Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 21

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1
Chunk 21
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,684 4,401 Software25,414 20,203 Furniture and fixtures6,395 3,200 Land improvements474 474 Leasehold improvements153 153 Construction in progress 62,179 26,530 Property and equipment144,629 100,291 Accumulated depreciation(21,424)(17,367)Total property and equipment, net$123,205 $82,924  Construction in progress includes capitalized expenses related to the development of the new corporate headquarters. Construction is expected to be completed in the fourth quarter of 2025.

7.     Underwriting, Acquisition and Insurance Expenses

Underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2025 and 2024 consist of the following:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(in thousands)Underwriting, acquisition and insurance expenses incurred:Direct commissions$73,496 $66,039 $212,428 $187,169 Ceding commissions(28,221)(32,297)(91,746)(88,483)Other underwriting expenses43,148 36,397 124,250 109,274 Total$88,423 $70,139 $244,932 $207,960 Other underwriting expenses within underwriting, acquisition and insurance expenses include salaries, bonus and employee benefits expenses of $33.3 million and $27.6 million for the three months ended September 30, 2025 and 2024, respectively and $95.0 million and $78.3 million for the nine months ended September 30, 2025 and 2024, respectively.

8.    Stock-based Compensation

The Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the "2016 Incentive Plan") was effective from 2016 to 2025. On May 22, 2025, the Company's stockholders approved the Kinsale Capital Group, Inc. 2025 Omnibus Incentive Plan (the "2025 Incentive Plan"), which replaced the 2016 Incentive Plan prior to its scheduled expiration 

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in 2026. The 2025 Incentive Plan is administered by the Compensation, Nominating and Corporate Governance Committee of the Company's Board of Directors and authorizes