Company: KNSL
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001669162-25-000010
Chunk: 9

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 9
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2.2 %33,333 2.1 %23,396 2.1 %All other states604,896 32.4 %489,865 31.2 %333,178 30.2 %$1,870,341 100.0 %$1,568,815 100.0 %$1,102,092 100.0 %

Underwriting

Our underwriting department consisted of approximately 330 employees as of December 31, 2024. We use our proprietary technology platform to drive a high level of efficiency, accuracy and speed in our underwriting and quoting process. We believe our internal business processing systems allow us to maintain a high ratio of underwriters to total employees, as we do not require a significant number of administrative personnel to facilitate our underwriting process. We also believe that our digital environment allows us to engage fewer employees in policy administration.

We aim to issue quotes for the majority of new business submissions we receive. For certain submissions, we preemptively offer additional quotes for additional coverage. For example, if we receive a submission requesting primary coverage, we may also issue a quote for excess coverage. These quotes are included in new business submissions. For the year ended December 31, 2024, we processed approximately 881,000 new business submissions, and of those submissions, we issued approximately 590,000 quotes for a new quote ratio of 67.0% and bound 64,000 policies for a new policy to new submission ratio of 7.3%. We are careful to establish terms that are suited to the risk and the pricing of our policies. As an E&S company, we use our freedom of rate and form assertively in order to appropriately underwrite risks that have already been rejected by standard carriers constrained by approved forms and filed rates.

We endeavor to craft policies that offer affordable and appropriate protection to address our insureds' exposures while also constructing coverage such that potential losses are more predictable and claims cost can be best managed.

Claims

Our claims department consisted of approximately 90 claims professionals who had an average of 9 years of claims experience in the industry as of December 31, 2024. Our Chief Claims Officer has over 30 years of litigation and claims experience in large commercial insurance claims departments. Our claims department is fully integrated with our other functional departments. We manage all of our claims in-house and do not delegate claims management authority to third parties.

We focus on the effective management of the