re KINS...just a normal winter storm for much of the NYC area...where I live, we got around eight inches. The big thing, there was no serious wind conditions....which drives much of the damage. However, while Long Island was hit less than expected, eastern Long Island (much of Suffolk) did have very strong winds and 15 - 24 inches, so there could be some damage there....but again overall should be much less than expected.
KINS does cover Buffalo, although they started offering policies fairly recently.......my guess is its less than 3% of total policies. They got hit very early with this season with a huge storm which could have some effect on the December quarter.
As for normalization....I discount your 'normalized earnings' by about ten percent to account for major storms. So, if you normally would give KINS a ten p/e, I would plug in nine. I think that gets you to a conservative valuation around between $10.50 and $11.00.
best.
