Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 141

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 141
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 was attributable to the 2021 and 2022 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 largely from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation.During the year ended December 31, 2022, prior accident years developed favorably by $35.9 million, of which $41.8 million was attributable to the 2020 and 2021 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 largely from the 2016 and 2018 accident years due to routine variability in reported losses and modest adjustments in actuarial assumptions.Current accident year incurred losses and loss adjustment expenses for the year ended December 31, 2022 included $26.6 million of catastrophe losses primarily related to Hurricane Ian.Incurred and Paid Claims DevelopmentThe following is information about incurred and paid claims development as of December 31, 2024, net of reinsurance, as well as cumulative claim frequency and the total of IBNR liabilities plus expected development on reported claims included within the net incurred claims amounts. The development and claims duration tables below exclude commuted multi-line quota-share reinsurance treaty ("MLQS") contracts, which would distort development patterns related to those transactions. Cumulative number of reported claims is reported on a per claim basis.The information about incurred and paid claims development for the years ended December 31, 2015 to December 31, 2023, is presented as unaudited supplementary information. PropertyIncurred Claims and Claim Adjustment Expenses, Net of ReinsuranceFor the Years Ended December 31,As of December 31, 2024Accident Year2020Unaudited2021Unaudited2022Unaudited2023Unaudited2024Total of IBNR Liabilities Plus Expected Development on Reported ClaimsCumulative Number of Reported Claims($ in thousands)2020$40,612 $37,939 $36,807 $37,078 $42,287 $— 2,309 202136,531 33,518 29,750 31,392 1,087 1,146 202267,127 53,676 53,527 4,131 2,346 202375,517 54,503 24,306 979 202411