Company: KNSL
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001669162-25-000058
Chunk: 134

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-10-23
Form: 10-Q
Item: Item 2
Chunk 134
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 The increase in net written premiums for the first nine months of September 30, 2025 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 81.6% for the nine months ended September 30, 2025 compared to 79.3% for the same period last year. The increase in the net retention ratio was primarily due to an increase in the retention on our reinsurance treaties and change in the mix of business. 

Net earned premiums increased by $169.6 million, or 17.1%, to $1.2 billion for the nine months ended September 30, 2025 from $990.7 million for the nine months ended September 30, 2024 due primarily to growth in gross written premiums.

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Table of Contents

Loss ratio

The following table summarizes the loss ratios for the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30,20252024($ 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$695,851 58.4 %$590,810 58.1 %Current year catastrophe losses27,499 2.3 %17,613 1.7 %Effect of prior year development(45,853)(3.8)%(28,072)(2.7)%Total$677,497 56.9 %$580,351 57.1 %

The loss ratio was 56.9% for the nine months ended September 30, 2025 compared to 57.1% for the nine months ended September 30, 2024. The decrease in the loss ratio for the first nine months of 2025 compared to the first nine months of 2024 was due primarily to higher relative net favorable development of prior-year loss reserves, particularly in our property lines of business, offset in part by higher catastrophe losses incurred in the period, primarily related to the Palisades Fire. 

During the nine months ended September 30, 2025, prior accident years developed favorably by $45.9 million, of which $53.8 million was attributable to the 2020 through 2024 accident years due to lower emergence of reported losses than expected across most lines of business. This