Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 158

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 158
---
 Recall underwrites recall expense and liability coverage for life sciences and general products sector consumable, commercial and consumer goods.

104

Railroad underwrites excess liability for Class III short line railroads, railroad support activities and contractors and other miscellaneous railroad-related risks.High Value Homeowners underwrites first party homeowners' coverage on homes valued above $1.0 million on a primary and excess basis.Personal Insurance writes homeowners' coverage on manufactured homes with catastrophe exposure due to coastal location. The Company does business with three unaffiliated insurance brokers that generated $366.4 million, $325.5 million and $213.9 million of gross written premiums for the year ended December 31, 2024, representing 19.6%, 17.4% and 11.4% of gross written premiums, respectively. No other broker generated 10.0% or more of the gross written premiums for the year ended December 31, 2024.

16.   Statutory financial information

Kinsale Insurance maintains its accounts in conformity with accounting practices prescribed or permitted by state regulatory authorities that vary in certain respects from U.S. GAAP. In converting from statutory accounting principles to U.S. GAAP, typical adjustments include deferral of policy acquisition costs, the inclusion of statutory non-admitted assets and the inclusion of net unrealized gains or losses relating to fixed maturities in stockholders’ equity. The Company does not use any permitted practices that are different from prescribed statutory accounting practices. Statutory net income and statutory capital and surplus for Kinsale Insurance as of December 31, 2024, 2023, and 2022 and for the years then ended are summarized as follows:Year ended December 31,202420232022(in thousands)Statutory net income$357,896 $259,042 $151,105 Statutory capital and surplus$1,525,851 $1,167,382 $835,664 Kinsale Insurance is subject to risk-based capital ("RBC") requirements. RBC is a method developed by the National Association of Insurance Commissioners ("NAIC") to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formula for determining the amount of RBC is calculated using various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity. The adequacy of a company’s actual capital is evaluated by a comparison to the