Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 97

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 97
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 average rating of "AA-" at December 31, 2024. Our investment portfolio, excluding cash equivalents and real estate investments, had a gross investment return of 4.4% as of December 31, 2024, compared to 4.0% as of December 31, 2023.

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At December 31, 2024, the amortized cost and estimated fair value of our fixed-maturity, equity, and short-term investments were as follows:

December 31, 2024Amortized CostEstimated Fair Value% of Total Fair Value($ in thousands)Fixed maturities:U.S. Treasury securities and obligations of U.S. government agencies$15,465 $15,048 0.4 %Obligations of states, municipalities and political subdivisions168,894 146,304 3.7 %Corporate and other securities2,037,372 1,989,490 50.5 %Asset-backed securities729,658 732,742 18.6 %Residential mortgage-backed securities502,121 448,874 11.4 %Commercial mortgage-backed securities209,521 205,105 5.2 %Total fixed maturities3,663,031 3,537,563 89.8 %Equity securities:Exchange traded funds72,773 129,731 3.3 %Nonredeemable preferred stock27,938 26,433 0.7 %Common stock213,011 242,195 6.1 %Total equity securities313,722 398,359 10.1 %Short-term investments3,714 3,714 0.1 %Total $3,980,467 $3,939,636 100.0 %

The table below summarizes the credit quality of our fixed-maturity securities as of December 31, 2024, as rated by Standard & Poor’s Financial Services, LLC ("Standard & Poor's") or equivalent designation:

December 31, 2024Standard & Poor’s or Equivalent DesignationEstimated Fair Value% of Total($ in thousands)AAA$1,034,025 29.2 %AA620,550 17.5 %A1,166,923 33.0 %BBB652,631 18.5 %Below BBB63,434 1.8 %Total$3,537,563