Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 144

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 2
Chunk 144
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 of June 30, 2025 and December 31, 2024, were as follows:

June 30, 2025December 31, 2024Amortized CostEstimated Fair Value% of Total Fair ValueAmortized CostEstimated Fair Value% of Total Fair Value($ in thousands)Due in one year or less$293,096 $292,850 7.5 %$415,494 $415,674 11.8 %Due after one year through five years1,193,332 1,198,056 30.6 %1,070,687 1,058,729 29.9 %Due after five years through ten years575,575 573,679 14.6 %513,549 496,044 14.0 %Due after ten years219,649 180,639 4.6 %222,001 180,395 5.1 %Asset-backed securities777,402 783,907 20.0 %729,658 732,742 20.7 %Residential mortgage-backed securities607,220 563,791 14.4 %502,121 448,874 12.7 %Commercial mortgage-backed securities325,597 325,156 8.3 %209,521 205,105 5.8 %Total fixed-maturity securities$3,991,871 $3,918,078 100.0 %$3,663,031 $3,537,563 100.0 %

Actual maturities may differ from contractual maturities because some borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Restricted investments

In order to conduct business in certain states, we are required to maintain letters of credit or assets on deposit to support state-mandated insurance regulatory requirements and to comply with certain third-party agreements. Assets held on deposit or in trust accounts are primarily in the form of high-grade securities. The fair value of our restricted assets was $3.9 million and $3.7 million at June 30, 2025 and December 31, 2024, respectively.

Reconciliation of Non-GAAP Financial Measures

Reconciliation of underwriting income

Underwriting income is a non-GAAP financial measure that we believe is useful in evaluating our underwriting performance without regard to investment income. Underwriting