Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 132

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 132
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 net of seller’s costs. The Company recognized a gain on the sale of $4.3 million, which is included in net realized investment gains on the consolidated statement of income. The Company used the net sale proceeds to pay down a portion of its Credit Facility. Concurrent with the sale of the investment property, the Company refined its plans for the remainder of the property and determined the predominant use of the remaining office building would be for future office space expansion. Upon this determination, the Company reclassified the carrying value of the building to construction in progress within property and equipment.Net investment incomeThe following table presents the components of net investment income:Year Ended December 31,202420232022(in thousands)Interest:Taxable bonds$143,242 $92,227 $44,806 Municipal bonds (tax exempt)1,592 2,217 3,380 Cash equivalents and short-term investments3,012 3,004 1,251 Dividends on equity securities  6,442 5,097 4,406 Real estate investment income153 3,716 234 Gross investment income154,441 106,261 54,077 Investment expenses(4,154)(3,926)(2,795)Net investment income$150,287 $102,335 $51,282  There was no depreciation expense related to real estate investments for the year ended December 31, 2024 as the Company sold the related assets during 2023. Investment expenses included depreciation expense related to real estate investments of $0.5 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively. 

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Realized investment gains and lossesThe following table presents realized investment gains and losses:Year Ended December 31,202420232022(in thousands)Fixed-maturity securities:Realized gains$1,151 $1,852 $1,078 Realized losses(1,131)(2,374)(904)Net realized gains (losses) from fixed-maturity securities20 (522)174 Equity securities:Realized gains7,271 7,678 1,363 Realized losses(455)(5,329)(297)Net realized gains from equity securities6,816 2,349 1,066 Realized losses from the sales of short-term investments— (37)(49)Realized