Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 37

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1
Chunk 37
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 the three months ended September 30, 2025 compared to $114.2 million for the three months ended September 30, 2024, an increase of 24.0%. The increase in net income for the third quarter of 2025 from the same period last year was primarily due to continued profitable growth, higher investment income and higher returns on equity investments.

Underwriting income was $105.7 million for the three months ended September 30, 2025 compared to $86.9 million for the three months ended September 30, 2024, an increase of 21.7%. The corresponding combined ratios were 74.9% for the three months ended September 30, 2025 compared to 75.7% for the three months ended September 30, 2024. The increase in underwriting income in the third quarter of 2025 compared to the third quarter of 2024 was primarily due to a combination of growth in the business, lower catastrophe losses and higher favorable development of loss reserves from prior accident years.

Premiums

Gross written premiums were $486.3 million for the three months ended September 30, 2025 compared to $448.6 million for the three months ended September 30, 2024, an increase of $37.6 million, or 8.4%. Gross written premiums in our Commercial Property Division, our largest division, decreased 7.9% 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 12.3% due primarily to continued strong submission flow from brokers across most divisions. The average premium per policy written was approximately $12,900 in the third quarter of 2025 compared to approximately $14,500 in the third 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 $13,500 in the third quarter of 2025 compared to $15,300 in the third quarter of 2024. The decrease in average premium per policy for the third 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 $55.1 million, or 15.8%, to $405.1 million for the three months ended September 30, 2025 from $349.9 million for