Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 140

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 140
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 unpaid losses and loss adjustment expenses:December 31,202420232022(in thousands)Gross reserves for unpaid losses and loss adjustment expenses, beginning of year$1,692,875 $1,238,402 $881,344 Less: reinsurance recoverable on unpaid losses241,357 177,039 117,561 Net reserves for unpaid losses and loss adjustment expenses, beginning of year1,451,518 1,061,363 763,783 Incurred losses and loss adjustment expenses:Current year810,554 635,993 493,800 Prior years(37,655)(35,774)(35,887)Total net losses and loss adjustment expenses incurred772,899 600,219 457,913 Payments:Current year49,747 38,565 49,205 Prior years212,062 171,499 111,128 Total payments261,809 210,064 160,333 Net reserves for unpaid losses and loss adjustment expenses, end of year1,962,608 1,451,518 1,061,363 Reinsurance recoverable on unpaid losses, net of allowance323,060 241,357 177,039 Gross reserves for unpaid losses and loss adjustment expenses, end of year$2,285,668 $1,692,875 $1,238,402 During the year ended December 31, 2024, prior accident years developed favorably by $37.7 million, of which $57.6 million was attributable to the 2021 through 2023 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development primarily from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation, from the 2020 accident year due to a large property claim and more conservative actuarial assumptions in the 2021 through 2023 accident years for lines of business exposed to construction liability.

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Current accident year incurred losses and loss adjustment expenses for the year ended December 31, 2024 included $25.5 million of net catastrophe losses primarily related to Hurricanes Milton, Helene and Francine and tornadoes in the Midwest. During the year ended December 31, 2023, prior accident years developed favorably by $35.8 million, of which $49.0 million