KINS — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-07

• The higher net loss ratio in the Six Months of 2026 is due to a greater impact from catastrophes, in particular several large winter storm catastrophe events from January and February. The largest of these events was an extended period of subfreezing temperatures in early February resulting in a lar…

• as compared to decreasing the net loss ratio by 0.9 points during the Six Months of 2025. For the Six Months of 2026, property claims overall developed better than expected, driven primarily by reserve takedowns on several fire and water damage claims from accident years 2024 and 2025 as well as a l…

• The underlying loss ratio(1) (loss ratio excluding the impact of catastrophes and prior year reserve development) was 50.2% for the Six Months of 2026, a small increase of 0.2 points from the 50.0% underlying loss ratio recorded for the Six Months of 2025. The non-catastrophe loss frequency remained…

• The increase in the Six Months of 2026 of $1,434,000, or 65.5%, as compared to the Six Months of 2025 was primarily due to an increase in equity compensation and professional fees, partially offset by a decrease in loss on extinguishment of debt. The increase in equity compensation is due to additio…

• Depreciation and amortization was $1,477,000 in the Six Months of 2026 compared to $1,237,000 in the Six Months of 2025. The increase of $240,000, or 19.4%, in depreciation and amortization was primarily due to the difference between additional depreciation on software acquired compared to software …

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• Net loss and LAE was $45,574,000 for the Three Months of 2026 compared to $27,175,000 for the Three Months of 2025. The net loss ratio was 81.6% in the Three Months of 2026 compared to 62.4% in the Three Months of 2025, an increase of 19.2 percentage points.

• The higher loss ratio in the Three Months of 2026 is due to a greater impact from catastrophes, in particular several large winter storm catastrophe events from January and February. The largest of these events was an extended period of subfreezing temperatures in early February resulting in a large…

• 1.7 points. Favorable prior accident year reserve development decreased the net loss ratio by 2.3 points during the Three Months of 2026 as compared to decreasing the net loss ratio by 1.4 points during the Three Months of 2025. For the Three Months of 2026, property claims overall developed better …

• The underlying loss ratio(1) (loss ratio excluding the impact of catastrophes and prior accident year reserve development) was 57.9% for the Three Months of 2026, a decrease of 4.2 points from the 62.1% underlying loss ratio recorded for the Three Months of 2025. The improvement in the underlying lo…

• The increase in the Three Months of 2026 of $1,225,000, or 118.2%, as compared to the Three Months of 2025 was primarily due to an increase in equity compensation and professional fees, partially offset by a decrease in loss on extinguishment of debt. The increase in equity compensation is due to ad…

Text added vs the prior filing · source: 10-Q · 2026-08-07

• We previously disclosed that as of December 31, 2025, our internal control over financial reporting contained a material weakness due to the lack of receiving a Service Organization Control (SOC) 1 Type 2 report for our insurance premium quoting platform

• system and our general ledger system. Therefore, we cannot rely on the controls within these systems, including automated and manual process level controls, and remaining information technology general controls, that are dependent upon the information derived from such systems. We are working with o…

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• We previously disclosed that as of December 31, 2025, our internal control over financial reporting contained a material weakness due to the lack of receiving a Service Organization Control (SOC) 1 Type 2 report for our insurance premium quoting platform system and our general ledger system. Therefo…

• such systems. We are working with our insurance premium quoting platform system vendor and our general ledger vendor to develop a remediation plan. Our management expects to have both material weaknesses remediated by December 31, 2026. Because of this material weakness in internal control over fina…