KINGSTON, NY - Kingstone Companies, Inc. (NASDAQ:KINS), a regional property and casualty insurance holding company, today announced the appointment of Manmohan "Manu" Singh to its Board of Directors. The appointment fulfills an agreement with certain noteholders who have the right to nominate a board member.
Singh, who has been serving as a Board observer since 2023, brings a wealth of experience in insurance, financial operations, and risk management to the table. His background includes a role as Group Chief Financial Officer and Head of Corporate Development for Angel Oak Companies, and a previous Director position at Sandler O'Neill & Partners, an investment banking firm specializing in financial institutions.
Meryl Golden, CEO of Kingstone, expressed confidence in Singh's ability to contribute to the company's strategic decisions and support its goals for sustainable profitability. Singh also conveyed his eagerness to work with the management team and provide strategic insights.
Kingstone, headquartered in New York, operates primarily through its subsidiary Kingstone Insurance Company (KICO), offering personal and commercial auto insurance across several Northeastern states.
This announcement is based on a press release statement from Kingstone Companies, Inc.
InvestingPro Insights
Kingstone Companies, Inc. (NASDAQ:KINS) has been making headlines with its recent board appointment, signaling potential strategic shifts. Investors keeping a close eye on KINS will find the following insights from InvestingPro particularly informative:
The company's market capitalization stands at a modest $48.54 million, reflecting its position in the market. However, the company's financial health shows signs of stress, with a negative P/E ratio for the last twelve months as of Q4 2023, recorded at -7.87. This indicates that Kingstone is not currently generating profits, which aligns with the InvestingPro Tips suggesting that analysts do not expect the company to be profitable this year.
On a more positive note, Kingstone has experienced a high return over the last year, with a 260.16% price total return, which is a significant achievement for shareholders. The company's stock has also seen a large price uptick over the last six months, boasting a 162.13% price total return in that period. This momentum is further supported by a strong return over the last month and three months, at 18.61% and 96.02%, respectively. Despite these impressive returns, it's worth noting that Kingstone does not pay a dividend, which might be a consideration for income-focused investors.
Kingstone's revenue growth has been mixed, with a 10.78% increase over the last twelve months as of Q4 2023, yet a slight quarterly decline of -1.31% in Q4 2023. The company's gross profit margin stands low at 1.55%, which is consistent with the InvestingPro Tips highlighting Kingstone's weak gross profit margins.
For those interested in a deeper dive into Kingstone Companies, Inc.'s financials and strategic outlook, InvestingPro offers additional insights and metrics. There are 10 more InvestingPro Tips available, which could help investors make more informed decisions. Readers can access these valuable tips by visiting the InvestingPro platform at https://www.investing.com/pro/KINS. To sweeten the deal, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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