Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 126

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 2
Chunk 126
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 months ended September 30, 2025 and 2024:

Three Months Ended September 30,($ in thousands)20252024Change% ChangeGross written premiums$486,251 $448,646 $37,605 8.4 %Ceded written premiums(81,191)(98,709)17,518 (17.7)%Net written premiums$405,060 $349,937 $55,123 15.8 %Net earned premiums $410,957 $348,752 $62,205 17.8 %Fee income10,300 8,489 1,811 21.3 %Losses and loss adjustment expenses227,162 200,240 26,922 13.4 %Underwriting, acquisition and insurance expenses88,423 70,139 18,284 26.1 %Underwriting income (1)105,672 86,862 18,810 21.7 %Net investment income49,604 39,644 9,960 25.1 %Change in the fair value of equity securities23,717 20,659 3,058 NMNet realized investment gains (losses)2,159 (8)2,167 NMChange in allowance for credit losses on investments4 4 — NMInterest expense(2,569)(2,589)20 (0.8)%Other income (expense), net291 (174)465 NMIncome before taxes178,878 144,398 34,480 23.9 %Income tax expense37,232 30,169 7,063 23.4 %Net income$141,646 $114,229 $27,417 24.0 %Net operating earnings (2)$121,201 $97,911 $23,290 23.8 %Loss ratio53.9 %56.1 %Expense ratio21.0 %19.6 %Combined ratio (3)74.9 %75.7 %Annualized return on equity31.6 %33.9 %Annualized operating return on equity (2)27.0 %29.1 %

NM - Percentage change not meaningful.

(1) Underwriting income is a non-GAAP financial measure. See "—Reconciliation of Non-GAAP Financial Measures"