Company: KNSL
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001669162-25-000027
Chunk: 121

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 2
Chunk 121
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conciliation of non-GAAP financial measures" for a reconciliation of stockholders' equity in accordance with GAAP to tangible stockholders' equity.

Investment portfolio

At March 31, 2025, our cash and invested assets of $4.3 billion consisted of fixed-maturity securities, equity securities, short-term investments, cash and cash equivalents and real estate investments. At March 31, 2025, the majority of the investment portfolio was composed of fixed-maturity securities of $3.7 billion that were classified as available-for-sale. Available-for-sale investments are carried at fair value with unrealized gains and losses on these securities, net of applicable taxes, reported as a separate component of accumulated other comprehensive income. At March 31, 2025, we also held $433.1 million of equity securities, which included common stocks, ETFs and non-redeemable preferred stock, $38.8 million of short-term investments, $142.0 million of cash and cash equivalents and $15.0 million of real estate investments.

Our fixed-maturity securities, including cash equivalents, had a weighted average duration of 3.0 years at both March 31, 2025 and December 31, 2024 and an average rating of "AA-" at both March 31, 2025 and December 31, 2024. 

At March 31, 2025 and December 31, 2024, the amortized cost and estimated fair value on fixed-maturity securities were as follows:

March 31, 2025December 31, 2024Amortized CostEstimated Fair Value% of Total Fair ValueAmortized CostEstimated Fair Value% of Total Fair Value($ in thousands)Fixed-maturity securities: U.S. Treasury securities and obligations of U.S. government agencies$7,833 $7,550 0.2 %$15,465 $15,048 0.4 %Obligations of states, municipalities and political subdivisions164,845 144,360 3.9 %168,894 146,304 4.1 %Corporate and other securities2,117,109 2,087,105 56.2 %2,037,372 1,989,490 56.3 %Asset-backed securities737,396 742,725 20.0 %729,658 732,742 20.7 %Residential mortgage-backed securities