Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 121

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 121
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ings under credit facility— — 73,000 Proceeds from notes payable— 50,000 125,000 Repayment of credit facility— (62,000)(43,000)Debt issuance costs— (164)(2,381)Payroll taxes withheld and remitted on share-based payments(7,047)(4,282)(3,288)Common stock issued, stock options exercised1,330 877 1,090 Dividends paid(13,940)(12,954)(11,927)Treasury stock acquired — share repurchases(10,000)— — Net cash (used in) provided by financing activities(29,657)(28,523)185,992 Net change in cash and cash equivalents(13,481)(29,580)35,234 Cash and cash equivalents at beginning of year126,694 156,274 121,040 Cash and cash equivalents at end of year$113,213 $126,694 $156,274 

See accompanying notes to consolidated financial statements.

75

Kinsale Capital Group, Inc. and subsidiaries

Notes to consolidated financial statements

Description of business

Kinsale Capital Group, Inc., an insurance holding company, is a Delaware corporation that was formed in 2009 and conducts its operations through its wholly-owned subsidiaries (referred to as "Kinsale" or, with its subsidiaries, the "Company"). Kinsale Capital Group, Inc. writes excess and surplus lines insurance on a non-admitted basis principally through its insurance subsidiary, Kinsale Insurance Company ("Kinsale Insurance"), which is authorized to write business in 50 states, the District of Columbia, the Commonwealth of Puerto Rico and the U.S. Virgin Islands. Kinsale Capital Group, Inc. also markets certain products through its subsidiary, Aspera Insurance Services, Inc. ("Aspera"), an insurance broker. 

1.Summary of significant accounting policies

Principles of consolidationThe accompanying consolidated financial statements include the accounts of Kinsale Capital Group, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year's presentation.Use of estimatesThe preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent