Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 83

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 8
Chunk 83
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 $947,110 $833,127 Ceded(96,475)(98,074)(197,707)(191,148)Net earned$383,613 $332,461 $749,403 $641,979 The following table summarizes ceded losses and loss adjustment expenses for the three and six months ended June 30, 2025 and 2024:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)Ceded incurred losses and loss adjustment expenses$39,232 $40,944 $88,159 $70,205 The following table presents reinsurance recoverables on paid and unpaid losses as of June 30, 2025 and December 31, 2024:June 30, 2025December 31, 2024(in thousands)Reinsurance recoverables on paid losses$5,321 $14,831 Reinsurance recoverables on unpaid losses, net381,958 323,060 Reinsurance recoverables, net$387,279 $337,891 

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Table of Contents

13.     Debt

Note Purchase and Private Shelf AgreementOn July 22, 2022, the Company entered into a Note Purchase and Private Shelf Agreement (as subsequently amended, the "Note Purchase Agreement") with PGIM, Inc. ("Prudential") and the purchasers of the Series A and Series B Senior Notes (as defined below). The Note Purchase Agreement provides for issuance of senior promissory notes with an aggregate principal amount of up to $200.0 million through September 18, 2026.Pursuant to the Note Purchase Agreement, on July 22, 2022, the Company issued $125.0 million aggregate principal amount of 5.15% Series A Senior Notes Due July 22, 2034 (collectively, the "Series A Notes"), and on September 18, 2023, the Company issued a $50.0 million aggregate principal amount 6.21% Series B Senior Note (the "Series B Note") due July 22, 2034.The Series A and B Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s Amended and Restated Credit Agreement.Principal payments on the Series A Notes are required annually beginning on July 22, 2030 in equal installments of $25.0 million through July