Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 147

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 147
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 2024December 31, 2023(in thousands)Reinsurance recoverables on paid losses$14,831 $6,479 Reinsurance recoverables on unpaid losses323,060 241,357 Reinsurance recoverables$337,891 $247,836 Credit risk exists with reinsurance ceded to the extent that any reinsurer is unable to meet the obligations assumed under the reinsurance agreements. Allowances are established for amounts deemed uncollectible. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from its exposure to individual reinsurers. All reinsurance recoverables are from companies with A.M. Best ratings of "A-" (Excellent) or better. To further reduce credit exposure to reinsurance recoverable balances, the Company has received letters of credit from certain reinsurers that are not authorized as reinsurers under U.S. state insurance regulations. The Company recorded an allowance for credit losses of $0.9 million and $0.7 million related to its reinsurance balances at December 31, 2024 and 2023, respectively; however, the deterioration in the credit quality of existing reinsurers or disputes over reinsurance agreements could result in future charges. At December 31, 2024, reinsurance recoverables on paid and unpaid losses from the Company’s five largest reinsurers were $83.8 million, $37.6 million, $34.3 million, $30.0 million and $20.5 million, representing 61.0% of the total balance.At December 31, 2024, unearned premiums ceded to five reinsurers were $11.5 million, $6.3 million, $5.5 million, $4.8 million and $4.7 million representing 62.2% of the total balance.

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9.     Stockholders’ equity

Capital StockThe Company’s authorized capital stock consists of 400,000,000 shares of common stock, par value $0.01 per share, and 100,000,000 shares of preferred stock, par value $0.01 per share. There were no shares of preferred stock issued or outstanding at December 31, 2024 or 2023.Treasury StockIn October 2024, the Company's Board of Directors authorized a share repurchase program authorizing the repurchase of up to $100.0 million of the Company's common stock. The shares may be repurchased from time to