Company: KNSL
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001669162-25-000043
Chunk: 100

Company: Kinsale Capital Group, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Item 8
Chunk 100
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 the June 2024 renewal and change in the mix of business. 

Net earned premiums increased by $107.4 million, or 16.7%, to $749.4 million for the six months ended June 30, 2025 from $642.0 million for the six months ended June 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 six months ended June 30, 2025 and 2024:

Six Months Ended June 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$454,147 59.0 %$394,060 59.8 %Current year catastrophe losses26,283 3.4 %3,998 0.6 %Effect of prior year development(30,095)(3.9)%(17,947)(2.7)%Total$450,335 58.5 %$380,111 57.7 %

The loss ratio was 58.5% for the six months ended June 30, 2025 compared to 57.7% for the six months ended June 30, 2024. The increase in the loss ratio for the first six months of 2025 compared to the first six months of 2024 was due primarily to higher catastrophe losses incurred in the period primarily related to the Palisades Fire. This increase was offset in part by higher relative net favorable development of prior-year loss reserves and a lower current accident year loss ratio both of which were the result of lower-than-expected reported losses, particularly in our property lines of business. 

During the six months ended June 30, 2025, prior accident years developed favorably by $30.1 million, of which $35.8 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 favorable development was offset in part by adverse development primarily in our construction liability business in the 2016 through 2019 accident years and adjustments to actuarial assumptions in the 2020 through 2024 accident years to reflect inflation uncertainty around construction defect exposures. 

During the six months ended June 30,