Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 56

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1
Chunk 56
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2025December 31, 2024Amortized CostEstimated Fair Value% of Total Fair ValueAmortized CostEstimated Fair Value% of Total Fair Value($ in thousands)Due in one year or less$72,658 $72,117 1.7 %$415,494 $415,674 11.8 %Due after one year through five years1,105,725 1,115,674 26.7 %1,070,687 1,058,729 29.9 %Due after five years through ten years680,913 686,974 16.5 %513,549 496,044 14.0 %Due after ten years233,446 198,749 4.8 %222,001 180,395 5.1 %Asset-backed securities700,855 708,404 17.0 %729,658 732,742 20.7 %Residential mortgage-backed securities1,036,483 998,689 23.9 %502,121 448,874 12.7 %Commercial mortgage-backed securities389,465 390,631 9.4 %209,521 205,105 5.8 %Total fixed-maturity securities$4,219,545 $4,171,238 100.0 %$3,663,031 $3,537,563 100.0 %

Actual maturities may differ from contractual maturities because some borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Restricted investments

In order to conduct business in certain states, we are required to maintain letters of credit or assets on deposit to support state-mandated insurance regulatory requirements and to comply with certain third-party agreements. Assets held on deposit or in trust accounts are primarily in the form of high-grade securities. The fair value of our restricted assets was $3.9 million and $3.7 million at September 30, 2025 and December 31, 2024, respectively.

Reconciliation of Non-GAAP Financial Measures

Reconciliation of underwriting income

Underwriting income is a non-GAAP financial measure that we believe is useful in evaluating our underwriting performance without regard to investment income. Underwriting income is defined as net income excluding net investment income, the net change in the fair value of equity securities, net realized