thanks Thanks, Good everyone, Karin. morning, joining our call. for and
income the acquired Company ever we Companies highest in quarter, Kingstone Insurance by we This Kingstone quarter was any have since XXXX. had had in
a achieve is XX% personal growth the record-setting but we're And accomplishment them best business, a premiums ever attain We realized nothing do margins in Kingstone of is our to short experiencing it's that simultaneously another feat to quarter. the huge written. rate This also this has we lines operating significant achieved It's remarkable. core to quarter as undisputably had.
what so of who I prouder these want I to thank been our not and hard accomplish. to be work make all my employees, great team able possible. could of to results we've
about start by talking Let growth. our me
than Department combined nonrenew of by be growth also downstate New their agreement with more end XXXX. of that's this third opportunity books growth expected nationally of to company As York discussed an and New in competitors, a the driven X the year. quarter, who is There's by Kingstone the being in today. New a and homeowners that policies has York to entire reached York Their footprint XX,XXX in or is Services Financial market exiting force exit policies current is our our size cancel roughly last are the the in
not compromise is thoughtful Our taking to this growth, as about so profitability. not are sake. opportunity profitable advantage And objective have our for of growth how been we we growth's
remind new Let and over only you carriers expand money renews. typically lose business me that the a business profit as lifetime on make policies' when margins
which confident we're on that feel the the writing an we're future. for well we profit that However, dislocation, new underwriting bodes making from this business extremely market
many are this reasons for There confidence.
right. priced we're First,
Second, requirements underwriting objectives. we're only our We've manage margin hurricane that exposure. our tightened quoting and standards our writing those and meet also profit deductible risks to better catastrophe
in-force we're New for our Third, us. have that in and to monitoring the writing segments our new is the are York. mix almost profitable most identical been historically business the closely, been we We've growing business downstate in book
Finally, product and outperform importantly, the most continues Select to our expectations.
Our reported Select reported for product. than each quarter XX% in for than frequency quarter more the our legacy has year the lower frequency been and in this
as selection us has has risk Select XX% business increased. business higher while legacy new legacy the in has As a the the frequency. with is typically confidence grown, which renewal This difference are gives great XXX% business, product a frequency exposures our of
us about quarter. and beyond. super represents our XXXX will which only our financial lines this XX% results in outlook business more our today, personal for and of Select Select policies about product in-force makes our optimistic Jen the share
counts and premium quarter. in year written of year versus increase XX% direct prior XX% premium new lines a in average driven new the prior this quarter, Xx personal business policy Core the in up surge by up count an quarter almost was the business
XX% lines and XX% quarter for year-to-date. written of was core direct New this personal business premium total premium
market dislocation sent new of similar with from to this in QX in policyholders business the We will dynamic acceleration be an expect cancellations a December. as
estimate this carriers. $XX and these write XXXX opportunity million current incremental in approximately we and will premium from is in from million new Our market X policies $XX between X,XXX write that to XX,XXX
on the I update at-the-market want touch an to on Before share offering. guidance, I
For offering public or raise for stock don't of ATM shares at-the-market by a that current an is those way the market its know, market secondary capital to price. a common the into selling company at
a September to shares used an at this We of the me, sold vehicle We ATM the this million week, debt excuse to additional via quarter on outstanding. at almost X.X holding of as most -- principal the company $X.XX. used upcoming have We share million expenses. so of of the million made an an and price build interest other holding million $X payment proceeds end at now fund debt ATM cash we company average of the balance a used payment $XX and principal the part make $X additional and payments
has the rely As relied for this is company insurance dividends pay years learned we're historically does liquidity. from just a the from the quarter dividends the have reminder, holding from regulation. company subject to paying insurance an we of due losses to to few on over the past not few on and And ability source dividends last as over that dividends independent income the years. until restricted We cannot company
the I or just debt Kingstone appreciate clarify, we company company could be opposed at the how until To debt. carrying service a other to to am pay much have not not did having our to expenses. didn't the cash threat of We holding debt
be should thoughtful strategic it in manner. and more believe a I However, managed
with quickly sorry about sale of the on It's will not and incredibly we're of the be debt repaid additional the paying partially -- via to important intercompany that, through of ATM. mistakes off The the partially dividends repeat debt the focused balance stock as as possible. and past,
the surplus accelerated be support continue judicious grow of Given to so we surplus need our we pace. statutory will the at for to our in a use growth, can an
retain reduces more XXXX our and of We also for which profit, to amount intend as of to share our well. reduce the premiums quota surplus
share, now quota quota the year's offered. that market based are and next on We commission of amount ceding will the the the share be determined largely is in for
issuance the fully of the high balance to quota we When no between costs, longer we use and our find as is reinsurance stock end and on share, XXXX, dividend Our structure retired, of objective can expeditiously have the hopefully by rational benefit debt earnings. of maximizing focus interest right debt to while pay and capital most for down is possible the the as the our shareholders. then
And 'XX. We've finally, both our for turning guidance and guidance. updated to 'XX
XX%. return between premiums approximately GAAP to we are and XX%, per XXXX, earnings raising business XX% guidance and For And XX% $XXX and we're XX% between expect share a on direct XX%. ratio premiums equity between our written $X.XX of growth net on combined achieve and based reaffirming $X.XX and earned, core and between million
we For of XXXX, approximately earned, business net share on XX%, $X premiums ratio based guidance to $XXX XX% written and raising between core XX%. and equity combined and we're XX% premium reaffirming $X.XX on and between between direct million GAAP per achieve expect earnings And our XX%. growth and are and between XX% a return
expense, 'XX, retention an XXXX storm and catastrophe our a for cost year marketplace, in first for forget Don't other interest to of have competitive assumed approximately purchase recent which the average for and an exceptionally an for reduces $X million XXXX. lower coverage, event light changes. catastrophes, was among the winter catastrophe for 'XX driven generally, now costs for and the that reflects year an treaty quarter, we hardening growth exceptional another York the exposure increase the year by expected in market Our reinsurance reinsurance changes to New reinsurance guidance increase
a what but states best Before drag behind over to us. all position is position I company perhaps to the noncore been turn the I emphasize in, call ever in. great The want the it's is Jen, the from
focused the our years great as team, and new products, on is to continue We results now increased competitive expense our come. we product and delivering And to We for our already right are fixed have a the future, improving now and refining strategy adapting a spectacular broken. to value shareholders our processes technologies foundation. what and structure solely
review for call financial our a like more to detailed I'd that, the Jen? to With quarterly turn Jen of over results.
