Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 104

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 8
Chunk 104
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Nine Months Ended September 30,20252024($ in thousands)Underwriting Expenses% of Sum of Earned Premiums and Fee IncomeUnderwriting Expenses% of Sum of Earned Premiums and Fee IncomeNet commissions incurred120,682 10.1 %98,686 9.7 %Other underwriting expenses124,250 10.5 %109,274 10.8 %Total$244,932 20.6 %$207,960 20.5 %

The expense ratio was 20.6% for the nine months ended September 30, 2025 compared to 20.5% for the nine months ended September 30, 2024. The increase in the expense ratio was primarily due to lower ceding commissions due to increased retention on our reinsurance treaties offset in part by routine variability in other underwriting expenses. Direct commissions paid as a percentage of gross written premiums was 14.8% and 14.7% for the nine months ended September 30, 2025 and 2024, respectively. 

Investing results

The following table summarizes net investment income, change in the fair value of equity securities and net realized investment gains (losses) for the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30,($ in thousands)20252024ChangeInterest from fixed-maturity securities$132,733 $105,096 $27,637 Dividends from equity securities5,983 4,331 1,652 Cash equivalents and short-term investments4,800 1,726 3,074 Real estate investment income— 153 (153)Gross investment income143,516 111,306 32,210 Investment expenses(3,620)(2,882)(738)Net investment income139,896 108,424 31,472 Change in fair value of equity securities55,376 41,871 13,505 Net realized investment gains2,832 6,737 (3,905)Change in allowance for credit losses on investments(11)490 (501)Net realized and unrealized investment gains58,197 49,098 9,099 Total$198,093 $157,522 $40,571 

Net investment income increased by 29.0% to $139.9 million for the nine months ended September 30,