Company: KNSL
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001669162-25-000027
Chunk: 110

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 2
Chunk 110
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 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, 2024. The increase in net written premiums for the first three months of 2025 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 78.8% for the three months ended March 31, 2025 compared to 78.2% for the same period last year. The increase in the net retention ratio was primarily due to an increase in our retention on our casualty treaty effective with the June 2024 renewal and change in the mix of business. 

Net earned premiums increased by $56.3 million, or 18.2%, to $365.8 million for the three months ended March 31, 2025 from $309.5 million for the three months ended March 31, 2024 due to growth in gross written premiums.

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Loss ratio

The following table summarizes the loss ratios for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,20252024($ in thousands)Losses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee IncomeLosses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee IncomeLoss ratio:Current accident year before catastrophe losses$225,047 60.0 %$194,654 61.3 %Current year catastrophe losses22,578 6.0 %578 0.2 %Effect of prior year development(14,649)(3.9)%(8,446)(2.7)%Total$232,976 62.1