Company: KNSL
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001669162-25-000027
Chunk: 22

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1
Chunk 22
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 due primarily to a lower volume of stock options exercised compared to the same period in 2024. 

 11.     Reserves For Unpaid Losses and Loss Adjustment Expenses

The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses:March 31,20252024(in thousands)Gross reserves for unpaid losses and loss adjustment expenses, beginning of year$2,285,668 $1,692,875 Less: reinsurance recoverable on unpaid losses323,060 241,357 Net reserves for unpaid losses and loss adjustment expenses, beginning of year1,962,608 1,451,518 Incurred losses and loss adjustment expenses:Current year247,625 195,232 Prior years(14,649)(8,446)Total net losses and loss adjustment expenses incurred232,976 186,786 Payments:Current year11,869 4,123 Prior years71,496 50,599 Total payments83,365 54,722 Net reserves for unpaid losses and loss adjustment expenses, end of period2,112,219 1,583,582 Reinsurance recoverable on unpaid losses358,424 261,205 Gross reserves for unpaid losses and loss adjustment expenses, end of period$2,470,643 $1,844,787 During the three months ended March 31, 2025, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2024 developed favorably by $14.6 million, of which $16.7 million was attributable to the 2021 through 2024 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 and more conservative actuarial assumptions in the 2021 through 2023 accident years for lines of business exposed to construction liability. Current accident year incurred losses and loss adjustment expenses for the three months ended March 31, 2025 included $22.6 million of net catastrophe losses primarily related to the Palisades Fire.During the three months ended March 31, 2024, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2023 developed favorably by $8.4 million, of which $16.3 million was attributable to the 2021 through 2023 accident years due to lower emergence