Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 54

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 1
Chunk 54
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 total stockholders' equity and tangible stockholders' equity were $1.9 billion compared to total stockholders' equity and tangible stockholders' equity of $1.5 billion at December 31, 2024. The increases in both total and tangible stockholders' equity over the prior year-end balances were due to profits generated during the 

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period, an increase in the fair value of our fixed-maturity investments and net activity related to our share-based compensation plan offset in part by share repurchases and payment of dividends. Tangible stockholders’ equity is a non-GAAP financial measure. See "—Reconciliation of non-GAAP financial measures" for a reconciliation of stockholders' equity in accordance with GAAP to tangible stockholders' equity.

Investment portfolio

At September 30, 2025, our cash and invested assets of $4.9 billion consisted of fixed-maturity securities, equity securities, short-term investments, cash and cash equivalents and real estate investments. At September 30, 2025, the majority of the investment portfolio was composed of fixed-maturity securities of $4.2 billion that were classified as available-for-sale. Available-for-sale investments are carried at fair value with unrealized gains and losses on these securities, net of applicable taxes, reported as a separate component of accumulated other comprehensive income. At September 30, 2025, we also held $571.1 million of equity securities, which included common stocks, ETFs and non-redeemable preferred stock, $10.9 million of short-term investments, $170.2 million of cash and cash equivalents and $15.0 million of real estate investments.

Our fixed-maturity securities, including cash equivalents, had a weighted average duration of 3.6 years and 3.0 years at September 30, 2025 and December 31, 2024, respectively, and an average rating of "AA-" at both September 30, 2025 and December 31, 2024. 

At September 30, 2025 and December 31, 2024, the amortized cost and estimated fair value on fixed-maturity securities were as follows:

September 30, 2025December 31, 2024Amortized CostEstimated Fair Value% of Total Fair ValueAmortized CostEstimated Fair Value% of Total Fair Value($ in thousands)Fixed-maturity securities: U.S. Treasury securities and obligations of U.S. government agencies$