Company: KNSL
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001669162-25-000027
Chunk: 18

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1
Chunk 18
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ability concerns, where applicable. The following table presents the change in the allowance for credit losses for premiums receivable for the three months ended March 31, 2025 and 2024:

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Three Months Ended March 31,20252024(in thousands)Beginning balance$26,926 $13,383 Current period change for estimated uncollectible premiums3,124 4,263 Write-offs of uncollectible premiums receivable(2,051)(2,164)Ending balance$27,999 $15,482 

5.     Deferred Policy Acquisition Costs

The following table presents the amounts of policy acquisition costs deferred and amortized for the three months ended March 31, 2025 and 2024:Three Months Ended March 31,20252024(in thousands)Balance, beginning of period$109,263 $88,395 Policy acquisition costs deferred:Direct commissions71,474 65,555 Ceding commissions(32,874)(28,446)Other underwriting and policy acquisition costs3,680 3,141 Policy acquisition costs deferred42,280 40,250 Amortization of net policy acquisition costs(39,230)(34,156)Balance, end of period$112,313 $94,489 Amortization of net policy acquisition costs is included in the line item "underwriting, acquisition and insurance expenses" in the accompanying consolidated statements of income and comprehensive income.

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6.     Property and Equipment, Net

Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following:March 31, 2025December 31, 2024(in thousands)Building$37,190 $37,190 Parking deck5,072 5,072 Land3,068 3,068 Equipment4,424 4,401 Software21,617 20,203 Furniture and fixtures3,244 3,200 Land improvements474 474 Leasehold improvements153 153 Construction in progress – building38,466 26,530 Property and equipment113,708 100,291 Accumulated depreciation(18,732)(17,367)Total property and equipment, net$94,976 $82,924  Construction in progress includes capitalized expenses related to the development of the new corporate headquarters' building. Construction is expected to