Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 164

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 164
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 SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%. For the year ended December 31, 2024, the annual weighted-average interest rate of borrowings under the Credit Facility was 6.91%.The following table presents the Company's outstanding debt as of December 31, 2024 and December 31, 2023:IssuanceMaturitiesDecember 31, 2024December 31, 2023(in thousands)Credit FacilityVarious7/22/2027$11,000 $11,000 5.15% Series A Notes 7/22/20227/22/2034125,000 125,000 6.21% Series B Note9/18/20237/22/203450,000 50,000 Less: Unamortized debt issuance costs(1,878)(2,154)Total debt$184,122 $183,846 Interest paid under both agreements totaled $10.3 million, $10.5 million and $2.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.Both the Note Purchase Agreement and the Amended and Restated Credit Agreement contain representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. In October 2024, the covenants limiting restricted payments under the Note Purchase Agreement and Amended and Restated Credit Agreement were amended. The amendments allow the Company to make restricted payments so long as the aggregate amount of all such restricted payments does not exceed the greater of $300.0 million and 6.5% of the total assets of the Company and its subsidiaries at the end of the most recently completed fiscal quarter.As of December 31, 2024, the Company was in compliance with all of its financial covenants under both the Note Purchase Agreement and the Credit Facility. Dividends from subsidiaryCash dividends paid to Kinsale Capital Group, Inc. by its wholly-owned subsidiary, Kinsale Insurance Company, were $47.0 million for year ended December 31, 2024. There were no cash dividends paid by the insurance subsidiary for the years ended December 31, 2023 and 2022.ContingenciesLiabilities for loss contingencies, arising from non-insurance