Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 94

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 8
Chunk 94
---
 and fee income.

Combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.

32

Table of Contents

Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. 

Operating return on equity is a non-GAAP financial measure. We define operating return on equity as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.

Net retention ratio is the ratio of net written premiums to gross written premiums.

Gross investment return is investment income from fixed-maturity and equity securities (and short-term investments, if any), before any deductions for fees and expenses, expressed as a percentage of the average beginning and ending book values of those investments during the period.

33

Table of Contents

Results of Operations

Three months ended September 30, 2025 compared to three months ended September 30, 2024 

The following table summarizes our results of operations for the three months ended September 30, 2025 and 2024:

Three Months Ended September 30,($ in thousands)20252024Change% ChangeGross written premiums$486,251 $448,646 $37,605 8.4 %Ceded written premiums(81,191)(98,709)17,518 (17.7)%Net written premiums$405,060 $349,937 $55,123 15.8 %Net earned premiums $410,957 $348,752 $62,205 17.8 %Fee income10,300 8,489 1,811 21.3 %Losses and loss adjustment expenses227,162 200,240 26,922 13.4 %Underwriting, acquisition and insurance expenses88,423 70,139 18,284 26.1 %Underwriting income (1)105,672 86,862 18,810 21.7 %Net investment income49,604 39,644 9,960 25.1 %Change in the fair value of equity securities23,717 20,659 3