Company: KNSL
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001669162-25-000027
Chunk: 31

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1
Chunk 31
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 percentage, is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income.

Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income.

Combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.

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Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. 

Operating return on equity is a non-GAAP financial measure. We define operating return on equity as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.

Net retention ratio is the ratio of net written premiums to gross written premiums.

Gross investment return is investment income from fixed-maturity and equity securities (and short-term investments, if any), before any deductions for fees and expenses, expressed as a percentage of the average beginning and ending book values of those investments during the period.

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Results of Operations

Three months ended March 31, 2025 compared to three months ended March 31, 2024 

The following table summarizes our results of operations for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,($ in thousands)20252024Change% ChangeGross written premiums$484,275 $448,644 $35,631 7.9 %Ceded written premiums(102,570)(97,590)(4,980)5.1 %Net written premiums$381,705 $351,054 $30,651 8.7 %Net earned premiums $365,790 $309,518 $56,272 18.2 %Fee income9,559 8,092 1,467 18.1 %Losses and loss adjustment expenses232,976 186,786 46,190 24.7 %Underwriting, acquisition and insurance expenses74,912 65,753 9,159 13.9 %Underwriting income (1)67,461 65,