Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 128

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 128
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,042)$(27)$3,537,563 

80

December 31, 2023Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value(in thousands)Fixed maturities:U.S. Treasury securities and obligations of U.S. government agencies$28,003 $57 $(806)$— $27,254 Obligations of states, municipalities and political subdivisions191,080 212 (20,248)— 171,044 Corporate and other securities1,437,468 5,532 (54,755)(552)1,387,693 Asset-backed securities641,700 2,833 (2,773)— 641,760 Residential mortgage-backed securities463,904 1,732 (48,530)— 417,106 Commercial mortgage-backed securities72,308 11 (5,416)(1)66,902 Total fixed-maturity investments$2,834,463 $10,377 $(132,528)$(553)$2,711,759 Available-for-sale investments in a loss positionThe Company regularly reviews all its available-for-sale investments with unrealized losses to assess whether the decline in the fair value is deemed to be a credit loss. The Company considers a number of factors in completing its review of credit losses, including the extent to which a security's fair value has been below cost and the financial condition of an issuer. In addition to specific issuer information, the Company also evaluates the current market and interest rate environment. Generally, a change in a security’s value caused by a change in the market or interest rate environment does not constitute a credit loss.For fixed-maturity securities, the Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery and the ability to recover all amounts outstanding when contractually due. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and potential sales of investments to capitalize on favorable pricing. For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is