Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 19

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 1
Chunk 19
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$21,226 

5.     Deferred Policy Acquisition Costs

The following table presents the amounts of policy acquisition costs deferred and amortized for the three and six months ended June 30, 2025 and 2024:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)Balance, beginning of period$112,313 $94,489 $109,263 $88,395 Policy acquisition costs deferred:Direct commissions81,974 77,818 153,448 143,373 Ceding commissions(31,249)(29,869)(64,123)(58,315)Other underwriting and policy acquisition costs4,430 3,512 8,110 6,653 Policy acquisition costs deferred55,155 51,461 97,435 91,711 Amortization of net policy acquisition costs(43,398)(36,592)(82,628)(70,748)Balance, end of period$124,070 $109,358 $124,070 $109,358 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:June 30, 2025December 31, 2024(in thousands)Building$37,190 $37,190 Parking deck5,072 5,072 Land3,068 3,068 Equipment4,573 4,401 Software23,441 20,203 Furniture and fixtures5,929 3,200 Land improvements474 474 Leasehold improvements153 153 Construction in progress – building52,399 26,530 Property and equipment132,299 100,291 Accumulated depreciation(20,119)(17,367)Total property and equipment, net$112,180 $82,924  Construction in progress includes capitalized expenses related to the development of the new corporate headquarters' building. Construction is expected to be completed in the fourth quarter of 2025.

7.     Underwriting, Acquisition and Insurance Expenses

Underwriting, acquisition and insurance expenses for the three and six months ended June