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

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1
Chunk 25
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 $11,000 5.15% Series A Notes 7/22/20227/22/2034125,000 125,000 6.21% Series B Note9/18/20237/22/203450,000 50,000 Less: Unamortized debt issuance costs(1,809)(1,878)Total debt$184,191 $184,122 Both the Note Purchase Agreement and the Amended and Restated Credit Agreement contain representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of March 31, 2025, the Company was in compliance with all of its financial covenants under both the Note Purchase Agreement and the Credit Facility. In October 2024, the covenants limiting restricted payments under the Note Purchase Agreement and Amended and Restated Credit Agreement were amended. The amendments allow the Company to make restricted payments so long as the aggregate amount of all such restricted payments does not exceed the greater of $300.0 million and 6.5% of the total assets of the Company and its subsidiaries at the end of the most recently completed fiscal quarter.

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Table of Contents

14.     Other Comprehensive Income (Loss)

The following table summarizes the components of other comprehensive income (loss) for the three months ended March 31, 2025 and 2024: Three Months Ended March 31,20252024(in thousands)Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes$33,357 $(12,584)Income tax (expense) benefit (7,005)2,643 Unrealized gains (losses) arising during the period, net of income taxes26,352 (9,941)Less reclassification adjustment:Net realized losses on fixed-maturity securities, before income taxes(18)(11)Income tax benefit 4 2 Reclassification adjustment included in net income(14)(9)Change in allowance for credit losses on investments, before income taxes(20)10 Income tax benefit (expense) 4 (2)Reclassification adjustment included in net income(16)8 Other comprehensive income (loss)$26,382 $(9,940)The sale or credit loss of an available-for-sale fixed-maturity security results in amounts being reclassified from accumulated other comprehensive income (loss) to realized