Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 131

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 2
Chunk 131
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5, the change in fair value of equity securities primarily reflected unrealized gains arising during the period on our exchange-traded funds ("ETFs") of $11.8 million, common stocks of $11.8 million and non-redeemable preferred stock of $0.1 million generally consistent with the broader U.S. stock market. 

During the third quarter of 2024, the change in fair value of equity securities included changes in unrealized gains related to common stocks of $13.1 million and ETFs of $6.9 million and unrealized gains related to non-redeemable preferred stock of $0.7 million. The change in the fair value of common stocks and ETFs during the third quarter of 2024 primarily reflected changes in the broader U.S. stock market.

Income tax expense

Our effective tax rate was 20.8% for the three months ended September 30, 2025 compared to 20.9% for the three months ended September 30, 2024. The effective tax rates were lower than the federal statutory rate of 21% due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income. 

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Table of Contents

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024 

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

Nine Months Ended September 30,($ in thousands)20252024Change% ChangeGross written premiums$1,526,048 $1,427,060 $98,988 6.9 %Ceded written premiums(280,583)(295,833)15,250 (5.2)%Net written premiums$1,245,465 $1,131,227 $114,238 10.1 %Net earned premiums $1,160,360 $990,731 $169,629 17.1 %Fee income30,655 25,572 5,083 19.9 %Losses and loss adjustment expenses677,497 580,351 97,146 16.7 %Underwriting, acquisition and insurance expenses244,932 207,960 36,972 17.8 %Underwriting income (1)268,586 227,992 40,594 17.8 %Net investment