Company: KNSL
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001669162-25-000027
Chunk: 73

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 8
Chunk 73
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 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 2018 and 2019 accident years due to construction defect claims and from the 2020 accident year due to a large property claim.

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Table of Contents

12.     Reinsurance

The following table summarizes the effect of reinsurance on premiums written and earned for the three months ended March 31, 2025 and 2024:Three Months Ended March 31,20252024(in thousands)Premiums written:Direct$484,275 $448,644 Ceded(102,570)(97,590)Net written$381,705 $351,054 Premiums earned:Direct$467,022 $402,592 Ceded(101,232)(93,074)Net earned$365,790 $309,518 The following table summarizes ceded losses and loss adjustment expenses for the three months ended March 31, 2025 and 2024:Three Months Ended March 31,20252024(in thousands)Ceded incurred losses and loss adjustment expenses$48,927 $29,261 The following table presents reinsurance recoverables on paid and unpaid losses as of March 31, 2025 and December 31, 2024:March 31, 2025December 31, 2024(in thousands)Reinsurance recoverables on paid losses$15,691 $14,831 Reinsurance recoverables on unpaid losses, net358,424 323,060 Reinsurance recoverables, net$374,115 $337,891 

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 (