Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 137

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 137
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$254,523 $198,715 $138,451 Ceding commissions(120,339)(84,998)(44,695)Other underwriting expenses151,624 115,253 86,566 Total$285,808 $228,970 $180,322 Other underwriting expenses within underwriting, acquisition and insurance expenses included salaries, employee benefits and bonus expense of $109.3 million, $85.7 million and $64.8 million, for the years ended December 31, 2024, 2023 and 2022, respectively.

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6.     Income taxes

The Company’s subsidiaries file a consolidated U.S. federal income tax return. Under a tax sharing agreement, Kinsale collects from or refunds to its subsidiaries the amount of taxes determined as if Kinsale and the subsidiaries filed separate returns. The Company is no longer subject to income tax examination by tax authorities for the years ended before January 1, 2021. Income tax expense includes the following components for the years ending December 31, 2024, 2023 and 2022:Year Ended December 31,202420232022(in thousands)Current federal income tax expense$103,701 $85,353 $50,641 Deferred federal income tax benefit(3,828)(9,429)(14,191)Income tax expense$99,873 $75,924 $36,450 The Company paid $104.1 million, $84.6 million and $43.1 million in federal income taxes during the years ended December 31, 2024, 2023 and 2022, respectively. Current income taxes payable were $2.8 million and $3.2 million at December 31, 2024 and 2023, respectively, and included in other liabilities in the accompanying consolidated balance sheets. The prevailing federal income tax rate was 21% in December 31, 2024, 2023 and 2022. The Company’s effective income tax rate on income before income taxes differs from the prevailing federal income tax rate and is summarized as follows:Year ended December 31,202420232022(in thousands)Income tax expense at federal income tax rate $108,090 $80,644 $41,068 Stock options exercised(7,972)(3,676)(3,240)Restricted stock award vesting(2,147)(1,