million compared to $9.0 million at September 30, 2020. The decrease in AOCI at September 30, 2021 of $2.8 million is attributable to the decrease in realized gains and the increase in interest rates since September 30, 2020. Share Repurchase Program Pursuant to the Company's share repurchase program announced in March 2021, during the first nine months of 2021, the Company repurchased 216,914 shares at a purchase price of $1,667,109, or an average of $7.69 per share. Book Value The Company's book value per share at September 30, 2021 was $7.43, a decline of 11.2% compared to $8.37 at September 30, 2020 and a decline of 15.0% from the December 31, 2020 amount.
			30-Sep-21			30-Jun-21			31-Mar-21			31-Dec-20				30-Sep-20
	Book Value Per Share		$	7.43			$	8.52			$	8.34			$	8.74			$	8.37
	% Increase from specified period to 9/30/21							-12.8	%			-10.9	%			-15.0	%			-11.2	%
	FOR ADDITIONAL INFORMATION PLEASE VISIT OUR WEBSITE AT WWW.KINGSTONECOMPANIES.COM.
	Conference Call Details Management will discuss the Company's operations and financial results in a conference call on Friday, November 12, 2021, at 8:30 a.m. ET. The dial-in numbers are: [phone] (U.S.) [phone] (International) Accompanying Webcast The call will be simultaneously webcast over the Internet via the Kingstone website or by clicking on the conference call link: Kingstone Companies Q3 2021 Earnings Call Webcast The webcast will be archived and accessible for approximately 30 days.
	Definitions and Non-GAAP Measures Direct written premiums represent the total premiums charged on policies issued by the Company during the respective fiscal period. Net premiums written are direct written premiums less premiums ceded to reinsurers. Net premiums earned, the GAAP measure most comparable to direct written premiums 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 written premiums and net premiums written, along with other measures, to gauge the Company's performance and evaluate results.

5

	Net operating income (loss)- is net income (loss) exclusive of realized investment gains (losses), net of tax. Net income (loss) is the GAAP measure most closely comparable to net operating income (loss). Management uses net operating income (loss) along with other measures to gauge the Company's performance and evaluate results, which can be skewed when including realized investment gains (losses), and may vary significantly between periods. Net operating income (loss) is provided as supplemental information, not as a substitute for net income (loss) and does not reflect the Company's overall profitability. Net combined ratio excluding effect of catastrophes and prior year loss development - is a non-GAAP ratio, which is computed as the difference between GAAP net combined ratio and the effect of catastrophes and prior year loss development on the net combined ratio. We believe that these ratios are useful to investors and they are used by management to reveal the trends in our business that may be obscured by catastrophe losses and prior year loss development. Catastrophe losses cause our 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 and net combined ratio. Prior year loss development can cause our loss ratio to vary significantly between periods and separating this information allows us to better compare the results for the current accident period over time. We believe these measures are useful for investors to evaluate these components separately and in the aggregate when reviewing our underwriting performance. We also provide them to facilitate a comparison to our outlook on the net combined ratio excluding the effect of catastrophes and prior year loss development. The most directly comparable GAAP measure is the net combined ratio. The net combined ratio excluding the effect of catastrophes and prior year loss development should not be considered a substitute for the net combined ratio and does not reflect the Company's net combined ratio.
	The table below reconciles direct written premiums and net written premiums to net premiums earned for the periods presented:
			For the Three Months Ended			For the Nine Months Ended
			September 30,			September 30,
			2021			2020			$ Change			% Change			2021			2020			$ Change			% Change
	(000's except percentages)
	Direct and Net Written Premiums Reconciliation:
	Direct written premiums		$	48,865			$	45,742			$	3,123				6.8	%		$	131,610			$	125,090			$	6,520				5.2	%
	Ceded written premiums			(7,223	)			(15,747	)			8,524				(54.1	)%			(21,854	)			(43,814	)			21,960				(50.1	)%
	Net written premiums			41,642				29,995				11,647				38.8	%			109,756				81,276				28,480				35.0	%
	Change in unearned premiums			(4,839	)			(2,474	)			(2,365	)			95.6	%			(2,927	)			(177	)			(2,750	)			1,553.7	%
	Net premiums earned		$	36,803			$	27,521			$	9,282				33.7	%		$	106,829			$	81,099			$	25,730				31.7	%

6

The following table reconciles net operating loss to net loss for the periods indicated:
			Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
			September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
			Amount			Diluted earnings (loss) per common share			Amount			Diluted earnings per common share			Amount			Diluted earnings (loss) per common share			Amount			Diluted (loss) earnings per common share
	(000's except per common share amounts and percentages)
	Net Loss and Diluted Loss per Common Share Reconciliation:
	Net loss		$	(10,618	)		$	(1.01	)		$	(1,228	)		$	(0.12	)		$	(9,606	)		$	(0.90	)		$	(2,064	)		$	(0.19	)
	Net realized (gain) loss on investments			(205	)							(2,108	)							(5,480	)							1,639
	Less tax (expense) benefit on net realized (gain) loss			(43	)							(443	)							(1,151	)							344
	Net realized (gain) loss on investments, net of taxes			(162	)		$	(0.02	)			(1,665	)		$	(0.16	)			(4,329	)		$	(0.41	)			1,295			$	0.12
	Net operating loss		$	(10,780	)		$	(1.02	)		$	(2,893	)		$	(0.27	)		$	(13,935	)		$	(1.31	)		$	(769	)		$	(0.07	)
	Weighted average diluted shares outstanding			10,523,515								10,673,077								10,622,988								10,737,853
(Components may not sum to totals due to rounding)

7

	The following table reconciles the net combined ratio excluding catastrophes and prior year loss development to the net combined ratio for the periods presented:
			For the Three Months Ended		For the Nine Months Ended
			September 30,		September 30,
			2021			2020			Percentage Point Change		2021			2020			Percentage Point Change
	Net Combined Ratio Excluding Catastrophes and Prior Year Development Reconciliation:
	Net Combined Ratio Excluding Catastrophes and Prior Year Development			103.3	%			80.8	%			22.5			pts			103.5	%			87.2	%			16.3			pts
	Effect of catastrophe losses and prior year development
	Catastrophe losses			33.1	%			31.5	%			1.6			pts			11.5	%			12.8	%			(1.3	)		pts
	Prior year development			0.0	%			-0.4	%			0.4			pts			0.0	%			-0.3	%			0.3			pts
	Effect of catastrophe losses and prior year development on net loss and loss adjustment expenses			33.1	%			31.1	%			2.0			pts			11.5	%			12.5	%			(1.0	)		pts
	Net underwriting expense ratio			0.0	%			0.0	%			-			pts			0.0	%			0.0	%			-			pts
	Total effect of catastrophe losses and prior year development			33.1	%			31.1	%			2.0			pts			11.5	%			12.5	%			(1.0	)		pts
	Net combined ratio			136.4	%			111.9	%			24.5			pts			115.0	%			99.7	%			15.3			pts
	The following table reconciles the net combined ratio excluding catastrophes to the net combined ratio for the periods presented:
			For the Three Months Ended	For the Nine Months Ended
			September 30,	September 30,
			2021			2020			Percentage Point Change		2021			2020			Percentage Point Change
	Net Combined Ratio Excluding Catastrophes Reconciliation:
	Net Combined Ratio Excluding Catastrophes			103.3	%			80.4	%			22.9			pts			103.5	%			86.9	%			16.6			pts
	Catastrophe losses			33.1	%			31.5	%			1.6			pts			11.5	%			12.8	%			(1.3	)		pts
	Net combined ratio			136.4	%			111.9	%			24.5			pts			115.0	%			99.7	%			15.3			pts

8

The following table summarizes gross and net written premiums, net premiums earned, net loss and loss adjustment expenses and net loss ratio by major product type, which were determined based primarily on similar economic characteristics and risks of loss.
				For the Three Months Ended			For the Nine Months Ended
				September 30,			September 30,
				2021			2020			2021			2020
	Gross premiums written:
	Personal lines(3)		$	45,984,939			$	43,640,603			$	124,593,302			$	119,598,207
	Livery physical damage			2,813,571				2,045,746				6,836,999				5,466,552
	Other(1)			66,659				62,664				180,485				192,395
	Total without commercial lines			48,865,169				45,749,013				131,610,786				125,257,154
	Commercial lines (in run-off effective July 2019)(2)			-				(6,848	)			(856	)			(167,583	)
	Total gross premiums written		$	48,865,169			$	45,742,165			$	131,609,930			$	125,089,571
	Net premiums written:
	Personal lines(3)		$	38,762,235			$	27,916,850			$	102,741,368			$	76,231,996
	Livery physical damage			2,813,571				2,045,746				6,836,999				5,466,552
	Other(1)			65,837				50,625				178,021				151,783
	Total without commercial lines			41,641,643				30,013,221				109,756,388				81,850,331
	Commercial lines (in run-off effective July 2019)(2)			-				(18,271	)			(856	)			(574,228	)
	Total net premiums written		$	41,641,643			$	29,994,950			$	109,755,532			$	81,276,103
	Net premiums earned:
	Personal lines(3)		$	34,715,708			$	25,220,883			$	101,054,415			$	71,434,757
	Livery physical damage			2,028,786				2,014,458				5,598,605				6,803,475
	Other(1)			58,757				49,939				176,731				149,087
	Total without commercial lines			36,803,251				27,285,280				106,829,751				78,387,319
	Commercial lines (in run-off effective July 2019)(2)			-				235,801				(856	)			2,712,068
	Total net premiums earned		$	36,803,251			$	27,521,081			$	106,828,895			$	81,099,387
	Net loss and loss adjustment expenses(4):
	Personal lines		$	32,958,728			$	18,657,325			$	72,353,668			$	41,810,950
	Livery physical damage			1,766,989				648,520				3,469,465				1,798,210
	Other(1)			180,995				29,104				434,816				5,465
	Unallocated loss adjustment expenses			867,675				827,031				2,783,547				2,839,359
	Total without commercial lines			35,774,387				20,161,980				79,041,496				46,453,984
	Commercial lines (in run-off effective July 2019)(2)			(34,152	)			(44,005	)			18,621				2,863,443
	Total net loss and loss adjustment expenses		$	35,740,235			$	20,117,975			$	79,060,117			$	49,317,427
	Net loss ratio(4):
	Personal lines			94.9	%			74.0	%			71.6	%			58.5	%
	Livery physical damage			87.1	%			32.2	%			62.0	%			26.4	%
	Other(1)			308.0	%			58.3	%			246.0	%			3.7	%
	Total without commercial lines			97.2	%			73.9	%			74.0	%			59.3	%
	Commercial lines (in run-off effective July 2019)(2)		na				-18.7	%			74.0	%			105.6	%
	Total			97.1	%			73.1	%			74.0	%			60.8	%
1.	"Other" includes, among other things, premiums and loss and loss adjustment expenses from our participation in a mandatory state joint underwriting association and loss and loss adjustment expenses from commercial auto.
	2.	In July 2019, the Company decided that it will no longer underwrite Commercial Liability risks. See discussions above regarding the discontinuation of this line of business.
	3.	See discussion with regard to "Direct Written Premiums, Net Written Premiums and Net Premiums Earned" above.
	4.	See discussions above with regard to "Net Loss Ratio".

9

KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
			For the Three Months Ended			For the Nine Months Ended
			September 30,			September 30,
			2021			2020			2021			2020
	Revenues
	Net premiums earned		$	36,803,251			$	27,521,081			$	106,828,895			$	81,099,387
	Ceding commission revenue			(7,276	)			3,448,774				37,400				10,760,087
	Net investment income			1,676,596				1,494,086				5,137,867				4,771,936
	Net gains (losses) on investments			204,534				2,107,876				5,480,202				(1,638,674	)
	Other income			280,869				250,654				577,261				772,672
	Total revenues			38,957,974				34,822,471				118,061,625				95,765,408
	Expenses
	Loss and loss adjustment expenses			35,740,235				20,117,975				79,060,117				49,317,427
	Commission expense			8,201,935				8,036,298				24,711,115				23,652,765
	Other underwriting expenses			6,562,743				6,346,846				19,722,705				19,434,110
	Other operating expenses			855,499				1,038,453				3,141,077				3,364,483
	Depreciation and amortization			820,091				710,181				2,480,085				2,070,435
	Interest expense			456,545				456,545				1,369,635				1,369,635
	Total expenses			52,637,048				36,706,298				130,484,734				99,208,855
	Loss before taxes			(13,679,074	)			(1,883,827	)			(12,423,109	)			(3,443,447	)
	Income tax benefit			(3,060,809	)			(655,971	)			(2,817,108	)			(1,379,578	)
	Net loss			(10,618,265	)			(1,227,856	)			(9,606,001	)			(2,063,869	)
	Other comprehensive (loss) income, net of tax
	Gross change in unrealized (losses) gains on available-for-sale-securities			(829,297	)			1,778,478				(3,578,413	)			5,938,600
	Reclassification adjustment for gains included in net loss			(335,669	)			(606,969	)			(1,071,439	)			(560,696	)
	Net change in unrealized (losses) gains			(1,164,966	)			1,171,509				(4,649,852	)			5,377,904
	Income tax benefit (expense) related to items of other comprehensive (loss) income			244,643				(246,017	)			976,470				(1,129,359	)
	Other comprehensive (loss) income, net of tax			(920,323	)			925,492				(3,673,382	)			4,248,545
	Comprehensive (loss) income		$	(11,538,588	)		$	(302,364	)		$	(13,279,383	)		$	2,184,676
	Loss per common share:
	Basic		$	(1.01	)		$	(0.12	)		$	(0.90	)		$	(0.19	)
	Diluted		$	(1.01	)		$	(0.12	)		$	(0.90	)		$	(0.19	)
	Weighted average common shares outstanding
	Basic			10,523,515				10,673,077				10,622,988				10,737,853
	Diluted			10,523,515				10,673,077				10,622,988				10,737,853
	Dividends declared and paid per common share		$	0.0400			$	0.0400			$	0.1200			$	0.1425

10

KINGSTONE COMPANIES, INC. AND SUBSIDIARIES
	Condensed Consolidated Balance Sheets
			September 30,			December 31,
			2021			2020
			(unaudited)
	Assets
	Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $9,699,504 at September 30, 2021 and $8,194,824 at December 31, 2020)		$	9,166,983			$	7,368,815
	Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $145,452,017 at September 30, 2021 and $145,045,584 at December 31, 2020)			153,289,242				157,549,272
	Equity securities, at fair value (cost of $37,545,241 at September 30, 2021 and $32,571,166 at December 31, 2020)			40,060,872				34,413,313
	Other investments			7,379,111				3,518,626
	Total investments			209,896,208				202,850,026
	Cash and cash equivalents			36,108,088				19,463,742
	Premiums receivable, net			11,309,319				11,819,639
	Reinsurance receivables, net			22,962,014				45,460,729
	Deferred policy acquisition costs			21,261,916				20,142,515
	Intangible assets			500,000				500,000
	Property and equipment, net			8,526,162				8,083,123
	Other assets			9,662,834				9,262,493
	Total assets		$	320,226,541			$	317,582,267
	Liabilities
	Loss and loss adjustment expense reserves		$	101,044,118			$	82,801,228
	Unearned premiums			92,653,778				90,009,272
	Advance premiums			5,325,514				2,660,354
	Reinsurance balances payable			4,266,092				6,979,735
	Deferred ceding commission revenue			87,846				93,519
	Accounts payable, accrued expenses and other liabilities			8,700,342				8,433,233
	Deferred income taxes, net			537,848				4,156,913
	Long-term debt, net			29,779,746				29,647,611
	Total liabilities			242,395,284				224,781,865
	Commitments and Contingencies (Note 11)
	Stockholders' Equity
	Preferred stock, $.01 par value; authorized 2,500,000 shares			-				-
	Common stock, $.01 par value; authorized 20,000,000 shares; issued 11,947,619 shares at September 30, 2021 and 11,871,307 shares at December 31, 2020; outstanding 10,476,213 shares at September 30, 2021 and 10,616,815 shares at December 31, 2020			119,476				118,713
	Capital in excess of par			72,025,035				70,769,165
	Accumulated other comprehensive income			6,206,680				9,880,062
	Retained earnings			5,047,547				15,928,345
				83,398,738				96,696,285
	Treasury stock, at cost, 1,471,406 shares at September 30, 2021 and 1,196,109 shares at December 31, 2020			(5,567,481	)			(3,895,883	)
	Total stockholders' equity			77,831,257				92,800,402
	Total liabilities and stockholders' equity		$	320,226,541			$	317,582,267

11

	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 offers primarily personal lines insurance products in New York, New Jersey, Rhode Island, Massachusetts, and Connecticut. Kingstone is also licensed in Pennsylvania, New Hampshire and Maine. Forward-Looking Statements Statements in 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, 2020 filed with the Securities and Exchange Commission under "Factors That May Affect Future Results and Financial Condition." These risks and uncertainties include, without limitation, the following:
		·	As a property and casualty insurer, we may face significant losses from catastrophes and severe weather events.
		·	Unanticipated increases in the severity or frequency of claims may adversely affect our operating results and financial condition.
		·	We are exposed to significant financial and capital markets risk which may adversely affect our results of operations, financial condition and liquidity, and our net investment income can vary from period to period.
		·	The insurance industry is subject to extensive regulation that may affect our operating costs and limit the growth of our business, and changes within this regulatory environment may adversely affect our operating costs and limit the growth of our business.
		·	Changing climate conditions may adversely affect our financial condition, profitability or cash flows.
		·	Because a significant portion of our revenue is currently derived from sources located in New York, our business may be adversely affected by conditions in such state.
		·	We are highly dependent on a relatively small number of insurance brokers for a large portion of our revenues.
		·	Actual claims incurred may exceed current reserves established for claims, which may adversely affect our operating results and financial condition.
		·	We rely on our information technology and telecommunication systems, and the failure of these systems could materially and adversely affect our business.
	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. CONTACT: Kingstone Companies, Inc. Amanda M. Goldstein Investor Relations Director [phone]

12