Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 102

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 8
Chunk 102
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, an increase of $99.0 million, or 6.9%. Gross written premiums in our Commercial Property Division, our largest division, decreased 15.2% relative to the prior year period due to rate declines and an increasingly competitive environment including from standard carriers. Excluding our Commercial Property Division, gross written premiums grew 14.4% due primarily to continued strong submission flow from brokers across most divisions. The average premium per policy written was $13,800 in the first nine months of 2025 compared to $15,400 in the first nine months of 2024. Excluding our personal insurance division, which has a relatively low premium per policy written, the average premium per policy written was $14,400 for the first nine months of 2025 and $16,200 for the first nine months of 2024. The decrease in average premium per policy for the first nine 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 $114.2 million, or 10.1%, to $1.2 billion for the nine months ended September 30, 2025 from $1.1 billion for the nine months ended September 30, 2024. The increase in net written premiums for the first nine months of September 30, 2025 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 81.6% for the nine months ended September 30, 2025 compared to 79.3% for the same period last year. The increase in the net retention ratio was primarily due to an increase in the retention on our reinsurance treaties and change in the mix of business. 

Net earned premiums increased by $169.6 million, or 17.1%, to $1.2 billion for the nine months ended September 30, 2025 from $990.7 million for the nine months ended September 30, 2024 due primarily to growth in gross written premiums.

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Loss ratio

The following table summarizes the loss ratios for the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30,20252024($ 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