Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 36

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 1
Chunk 36
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 in our Commercial Property Division, our largest division, decreased 16.8% relative to the prior year period due to rate declines and an increasingly competitive environment including from standard carriers. Excluding our Commercial Property Division, gross written premiums grew 14.3% due primarily to continued strong submission flow from brokers across most divisions. The average premium per policy written was approximately $14,300 in the second quarter of 2025 compared to approximately $16,300 in the second quarter of 2024. Excluding our personal lines insurance, which has a relatively low premium per policy written, the average premium per policy written was approximately $14,900 in the second quarter of 2025 compared to $17,200 in the second quarter of 2024. The decrease in average premium per policy for the second quarter of 2025 over the same period last year was due primarily to a decrease in gross written premiums in our Commercial Property Division.

Net written premiums increased by $28.5 million, or 6.6%, to $458.7 million for the three months ended June 30, 2025 from $430.2 million for the three months ended June 30, 2024. The increase in net written premiums for the second quarter of 2025 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 82.6% for the three months ended June 30, 2025 compared to 81.2% for the three months ended June 30, 2024. The increase in the net retention ratio is primarily attributable to change in the mix of business and an increase in retention on our reinsurance treaties. 

Net earned premiums increased by $51.2 million, or 15.4%, to $383.6 million for the three months ended June 30, 2025 from $332.5 million for the three months ended June 30, 2024 and was primarily related to growth in gross written premiums. 

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Loss ratio

The following table summarizes the loss ratios for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,20252024($ in thousands)Losses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee IncomeLosses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee IncomeLoss ratio:Current accident year before catastrophe losses$229,100 58.1 %$199