Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 97

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 8
Chunk 97
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.7 million and ETFs of $0.4 million and unrealized gains related to non-redeemable preferred stock of $1.1 million. The change in the fair value of common stocks and ETFs during the second quarter of 2024 primarily reflected changes in the broader U.S. stock market, and the change in fair value of preferred stock relates primarily to the disposition of certain preferred stock securities in a loss position.

Income tax expense

Our effective tax rate was 20.3% for the three months ended June 30, 2025 compared to 20.1% for the three months ended June 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

Six months ended June 30, 2025 compared to six months ended June 30, 2024 

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

Six Months Ended June 30,($ in thousands)20252024Change% ChangeGross written premiums$1,039,797 $978,414 $61,383 6.3 %Ceded written premiums(199,392)(197,124)(2,268)1.2 %Net written premiums$840,405 $781,290 $59,115 7.6 %Net earned premiums $749,403 $641,979 $107,424 16.7 %Fee income20,355 17,083 3,272 19.2 %Losses and loss adjustment expenses450,335 380,111 70,224 18.5 %Underwriting, acquisition and insurance expenses156,509 137,821 18,688 13.6 %Underwriting income (1)162,914 141,130 21,784 15.4 %Net investment income90,292 68,780 21,512 31.3 %Change in fair value of equity securities31,659 21,212 10,447 NMNet realized investment gains673 6,745 (6,072)NMChange in allowance for credit losses on investments(15)486 (501)NMInterest expense(5,095)(4,986)(109)