KNSL Kinsale Capital Group Inc

Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $114.2 million, $4.90 per diluted share, for the third quarter of 2024 compared to $76.1 million, $3.26 per diluted share, for the third quarter of 2023. Net income included after-tax catastrophe losses of $10.8 million in the third quarter of 2024 and $0.9 million in the third quarter of 2023. Net income was $305.7 million, $13.10 per diluted share, for the first nine months of 2024 compared to $204.7 million, $8.79 per diluted share, for the first nine months of 2023. Net income included after-tax catastrophe losses of $13.9 million in the first nine months of 2024 and $3.3 million in the first nine months of 2023.

Net operating earnings(1) were $97.9 million, $4.20 per diluted share, for the third quarter of 2024 compared to $77.2 million, $3.31 per diluted share, for the third quarter of 2023. Net operating earnings(1) were $267.0 million, $11.44 per diluted share, for the first nine months of 2024 compared to $201.1 million, $8.63 per diluted share, for the first nine months of 2023.

Highlights for the quarter included:

• Diluted earnings per share increased by 50.3% to $4.90 compared to the third quarter of 2023
• Diluted operating earnings(1) per share increased by 26.9% to $4.20 compared to the third quarter of 2023
• Gross written premiums increased by 18.8% to $448.6 million compared to the third quarter of 2023
• Net investment income increased by 46.4% to $39.6 million compared to the third quarter of 2023
• Underwriting income(2) was $86.9 million in the third quarter of 2024, resulting in a combined ratio(5) of 75.7%
• Annualized operating return on equity(7) was 28.2% for the nine months ended September 30, 2024

“Our third quarter results reflect the continued execution of our strategy of disciplined underwriting and technology-enabled low costs. Our reported 75.7% combined ratio includes a modest 3.8 points of net catastrophe losses. Looking ahead, we remain confident in our ability to drive profitable growth and deliver long-term value for stockholders,” said Chairman and Chief Executive Officer, Michael P. Kehoe.

Results of Operations

Underwriting Results

Gross written premiums were $448.6 million for the third quarter of 2024 compared to $377.8 million for the third quarter of 2023, an increase of 18.8%. Gross written premiums were $1.4 billion for the first nine months of 2024 compared to $1.2 billion for the first nine months of 2023, an increase of 21.6%. The increase in gross written premiums during the third quarter and first nine months of 2024 over the same periods last year reflected strong submission flow from brokers and a favorable, yet increasingly competitive, pricing environment.

Underwriting income(2) was $86.9 million, resulting in a combined ratio(5) of 75.7% for the third quarter of 2024, compared to $72.4 million and a combined ratio(5) of 74.8% for the same period last year. The increase in underwriting income(2) quarter over quarter was largely due to combination of premium growth and lower relative net commissions offset in part by higher catastrophe losses. Loss(3) and expense(4) ratios were 56.1% and 19.6%, respectively, for the third quarter of 2024 compared to 53.9% and 20.9% for the third quarter of 2023. Results for the third quarters of 2024 and 2023 included net favorable development of loss reserves from prior accident years of $10.1 million, or 2.8 points, and $9.1 million, or 3.2 points, respectively. The loss ratio for the third quarter of 2024 included 3.8 points of net catastrophe losses, primarily related to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest. Net catastrophe losses were negligible for the third quarter of 2023.

Underwriting income(2) was $228.0 million, resulting in a combined ratio(5) of 77.6% for the first nine months of 2024, compared to $185.5 million and a combined ratio(5) of 76.7% for the first nine months of 2023. The increase in underwriting income(2) was primarily due to a combination of premium growth and lower relative net commissions offset in part by higher catastrophe losses. Loss(3) and expense(4) ratios were 57.1% and 20.5%, respectively, for the first nine months of 2024 compared to 55.5% and 21.2% for the first nine months of 2023. Results for the first nine months of 2024 and 2023 included net favorable development of loss reserves from prior accident years of $28.1 million, or 2.7 points, and $28.6 million, or 3.6 points, respectively. The loss ratio for the first nine months of 2024 included 1.7 points of net catastrophe losses, primarily related to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest. Net catastrophe losses were negligible for the first nine months of 2023.

Summary of Operating Results

The Company’s operating results for the three and nine months ended September 30, 2024 and 2023 are summarized as follows:

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

($ in thousands)

Gross written premiums

$

448,646

 

 

$

377,789

 

 

$

1,427,060

 

 

$

1,173,599

 

Ceded written premiums

 

(98,709

)

 

 

(83,509

)

 

 

(295,833

)

 

 

(215,248

)

Net written premiums

$

349,937

 

 

$

294,280

 

 

$

1,131,227

 

 

$

958,351

 

 

 

 

 

 

 

 

 

Net earned premiums

$

348,752

 

 

$

281,502

 

 

$

990,731

 

 

$

775,706

 

Fee income

 

8,489

 

 

 

6,841

 

 

 

25,572

 

 

 

20,028

 

Losses and loss adjustment expenses

 

200,240

 

 

 

155,552

 

 

 

580,351

 

 

 

441,628

 

Underwriting, acquisition and insurance expenses

 

70,139

 

 

 

60,348

 

 

 

207,960

 

 

 

168,567

 

Underwriting income(2)

$

86,862

 

 

$

72,443

 

 

$

227,992

 

 

$

185,539

 

 

 

 

 

 

 

 

 

Loss ratio(3)

 

56.1

%

 

 

53.9

%

 

 

57.1

%

 

 

55.5

%

Expense ratio(4)

 

19.6

%

 

 

20.9

%

 

 

20.5

%

 

 

21.2

%

Combined ratio(5)

 

75.7

%

 

 

74.8

%

 

 

77.6

%

 

 

76.7

%

 

 

 

 

 

 

 

 

Annualized return on equity(6)

 

33.9

%

 

 

33.9

%

 

 

32.3

%

 

 

32.7

%

Annualized operating return on equity(7)

 

29.1

%

 

 

34.4

%

 

 

28.2

%

 

 

32.1

%

(1)

Net operating earnings is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.

(2)

Underwriting income is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.

(3)

Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income.

(4)

Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income.

(5)

The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding.

(6)

Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

(7)

Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

The following tables summarize losses incurred for the current accident year and the development of prior accident years for the three and nine months ended September 30, 2024 and 2023:

 

Three Months Ended September 30, 2024

 

Three Months Ended September 30, 2023

 

Losses and Loss Adjustment Expenses

 

% of Sum of Earned Premiums and Fee Income

 

Losses and Loss Adjustment Expenses

 

% of Sum of Earned Premiums and Fee Income

Loss ratio:

($ in thousands)

Current accident year

$

196,750

 

 

55.1

%

 

$

163,545

 

 

56.7

%

Current accident year - catastrophe losses

 

13,615

 

 

3.8

%

 

 

1,154

 

 

0.4

%

Effect of prior accident year development

 

(10,125

)

 

(2.8

)%

 

 

(9,147

)

 

(3.2

)%

Total

$

200,240

 

 

56.1

%

 

$

155,552

 

 

53.9

%

 

Nine Months Ended September 30, 2024

 

Nine Months Ended September 30, 2023

 

Losses and Loss Adjustment Expenses

 

% of Sum of Earned Premiums and Fee Income

 

Losses and Loss Adjustment Expenses

 

% of Sum of Earned Premiums and Fee Income

Loss ratio:

($ in thousands)

Current accident year

$

590,810

 

 

58.1

%

 

$

466,056

 

 

58.6

%

Current accident year - catastrophe losses

 

17,613

 

 

1.7

%

 

 

4,179

 

 

0.5

%

Effect of prior accident year development

 

(28,072

)

 

(2.7

)%

 

 

(28,607

)

 

(3.6

)%

Total

$

580,351

 

 

57.1

%

 

$

441,628

 

 

55.5

%

Investment Results

Net investment income was $39.6 million in the third quarter of 2024 compared to $27.1 million in the third quarter of 2023, an increase of 46.4%. Net investment income was $108.4 million in the first nine months of 2024 compared to $72.0 million in the first nine months of 2023, an increase of 50.7%. These increases were driven by growth in the Company's investment portfolio generated largely from the investment of strong operating cash flows and higher interest rates relative to the prior year period. Net operating cash flows were $763.3 million in the first nine months of 2024 compared to $648.3 million in the first nine months of 2023, an increase of 17.7%. The Company’s investment portfolio had an annualized gross investment return(8) of 4.3% for the first nine months of 2024 compared to 3.9% for the same period last year. Funds are generally invested conservatively in high quality securities with an average credit quality of "AA-" and the weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 3.1 years and 2.8 years at September 30, 2024 and December 31, 2023, respectively. Cash and invested assets totaled $4.0 billion at September 30, 2024 and $3.1 billion at December 31, 2023.

(8)

Gross investment return is investment income from fixed-maturity and equity securities (and short-term investments, if any), before any deductions for fees and expenses, expressed as a percentage of average beginning and ending book values of those investments during the period.

Other

The effective tax rates for the nine months ended September 30, 2024 and 2023 were 18.7% and 19.4%, respectively. In the first nine months of 2024 and 2023, the effective tax rates were lower than the federal statutory rate of 21% primarily due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income.

Stockholders' equity was $1.4 billion at September 30, 2024 compared to $1.1 billion at December 31, 2023. Book value per share was $61.62 at September 30, 2024 compared to $46.88 at December 31, 2023. Annualized operating return on equity(7) was 28.2% for the first nine months of 2024, a decrease from 32.1% for the first nine months of 2023. The decrease was due primarily to higher average stockholders' equity as a result of profitable growth and an increase in the fair value of our fixed income portfolio offset in part by higher net operating earnings.

Share Repurchase Authorization

In October 2024, the Company's Board of Directors authorized a share repurchase program authorizing the repurchase of up to $100.0 million of the Company's common stock. The shares may be repurchased from time to time in open market purchases, privately-negotiated transactions, block purchases, accelerated share repurchase agreements or a combination of methods and pursuant to safe harbors provided by Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934. The timing, manner, price and amount of any repurchases under the share repurchase program will be determined by the Company in its discretion. The stock repurchase program does not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time.

Non-GAAP Financial Measures

Net Operating Earnings

Net operating earnings is defined as net income excluding the effects of the change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Management believes the exclusion of these items provides a useful comparison of the Company's underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.

For the three and nine months ended September 30, 2024 and 2023, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

($ in thousands, except per share data)

Net operating earnings:

 

 

 

 

 

 

 

 

Net income

 

$

114,229

 

 

$

76,115

 

 

$

305,749

 

 

$

204,706

 

Adjustments:

 

 

 

 

 

 

 

 

Change in the fair value of equity securities, before taxes

 

 

(20,659

)

 

 

5,533

 

 

 

(41,871

)

 

 

(3,796

)

Income tax expense (benefit) (1)

 

 

4,338

 

 

 

(1,162

)

 

 

8,793

 

 

 

797

 

Change in fair value of equity securities, after taxes

 

 

(16,321

)

 

 

4,371

 

 

 

(33,078

)

 

 

(2,999

)

 

 

 

 

 

 

 

 

 

Net realized investment (gains) losses, before taxes

 

 

8

 

 

 

(4,274

)

 

 

(6,737

)

 

 

(913

)

Income tax expense (benefit) (1)

 

 

(2

)

 

 

898

 

 

 

1,415

 

 

 

192

 

Net realized investment (gains) losses, after taxes

 

 

6

 

 

 

(3,376

)

 

 

(5,322

)

 

 

(721

)

 

 

 

 

 

 

 

 

 

Change in allowance for credit losses on investments, before taxes

 

 

(4

)

 

 

143

 

 

 

(490

)

 

 

199

 

Income tax expense (benefit) (1)

 

 

1

 

 

 

(30

)

 

 

103

 

 

 

(42

)

Change in allowance for credit losses on investments, after taxes

 

 

(3

)

 

 

113

 

 

 

(387

)

 

 

157

 

Net operating earnings

 

$

97,911

 

 

$

77,223

 

 

$

266,962

 

 

$

201,143

 

 

 

 

 

 

 

 

 

 

Diluted operating earnings per share:

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

4.90

 

 

$

3.26

 

 

$

13.10

 

 

$

8.79

 

Change in the fair value of equity securities, after taxes, per share

 

 

(0.70

)

 

 

0.19

 

 

 

(1.42

)

 

 

(0.13

)

Net realized investment (gains) losses, after taxes, per share

 

 

—

 

 

 

(0.14

)

 

 

(0.23

)

 

 

(0.03

)

Change in allowance for credit losses on investments, after taxes, per share

 

 

—

 

 

 

—

 

 

 

(0.02

)

 

 

0.01

 

Diluted operating earnings per share(2)

 

$

4.20

 

 

$

3.31

 

 

$

11.44

 

 

$

8.63

 

 

 

 

 

 

 

 

 

 

Operating return on equity:

 

 

 

 

 

 

 

 

Average equity(3)

 

$

1,346,076

 

 

$

897,789

 

 

$

1,260,891

 

 

$

834,606

 

Annualized return on equity(4)

 

 

33.9

%

 

 

33.9

%

 

 

32.3

%

 

 

32.7

%

Annualized operating return on equity(5)

 

 

29.1

%

 

 

34.4

%

 

 

28.2

%

 

 

32.1

%

(1)

Income taxes on adjustments to reconcile net income to net operating earnings use a 21% effective tax rate.

(2)

Diluted operating earnings per share may not add due to rounding.

(3)

Average equity is computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.

(4)

Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

(5)

Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

Underwriting Income

Underwriting income is defined as net income excluding net investment income, the change in the fair value of equity securities, net realized investment gains and losses, change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.

For the three and nine months ended September 30, 2024 and 2023, net income reconciles to underwriting income as follows:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

(in thousands)

Net income

 

$

114,229

 

 

$

76,115

 

 

$

305,749

 

 

$

204,706

 

Income tax expense

 

 

30,169

 

 

 

19,378

 

 

 

70,316

 

 

 

49,290

 

Income before income taxes

 

 

144,398

 

 

 

95,493

 

 

 

376,065

 

 

 

253,996

 

Net investment income

 

 

(39,644

)

 

 

(27,086

)

 

 

(108,424

)

 

 

(71,953

)

Change in the fair value of equity securities

 

 

(20,659

)

 

 

5,533

 

 

 

(41,871

)

 

 

(3,796

)

Net realized investment (gains) losses

 

 

8

 

 

 

(4,274

)

 

 

(6,737

)

 

 

(913

)

Change in allowance for credit losses on investments

 

 

(4

)

 

 

143

 

 

 

(490

)

 

 

199

 

Interest expense

 

 

2,589

 

 

 

2,573

 

 

 

7,575

 

 

 

7,867

 

Other expenses (6)

 

 

692

 

 

 

401

 

 

 

3,451

 

 

 

1,220

 

Other income

 

 

(518

)

 

 

(340

)

 

 

(1,577

)

 

 

(1,081

)

Underwriting income

 

$

86,862

 

 

$

72,443

 

 

$

227,992

 

 

$

185,539

 

(6)

Other expenses includes primarily corporate expenses not allocated to the Company's insurance operations.

Conference Call

Kinsale Capital Group will hold a conference call to discuss this press release on Friday, October 25, 2024 at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (800) 715-9871, conference ID# 7469751, or via the Internet by going to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website until the close of business on November 22, 2024.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Income and Comprehensive Income

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenues

 

(in thousands, except per share data)

Gross written premiums

 

$

448,646

 

 

$

377,789

 

 

$

1,427,060

 

 

$

1,173,599

 

Ceded written premiums

 

 

(98,709

)

 

 

(83,509

)

 

 

(295,833

)

 

 

(215,248

)

Net written premiums

 

 

349,937

 

 

 

294,280

 

 

 

1,131,227

 

 

 

958,351

 

Change in unearned premiums

 

 

(1,185

)

 

 

(12,778

)

 

 

(140,496

)

 

 

(182,645

)

Net earned premiums

 

 

348,752

 

 

 

281,502

 

 

 

990,731

 

 

 

775,706

 

Fee income

 

 

8,489

 

 

 

6,841

 

 

 

25,572

 

 

 

20,028

 

Net investment income

 

 

39,644

 

 

 

27,086

 

 

 

108,424

 

 

 

71,953

 

Change in the fair value of equity securities

 

 

20,659

 

 

 

(5,533

)

 

 

41,871

 

 

 

3,796

 

Net realized investment gains (losses)

 

 

(8

)

 

 

4,274

 

 

 

6,737

 

 

 

913

 

Change in allowance for credit losses on investments

 

 

4

 

 

 

(143

)

 

 

490

 

 

 

(199

)

Other income

 

 

518

 

 

 

340

 

 

 

1,577

 

 

 

1,081

 

Total revenues

 

 

418,058

 

 

 

314,367

 

 

 

1,175,402

 

 

 

873,278

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

200,240

 

 

 

155,552

 

 

 

580,351

 

 

 

441,628

 

Underwriting, acquisition and insurance expenses

 

 

70,139

 

 

 

60,348

 

 

 

207,960

 

 

 

168,567

 

Interest expense

 

 

2,589

 

 

 

2,573

 

 

 

7,575

 

 

 

7,867

 

Other expenses

 

 

692

 

 

 

401

 

 

 

3,451

 

 

 

1,220

 

Total expenses

 

 

273,660

 

 

 

218,874

 

 

 

799,337

 

 

 

619,282

 

Income before income taxes

 

 

144,398

 

 

 

95,493

 

 

 

376,065

 

 

 

253,996

 

Total income tax expense

 

 

30,169

 

 

 

19,378

 

 

 

70,316

 

 

 

49,290

 

Net income

 

 

114,229

 

 

 

76,115

 

 

 

305,749

 

 

 

204,706

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

Change in net unrealized losses on available-for-sale investments, net of taxes

 

 

63,464

 

 

 

(23,511

)

 

 

47,866

 

 

 

(20,109

)

Total comprehensive income

 

$

177,693

 

 

$

52,604

 

 

$

353,615

 

 

$

184,597

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

4.93

 

 

$

3.30

 

 

$

13.21

 

 

$

8.89

 

Diluted

 

$

4.90

 

 

$

3.26

 

 

$

13.10

 

 

$

8.79

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

23,175

 

 

 

23,058

 

 

 

23,150

 

 

 

23,036

 

Diluted

 

 

23,335

 

 

 

23,315

 

 

 

23,333

 

 

 

23,298

 

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

 

 

 

September 30, 2024

 

December 31, 2023

Assets

 

(in thousands)

Investments:

 

 

 

 

Fixed-maturity securities at fair value

 

$

3,467,038

 

$

2,711,759

Equity securities at fair value

 

 

365,626

 

 

234,813

Real estate investments, net

 

 

15,045

 

 

14,791

Short-term investments

 

 

—

 

 

5,589

Total investments

 

 

3,847,709

 

 

2,966,952

 

 

 

 

 

Cash and cash equivalents

 

 

111,691

 

 

126,694

Investment income due and accrued

 

 

26,083

 

 

21,689

Premiums receivable, net

 

 

134,952

 

 

143,212

Reinsurance recoverables, net

 

 

318,636

 

 

247,836

Ceded unearned premiums

 

 

55,370

 

 

52,516

Deferred policy acquisition costs, net of ceding commissions

 

 

110,590

 

 

88,395

Intangible assets

 

 

3,538

 

 

3,538

Deferred income tax asset, net

 

 

34,995

 

 

55,699

Other assets

 

 

88,679

 

 

66,443

Total assets

 

$

4,732,243

 

$

3,772,974

 

 

 

 

 

Liabilities & Stockholders' Equity

 

 

 

 

Liabilities:

 

 

 

 

Reserves for unpaid losses and loss adjustment expenses

 

$

2,160,763

 

$

1,692,875

Unearned premiums

 

 

844,701

 

 

701,351

Payable to reinsurers

 

 

43,215

 

 

47,582

Accounts payable and accrued expenses

 

 

39,780

 

 

44,922

Debt

 

 

184,053

 

 

183,846

Other liabilities

 

 

24,782

 

 

15,566

Total liabilities

 

 

3,297,294

 

 

2,686,142

 

 

 

 

 

Stockholders' equity

 

 

1,434,949

 

 

1,086,832

Total liabilities and stockholders' equity

 

$

4,732,243

 

$

3,772,974

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241024163547/en/

Kinsale Capital Group, Inc. Bryan Petrucelli Executive Vice President, Chief Financial Officer and Treasurer 804-289-1272 ir@kinsalecapitalgroup.com