Company: KNSL
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001669162-25-000027
Chunk: 33

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1
Chunk 33
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 31, 2025 compared to $98.9 million for the three months ended March 31, 2024, a decrease of 9.8%. The decrease in net income for the first three months of 2025 over the same period last year was primarily due to a combination of higher catastrophe losses incurred during the period and lower unrealized gains on equity investments offset in part by continued profitable growth and an increase in net investment income.

Underwriting income was $67.5 million for the three months ended March 31, 2025 compared to $65.1 million for the three months ended March 31, 2024, an increase of 3.7%. The corresponding combined ratios were 82.1% for the three months ended March 31, 2025 compared to 79.5% for the three months ended March 31, 2024. The increase in underwriting income for the first three months of 2025 compared to the same period last year was primarily due to continued growth in the business offset in part by higher catastrophe losses incurred.

Premiums

Gross written premiums were $484.3 million for the three months ended March 31, 2025 compared to $448.6 million for the three months ended March 31, 2024, an increase of $35.6 million, or 7.9%. Gross written premiums in our Commercial Property Division, our largest division, decreased 18.4% relative to the prior year period due to rate declines and an increasingly competitive environment including from standard carriers. Excluding our Commercial Property Division, gross written premiums grew 16.7%. The average premium per policy written was $14,200 in the first three months of 2025 compared to $15,300 in the first three months of 2024. Excluding our personal insurance division, which has a relatively low premium per policy written, the average premium per policy written was $14,700 for the first three months of 2025 and $16,000 for the first three months of 2024. The decrease in average premium per policy for the first three months of 2025 over the same period last year was due primarily to a decrease in gross written premiums in our Commercial Property Division.

Net written premiums increased by $30.7 million, or 8.7%, to $381.7 million for the three months ended March 31, 2025 from $351.1 million for the three months ended March 31