Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 131

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 2
Chunk 131
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 income was $162.9 million for the six months ended June 30, 2025 compared to $141.1 million for the six months ended June 30, 2024, an increase of 15.4%. The corresponding combined ratios were 78.8% for the six months ended June 30, 2025 compared to 78.6% for the six months ended June 30, 2024. The increase in underwriting income for the first six months of 2025 compared to the same period last year was primarily due to continued growth in the business and higher favorable development of loss reserves from prior accident years offset in part by higher catastrophe losses incurred.

Premiums

Gross written premiums were $1.0 billion for the six months ended June 30, 2025 compared to $978.4 million for the six months ended June 30, 2024, an increase of $61.4 million, or 6.3%. Gross written premiums in our Commercial Property Division, our largest division, decreased 17.5% relative to the prior year period due to rate declines and an increasingly competitive environment including from standard carriers. Excluding our Commercial Property Division, gross written premiums grew 15.5% due primarily to continued strong submission flow from brokers across most divisions. The average premium per policy written was $14,200 in the first six months of 2025 compared to $15,800 in the first six months of 2024. Excluding our personal insurance division, which has a relatively low premium per policy written, the average premium per policy written was $14,800 for the first six months of 2025 and $16,600 for the first six months of 2024. The decrease in average premium per policy for the first six months of 2025 over the same period last year was due primarily to a decrease in gross written premiums in our Commercial Property Division.

Net written premiums increased by $59.1 million, or 7.6%, to $840.4 million for the six months ended June 30, 2025 from $781.3 million for the six months ended June 30, 2024. The increase in net written premiums for the first six months of 2025 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 80.8% for the six months ended June 30, 2025 compared to 79.9% for the same period