Company: KNSL
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001669162-25-000027
Chunk: 34

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1
Chunk 34
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, 2024. The increase in net written premiums for the first three months of 2025 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 78.8% for the three months ended March 31, 2025 compared to 78.2% for the same period last year. The increase in the net retention ratio was primarily due to an increase in our retention on our casualty treaty effective with the June 2024 renewal and change in the mix of business. 

Net earned premiums increased by $56.3 million, or 18.2%, to $365.8 million for the three months ended March 31, 2025 from $309.5 million for the three months ended March 31, 2024 due to growth in gross written premiums.

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Table of Contents

Loss ratio

The following table summarizes the loss ratios for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,20252024($ in thousands)Losses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee IncomeLosses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee IncomeLoss ratio:Current accident year before catastrophe losses$225,047 60.0 %$194,654 61.3 %Current year catastrophe losses22,578 6.0 %578 0.2 %Effect of prior year development(14,649)(3.9)%(8,446)(2.7)%Total$232,976 62.1 %$186,786 58.8 %

The loss ratio was 62.1% for the three months ended March 31, 2025 compared to 58.8% for the three months ended March 31, 2024. The increase in the loss ratio for the first three months of 2025 compared to the first three months of 2024 was due primarily to higher catastrophe losses incurred in the period. This increase was offset in part by a lower current accident year loss ratio and higher relative net favorable development of prior-year loss reserves both of which were the result of lower-than-expected reported losses particularly in our property lines of business. Net catastrophe losses incurred during the three months ended March 31, 2025 were primarily related to the Palisades Fire. 

During the three months ended March 31, 2025, prior accident years developed