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UNITED STATES

証券取引委員会

ワシントンDC20549

フォーム 10-Q

☒			1934年の証券取引法第13条または第15条に基づく四半期報告書

報告期間が終了した2023年6月30日をもって2024年9月30日

☐			セキュリティ取引所法第13条または15(d)項に基づく移行報告書

移行期間：________ から ________ まで

報告書番号：001-37848

			KINSALE CAPITAL GROUP, INC.
			（会社設立時の指定名）
デラウェア						98-0664337
（設立または組織の州またはその他の管轄区域） （I.R.S.雇用者識別番号）						（I.R.S. 雇用主識別番号） レキシントン、マサチューセッツ州02421

2035 Maywill Street

スイート100

リッチモンド, バージニア 23230

（本社事務所の住所、郵便番号を含む）

(804) 289-1300

(登録者の電話番号（市外局番を含む）

法第12条（b）に基づく登録証券

各クラスの名称			取引シンボル			登録されている各取引所の名称
普通株式、株式一株当たりの名義額$0.01			KNSL			ニューヨーク証券取引所

会社法第13条または15(d)条に基づき、登録者が前の12か月間(またはより短い期間については、登録者がそのような報告書を提出することが求められた期間)に提出すべきすべての報告書を提出したかどうかを示してください。また、登録者が過去90日間にわたってそのような報告書提出の要件の対象となっていたかどうか。はい取引所☐

規制S-tのルール405に基づき、過去12か月間(またはそのような短期間)、登録者が提出を求められたすべてのインタラクティブデータファイルを電子的に提出したかどうかをチェックマークで示す。はい☒ いいえ☐

記載されている者が大企業加速申告者、加速申告者、非加速申告者、小規模報告会社、または新興成長企業であるかどうかは、チェックマークで示します。Exchange法第1202条の「大企業加速申告者」、「加速申告者」、「小規模報告会社」、および「新興成長企業」の定義については、ルール1202でご確認ください。

大型加速ファイラー

☒

加速ファイラー ☐

非加速ファイラー☐

中小企業

☐

新興成長企業

☐

新興成長企業の場合は、証券取引法第13条（a）に基づく新しいまたは改訂された財務会計基準の遵守に対する延長移行期間を使用しないことを選択したかどうかにチェックマークをつけてください。 ☐

登録申告者が取引所法第1202条に定義されるシェル企業であるかどうかをチェックマークで示してください。はい☐     いいえ　☒

発行登録者の普通株式の発行済株式数（2024年10月18日現在）： 23,287,978

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目次

KINSALE CAPITAL GROUP, INC.

目次

									ページ
第I部 財務情報
項目1。									4
			2024年9月30日の連結財務諸表（未監査）および2023年12月31日						4
			3か月および 9か月用の連結損益計算書および包括利益計算書（未監査） 終了日付の3か月および6か月 9月 2024年と2023年						5
			各四半期の株主資本変動の連結財務諸表(未監査) 2024年9月30日および2023年までの9か月間						6
			2024年9月30日および2023年までの9か月間の要約連結キャッシュ・フロー計算書(未監査)						8
			連結財務諸表注記 (未監査)						9
アイテム 2.			経営陣による財務状況および業績についての分析						28
項目3。			市場リスクに関する数量的および質的な開示						50
項目4。			内部統制および手順						51
第II部 その他の情報
項目1。			法的措置						52
項目1A。			リスクファクター						52
アイテム 2.			未登録の株式の販売および手数料の利用						52
項目5。			その他の情報						52
項目6。			展示資料						53
			署名						54

1

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目次

出典：Nutex Health, Inc。

この第10-Qフォームに記載される四半期報告書には、1995年の私的証券訴訟改革法の意味での前向きな声明が含まれています。前向きな声明には、直接的に歴史的または現在の事実と関連しないどんな声明も含まれます。これらの声明は、将来の財務業績、ビジネスの見通しと戦略、予想される財務状況、流動性と資本、配当、一般的な市場および業界の状況などを議論する場合があります。"予想する"、"見積る"、"期待する"、"意図する"、"計画する"、"予測する"、"計画する"、"信じる"、"求める"、"見通し"、"将来"、"するつもり"、"するだろう"、"すべき"、"できる"、"かもしれない"、"を持つことができる"、"可能性"などの言葉で前向きな声明を特定できます。前向きな声明は、管理陣の現在の期待と将来の出来事に関する仮定に基づいています。これらは予測しにくい不確実性、リスク、および状況の変化に影響を受ける可能性があります。これらの声明は予測であり、将来の業績を保証するものではありません。前向きな声明によって検討される実際の結果は、大きく異なる可能性があります。その違いを引き起こす要因は、制限なしに次のとおりです。

•私たちの損失準備金が実際の損失を賄うのに不十分である可能性があり、これは私たちの財務状況、運営成績、キャッシュフローに重大な悪影響を与える可能性があります。

•モデルの固有の不確実性により、実際の損失が私たちの見積もりと大きく異なる可能性があります;

•当社が採用する損失制限または除外のいずれかが失敗し、その他の請求または保険の問題の変更が、当社の財務状態や業績に重大な影響を与える可能性

•適切な価格および適切な保護条件で再保険カバレッジを得られないこと；

•気候変動、パンデミックなどによる厳しい天候条件や災害が、当社のビジネス、業績および財務状況に影響を及ぼす可能性

•景気後退、インフレ、高失業率や低経済活動の期間による政策の販売が予想より少なかったり、請求や保険料の不払いの頻度や深刻さが増加したりして、成長と収益性に影響を与える逆風経済要因；

•ビジネスに影響を与える、財務力評価の低下；

•1人以上の主要な幹部の潜在的な損失、または適格な人材の獲得と定着が困難である場合、業績への悪影響を及ぼす可能性があります；

•選ばれたブローカーの一部に依存しています;

•私たちの余剰および超過ライン（"E＆S"）保険業務の変動する市況と、ビジネスの周期性が、私たちの財務業績に影響を与えています;

•私たちの従業員は過度なリスクを取っています;

•私たちの業種におけるビジネスへの激しい競争；

•訴訟の影響が私たちのビジネスに悪影響を及ぼしています;

•私たちの投資ポートフォリオのパフォーマンスが財務結果に悪影響を与えています;

•配当を支払う能力は、当社が保険子会社から現金の配当やその他の許可された支払いを得る能力に依存しています。

•強制的に投資を売却して流動性要件を満たす必要があります；

2

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•当社の信用契約には、財務およびその他の契約条件が数多く含まれており、これらの違反により、当社の借入金の支払額が加速される可能性があります。

•ビジネス目標を達成する能力に影響を及ぼす広範な規制、またはこれらの規制に適合しないことが財務状況および業績に悪影響を及ぼすこと。

•その他のリスクや不確実性については、2023年12月31日に終了した年次報告書の第I部、項目1Aで議論されています。

将来の見通しは、それらがなされた日付のみを示します。米国証券法または証券取引委員会（"SEC"）の規則および法令に明示的に定められていない限り、私たちは新しい情報、将来のイベント、またはそれ以外の理由により、いかなる将来志向の記述を更新または修正する義務を負いません。将来志向の記述に過度な依存を置くべきではありません。私たちに帰属するすべての将来志向の記述は、これらの注意書きによって明確に修飾されています。

3

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第I部 財務情報

アイテム1。財務諸表

KINSALE CAPITAL GROUP, INC.および子会社

連結貸借対照表（未検査）

						9月30日 2024						12月31日 2023
						（千ドル、株式および株式当たり金額を除く）
資産
投資:
償還期日証券、売却用証券、公正価値での売却可能証券（償還原価：$3,528,675、信用損失引当金：$63 – 2024; $2,834,463と $553 –2023)						$	3,467,038					$	2,711,759
公正価値に評価された株式（原価：＄282,485 – 2024; $193,543 – 2023)						365,626						234,813
不動産投資、純額						15,045						14,791
新規売投資						—						5,589
投資合計						3,847,709						2,966,952
現金及び現金同等物						111,691						126,694
支払利息収入、その他						26,083						21,689
保険料及び手数料の債権、債務引当金（＄23,224 – 2024; $13,383 – 2023						134,952						143,212
再保険債権、債務引当金（＄936 – 2024; $744 – 2023						318,636						247,836
3,306ドルの先受未済金額						55,370						52,516
再保険手数料を差し引いた繰延保険取得原価						110,590						88,395
無形資産						3,538						3,538
繰延所得税資産、差引						34,995						55,699
その他の資産						88,679						66,443
総資産						$	4,732,243					$	3,772,974
負債及び株主資本
負債:
未決済の損失および損害調整費用に対する準備金						$	2,160,763					$	1,692,875
未熟料金						844,701						701,351
再保険会社に支払うべき金額						43,215						47,582
支払調整金および未払金						39,780						44,922
債務						184,053						183,846
その他の負債						24,782						15,566
負債合計						3,297,294						2,686,142
株主資本:
普通株式、1株当たり0.001ドルの割額株式、承認済み株式総数900,000,000株、発行済み株式577,806,659株、2023年12月31日時点での流通株式540,387,949株、発行済み株式577,805,623株、2023年3月31日時点での流通株式545,459,814株、追加資本金0.01市場価値、400,000,000株$300,000,000株式を認可し、23,288,145 と 23,181,919 2024年9月30日と2023年12月31日に発行済みの株式						233						232
追加の資本金						357,935						352,970
留保利益						1,123,532						828,247
その他の総合損失						(46,751)						(94,617)
純資産合計						1,434,949						1,086,832
負債および純資産合計						$	4,732,243					$	3,772,974

要約された連結財務諸表に付随する注記を参照してください。

4

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目次

KINSALE CAPITAL GROUP, INC. 及びその子会社

損益計算書および包括利益の総計表（未監査）

						9月30日までの3か月間												9月30日までの9ヶ月間
						2024						2023						2024						2023
						(株式データ以外は、千の数字で表示されます)
収益:
保険料総額						$	448,646					$	377,789					$	1,427,060					$	1,173,599
譲渡承認された保険料						(98,709)						(83,509)						(295,833)						(215,248)
純保写						349,937						294,280						1,131,227						958,351
未収保険料の変動						(1,185)						(12,778)						(140,496)						(182,645)
正味保険料収入						348,752						281,502						990,731						775,706
手数料収入						8,489						6,841						25,572						20,028
純投資収益						39,644						27,086						108,424						71,953
株式有価証券の公正価値の変動						20,659						(5,533)						41,871						3,796
実現可能な投資利益(損失)						(8)						4,274						6,737						913
投資に対する貸倒引当金の変動						4						(143)						490						(199)
その他の収入						518						340						1,577						1,081
収益合計						418,058						314,367						1,175,402						873,278
経費:
損失および損害調整費用						200,240						155,552						580,351						441,628
保険の保険料収入、獲得と保険の費用						70,139						60,348						207,960						168,567
利子費用						2,589						2,573						7,575						7,867
その他の費用						692						401						3,451						1,220
総費用						273,660						218,874						799,337						619,282
税引前当期純利益						144,398						95,493						376,065						253,996
純実現不能損益変動額の変動（税引き後）						30,169						19,378						70,316						49,290
当期純利益						114,229						76,115						305,749						204,706
その他の包括的損益:
有価証券売買損益の評価損益変動額の変動（税引前純額）						63,464						(23,511)						47,866						(20,109)
包括利益合計						$	177,693					$	52,604					$	353,615					$	184,597

一株当たり利益:
ベーシック						$	4.93					$	3.30					$	13.21					$	8.89
希釈しました						$	4.90					$	3.26					$	13.10					$	8.79
加重平均発行済株式数:
ベーシック						23,175						23,058						23,150						23,036
希釈しました						23,335						23,315						23,333						23,298

要約された連結財務諸表に付随する注記を参照してください。

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目次

KINSALE CAPITAL GROUP, INC. 及び子会社

株主資本の変動計算書（未検査）

						普通株式の株数						普通株式						資本剰余金						保留利益						累積総合利益 繰延税金資産合計  Other Compre- hensive 損失						総額 株主資本計算書 holders' Equity
						（千ドル、株式および株式当たり金額を除く）
2023年12月31日の残高						23,181,919						$	232					$	352,970					$	828,247					$	(94,617)					$	1,086,832
Issuance of common stock under stock-based compensation plan						105,314						1						932						—						—						933
株式報酬費用						—						—						3,524						—						—						3,524
税金源泉徴収のために制限株を引かれました						(11,318)						—						(5,842)						—						—						(5,842)
宣言された配当（$0.15株式当たり)						—						—						—						(3,479)						—						(3,479)
その他の包括的損益、純額						—						—						—						—						(9,940)						(9,940)
当期純利益						—						—						—						98,941						—						98,941
2024年3月31日の残高						23,275,915						233						351,584						923,709						(104,557)						1,170,969
株式報酬プランの下で普通株式の発行						13,249						—						219						—						—						219
株式報酬費用						—						—						3,709						—						—						3,709
税金を源泉徴収するために制限株を差し引かれました						(2,916)						—						(1,123)						—						—						(1,123)
宣言された配当（$0.15株式当たり)						—						—						—						(3,492)						—						(3,492)
その他の包括的損益、純額						—						—						—						—						(5,658)						(5,658)
当期純利益						—						—						—						92,579						—						92,579
2024年6月30日の残高						23,286,248						233						354,389						1,012,796						(110,215)						1,257,203
ストックベースの補償計画に基づく普通株の発行						1,897						—						51						—						—						51
株式報酬費用						—						—						3,495						—						—						3,495
宣言された配当（$0.15株式当たり)						—						—						—						(3,493)						—						(3,493)
その他の包括利益、税引後						—						—						—						—						63,464						63,464
当期純利益						—						—						—						114,229						—						114,229
2024年9月30日の残高						23,288,145						$	233					$	357,935					$	1,123,532					$	(46,751)					$	1,434,949

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目次

KINSALE CAPITAL GROUP, INC. 及び子会社

株主資本変動計算書（未監査）- 続き

						普通株式						普通株式						追加払込資本						利益剰余金						蓄積- 付けられた その他の 比較- 包括的 損失						合計 株式- ホルダーズ・エクイティ
						（千単位、1株あたりのデータを除く）
2022年12月31日現在の残高						23,090,526						$	231					$	347,015					$	533,121					$	(134,918)					$	745,449
株式ベースの報酬制度に基づく普通株式の発行						70,047						1						323						—						—						324
株式ベースの報酬費用						—						—						1,988						—						—						1,988
課税対象として源泉徴収されている制限付株式						(6,628)						—						(2,104)						—						—						(2,104)
配当金の申告額 ($)0.14 一株当たり)						—						—						—						(3,235)						—						(3,235)
その他の包括利益（税引後）						—						—						—						—						17,509						17,509
純利益						—						—						—						55,800						—						55,800
2023年3月31日現在の残高						23,153,945						232						347,222						585,686						(117,409)						815,731
株式ベースの報酬制度に基づく普通株式の発行						15,046						—						230						—						—						230
株式ベースの報酬費用						—						—						2,543						—						—						2,543
課税対象として源泉徴収されている制限付株式						(6,816)						—						(2,130)						—						—						(2,130)
配当金の申告額 ($)0.14 一株当たり)						—						—						—						(3,243)						—						(3,243)
その他の包括損失（税引後）						—						—						—						—						(14,107)						(14,107)
純利益						—						—						—						72,791						—						72,791
2023年6月30日の残高						23,162,175						232						347,865						655,234						(131,516)						871,815
株式ベースの報酬制度に基づく普通株式の発行						10,750						—						172						—						—						172
株式ベースの報酬費用						—						—						2,415						—						—						2,415
配当金の申告額 ($)0.14 一株当たり)						—						—						—						(3,244)						—						(3,244)
その他の包括損失（税引後）						—						—						—						—						(23,511)						(23,511)
純利益						—						—						—						76,115						—						76,115
2023年9月30日の残高						23,172,925						$	232					$	350,452					$	728,105					$	(155,027)					$	923,762

要約された連結財務諸表に付随する注記を参照してください。

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KINSALE CAPITAL GROUP, INC. 及び子会社

連結キャッシュフロー計算書 (未監査)

						9月30日までの9ヶ月間
						2024						2023
						（千米ドル単位）
営業活動:
営業活動によるキャッシュフロー						$	763,324					$	648,308
投資活動:
有形固定資産の購入						(13,157)						(5,501)
不動産投資の購入						(312)						(1,733)
不動産投資の売却						—						62,036
新規売変動、純額						5,730						13,071
購入−有償証券						(1,265,072)						(947,920)
購入−株式証券						(115,099)						(62,047)
売却−有償証券						274,168						204,416
売却−株式証券						34,230						7,503
満期と償還−有償証券						317,412						113,811
投資活動によるキャッシュフローの純流出						(762,100)						(616,364)
財務活動:
ノートの売却益						—						50,000
クレジット施設の償還						—						(62,000)
債務発行費用						—						(43)
シェアベースの支払いに伴う差し引かれ、納付された給与税						(6,965)						(4,234)
行使されたストックオプションからの受取金						1,203						726
配当支払い						(10,465)						(9,723)
資金調達活動に使用された純現金流入額						(16,227)						(25,274)
現金及び現金同等物の純変化						(15,003)						6,670
現金及び現金同等物の期首残高						126,694						156,274
期末の現金及び現金同等物						$	111,691					$	162,944

要約された連結財務諸表に付随する注記を参照してください。

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KINSALE CAPITAL GROUP, INC. 及び子会社

連結財務諸表注記 (未監査)

1.     

報告の概要

未監査の要約連結財務諸表および注記は、米国公認会計原則（"米国GAAP"）に準拠して四半期財務情報用に作成されており、完全な財務諸表に必要なすべての情報と脚注を含んでいません。そのため、これらの未監査の要約連結四半期財務諸表は、Kinsale Capital Group, Inc.およびその子会社（"同社"）の年次報告書（Form 10-k）に記載されている監査済連結財務諸表と併せて読まれるべきです。経営陣の見解では、未監査の要約連結財務諸表の公正な提示に必要なすべての調整が含まれています。そのような調整は通常の繰り返し項目のみから成り立っています。全ての重要なグループ企業間の残高と取引は連結において取り除かれています。四半期の結果は年間の業績を必ずしも示すものではありません。

米国一般に受け入れられている会計原則（「米国GAAP」）に従う簡易連結財務諸表の作成には、管理陣が報告された金額およびイベントに影響を与える財務情報および関連する注記開示に基づいて、収益年の収益を見積もる必要があります。これらの見積りは、現在の経済環境を含む適切な見解に基づいており、正確であると信じられていますが、一部の見積りには不確実性が伴う可能性があります。実際の結果は、これらの見積もりと異なる場合があります。主要な見積もりと仮定は、無形資産の有用寿命、無形資産と資本金の評価、および所得税に関するものです。

米国会計基準（U.S. GAAP）に準拠した簡易連結財務諸表の作成には、管理陣が資産と負債の報告金額、開示対象の資産および負債の見積もりと仮定を行う必要があります。もしあれば、簡易連結財務諸表の日付時点での収益と費用の報告金額に影響を与えるであろう、報告期間中の収益と費用の報告金額に影響を与えるであろう、見積もりが必要です。実際の結果は、これらの見積もりと異なる可能性があります。

将来の会計基準発表

ASU 2023-07、セグメント報告−報告セグメント開示の改善

2023年11月、FASBはASU 2023-07、「セグメント・レポーティング（Topic 280）：報告されるセグメント開示の改善」を発行しました。この規定は、主要執行決断者（CODM）に定期的に提供され、各セグメントの損益の報告指標内に含まれる重要な報告対象セグメント費用の開示を要求することで開示要件を拡大します。ASUはまた、CODMとして識別された個人の氏名および役職、およびCOmがいかにしてセグメントの業績を評価し、リソースの割り当て方法を決定するためにセグメントの損益の報告指標を使用するかについての説明を要求します。さらに、ASU 2023-07は、全セグメントの損益および資産の開示を、年次および四半期ごとに提供することを求めます。ASU 2023-07は2023年12月15日以降に始まる会計年度およびその1年後に始まる会計年度内の四半期に適用されます。早期適用が認められ、修正措置は過去すべての期間に対して溯れに適用される必要があります。会社は、このガイダンスの採用が連結財務諸表に実質的な影響を与えるとは予想していません。また、現在、会社は開示に与える影響を評価しています。

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2.     投資

有価証券類売却備蓄

以下のテーブルは、2024年9月30日および2023年12月31日時点の売り出し可能な投資を要約しています:

						2024年9月30日
						償却原価						総未実現利益						総未実現損失						貸倒引当金						目測公正価額
						（千米ドル単位）
固定債券:
米国財務省証券および米国政府機関の負債						$	15,160					$	18					$	(430)					$	—					$	14,748
州、市町村、政治的地方団体の債務						180,797						279						(17,192)						—						163,884
企業およびその他の証券						1,914,970						24,241						(37,114)						(63)						1,902,034
アセットバックド証券						745,541						8,781						(629)						—						753,693
住宅ローン担保証券						521,368						3,449						(41,037)						—						483,780
商業用ローン担保証券						150,839						1,517						(3,457)						—						148,899
総債権投資						$	3,528,675					$	38,285					$	(99,859)					$	(63)					$	3,467,038

						2023年12月31日
						償却原価						総未実現利益						総未実現損失						貸倒引当金						目測公正価額
						（千米ドル単位）
固定債券:
米国財務省証券および米国政府機関の債務						$	28,003					$	57					$	(806)					$	—					$	27,254
州、自治体、および政治的地方自治体の債務						191,080						212						(20,248)						—						171,044
企業およびその他の有価証券						1,437,468						5,532						(54,755)						(552)						1,387,693
アセットバックド証券						641,700						2,833						(2,773)						—						641,760
住宅ローン担保証券						463,904						1,732						(48,530)						—						417,106
商業用ローン担保証券						72,308						11						(5,416)						(1)						66,902
総固定満期投資						$	2,834,463					$	10,377					$	(132,528)					$	(553)					$	2,711,759

損失部位にある売出可能有価証券

企業は、未実現損失を被った全セクターの売買可能証券を定期的に見直し、その公正価値の下落が信用損失であると見なされるかどうかを評価します。企業は、信用損失の見直しを完了する際に、セキュリティの公正価値が原価を下回った程度や発行者の財務状況など、多くの要素を検討します。特定の発行者情報に加えて、企業は現在の市場と金利環境も評価します。一般的に、市場や金利環境の変化によってセキュリティの価値が下がった場合でも、これは信用損失とは見なされません。

固定満期証券については、会社はその証券を売却する意向があるかどうか、またはその証券を回収する前に売却する必要がある可能性が最も高いかどうか、契約上の期限が到来したときにすべての未払金を回収する能力も考慮しています。会社が固定満期証券を売却する意向があるか、または

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償還費用を回収する前に優先の証券を売却する必要がある可能性がある場合、会社は、投資ポートフォリオの再配置の決定、キャッシュフロー需要に対応するための投資の潜在的な売却、そして有利な価格設定を活用するための投資の潜在的な売却など、事実と状況を評価します。

償還期限付き証券について、公正価値の減少が償却原価以下であり、会社がその証券を売却する意向がある場合、または償却原価の回収前にその証券を売却する可能性が高い場合、損失は、査定時の証券の公正価値に基づいて当期純利益に認識されます。会社が売却する意向がない償還期限付き証券、または償却原価の回収前にその証券を売却する可能性が高くない証券については、会社は回収される現金流の見込額を証券の償却原価と比較します。キャッシュフロー分析における入力には、信用格付けに基づくデフォルト率と回収率が含まれます。回収される現金流の見込額が証券の償却原価を下回る割合は、損失の信用関連部分を表し、信用損失引当金を介して当期純利益に認識されます。残りの公正価値の減少は、その他包括利益に認識される、損失の信用非関連部分を表します。

会社は利用可能売却債券とは別に、債券経過利益と債券経過債権を別々に報告し、債券経過利益についての信用損失の貸借を計上しないことを選択しています。債券経過利益および債券経過債権は、債券発行者がデフォルトした場合または支払いがデフォルトすることが予想される時点で、収益から債務を処理します。

2024年9月30日、会社の信用損失審査の結果、信用損失の積立金が発生しました。 過去1週間は株主にとって大変な期間であったため、基本的なファンダメンタル分析を行い、何を学ぶことができるかを調べてみましょう。 証券を含む。 次の表は、2024年9月30日および2023年の3か月間および9か月間における売り払い可能証券に対する予想信用損失積立金の変動を示しています。

						9月30日までの3か月間												9月30日までの9ヶ月間
						2024						2023						2024						2023
						（千米ドル単位）
前日残高						$	67					$	422					$	553					$	366
信用損失が以前に記録されていなかった証券からの手当ての増加						—						1						—						1
期間中に売却された証券からの減少						—						—						(479)						(12)
期初に手当てを持っていた証券からの純（減少）増加						(4)						142						(11)						210
終了残高						$	63					$	565					$	63					$	565

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次の表は、証券が未実現損失の状態で連続している期間の長さ別に、売却可能な投資の損失と推定公正価値を要約しています。

						2024年9月30日
						12ヶ月未満												12ヶ月以上												総計
						目測公正価額						総未実現損失						目測公正価額						総未実現損失						目測公正価額						総未実現損失
						（千米ドル単位）
固定債券:
アメリカ合衆国財務省証券やアメリカ合衆国政府機関の債務						$	—					$	—					$	14,178					$	(430)					$	14,178					$	(430)
州、市町村、政治的地方団体の債務						11,653						(121)						124,714						(17,071)						136,367						(17,192)
企業およびその他の証券						53,750						(140)						512,074						(36,974)						565,824						(37,114)
アセットバックド証券						23,995						(104)						38,154						(525)						62,149						(629)
住宅ローン担保証券						7,450						(27)						255,572						(41,010)						263,022						(41,037)
商業用ローン担保証券						18,304						(77)						56,031						(3,380)						74,335						(3,457)
総債権投資						$	115,152					$	(469)					$	1,000,723					$	(99,390)					$	1,115,875					$	(99,859)

2024年9月30日、会社は保有していた 686 償還期限付き証券が、合計見込み公正価値約＄1.1 億ドルの未実現損失ポジションを持ち、総未実現損失は＄99.9 発行済株式の中で、 633 1年以上連続で未実現損失ポジションにあった。前述の通り、会社は投資ポートフォリオ内のすべての償還期限付き証券を定期的にレビューし、信用損失が発生しているかどうかを判断しています。2024年9月30日時点での会社のレビューに基づき、前述の証券を除いて、未実現損失は金利の変動やその他の市場要因によるものであり、信用に特定される問題ではありません。2024年9月30日時点で、会社の償還期限付き証券のうち 79.9% が「A-」以上の格付けを受け、会社のすべての償還期限付き証券は証券の契約条件に従って期待されるクーポン支払いをしました。

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						2023年12月31日
						12 か月未満												12か月以上												合計
						推定公正価値						未実現損失総額						推定公正価値						未実現損失総額						推定公正価値						未実現損失総額
						(千単位)
固定満期:
米国財務省の証券と米国政府機関の債務						$	—					$	—					$	15,484					$	(806)					$	15,484					$	(806)
州、自治体、行政区画の義務						20,886						(221)						121,911						(20,027)						142,797						(20,248)
企業証券およびその他の証券						246,355						(1,444)						651,525						(53,311)						897,880						(54,755)
資産担保証券						142,287						(872)						217,401						(1,901)						359,688						(2,773)
住宅ローン担保証券						26,158						(49)						268,891						(48,481)						295,049						(48,530)
商業用住宅ローン担保証券						8,775						(55)						56,731						(5,361)						65,506						(5,416)
固定満期投資総額						$	444,461					$	(2,641)					$	1,331,943					$	(129,887)					$	1,776,404					$	(132,528)

売出有価証券の契約満期

2024年9月30日の利用可能な有価証券の償却コストと推定公正価値は、契約満期別に以下のようにまとめられています：

						2024年9月30日
						償却済み						推定
						費用						公正価値
						(千単位)
期限が1年以内						$	355,278					$	355,263
1年後から5年後に期限切れ						1,090,396						1,093,854
5年後から10年後の期限						438,248						436,588
10 年後に期限切れ						227,005						194,961
資産担保証券						745,541						753,693
住宅ローン担保証券						521,368						483,780
商業用住宅ローン担保証券						150,839						148,899
定期満期証券の合計						$	3,528,675					$	3,467,038

債務者はコールや事前払い手数料を支払うことなく、債務をコールまたは事前払いする権利を有する場合があるため、予定満期は契約満期と異なる場合があります。また、貸し手は証券を債務者に返却する権利を有する場合もあります。

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不動産投資

不動産業投資は、投資目的で保有される直接所有の物件を表し、それぞれの時点での持ち分の$15.0$百万の売上高を認識しました14.8百万ドルが2024年9月30日および2023年12月31日にありました。 なし 不動産投資には、2024年9月30日および2023年12月31日において累積減価償却がありました。

純投資収益

次の表は、2024年と2023年の9か月および3か月が9月30日に終了した純投資収入の部品を示しています:

						9月30日までの3か月間												9月30日までの9ヶ月間
						2024						2023						2024						2023
						（千米ドル単位）
利息:
課税債券						$	38,009					$	24,644					$	103,871					$	63,672
非課税の市町村債券						391						522						1,225						1,704
現金同等物と短期投資						615						758						1,726						2,337
株式有価証券の配当						1,494						1,271						4,331						3,692
不動産投資収入						—						851						153						3,565
総投資収益						40,509						28,046						111,306						74,970
投資に関する費用						(865)						(960)						(2,882)						(3,017)
純投資収益						$	39,644					$	27,086					$	108,424					$	71,953

第1四半期には、第3レベルのアクティビティはありませんでした。なし 2024年9月30日までの3か月間および2023年9月30日までの9か月間における不動産投資に関する減価償却費、または2023年9月30日までの3か月間、同社が関連資産を売却した。投資経費には、2023年9月30日までの9か月間における不動産投資に関する減価償却費が含まれていました。0.52023年9月30日までの9か月間には、不動産投資に関する減価償却費が1百万ドル含まれていました。

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実現した投資利益および損失

次の表は、2024年と2023年の9か月間と9か月間に終了した投資の実現された利益および損失を示しています。

						9月30日までの3か月間												9月30日までの9ヶ月間
						2024						2023						2024						2023
						（千米ドル単位）
満期付き証券：
実現損益						$	114					$	74					$	1,055					$	1,811
実現損失						(90)						(51)						(1,129)						(2,268)
満期付き証券からの純実現（損失）利益						24						23						(74)						(457)
株式：
実現した利益						—						—						7,271						1,626
実現した損失						(31)						—						(455)						(4,487)
株式有価証券からの純実現した利益(損失)						(31)						—						6,816						(2,861)
短期投資の売却による実現した(損失)利益						(1)						1						—						(19)
不動産投資の売却による実現した(損)利益						—						4,250						(5)						4,250
実現可能な投資利益(損失)						$	(8)					$	4,274					$	6,737					$	913

株式の売却に伴う実現損益は、売買日からの総利益または損失を表します。連結損益計算書における未実現利益（損失）の変動は、次の2つの部品から構成されます：（1）売却された株式に関する前期に認識された利益または損失の逆転、および（2）保有されている株式におけるマークトゥマーケット調整による未実現利益または損失の変動。

固定満期証券の損益計上額の変動

2024年9月30日終了の三ヶ月間と2023年の固定成熟証券の未実現利益（損失）の変動は、それぞれ$80.3同($29.8)百万ドルです。2024年9月30日終了の九ヶ月間と2023年の固定成熟証券の未実現利益（損失）の変動は、それぞれ$60.6同($25.4)百万ドルです。

保険 – 法的保証金

会社は2024年9月30日および2023年12月31日に、$資産を州規制当局に預託していました。3.5百万ドルと$5.8 会社は2024年9月30日および2023年12月31日に、それぞれ数百万ドルの預金を州規制当局に預託していました。

購入した投資への支払い

その会社は、まだ決済されていない投資のために、2024年9月30日と2023年12月31日にそれぞれ$百万で支払可能な負債を計上しました。22.4百万ドルと$12.3 その支払可能な残高は、連結貸借対照表の「その他の負債」項目に含まれていました。

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3.     公正価値測定

公正な価値は、公正な価値会計指針に基づいて、各金融機関のクラスごとに推定されます。公正な価値とは、計測日に市場参加者間での取引を円滑に行うために資産の価格や負債の譲渡に支払われる価格とされています。市場参加者は独立し、知識豊富であり、取引を実施し、無理に行動していないと仮定されます。公正な価値のヒエラルキー開示は、公正な価値を計測する際に使用される入力の品質に基づいています。そのヒエラルキーは、同一の資産や負債に対する活発な市場での調整されていない引用価格（レベル1の計測）に最も優先度を与え、観測されていない入力（レベル3の計測）に最も低い優先度を与えています。取引価格や引用市場価格に対する調整が、不活発または混乱した市場では、公正な価値を推定するために必要とされる場合があります。

フェアバリューヒエラルキーの3つのレベルは次のように定義されています:

第1レベル - 評価方法論への入力は、市場で取引される同一の資産または負債の見積価格（未調整）です。

レベル2 - 評価方法論への入力には、活発な市場で類似の資産や負債に関する引用価格、非活発な市場で同一または類似の資産や負債に関する引用価格、資産や負債について観察可能な引用価格以外の入力、市場で確認されたその他の入力が含まれます。

レベル3-資産や負債に対する評価方法への入力は観測できず、公正価値の測定に重要です。

会社の投資ポートフォリオの公正価値は、投資会計ベンダーが提供する調整されていない価格を使用して、全国的に認識された第三者の価格付けサービスから取得された価格に基づいて推定されます。米国債、上場投資信託、一般株式の価値は、一般的に同一の資産についての活発な市場での引用された価格を使用しているLevel 1の入力に基づいています。その他の固定満期証券や譲渡不可の優先株に関しては、価格ベンダーは、市場アプローチを含む価格付けモデルを使用し、特定のセキュリティや類似した特性を持つ証券に関する価格と関連する市場情報を使用して評価を行います。これらの投資の公正価値の見積もりは、Level 2として開示された金額に含まれています。重要な入力が観測不可能である投資に関しては、会社の投資会計ベンダーが市場アプローチと収益アプローチの評価手法を使用して、価格ベンダーやブローカーから評価を取得し、Level 3として開示されます。

経営陣は、短縮連結財務諸表に含まれる投資価値の合理性を判断するため、いくつかの手続きを実施しています。その手続きには、1) 第三者価格サービスから公正価値を評価する会社の投資会計ベンダーからの内部統制レポートの入手とレビュー、2) 第三者価格サービスから取得した価格をレビューおよび検証するための会社の投資会計ベンダーとの討議、および3) 会社の投資会計ベンダーから受け取ったセキュリティの価格と個々のセキュリティレベルでの未実現された利益および損失の変化を監視することが含まれます。会社は、投資ポートフォリオ内の様々な種類の証券を評価し、取引活動と市場投入の可観性に基づいて適切な公正価値の階層レベルを判断しました。

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以下の表は、2024年9月30日および2023年12月31日時点での、定期的に評価された資産の残高を、公正価値ヒエラルキー内のレベル別に示しています:

						2024年9月30日
						派生負債 - 先物買付契約						レベル2						レベル3						総計
						（千米ドル単位）
資産
固定債券:
米国財務省証券および米国政府機関の負債						$	14,748					$	—					$	—					$	14,748
州、市町村、政治的地方団体の債務						—						163,884						—						163,884
企業およびその他の証券						—						1,902,034						—						1,902,034
アセットバックド証券						—						753,693						—						753,693
住宅ローン担保証券						—						483,780						—						483,780
商業用ローン担保証券						—						148,899						—						148,899
償還期間定款証券総額						14,748						3,452,290						—						3,467,038
株式：
取引所に上場する投資信託						126,620						—						—						126,620
償還不能の优先株						—						26,281						—						26,281
株式						212,725						—						—						212,725
株式証券の総額						339,345						26,281						—						365,626
総計						$	354,093					$	3,478,571					$	—					$	3,832,664

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						2023年12月31日
						レベル 1						レベル 2						レベル 3						合計
						(千単位)
資産
固定満期:
米国財務省の証券と米国政府機関の債務						$	22,235					$	5,019					$	—					$	27,254
州、自治体、行政区画の義務						—						171,044						—						171,044
企業証券およびその他の証券						—						1,387,693						—						1,387,693
資産担保証券						—						641,760						—						641,760
住宅ローン担保証券						—						417,106						—						417,106
商業用住宅ローン担保証券						—						66,902						—						66,902
定期満期証券の合計						22,235						2,689,524						—						2,711,759
株式証券:
上場投資信託						106,300						—						—						106,300
償還不可能な優先株式						—						33,173						—						33,173
普通株						95,340						—						—						95,340
株式総額						201,640						33,173						—						234,813
短期投資						1,862						3,727						—						5,589
合計						$	225,737					$	2,726,424					$	—					$	2,952,161

2024年9月30日または2023年12月31日現在、非再発生ベースで公正価値で計測された資産や負債はありませんでした。

会社の固定金利の優先債の簿価は$xxx万ドルであり、債務発行手数料を差し引いた金額であり、対応する推定公正価値は2024年9月30日と2023年12月31日にそれぞれ$xxx万ドルでした。175.0現在の市場金利を考慮に入れた割引キャッシュフロー分析に基づいて、公正価値計測が行われました。この方法論は、会社の信用プロファイルにおける類似の借入条件の市場金利を基にしているため、測定はレベル2として分類されています。175.8百万ドルと$171.62024年9月30日と2023年12月31日における会社のリボルビング信用施設の未返済借入金額の推定公正価値は、その簿価にほぼ等しかったです。会社の債務に関する詳細情報については、注釈13をご覧ください。

会社は資産ポートフォリオの一部として管理されている現金同等物を保有しており、これらの資産の短期的な償還期日のため、これらの投資の帳簿価額は公正な価値にほぼ等しいです。会社はそれぞれ2024年9月30日と2023年12月31日に、$の現金同等物を保有していました。18.6$百万の売上高を認識しました11.8百万

4. 信用損失の備忘録

保険料の受納総額

受取手数料残高は、信用損失のあり方を考慮した額から手数料残高を正面価格で表示しています。信用損失の額は、過去の損失データ、現在および将来の経済状況、および該当する場合には回収性への懸念の特定識別に基づいている未回収金の回収可能性を会社が評価した見積りを表します。 下の表は、2024年9月30日および2023年の三か月間および九か月間における受取手数料の信用損失の変化を示しています。

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						9月30日までの3か月間												9月30日までの9ヶ月間
						2024						2023						2024						2023
						（千米ドル単位）
前日残高						$	21,226					$	12,167					$	13,383					$	8,067
見込みの回収不能プレミアムの現在期間変更						2,596						2,341						12,938						7,459
回収不能なプレミアム債権の償却						(598)						(129)						(3,097)						(1,147)
終了残高						$	23,224					$	14,379					$	23,224					$	14,379

5.     先延ばしにされた保険政策取得費用

以下の表は、2024年と2023年9月30日終了時点の3か月と9か月間にわたる保険契約獲得費用の繰延および償却額を示しています:

						9月30日までの3か月間												9月30日までの9ヶ月間
						2024						2023						2024						2023
						（千米ドル単位）
期初残高						$	109,358					$	85,326					$	88,395					$	61,594
保険料取得コストを繰延
直接手数料						65,773						54,580						209,146						169,223
再保険手数料						(31,207)						(24,230)						(89,522)						(62,779)
その他の引受けおよび保険料取得コスト						3,765						1,623						10,418						7,511
保険取得費の繰延						38,331						31,973						130,042						113,955
純保険取得費の償却						(37,099)						(31,118)						(107,847)						(89,368)
期末の残高である。						$	110,590					$	86,181					$	110,590					$	86,181

手数料取得費の償却は、添付の連結損益計算書と包括利益計算書の「保険業費および獲得費、保険費」の項目に含まれています。

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6.     固定資産純額

資産および設備は、添付された連結貸借対照表の「その他の資産」に含まれ、以下のものから構成されています:

						2024年9月30日						2023年12月31日
						（千米ドル単位）
建物						$	37,190					$	37,181
駐車デッキ						5,072						5,072
土地						3,068						3,068
機器						4,315						3,958
ソフトウェア						18,916						15,375
家具設備						3,185						3,065
用地改良費						474						474
借地改良費						153						153
建設作業中 - 建物						16,568						6,623
有形固定資産						88,941						74,969
累計償却費						(15,252)						(11,565)
総資産合計額、純額						$	73,689					$	63,404

7.     アンダーライティング、獲得、および保険費用

2024年9月30日および2023年9月30日に終了した三ヶ月および九ヶ月の引受、取得および保険費用は次のとおりです：

						9月30日までの3か月間												9月30日までの9ヶ月間
						2024						2023						2024						2023
						（千米ドル単位）
保険契約の査定、取得および保険費用が発生しました:
直接手数料						$	66,039					$	53,035					$	187,169					$	143,181
再保険手数料						(32,297)						(23,396)						(88,483)						(59,882)
その他の保険販売費用						36,397						30,709						109,274						85,268
総計						$	70,139					$	60,348					$	207,960					$	168,567

その他のアンダーライティング、取得および保険費用に含まれるアンダーライティング費用、取得費用、保険費用には、それぞれ$の給与、ボーナス、従業員給付費用が含まれています。27.6百万ドルと$23.1 $については、2024年および2023年9月30日までの3か月間にそれぞれ百万ドルです。78.3百万ドルと$63.0 シェアの配当として、(ii) 2024年と2023年9月30日までの9か月間で、優先株式に支払われた配当は、$

8.    報酬期間中に支払われる想定のサービス期間を基に、オプションの公正価額を決定する必要があります。

2016年7月27日、Kinsale Capital Group、Inc.の2016オムニバスインセンティブプラン（以下「2016インセンティブプラン」といいます）が発効しました。2016年インセンティブプランは、企業の取締役会の報酬、指名および企業統治委員会によって管理され、役員、従業員、取締役、独立請負業者などに株式オプション、制限付き株式、制限付き株式ユニット、その他の株式ベースの賞与の付与を提供しています。

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コンサルタント。2016年度インセンティブプランの下で発行可能な普通株式の株式数は超えてはいけません。 2,073,832.

株式報酬計画による収益負担に対する合計補償コストは＄10.7百万ドルと$6.9 シェアの配当として、(ii) 2024年と2023年9月30日までの9か月間で、優先株式に支払われた配当は、$

制限株式の授与

2024年9月30日までの9か月間にわたり、会社は2016年のインセンティブプランの下で制限つき株式を授与しました。制限つき株式は授与日に評価され、グラントの日付に基づき分配される予定です。 1売上高 調整後 EBITDA の4 株式授与日の株式の閉鎖取引価格に基づいて制限つき株式の公正価値が決定されました。もし株式の取引がなかった場合、過去に株式が売却された最終日に基づきます。制限つき株の譲渡の制約以外には、未取得の制限つき株主は、議決権や配当を受け取る権利を含む、全ての株主の権利を持ちます。未取得の制限つき株と未払いの配当金があれば、サービス終了時または雇用終了時に失効します。

2024年9月30日までの9ヶ月間にわたる2016年のインセンティブプランに基づく制限株式取引の要約は次の通りです：

						九ヶ月終了 2024年9月30日
						株式数						株ごとの加重平均の付与日の公正価値
期首未発生で保留中						107,822						$	250.86
承諾されました						47,689						$	502.43
Vested						(41,502)						$	231.05
没収						(2,417)						$	283.11
期末時点で未実績の残高						111,592						$	366.18

従業員は、制限株式賞与の取得に伴う源泉徴収税の支払いに対応するために株式を譲渡します。2024年9月30日までの9か月間に、制限株式賞与の取得に伴う税金控除のために差し引かれた株式の合計は 14,234.

会社の制限付き株式授与の加重平均付与日公正価値は2024年9月30日までの9か月間に$です。502.43と $313.35、それぞれの時に付与された制限株式授与の公正価値は2024年9月30日までの9か月間に$です。19.8百万ドルと$12.6 百万ドル相当の制限付き株式授与が2024年9月30日時点で各々実現されていました。32.1 2024年9月30日時点で、会社は未認識の総株式報酬費用が$を超過し、加重平均期間で費用が発生することが予想されています。 2.4年数。

ストックオプション

2016年7月27日、取締役会が承認し、会社はオプションを付与しました。 1,036,916 株価は1株当たり$の初公開株価と同額の行使価格でした16.00 株価は1株当たり$の初公開株価と同額の加重平均付与日時点の公正価値でした2.71 最大契約期間は年間のオプションでした 10 年間分割で付与日から平等な年次割り当てが行われました 4 オプションの価値は、ブラック・ショールズの価格決定モデルを使用して付与日時に現在価値評価されました

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2024年9月30日時点のオプション取引の概要およびその時点での変化は以下に示されています。

						株式数						加重平均行使価格						契約残存年数の加重平均値						権利行使時の累積内在価値（千ドル）
2024年1月1日の未発行株式数						201,560						$	16.00
承諾されました						—						—
没収						—						—
行使						(75,188)						16.00
2024年9月30日時点で優れています						126,372						$	16.00					1.8						$	56,813
2024年9月30日に行使可能						126,372						$	16.00					1.8						$	56,813

オプション行使の固有価値総額は6月30日までの6か月間で$です。34.4百万ドルと$14.6 2024年9月30日までの9か月間にそれぞれ〇〇百万ドルと〇〇百万ドルに達しました。 

9.    一株当たり利益

以下は、希薄化後の1株当たり利益の基本的な計算と希薄化後の計算における分子と分母の調整を示しており、要約された連結財務諸表に含まれています。

						9月30日までの3か月間												9月30日までの9ヶ月間
						2024						2023						2024						2023
						(株式データ以外は、千の数字で表示されます)
当期純利益						$	114,229					$	76,115					$	305,749					$	204,706
基本的希薄化後株式平均数加重平均						23,175						23,058						23,150						23,036
希薄化後証券の影響:
株式オプションの変換						123						208						141						220
制限付き株の換金						37						49						42						42
稀薄化後の加重平均普通株式数						23,335						23,315						23,333						23,298
1株当たりの利益：
基本						$	4.93					$	3.30					$	13.21					$	8.89
希薄化後						$	4.90					$	3.26					$	13.10					$	8.79

There were 43,000 and zero anti-dilutive stock awards for the three months ended September 30, 2024 and 2023, respectively. There were 44,000 and 47,000 anti-dilutive stock awards for the nine months ended September 30, 2024 and 2023, respectively.

10. Income Taxes

The Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company's best estimate of the effective tax rate expected for the full year. The estimated

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annual effective tax rate typically differs from the U.S. statutory tax rate, primarily as a result of tax-exempt investment income and any discrete items recognized during the period. The Company's effective tax rates were 18.7% and 19.4% for the nine months ended September 30, 2024 and 2023, respectively. The effective tax rates were lower than the federal statutory rate of 21% due primarily to the tax benefits from stock-based compensation, including stock options exercised, and from income generated by certain tax-exempt investments.

11.     Reserves For Unpaid Losses and Loss Adjustment Expenses

The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses:

						September 30,
						2024						2023
						(in thousands)
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year						$	1,692,875					$	1,238,402
Less: reinsurance recoverable on unpaid losses						241,357						177,039
Net reserves for unpaid losses and loss adjustment expenses, beginning of year						1,451,518						1,061,363
Incurred losses and loss adjustment expenses:
Current year						608,423						470,235
Prior years						(28,072)						(28,607)
Total net losses and loss adjustment expenses incurred						580,351						441,628
Payments:
Current year						24,207						22,156
Prior years						156,992						136,380
Total payments						181,199						158,536
Net reserves for unpaid losses and loss adjustment expenses, end of period						1,850,670						1,344,455
Reinsurance recoverable on unpaid losses						310,093						220,452
Gross reserves for unpaid losses and loss adjustment expenses, end of period						$	2,160,763					$	1,564,907

During the nine months ended September 30, 2024, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2023 developed favorably by $28.1 million, of which $45.6 million was attributable to the 2021 through 2023 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 from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation and from the 2020 accident year due to a large property claim. Current accident year incurred losses and loss adjustment expenses for the nine months ended September 30, 2024 included $17.6 million of net catastrophe losses primarily related to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest.

During the nine months ended September 30, 2023, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2022 developed favorably by $28.6 million, of which $39.0 million was attributable to the 2021 and 2022 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 largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation.

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12.     Reinsurance

The following table summarizes the effect of reinsurance on premiums written and earned for the three and nine months ended September 30, 2024 and 2023:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in thousands)
Premiums written:
Direct						$	448,646					$	377,789					$	1,427,060					$	1,173,599
Ceded						(98,709)						(83,509)						(295,833)						(215,248)
Net written						$	349,937					$	294,280					$	1,131,227					$	958,351
Premiums earned:
Direct						$	450,583					$	362,689					$	1,283,710					$	982,922
Ceded						(101,831)						(81,187)						(292,979)						(207,216)
Net earned						$	348,752					$	281,502					$	990,731					$	775,706

The following table summarizes ceded losses and loss adjustment expenses for the three and nine months ended September 30, 2024 and 2023:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in thousands)
Ceded incurred losses and loss adjustment expenses						$	22,698					$	27,381					$	92,903					$	89,371

The following table presents reinsurance recoverables on paid and unpaid losses as of September 30, 2024 and December 31, 2023:

						September 30, 2024						December 31, 2023
						(in thousands)
Reinsurance recoverables on paid losses						$	8,543					$	6,479
Reinsurance recoverables on unpaid losses, net						310,093						241,357
Reinsurance recoverables, net						$	318,636					$	247,836

13.     Debt

Note Purchase and Private Shelf Agreement

On July 22, 2022, the Company entered into a Note Purchase and Private Shelf Agreement (as subsequently amended, the "Note Purchase Agreement") with PGIM, Inc. ("Prudential") and the purchasers of the Series A and Series B Senior Notes (as defined below). The Note Purchase Agreement provides for issuance of senior promissory notes with an aggregate principal amount of up to $200.0 million through September 18, 2026.

Pursuant to the Note Purchase Agreement, on July 22, 2022, the Company issued $125.0 million aggregate principal amount of 5.15% Series A Senior Notes Due July 22, 2034 (collectively, the "Series A Notes”), and on September

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18, 2023, the Company issued a $50.0 million aggregate principal amount 6.21% Series B Senior Note ("Series B Note") due July 22, 2034.

The Series A and B Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s Amended and Restated Credit Agreement.

Principal payments on the Series A Notes are required annually beginning on July 22, 2030 in equal installments of $25.0 million through July 22, 2034.

Principal payments on the Series B Note are required annually beginning on July 22, 2030 in equal installments of $10.0 million through July 22, 2034.

Credit Agreement

On July 22, 2022, the Company entered into an Amended and Restated Credit Agreement, with JPMorgan Chase Bank, N.A., as administrative agent and as issuing bank, Truist Bank, as syndication agent, and the lenders party thereto (collectively, the "Lenders"). The Amended and Restated Credit Agreement provides the Company with a $100.0 million senior unsecured revolving credit facility (the "Credit Facility"), with the option to increase the aggregate commitment by $30.0 million. The Company is required to pay a Commitment Fee Rate (as defined therein) of 0.25% on the average daily amount of the Available Revolving Commitment (as defined therein). Borrowings under the Amended and Restated Credit Agreement may be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness).

The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%. For the nine months ended September 30, 2024, the annual weighted-average interest rate of borrowings under the Credit Facility was 7.04%.

The following table presents the Company's outstanding debt as of September 30, 2024 and December 31, 2023:

						Issuance						Maturity						September 30, 2024						December 31, 2023
																		(in thousands)
Credit Facility						Various						7/22/2027						$	11,000					$	11,000
5.15% Series A Notes						7/22/2022						7/22/2034						125,000						125,000
6.21% Series B Note						9/18/2023						7/22/2034						50,000						50,000
Less: Unamortized debt issuance costs																		(1,947)						(2,154)
Total debt																		$	184,053					$	183,846

Both the Note Purchase Agreement and the Amended and Restated Credit Agreement contain representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of September 30, 2024, the Company was in compliance with all of its financial covenants under both the Note Purchase Agreement and the Credit Facility.

In October 2024, the covenants limiting restricted payments under the Note Purchase Agreement and Amended and Restated Credit Agreement were amended. The amendments allow the Company to make restricted payments so long as the aggregate amount of all such restricted payments does not exceed the greater of $300.0 million and 6.5% of the total assets of the Company and its subsidiaries at the end of the most recently completed fiscal quarter.

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14.     Other Comprehensive Income (Loss)

The following table summarizes the components of other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
						(in thousands)
Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes						$	80,292					$	(29,931)					$	60,816					$	(26,997)
Income tax (expense) benefit						(16,861)						6,286						(12,771)						5,670
Unrealized gains (losses) arising during the period, net of income taxes						63,431						(23,645)						48,045						(21,327)
Less reclassification adjustment:
Net realized losses on fixed-maturity securities, before income taxes						(46)						(27)						(264)						(1,343)
Income tax benefit						10						6						56						282
Reclassification adjustment included in net income						(36)						(21)						(208)						(1,061)
Change in allowance for credit losses on investments, before income taxes						4						(143)						490						(199)
Income tax (expense) benefit						(1)						30						(103)						42
Reclassification adjustment included in net income						3						(113)						387						(157)
Other comprehensive income (loss)						$	63,464					$	(23,511)					$	47,866					$	(20,109)

The sale or credit loss of an available-for-sale fixed-maturity security results in amounts being reclassified from accumulated other comprehensive income (loss) to realized gains or losses in current period earnings. The related tax effect of the reclassification adjustment is recorded in income tax expense in current period earnings. See Note 2 for additional information.

15.     Contingencies

Contingencies arise in the normal conduct of the Company’s operations and are not expected to have a material effect on the Company’s financial condition or results of operations. However, adverse outcomes are possible and could negatively affect the Company’s financial condition and results of operations.

In June 2019, Marie Hughes, as authorized administrator for the estate of George Hughes, filed a wrongful death claim against Venetian Hills Apartments, LLC ("Venetian Hills") in DeKalb County in Georgia state court. On December 20, 2023, the jury awarded a verdict to the plaintiff of $140.0 million.

Venetian Hills was a policyholder of a $1.0 million general liability policy issued by Kinsale Insurance. The Company believes exclusions in the policy apply to the claim and intends to defend any action related to this proceeding vigorously. The Company expects to appeal the verdict at the conclusion of post trial motions and does not expect a resolution as to the Company’s liability, if any, with respect to this matter in the foreseeable future, and potentially for multiple years.

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The Company does not believe this legal proceeding will have a material adverse effect on its results of operations or business. The Company believes adequate provision has been made in its consolidated financial statements and its existing reserves account for liabilities to the Company relating to claims such as this legal proceeding.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The discussion and analysis below include certain forward-looking statements that are subject to risks, uncertainties and other factors described in "Risk Factors" in this Quarterly Report on Form 10-Q and in the Annual Report on Form 10-K for the year ended December 31, 2023. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors.

The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2024, or for any other future period. The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in Part I, Item 1 of this Quarterly Report, and in conjunction with our audited consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023.

References to the "Company," "Kinsale," "we," "us," and "our" are to Kinsale Capital Group, Inc. and its subsidiaries, unless the context otherwise requires.

Overview

Founded in 2009, Kinsale is a specialty insurance company. Kinsale focuses exclusively on the excess and surplus lines ("E&S") market in the U.S., where we use our underwriting expertise to write coverages for hard-to-place small business risks and personal lines risks. We market these insurance products in all 50 states, the District of Columbia, the Commonwealth of Puerto Rico and the U.S. Virgin Islands, primarily through a network of independent insurance brokers.

We have one reportable segment, our Excess and Surplus Lines Insurance segment, which offers property and casualty ("P&C") insurance products through the E&S market. For the first nine months of 2024, the percentage breakdown of our gross written premiums was 67.0% casualty and 33.0% property. Our commercial underwriting divisions include commercial property, excess casualty, small business casualty, general casualty, construction, allied health, small business property, products liability, entertainment, energy, professional liability, life sciences, commercial auto, excess professional, environmental, inland marine, health care, management liability, public entity, aviation, ocean marine, product recall, railroad and agribusiness. We also write homeowners' coverage in the personal lines market, which in aggregate represented 2.5% of our gross written premiums in the first nine months of 2024.

Components of Our Results of Operations

Gross written premiums

Gross written premiums are the amounts received or to be received for insurance policies written or assumed by us during a specific period of time without reduction for policy acquisition costs, reinsurance costs or other deductions. The volume of our gross written premiums in any given period is generally influenced by:

•New business submissions;

•Conversion of new business submissions into policies;

•Renewals of existing policies; and

•Average size and premium rate of bound policies.

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We earn insurance premiums on a pro rata basis over the term of the policy. Our insurance policies generally have a term of one year. Net earned premiums represent the earned portion of our gross written premiums, less that portion of our gross written premiums that is ceded to third-party reinsurers under our reinsurance agreements.

Ceded written premiums

Ceded written premiums are the amount of gross written premiums ceded to reinsurers. We enter into reinsurance contracts to limit our exposure to potential large losses. Ceded written premiums are earned over the reinsurance contract period in proportion to the period of risk covered. The volume of our ceded written premiums is impacted by the level of our gross written premiums, any decision we make to increase or decrease retention levels and reinstatement premiums, if any.

Fee income

Fee income includes policy fees charged to insureds and is recognized in earnings when the related premium is written. Policy fees are a flat charge to insureds and fee income is impacted primarily by the volume of business we write.

Losses and loss adjustment expenses

Losses and loss adjustment expenses are a function of the amount and type of insurance contracts we write and the loss experience associated with the underlying coverage. In general, our losses and loss adjustment expenses are affected by:

•Frequency of claims associated with the particular types of insurance contracts that we write;

•Trends in the average size of losses incurred on a particular type of business;

•Mix of business written by us;

•Changes in the legal or regulatory environment related to the business we write;

•Trends in legal defense costs;

•Wage inflation

•Social inflation;

•Inflation in material costs, and

•Inflation in medical costs.

Losses and loss adjustment expenses are based on an actuarial analysis of the estimated losses, including losses incurred during the period and changes in estimates from prior periods. Losses and loss adjustment expenses may be paid out over a period of years.

Underwriting, acquisition and insurance expenses

Underwriting, acquisition and insurance expenses include policy acquisition costs and other underwriting expenses. Policy acquisition costs are principally composed of the commissions we pay our brokers, net of ceding commissions we receive on business ceded under certain reinsurance contracts. Policy acquisition costs also include underwriting expenses that are directly related to the successful acquisition of those policies which are deferred. The amortization of policy acquisition costs is charged to expense in proportion to premium earned over the policy life.

Other underwriting expenses represent the general and administrative expenses of our insurance business such as employment costs, telecommunication and technology costs, and legal and auditing fees.

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Net investment income

Net investment income is an important component of our results of operations. We earn investment income on our portfolio of cash and invested assets. Our cash and invested assets are primarily composed of fixed-maturity securities, and may also include cash equivalents, equity securities and short-term investments. The principal factors that influence net investment income are the size of our investment portfolio and the yield on that portfolio. As measured by amortized cost (which excludes changes in fair value), the size of our investment portfolio is mainly a function of our invested equity capital combined with premiums we receive from our insureds less payments on policyholder claims. Net investment income also includes rental income and depreciation expense from our real estate investment property, if any.

Change in fair value of equity securities

Change in fair value of equity securities represents the increase or decrease in the fair value of equity securities held during the period.

Net realized investment gains (losses)

Net realized investment gains (losses) are a function of the difference between the amount received by us on the sale of a security and the security's amortized cost.

Income tax expense

Currently, substantially all of our income tax expense relates to federal income taxes. Our insurance subsidiary, Kinsale Insurance Company, is not subject to income taxes in the states in which it operates; however, our non-insurance subsidiaries are subject to state income taxes, but have not generated any material taxable income to date. The amount of income tax expense or benefit recorded in future periods will depend on the jurisdictions in which we operate and the tax laws and regulations in effect.

Key metrics

We discuss certain key metrics, described below, which we believe provide useful information about our business and the operational factors underlying our financial performance.

Underwriting income is a non-GAAP financial measure. We define underwriting income as net income, excluding net investment income, net change in the fair value of equity securities, net realized investment gains and losses, change in allowance for credit losses on investments, interest expense, other income, other expenses and income tax expense. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to underwriting income.

Net operating earnings is a non-GAAP financial measure. We define net operating earnings as net income excluding the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes and change in allowance for credit losses on investments, after taxes. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.

Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income.

Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income.

Combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.

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Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period.

Operating return on equity is a non-GAAP financial measure. We define operating return on equity as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.

Net retention ratio is the ratio of net written premiums to gross written premiums.

Gross investment return is investment income from fixed-maturity and equity securities (and short-term investments, if any), before any deductions for fees and expenses, expressed as a percentage of the average beginning and ending book values of those investments during the period.

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Results of Operations

Three months ended September 30, 2024 compared to three months ended September 30, 2023

The following table summarizes our results of operations for the three months ended September 30, 2024 and 2023:

						Three Months Ended September 30,
($ in thousands)						2024						2023						Change						% Change
Gross written premiums						$	448,646					$	377,789					$	70,857					18.8		%
Ceded written premiums						(98,709)						(83,509)						(15,200)						18.2		%
Net written premiums						$	349,937					$	294,280					$	55,657					18.9		%
Net earned premiums						$	348,752					$	281,502					$	67,250					23.9		%
Fee income						8,489						6,841						1,648						24.1		%
Losses and loss adjustment expenses						200,240						155,552						44,688						28.7		%
Underwriting, acquisition and insurance expenses						70,139						60,348						9,791						16.2		%
Underwriting income (1)						86,862						72,443						14,419						19.9		%
Net investment income						39,644						27,086						12,558						46.4		%
Change in the fair value of equity securities						20,659						(5,533)						26,192						NM
Net realized investment gains (losses)						(8)						4,274						(4,282)						NM
Change in allowance for credit losses on investments						4						(143)						147						NM
Interest expense						(2,589)						(2,573)						(16)						0.6		%
Other expense, net						(174)						(61)						(113)						NM
Income before taxes						144,398						95,493						48,905						51.2		%
Income tax expense						30,169						19,378						10,791						55.7		%
Net income						$	114,229					$	76,115					$	38,114					50.1		%
Net operating earnings (2)						$	97,911					$	77,223					$	20,688					26.8		%
Loss ratio						56.1		%				53.9		%
Expense ratio						19.6		%				20.9		%
Combined ratio (3)						75.7		%				74.8		%
Annualized return on equity						33.9		%				33.9		%
Annualized operating return on equity (2)						29.1		%				34.4		%

NM - Percentage change not meaningful.

(1) Underwriting income is a non-GAAP financial measure. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to underwriting income.

(2) Net operating earnings and annualized operating return on equity are non-GAAP financial measures. Net operating earnings is defined as net income excluding the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Annualized operating return on equity is defined as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.

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(3) The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding.

Net income was $114.2 million for the three months ended September 30, 2024 compared to $76.1 million for the three months ended September 30, 2023, an increase of 50.1%. The increase in net income for the third quarter of 2024 from the same period last year was primarily due to higher returns on equity investments, continued profitable growth and an increase in investment income driven by higher investment balances and higher interest rates.

Underwriting income was $86.9 million for the three months ended September 30, 2024 compared to $72.4 million for the three months ended September 30, 2023, an increase of 19.9%. The corresponding combined ratios were 75.7% for the three months ended September 30, 2024 compared to 74.8% for the three months ended September 30, 2023. The increase in underwriting income in the third quarter of 2024 compared to the third quarter of 2023 was primarily due to a combination of premium growth and lower relative net commissions offset in part by higher catastrophe losses during the period.

Premiums

Gross written premiums were $448.6 million for the three months ended September 30, 2024 compared to $377.8 million for the three months ended September 30, 2023, an increase of $70.9 million, or 18.8%. The increase in gross written premiums for the third quarter of 2024 over the same period last year was due to higher submission activity from brokers and a favorable, yet increasingly competitive, pricing environment. The average premium per policy written was approximately $14,500 in the third quarter of 2024 compared to approximately $14,400 in the third quarter of 2023. Excluding our personal lines insurance, which has a relatively low premium per policy written, the average premium per policy written was approximately $15,300 in the third quarter of 2024 compared to $15,500 in the third quarter of 2023.

Net written premiums increased by $55.7 million, or 18.9%, to $349.9 million for the three months ended September 30, 2024 from $294.3 million for the three months ended September 30, 2023. The increase in net written premiums for the third quarter of 2024 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 78.0% for the three months ended September 30, 2024 compared to 77.9% for the three months ended September 30, 2023.

Net earned premiums increased by $67.3 million, or 23.9%, to $348.8 million for the three months ended September 30, 2024 from $281.5 million for the three months ended September 30, 2023 and was directly related to growth in gross written premiums.

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Loss ratio

The following table summarizes the loss ratios for the three months ended September 30, 2024 and 2023:

						Three Months Ended September 30,
						2024												2023
($ in thousands)						Losses and Loss Adjustment Expenses						% of Sum of Earned Premiums and Fee Income						Losses and Loss Adjustment Expenses						% of Sum of Earned Premiums and Fee Income
Loss ratio:
Current accident year before catastrophe losses						$	196,750					55.1		%				$	163,545					56.7		%
Current year catastrophe losses						13,615						3.8		%				1,154						0.4		%
Effect of prior year development						(10,125)						(2.8)		%				(9,147)						(3.2)		%
Total						$	200,240					56.1		%				$	155,552					53.9		%

The loss ratio was 56.1% for the three months ended September 30, 2024 compared to 53.9% for the three months ended September 30, 2023. The increase in the loss ratio in the third quarter of 2024 compared to the third quarter of 2023 was due primarily to higher catastrophe losses incurred and lower relative net favorable development of loss reserves from prior accident years. Net catastrophe losses incurred during the third quarter of 2024 were primarily attributable to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest.

During the three months ended September 30, 2024, prior accident years developed favorably by $10.1 million, of which $14.9 million was attributable to the 2021 through 2023 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 largely from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation.

During the three months ended September 30, 2023, prior accident years developed favorably by $9.1 million, of which $12.0 million was attributable to the 2021 and 2022 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 largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation.

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Expense ratio

The following table summarizes the components of the expense ratio for the three months ended September 30, 2024 and 2023:

						Three Months Ended September 30,
						2024												2023
($ in thousands)						Underwriting Expenses						% of Sum of Earned Premiums and Fee Income						Underwriting Expenses						% of Sum of Earned Premiums and Fee Income
Net commissions incurred						33,742						9.4		%				29,639						10.3		%
Other underwriting expenses						36,397						10.2		%				30,709						10.6		%
Underwriting, acquisition and insurance expenses						$	70,139					19.6		%				$	60,348					20.9		%

The expense ratio was 19.6% for the three months ended September 30, 2024 compared to 20.9% for the three months ended September 30, 2023. The expense ratio continues to benefit from higher ceding commissions earned under the commercial property quota share treaty as a result of commercial property premium growth. Direct commissions paid as a percent of gross written premiums was 14.7% and 14.6% for the three months ended September 30, 2024 and 2023, respectively.

Investing results

The following table summarizes net investment income, change in the fair value of equity securities and net realized investment (losses) gains for the three months ended September 30, 2024 and 2023:

						Three Months Ended September 30,
($ in thousands)						2024						2023						Change
Interest from fixed-maturity securities						$	38,400					$	25,166					$	13,234
Dividends from equity securities						1,494						1,271						223
Cash equivalents and short-term investments						615						758						(143)
Real estate investment income						—						851						(851)
Gross investment income						40,509						28,046						12,463
Investment expenses						(865)						(960)						95
Net investment income						39,644						27,086						12,558
Change in the fair value of equity securities						20,659						(5,533)						26,192
Net realized investment (losses) gains						(8)						4,274						(4,282)
Change in allowance for credit losses on investments						4						(143)						147
Net realized and unrealized investment gains (losses)						20,655						(1,402)						22,057
Total						$	60,299					$	25,684					$	34,615

Net investment income increased by 46.4% to $39.6 million for the three months ended September 30, 2024 from $27.1 million for the three months ended September 30, 2023. This increase was primarily due to growth in our investment portfolio generated from the investment of strong operating cash flows and higher interest rates relative to the prior year period. Our investment portfolio, excluding cash equivalents and unrealized gains and losses, had an annualized gross investment return of 4.4% and 4.1% for the three months ended September 30, 2024 and 2023, respectively.

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During the third quarter of 2024, the change in fair value of equity securities included changes in unrealized gains related to common stocks of $13.1 million and exchange traded funds ("ETFs") of $6.9 million and unrealized gains related to non-redeemable preferred stock of $0.7 million. The change in the fair value of ETFs and common stocks during the third quarter of 2024 reflected changes in the broader U.S. stock market.

During the third quarter of 2023, the change in fair value of equity securities included unrealized losses related to ETFs of $(3.6) million, unrealized losses related to common stocks of $(2.1) million and unrealized gains related to non-redeemable preferred stock of $0.2 million. The change in the fair value of ETFs and common stocks during the third quarter of 2023 reflected changes in the broader U.S. stock market.

During the third quarter of 2023, net realized investment gains of $4.3 million primarily related to the sale of a portion of our real estate investment property.

Income tax expense

Our effective tax rate was 20.9% for the three months ended September 30, 2024 compared to 20.3% for the three months ended September 30, 2023. The effective tax rates were lower than the federal statutory rate of 21% due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income.

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Nine months ended September 30, 2024 compared to nine months ended September 30, 2023

The following table summarizes our results of operations for the nine months ended September 30, 2024 and 2023:

						Nine Months Ended September 30,
($ in thousands)						2024						2023						Change						% Change
Gross written premiums						$	1,427,060					$	1,173,599					$	253,461					21.6		%
Ceded written premiums						(295,833)						(215,248)						(80,585)						37.4		%
Net written premiums						$	1,131,227					$	958,351					$	172,876					18.0		%
Net earned premiums						$	990,731					$	775,706					$	215,025					27.7		%
Fee income						25,572						20,028						5,544						27.7		%
Losses and loss adjustment expenses						580,351						441,628						138,723						31.4		%
Underwriting, acquisition and insurance expenses						207,960						168,567						39,393						23.4		%
Underwriting income (1)						227,992						185,539						42,453						22.9		%
Net investment income						108,424						71,953						36,471						50.7		%
Change in fair value of equity securities						41,871						3,796						38,075						NM
Net realized investment gains						6,737						913						5,824						NM
Change in allowance for credit losses on investments						490						(199)						689						NM
Interest expense						(7,575)						(7,867)						292						(3.7)		%
Other expense, net						(1,874)						(139)						(1,735)						NM
Income before taxes						376,065						253,996						122,069						48.1		%
Income tax expense						70,316						49,290						21,026						42.7		%
Net income						$	305,749					$	204,706					$	101,043					49.4		%
Net operating earnings (2)						$	266,962					$	201,143					$	65,819					32.7		%
Loss ratio						57.1		%				55.5		%
Expense ratio						20.5		%				21.2		%
Combined ratio (3)						77.6		%				76.7		%
Annualized return on equity						32.3		%				32.7		%
Annualized operating return on equity (2)						28.2		%				32.1		%

NM - Percentage change not meaningful.

(1) Underwriting income is a non-GAAP financial measure. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to underwriting income.

(2) Net operating earnings and annualized operating return on equity are non-GAAP financial measures. Net operating earnings is defined as net income excluding the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Annualized operating return on equity is defined as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.

(3) The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding.

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Overview

Net income was $305.7 million for the nine months ended September 30, 2024 compared to $204.7 million for the nine months ended September 30, 2023, an increase of 49.4%. The increase in net income for the first nine months of 2024 over the same period last year was primarily due to a combination of continued profitable growth, higher returns on equity investments, and an increase in investment income driven by both higher investment balances and higher interest rates.

Underwriting income was $228.0 million for the nine months ended September 30, 2024 compared to $185.5 million for the nine months ended September 30, 2023, an increase of 22.9%. The corresponding combined ratios were 77.6% for the nine months ended September 30, 2024 compared to 76.7% for the nine months ended September 30, 2023. The increase in underwriting income for the first nine months of 2024 compared to the same period last year was primarily due to a combination of premium growth and lower relative net commissions, offset in part by higher catastrophe losses during the period.

Premiums

Gross written premiums were $1.4 billion for the nine months ended September 30, 2024 compared to $1.2 billion for the nine months ended September 30, 2023, an increase of $253.5 million, or 21.6%. The increase in gross written premiums for the first nine months of 2024 over the same period last year was due to higher submission activity from brokers and a favorable, yet increasingly competitive, pricing environment. The average premium per policy written was $15,400 in the first nine months of 2024 compared to $15,300 in the first nine months of 2023. Excluding our personal insurance division, which has a relatively low premium per policy written, the average premium per policy written was $16,200 for the first nine months of 2024 and $16,500 for the first nine months of 2023.

Net written premiums increased by $172.9 million, or 18.0%, to $1.1 billion for the nine months ended September 30, 2024 from $958.4 million for the nine months ended September 30, 2023. The increase in net written premiums for the first nine months of 2024 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 79.3% for the nine months ended September 30, 2024 compared to 81.7% for the same period last year. The decrease in the net retention ratio was primarily due to a higher cession rate on the commercial property quota share treaty effective with the June 2023 renewal, offset in part by an increase in our retention on our casualty treaty effective with the June 2024 renewal.

Net earned premiums increased by $215.0 million, or 27.7%, to $990.7 million for the nine months ended September 30, 2024 from $775.7 million for the nine months ended September 30, 2023 due to growth in gross written premiums.

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Loss ratio

The following table summarizes the loss ratios for the nine months ended September 30, 2024 and 2023:

						Nine Months Ended September 30,
						2024												2023
($ in thousands)						Losses and Loss Adjustment Expenses						% of Sum of Earned Premiums and Fee Income						Losses and Loss Adjustment Expenses						% of Sum of Earned Premiums and Fee Income
Loss ratio:
Current accident year before catastrophe losses						$	590,810					58.1		%				$	466,056					58.6		%
Current year catastrophe losses						17,613						1.7		%				4,179						0.5		%
Effect of prior year development						(28,072)						(2.7)		%				(28,607)						(3.6)		%
Total						$	580,351					57.1		%				$	441,628					55.5		%

The loss ratio was 57.1% for the nine months ended September 30, 2024 compared to 55.5% for the nine months ended September 30, 2023. The increase in the loss ratio in the first nine months of 2024 compared to the first nine months of 2023 was due primarily to higher catastrophe losses incurred in the period and lower relative net favorable development of loss reserves from prior accident years. Net catastrophe losses incurred during the nine months ended September 30, 2024 were primarily attributable to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest.

During the nine months ended September 30, 2024, prior accident years developed favorably by $28.1 million, of which $45.6 million was attributable to the 2021 through 2023 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 from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation and from the 2020 accident year due to a large property claim.

During the nine months ended September 30, 2023, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2022 developed favorably by $28.6 million, of which $39.0 million was attributable to the 2021 and 2022 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 largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation.

Expense ratio

The following table summarizes the components of the expense ratio for the nine months ended September 30, 2024 and 2023:

						Nine Months Ended September 30,
						2024												2023
($ in thousands)						Underwriting Expenses						% of Sum of Earned Premiums and Fee Income						Underwriting Expenses						% of Sum of Earned Premiums and Fee Income
Net commissions incurred						98,686						9.7		%				83,299						10.5		%
Other underwriting expenses						109,274						10.8		%				85,268						10.7		%
Total						$	207,960					20.5		%				$	168,567					21.2		%

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The expense ratio was 20.5% for the nine months ended September 30, 2024 compared to 21.2% for the nine months ended September 30, 2023. The decrease in the expense ratio was primarily due to lower relative net commissions due to higher ceding commissions earned under the commercial property quota share treaty as a result of commercial property premium growth. Direct commissions paid as a percentage of gross written premiums was 14.7% and 14.5% for the nine months ended September 30, 2024 and 2023, respectively.

Investing results

The following table summarizes net investment income, change in the fair value of equity securities and net realized investment gains (losses) for the nine months ended September 30, 2024 and 2023:

						Nine Months Ended September 30,
($ in thousands)						2024						2023						Change
Interest from fixed-maturity securities						$	105,096					$	65,376					$	39,720
Dividends from equity securities						4,331						3,692						639
Cash equivalents and short-term investments						1,726						2,337						(611)
Real estate investment income						153						3,565						(3,412)
Gross investment income						111,306						74,970						36,336
Investment expenses						(2,882)						(3,017)						135
Net investment income						108,424						71,953						36,471
Change in fair value of equity securities						41,871						3,796						38,075
Net realized investment gains						6,737						913						5,824
Change in allowance for credit losses on investments						490						(199)						689
Net realized and unrealized investment gains						49,098						4,510						44,588
Total						$	157,522					$	76,463					$	81,059

Net investment income increased by 50.7% to $108.4 million for the nine months ended September 30, 2024 from $72.0 million for the nine months ended September 30, 2023. The increase in the first nine months of 2024 compared to the same period last year was primarily due to growth in our investment portfolio largely generated from the investment of strong operating cash flows and higher interest rates relative to the prior year period. Our investment portfolio, excluding cash equivalents and unrealized gains and losses, had an annualized gross investment return of 4.3% and 3.9% for the nine months ended September 30, 2024 and 2023, respectively.

During the first nine months of 2024, the change in fair value of equity securities of $41.9 million included changes in unrealized gains related to common stocks of $25.4 million and ETFs of $13.2 million and changes in unrealized gains related to non-redeemable preferred stock of $3.3 million. The change in the fair value of common stocks and ETFs during the first nine months of 2024 primarily reflected higher valuations in the broader U.S. stock market and the change in fair value of preferred stock relates primarily to the disposition of certain preferred stock securities in a loss position.

During the first nine months of 2023, the change in fair value of equity securities included unrealized gains related to ETFs and common stocks of $2.7 million and unrealized gains related to non-redeemable preferred stock of $1.1 million. The change in the fair value of ETFs and common stocks during the first nine months of 2023 primarily reflected changes in the broader U.S. stock market.

During the first nine months of 2024, net realized investment gains of $6.7 million were primarily related to sales of ETFs due to opportunistic repositioning of our equity portfolio. During the first nine months of 2023, net realized investment gains of $0.9 million included a realized gain of $4.3 million from the sale of a portion of our real estate

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investment property, offset by realized investment losses primarily related to disposing of securities issued by certain banking and financial institutions.

We perform quarterly reviews of all available-for-sale securities within our investment portfolio to determine whether the decline in a security's fair value is deemed to be a credit loss. Based on our review, we recorded a reduction to the allowance for credit losses at September 30, 2024 of $0.5 million. See Note 2 of the notes to the consolidated financial statements for further information regarding credit losses.

Income tax expense

Our effective tax rate was 18.7% for the nine months ended September 30, 2024 compared to 19.4% for the nine months ended September 30, 2023. The effective tax rate was lower than the federal statutory rate of 21% primarily due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income.

Return on equity

Our annualized return on equity was 32.3% for the nine months ended September 30, 2024 compared to 32.7% for the nine months ended September 30, 2023. Our annualized operating return on equity was 28.2% for the nine months ended September 30, 2024 compared to 32.1% for the nine months ended September 30, 2023. The decrease in annualized operating return on equity for the nine months ended September 30, 2024 compared to the prior period was due primarily to higher average stockholders' equity as a result of profitable growth and an increase in the fair value of our fixed income portfolio offset in part by higher net operating earnings.

Liquidity and Capital Resources

Sources and uses of funds

We are organized as a Delaware holding company with our operations primarily conducted by our wholly-owned insurance subsidiary, Kinsale Insurance Company, which is domiciled in Arkansas. Accordingly, we may receive cash through (1) loans from banks and other third parties, (2) issuance of equity and debt securities, (3) corporate service fees from our insurance subsidiary, (4) payments from our subsidiaries pursuant to our consolidated tax allocation agreement and other transactions, and (5) dividends from our insurance subsidiary. We may use the proceeds from these sources to contribute funds to Kinsale Insurance Company in order to support premium growth, reduce our reliance on reinsurance, pay dividends and taxes and for other business purposes.

We receive corporate service fees from Kinsale Insurance Company to reimburse us for most of the operating expenses that we incur. Reimbursement of expenses through corporate service fees is based on the actual costs that we expect to incur with no mark-up above our expected costs.

In August 2022, we filed a universal shelf registration statement with the SEC that expires in 2025. We can use this shelf registration to issue an unspecified amount of common stock, preferred stock, depositary shares and warrants. The specific terms of any securities we issue under this registration statement will be provided in the applicable prospectus supplements.

In 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 time in open market purchases, privately-negotiated transactions, block purchases, accelerated share repurchase agreements or a combination of methods and pursuant to safe harbors provided by Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934. The timing, manner, price and amount of any repurchases under the share repurchase program will be determined by the Company in its discretion. The stock repurchase program does

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not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time.

In July 2022, we entered into a Note Purchase and Private Shelf Agreement (the "Note Purchase Agreement"), which provides for the issuance of senior promissory notes with an aggregate principal amount of up to $150.0 million. In September 2023, we amended the Note Purchase Agreement, which increased the authorized aggregate principal amount of senior promissory notes that may be issued thereunder to $200.0 million.

Pursuant to the Note Purchase Agreement, on July 22, 2022 we issued $125.0 million aggregate principal amount of 5.15% senior promissory notes (the “Series A Notes”) and on September 18, 2023 we issued a $50.0 million aggregate principal amount 6.21% senior promissory note (the "Series B Note"), the proceeds of which were used to fund surplus at Kinsale Insurance Company, refinance indebtedness and for general corporate purposes. See Note 13 for further information regarding the Note Purchase Agreement.

In July 2022, we entered into an Amended and Restated Credit Agreement, which extended the maturity date to July 22, 2027, and increased the aggregate commitment to $100.0 million, with the option to increase the aggregate commitment by $30.0 million, subject to certain conditions. Borrowings under the Amended and Restated Credit Agreement may be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness). See Note 13 for further information regarding the Amended and Restated Credit Agreement.

In connection with the share repurchase authorization, in October 2024, the covenants limiting restricted payments under the Note Purchase Agreement and Amended and Restated Credit Agreement were amended. The amendments allow the Company to make restricted payments so long as the aggregate amount of all such restricted payments does not exceed the greater of $300.0 million and 6.5% of the total assets of the Company and its subsidiaries at the end of the most recently completed fiscal quarter.

Management believes that the Company has sufficient liquidity available both in Kinsale and in its insurance subsidiary, Kinsale Insurance Company, as well as in its other operating subsidiaries, to meet its operating cash needs and obligations and committed capital expenditures for the next 12 months.

Cash flows

Our most significant source of cash is from premiums received from our insureds, which we generally receive at the beginning of the coverage period. Our most significant cash outflow is for claims that arise when a policyholder incurs an insured loss. Because the payment of claims occurs after the receipt of the premium, often years later, we invest the cash in various investment securities that earn interest and dividends. We also use cash to pay commissions to insurance brokers, as well as to pay for ongoing operating expenses such as salaries, consulting services and taxes. As described under "—Reinsurance" below, we use reinsurance to help manage the risk that we take related to the issuance of our policies. We cede, or pay out, part of the premiums we receive to our reinsurers and collect cash back when losses subject to our reinsurance coverage are paid.

The timing of our cash flows from operating activities can vary among periods due to the timing by which payments are made or received. Some of our payments and receipts, including loss settlements and subsequent reinsurance receipts, can be significant, so their timing can influence cash flows from operating activities in any given period. Management believes that cash receipts from premiums, proceeds from investment sales and redemptions and investment income are sufficient to cover cash outflows in the foreseeable future.

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Our cash flows for the nine months ended September 30, 2024 and 2023 were:

						Nine Months Ended September 30,
						2024						2023
						(in thousands)
Cash and cash equivalents provided by (used in):
Operating activities						$	763,324					$	648,308
Investing activities						(762,100)						(616,364)
Financing activities						(16,227)						(25,274)
Change in cash and cash equivalents						$	(15,003)					$	6,670

Net cash provided by operating activities was approximately $763.3 million for the nine months ended September 30, 2024 compared to $648.3 million for the same period in 2023. This increase was largely driven by higher premium volume and the timing of claim payments and reinsurance recoveries.

Net cash used in investing activities was $762.1 million for the nine months ended September 30, 2024 compared to $616.4 million for the nine months ended September 30, 2023. Net cash used in investing activities during the first nine months of 2024 included purchases of fixed-maturity securities of $1.3 billion, which included primarily corporate bonds, asset- and mortgage-backed securities, and to a lesser extent, municipal securities and U.S. Treasuries. During the first nine months of 2024, we received proceeds of $274.2 million from sales of fixed-maturity securities, largely corporate bonds, mortgage- and asset-backed securities, municipal securities, U.S. Treasuries and government agency bonds and $317.4 million from redemptions and maturities of asset- and mortgage-backed securities and corporate bonds. For the nine months ended September 30, 2024, purchases of equity securities of $115.1 million consisted of common stocks and ETFs. During the first nine months of 2024, we received proceeds of $34.2 million primarily from sales of ETFs and common stocks and, to a lesser extent, calls of non-redeemable preferred stock.

Net cash used in investing activities of $616.4 million for the nine months ended September 30, 2023 included purchases of fixed-maturity securities of $947.9 million, which were comprised largely of corporate bonds, asset- and mortgage-backed securities, and to a lesser extent, U.S. Treasuries and municipal securities. During the first nine months of 2023, we received proceeds of $204.4 million from sales of fixed-maturity securities, largely corporate bonds, asset-backed securities and municipal securities and $113.8 million from redemptions and maturities of asset- and mortgage-backed securities and corporate bonds. For the nine months ended September 30, 2023, purchases of equity securities of $62.0 million consisted of common stocks. During the first nine months of 2023, we received proceeds of $7.5 million from sales of equity securities, primarily ETFs and common stocks. In addition, net sales of short-term investments of $13.1 million consisted of U.S. Treasuries and corporate bonds. Net cash used in investing activities also included proceeds of $62.0 million from the sale of a portion of our real estate investment property in the third quarter of 2023.

During the first nine months of 2024, cash used in financing reflected dividends paid of $0.45 per common share, or $10.5 million in aggregate. In addition, for the nine months ended September 30, 2024, payroll taxes withheld and remitted on restricted stock awards were $7.0 million, offset in part by proceeds received from our equity compensation plans of $1.2 million.

During the first nine months of 2023, cash used in financing activities reflected proceeds of $50.0 million from the issuance of the Series B Note on September 18, 2023. Proceeds from the sale of our real estate investment were used to pay down $62.0 million from our Credit Facility. Financing activities also reflected dividends paid of $0.42 per common share, or $9.7 million in aggregate. In addition, for the nine months ended September 30, 2023, payroll

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taxes withheld and remitted on restricted stock awards were $4.2 million, offset in part by proceeds received from our equity compensation plans of $0.7 million.

Reinsurance

We enter into reinsurance contracts primarily to limit our exposure to potential large losses. Reinsurance involves an insurance company transferring ("ceding") a portion of its exposure on a risk to another insurer, the reinsurer. The reinsurer assumes the exposure in return for a portion of the premium. Our reinsurance is primarily contracted under quota-share reinsurance treaties and excess of loss treaties. In quota-share reinsurance, the reinsurer agrees to assume a specified percentage of the ceding company's losses arising out of a defined class of business in exchange for a corresponding percentage of premiums, net of a ceding commission. In excess of loss reinsurance, the reinsurer agrees to assume all or a portion of the ceding company's losses, in excess of a specified amount. Under excess of loss reinsurance, the premium payable to the reinsurer is negotiated by the parties based on their assessment of the amount of risk being ceded to the reinsurer because the reinsurer does not share proportionately in the ceding company's losses.

We renew our reinsurance treaties annually. During each renewal cycle, there are a number of factors we consider when determining our reinsurance coverage, including (1) plans to change the underlying insurance coverage we offer, (2) trends in loss activity, (3) the level of our capital and surplus, (4) changes in our risk appetite and (5) the cost and availability of reinsurance coverage.

To manage our natural catastrophe exposure, we use computer models to analyze the risk of severe losses. We measure exposure to these losses in terms of probable maximum loss ("PML"), which is an estimate of the amount of loss we would expect to meet or exceed once in a given number of years (referred to as the return period). When managing our catastrophe exposure, we generally focus on the 100-year and the 250-year return periods.

The following is a summary of our significant reinsurance programs as of September 30, 2024:

Line of Business Covered

Company Policy Limit

Reinsurance Coverage

Company Retention

Property (1)

Up to $10.0 million per occurrence

50% up to $379.8 million per catastrophe

50% of commercial property losses

Property - catastrophe (2)

N/A

$175.0 million excess of $60.0 million

$60.0 million per catastrophe

Primary casualty (3)

Up to $10.0 million per occurrence

$8.0 million excess of $2.0 million

$2.0 million per occurrence

Excess casualty (4)

Up to $10.0 million per occurrence

Variable quota share

$2.5 million per occurrence as described in note (4) below

(1)    Our property quota-share reinsurance reduces the financial impact of property losses on our commercial property, small business property, high value homeowners and inland marine policies up to a loss recovery of $189.9 million for an event. This reinsurance is not applicable to any individual policy with a limit of $2.0 million or less.

(2)    Our property catastrophe reinsurance reduces the financial impact of a catastrophe event involving multiple claims and policyholders. Our property catastrophe reinsurance includes a reinstatement provision which requires us to pay reinstatement premiums after a loss has occurred in order to preserve coverage. Including the reinstatement of coverage, the maximum aggregate loss recovery limit is $350.0 million. This coverage applies after the coverage provided by the commercial property quota-share treaty.

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(3)    This reinsurance is not applicable to any individual policy with a per-occurrence limit of $2.0 million or less.

(4)    For excess casualty policies with a per-occurrence limit higher than $2.5 million, the ceding percentage varies such that the retention is always $2.5 million or less. For example, for a $5.0 million limit excess policy, our retention would be 50%, whereas for a $10.0 million limit excess policy, our retention would be 25%. For policies for which we also write an underlying primary limit, the combined retention on the primary and excess policies would not exceed $2.5 million. This reinsurance is not applicable to any individual policy with a per-occurrence limit of $2.5 million or less.

Reinsurance contracts do not relieve us from our obligations to policyholders. Failure of the reinsurer to honor its obligation could result in losses to us, and therefore, we established an allowance for credit risk based on historical analysis of credit losses for highly rated companies in the insurance industry. In formulating our reinsurance programs, we are selective in our choice of reinsurers and we consider numerous factors, the most important of which are the financial stability of the reinsurer, its history of responding to claims and its overall reputation. In an effort to minimize our exposure to the insolvency of our reinsurers, we review the financial condition of each reinsurer annually. In addition, we continually monitor for rating downgrades involving any of our reinsurers. At September 30, 2024, all reinsurance contracts that our insurance subsidiary was a party to were with companies with A.M. Best ratings of "A-" (Excellent) or better. As of September 30, 2024, we recorded an allowance for credit losses of $0.9 million related to our reinsurance balances.

Ratings

Kinsale Insurance Company has a financial strength rating of "A" (Excellent) with a stable outlook from A.M. Best. A.M. Best assigns ratings to insurance companies, which currently range from "A++" (Superior) to "F" (In Liquidation). "A" (Excellent) is the third highest rating issued by A.M. Best. The "A" (Excellent) rating is assigned to insurers that have, in A.M. Best's opinion, an excellent ability to meet their ongoing obligations to policyholders. This rating is intended to provide an independent opinion of an insurer's ability to meet its obligation to policyholders and is not an evaluation directed at investors.

The financial strength ratings assigned by A.M. Best have an impact on the ability of the insurance companies to attract and retain agents and brokers and on the risk profiles of the submissions for insurance that the insurance companies receive. The "A" (Excellent) rating obtained by Kinsale Insurance Company is consistent with our business plan and allows us to actively pursue relationships with the agents and brokers identified in our marketing plan.

Financial Condition

Stockholders' equity

At September 30, 2024, total stockholders' equity and tangible stockholders' equity were $1.4 billion compared to total stockholders' equity and tangible stockholders' equity of $1.1 billion at December 31, 2023. The increases in both total and tangible stockholders' equity over the prior year-end balances were due to profits generated during the period, an increase in the fair value of our fixed-maturity investments and net activity related to stock-based compensation plans, offset in part by payment of dividends. Tangible stockholders’ equity is a non-GAAP financial measure. See "—Reconciliation of non-GAAP financial measures" for a reconciliation of stockholders' equity in accordance with GAAP to tangible stockholders' equity.

Investment portfolio

At September 30, 2024, our cash and invested assets of $4.0 billion consisted of fixed-maturity securities, equity securities, cash and cash equivalents and real estate investments. At September 30, 2024, the majority of the investment portfolio was composed of fixed-maturity securities of $3.5 billion that were classified as available-for-

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sale. Available-for-sale investments are carried at fair value with unrealized gains and losses on these securities, net of applicable taxes, reported as a separate component of accumulated other comprehensive income. At September 30, 2024, we also held $365.6 million of equity securities, which included ETFs, common stocks and non-redeemable preferred stock, $111.7 million of cash and cash equivalents and $15.0 million of real estate investments.

Our fixed-maturity securities, including cash equivalents, had a weighted average duration of 3.1 years and 2.8 years at September 30, 2024 and December 31, 2023, respectively and an average rating of "AA-" at both September 30, 2024 and December 31, 2023.

At September 30, 2024 and December 31, 2023, the amortized cost and estimated fair value on fixed-maturity securities were as follows:

						September 30, 2024																		December 31, 2023
						Amortized Cost						Estimated Fair Value						% of Total Fair Value						Amortized Cost						Estimated Fair Value						% of Total Fair Value
						($ in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies						$	15,160					$	14,748					0.4		%				$	28,003					$	27,254					1.0		%
Obligations of states, municipalities and political subdivisions						180,797						163,884						4.7		%				191,080						171,044						6.3		%
Corporate and other securities						1,914,970						1,902,034						54.9		%				1,437,468						1,387,693						51.2		%
Asset-backed securities						745,541						753,693						21.7		%				641,700						641,760						23.7		%
Residential mortgage-backed securities						521,368						483,780						14.0		%				463,904						417,106						15.4		%
Commercial mortgage-backed securities						150,839						148,899						4.3		%				72,308						66,902						2.4		%
Total fixed-maturity securities						$	3,528,675					$	3,467,038					100.0		%				$	2,834,463					$	2,711,759					100.0		%

The table below summarizes the credit quality of our fixed-maturity securities at September 30, 2024 and December 31, 2023, as rated by Standard & Poor’s Financial Services, LLC ("Standard & Poor's"):

						September 30, 2024												December 31, 2023
Standard & Poor’s or Equivalent Designation						Estimated Fair Value						% of Total						Estimated Fair Value						% of Total
						($ in thousands)
AAA						$	1,003,025					28.9		%				$	773,649					28.5		%
AA						657,354						19.0		%				626,287						23.1		%
A						1,108,182						32.0		%				859,706						31.7		%
BBB						618,558						17.8		%				384,539						14.2		%
Below BBB and unrated						79,919						2.3		%				67,578						2.5		%
Total						$	3,467,038					100.0		%				$	2,711,759					100.0		%

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The amortized cost and estimated fair value of our fixed-maturity securities summarized by contractual maturity as of September 30, 2024 and December 31, 2023, were as follows:

						September 30, 2024																		December 31, 2023
						Amortized Cost						Estimated Fair Value						% of Total Fair Value						Amortized Cost						Estimated Fair Value						% of Total Fair Value
						($ in thousands)
Due in one year or less						$	355,278					$	355,263					10.2		%				$	193,054					$	191,792					7.1		%
Due after one year through five years						1,090,396						1,093,854						31.6		%				1,051,112						1,038,158						38.3		%
Due after five years through ten years						438,248						436,588						12.6		%				184,603						167,555						6.2		%
Due after ten years						227,005						194,961						5.6		%				227,782						188,486						6.9		%
Asset-backed securities						745,541						753,693						21.7		%				641,700						641,760						23.7		%
Residential mortgage-backed securities						521,368						483,780						14.0		%				463,904						417,106						15.4		%
Commercial mortgage-backed securities						150,839						148,899						4.3		%				72,308						66,902						2.4		%
Total fixed-maturity securities						$	3,528,675					$	3,467,038					100.0		%				$	2,834,463					$	2,711,759					100.0		%

Actual maturities may differ from contractual maturities because some borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Restricted investments

In order to conduct business in certain states, we are required to maintain letters of credit or assets on deposit to support state-mandated insurance regulatory requirements and to comply with certain third-party agreements. Assets held on deposit or in trust accounts are primarily in the form of high-grade securities. The fair value of our restricted assets was $3.5 million and $5.8 million at September 30, 2024 and December 31, 2023, respectively.

Reconciliation of Non-GAAP Financial Measures

Reconciliation of underwriting income

Underwriting income is a non-GAAP financial measure that we believe is useful in evaluating our underwriting performance without regard to investment income. Underwriting income is defined as net income excluding net investment income, the net change in the fair value of equity securities, net realized investment gains and losses, change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. We use underwriting income as an internal performance measure in the management of our operations because we believe it gives us and users of our financial information useful insight into our results of operations and our underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.

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Net income for the three and nine months ended September 30, 2024 and 2023, reconciles to underwriting income as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
($ in thousands)						2024						2023						2024						2023
Net income						$	114,229					$	76,115					$	305,749					$	204,706
Income tax expense						30,169						19,378						70,316						49,290
Income before income taxes						144,398						95,493						376,065						253,996
Net investment income						(39,644)						(27,086)						(108,424)						(71,953)
Change in the fair value of equity securities						(20,659)						5,533						(41,871)						(3,796)
Net realized investment (gains) losses						8						(4,274)						(6,737)						(913)
Change in allowance for credit losses on investments						(4)						143						(490)						199
Interest expense						2,589						2,573						7,575						7,867
Other expenses (1)						692						401						3,451						1,220
Other income						(518)						(340)						(1,577)						(1,081)
Underwriting income						$	86,862					$	72,443					$	227,992					$	185,539

(1) Other expenses includes primarily corporate expenses not allocated to our insurance operations.

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Reconciliation of net operating earnings

Net operating earnings is defined as net income excluding the effects of the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and the change in allowance for credit losses on investments, after taxes. We believe the exclusion of these items provides a useful comparison of our underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.

Net income for the three and nine months ended September 30, 2024 and 2023, reconciles to net operating earnings as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
($ in thousands)						2024						2023						2024						2023
Net income						$	114,229					$	76,115					$	305,749					$	204,706
Adjustments:
Change in the fair value of equity securities, before taxes						(20,659)						5,533						(41,871)						(3,796)
Income tax expense (benefit) (1)						4,338						(1,162)						8,793						797
Change in the fair value of equity securities, after taxes						(16,321)						4,371						(33,078)						(2,999)
Net realized investment (gains) losses, before taxes						8						(4,274)						(6,737)						(913)
Income tax expense (benefit) (1)						(2)						898						1,415						192
Net realized investment (gains) losses, after taxes						6						(3,376)						(5,322)						(721)
Change in allowance for credit losses on investments, before taxes						(4)						143						(490)						199
Income tax expense (benefit) (1)						1						(30)						103						(42)
Change in allowance for credit losses on investments, after taxes						(3)						113						(387)						157
Net operating earnings						$	97,911					$	77,223					$	266,962					$	201,143
Operating return on equity:
Average stockholders' equity (2)						$	1,346,076					$	897,789					$	1,260,891					$	834,606
Annualized return on equity (3)						33.9		%				33.9		%				32.3		%				32.7		%
Annualized operating return on equity (4)						29.1		%				34.4		%				28.2		%				32.1		%

(1) Income taxes on adjustments to reconcile net income to net operating earnings use an effective tax rate of 21%.

(2) Average stockholders' equity is computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.

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(3) Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

(4) Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

Reconciliation of tangible stockholders' equity

Tangible stockholders’ equity is defined as total stockholders’ equity less intangible assets, net of deferred taxes. Our definition of tangible stockholders’ equity may not be comparable to that of other companies, and it should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders' equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.

Stockholders' equity at September 30, 2024 and December 31, 2023, reconciles to tangible stockholders' equity as follows:

($ in thousands)						September 30, 2024						December 31, 2023
Stockholders' equity						$	1,434,949					$	1,086,832
Less: intangible assets, net of deferred taxes						2,795						2,795
Tangible stockholders' equity						$	1,432,154					$	1,084,037

Critical Accounting Estimates

We identified the accounting estimates which are critical to the understanding of our financial position and results of operations. Critical accounting estimates are defined as those estimates that are both important to the portrayal of our financial condition and results of operations and require us to exercise significant judgment. We use significant judgment concerning future results and developments in applying these critical accounting estimates and in preparing our condensed consolidated financial statements. These judgments and estimates affect our reported amounts of assets, liabilities, revenues and expenses and the disclosure of our material contingent assets and liabilities, if any. Actual results may differ materially from the estimates and assumptions used in preparing the condensed consolidated financial statements. We evaluate our estimates regularly using information that we believe to be relevant. Our critical accounting policies and estimates are described in our annual consolidated financial statements and the related notes in our Annual Report on Form 10-K for the year ended December 31, 2023.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument as the result of changes in interest rates, equity prices, foreign currency exchange rates and commodity prices. Our primary market risks have been equity price risk associated with investments in equity securities and interest rate risk associated with investments in fixed maturities. We do not have any material exposure to foreign currency exchange rate risk or commodity risk.

There have been no material changes in market risk from the information provided in our Annual Report on Form 10-K for the year ended December 31, 2023.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file under the Securities Exchange Act of 1934 (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate, to allow timely decisions regarding required financial disclosure.

As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures defined under Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of that date.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting during the third quarter of 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

The effectiveness of any system of controls and procedures is subject to certain limitations, and, as a result, there can be no assurance that our controls and procedures will detect all errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be attained.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are party to legal proceedings which arise in the ordinary course of business. We believe that the outcome of such matters, individually and in the aggregate, will not have a material adverse effect on our condensed consolidated financial position. Refer to Note 15 of the notes to the condensed consolidated financial statements for further information regarding legal proceedings.

Item 1A. Risk Factors

There have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K

for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 5. Other Information

Entry into a Material Definitive Agreement

On October 22, 2024, the Company entered into:

• Second Amendment to the Note Purchase and Private Shelf Agreement (the "NPA Amendment") with PGIM, Inc. and the other noteholders party thereto; and

• Amendment No. 2 to the Amended and Restated Credit Agreement (the "Credit Agreement Amendment") with JPMorgan Chase Bank, N.A., as administrative agent and as a lender, Truist Bank, as a lender, and CIBC Bank USA, as a lender.

Each of the Note Purchase and Private Shelf Agreement and Amended and Restated Credit Agreement contain a restrictive covenant limiting Restricted Payments (as defined therein) and contained a general basket allowing for Restricted Payments of up to $100,000,000. The NPA Amendment and Credit Agreement Amendment amended each general basket to allow the Company to make Restricted Payments up to an aggregate amount of the greater of $300,000,000 and 6.5% of the total assets of the Company and its subsidiaries at the end of the most recently completed fiscal quarter.

The NPA Amendment amended Paragraph 6H(vi) of the Note Purchase and Private Shelf Agreement by deleting the reference to "$100,000,000" therein and replacing it with "the greater of (x) $300,000,000 and (y) 6.5% of the Total Assets of the Company and its consolidated Subsidiaries as of the end of the most recently completed fiscal quarter".

The Credit Agreement Amendment amended Section 6.08(f) of the Amended and Restated Credit Agreement by deleting the reference to "$100,000,000" therein and replacing it with “the greater of (x) $300,000,000 and (y) 6.5% of the Total Assets of the Borrower and its consolidated Subsidiaries as of the end of the most recently completed fiscal quarter” in its place.

The foregoing descriptions of the NPA Amendment and the Credit Agreement Amendment do not purport to be complete and are qualified in their entirety by reference to the full and complete terms contained in the NPA Amendment and the Credit Agreement Amendment, a copy of each of which is attached as an exhibit hereto.

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Securities Trading Plans of Directors and Executive Officers

Transactions in our securities by our non-employee directors and executive officers are required to be made in accordance with our Policy on the Prevention of Insider Trading and Selective Disclosure (the "Insider Trading Policy"), which, among other things, requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading Policy permits our non-employee directors and executive officers to enter into trading plans designed to comply with Rule 10b5-1.

During the third quarter of 2024, none of our non-employee directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading plan or adopted, modified or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

Item 6. Exhibits

Exhibit Number						Description
3.1						Second Amended and Restated Certificate of Incorporation of Kinsale Capital Group, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 24, 2018)
3.2						Amended and Restated By-Laws of Kinsale Capital Group, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 18, 2023)
10.1						Second Amendment to the Note Purchase and Private Shelf Agreement, dated as of October 22, 2024, among Kinsale Capital Group, Inc., PGIM, Inc. and the other noteholders party thereto
10.2						Amendment No. 2 to the Amended and Restated Credit Agreement, dated as of October 22, 2024, among Kinsale Capital Group, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as lender, Truist Bank, as lender, and CIBC Bank USA, as lender
31.1						Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2						Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*						Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*						Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS **						XBRL Instance Document
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						XBRL Taxonomy Extension Label Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* This certification is deemed not filed for purposes of section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

** The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						KINSALE CAPITAL GROUP, INC.
Date: October 24, 2024			By:			/s/ Michael P. Kehoe
						Michael P. Kehoe Chairman and Chief Executive Officer
Date: October 24, 2024			By:			/s/ Bryan P. Petrucelli
						Bryan P. Petrucelli Executive Vice President, Chief Financial Officer and Treasurer

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