[10-Q] Kinsale Capital Group, Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

Coca-Cola Consolidated (COKE) Q2-25 10-Q highlights

• Net sales rose 3.3% YoY to $1.86 bn; first-half sales up 1.4% to $3.44 bn.
• Gross profit +3.6% to $742 m; gross margin steady at 40.0%.
• Operating income +5.0% to $272 m; operating margin 14.7% (+30 bp).
• Net income increased 8.5% to $187 m; diluted EPS $2.15 (+16%). First-half EPS $3.34 (-8%).
• Interest expense swung to a $6 m cost from a $2 m benefit YoY, reflecting higher average debt after 2024 bond issuance.
• Mark-to-market expense on acquisition-related contingent consideration fell to $12 m vs $28 m, easing below-the-line pressure.
• 1H-25 operating cash flow slipped 7% to $406 m; capex $157 m kept free cash flow modest.
• Cash & equivalents climbed to $1.22 bn; total debt unchanged at $1.79 bn, leaving net debt of $0.57 bn.
• Equity strengthened to $1.63 bn as retained earnings rose and buybacks ($35 m) reduced share count under the $1 bn program.
• Dividend lifted to $0.25 per share post 10-for-1 split effective 27-May-25.

Takeaway: Stable volume-driven revenue growth and cost discipline are expanding margins, but higher financing costs and softer first-half earnings temper the story. Robust liquidity and active capital returns support shareholder value.

Positive

• EPS growth: Q2 diluted EPS rose 16% YoY to $2.15 on margin expansion and lower below-line charges.
• Margin improvement: Operating margin climbed 30 bp to 14.7% despite higher input costs.
• Strong liquidity: Cash & cash equivalents increased to $1.22 bn, supporting capital allocation flexibility.
• Shareholder returns: $35 m buybacks and dividend hike to $0.25 per share strengthen capital-return profile.
• Reduced contingent burden: Mark-to-market expense on contingent consideration down 56% YoY.

Negative

• 1H earnings contraction: First-half net income fell 14% and EPS slipped 8% YoY.
• Higher interest expense: Net interest swung to a $12.8 m cost YTD after prior-year benefit, pressuring net profit.
• Operating cash flow decline: 1H-25 OCF down 7% to $406 m, moderating free cash flow.
• Large contingent liabilities: Future acquisition-related payments total $675 m, limiting financial flexibility.
• Rising treasury share cost: Treasury stock balance expanded to $162 m, signaling continued outflows.

Insights

Equity Research Analyst

TL;DR: Solid Q2 beat on EPS and margins; watch first-half softness and rising interest costs.

COKE’s 3% top-line growth was modest, yet management held gross margin at 40% and expanded operating margin to 14.7%. EPS outpaced sales thanks to lower contingent consideration charges and aggressive buybacks. The balance sheet remains healthy—$1.2 bn cash vs $1.8 bn debt—giving flexibility for further repurchases and the raised dividend. Offsetting positives, 1H-25 EPS fell 8% and operating cash flow declined, signaling tougher comps and higher funding costs ahead. With no guidance provided, sentiment hinges on volume trends and cost inflation into 2H.

Portfolio Manager

TL;DR: Margins and cash cushion justify constructive stance despite slower 1H growth.

The quarter confirms COKE’s resilience: pricing and mix offset cost pressures, and management is redeploying capital via a scalable $1 bn buyback and a 5× higher dividend (post-split) while still replenishing cash. Leverage is manageable at ~1.4× EBITDA and contingent payments are largely self-funded. Although 1H earnings dipped, the 10-for-1 split broadens liquidity and could attract retail flow. I view the filing as incrementally positive and remain overweight given stable fundamentals and shareholder-friendly policies.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2025

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to _______

Commission File Number: 001-37848

			KINSALE CAPITAL GROUP, INC.
			(Exact name of registrant as specified in its charter)
Delaware						98-0664337
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

2035 Maywill Street

Suite 100

Richmond, Virginia 23230

(Address of principal executive offices, including zip code)

(804) 289-1300

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.01 per share			KNSL			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐     No  ☒

Number of shares of the registrant's common stock outstanding at July 18, 2025: 23,300,001

Table of Contents

KINSALE CAPITAL GROUP, INC.

TABLE OF CONTENTS

									Page
PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements						4
			Consolidated Balance Sheets at June 30, 2025 (Unaudited) and December 31, 2024						4
			Consolidated Statements of Income and Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2025 and 2024						5
			Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for Each Quarter Within the Six Months Ended June 30, 2025 and 2024						6
			Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2025 and 2024						7
			Notes to Condensed Consolidated Financial Statements (Unaudited)						8
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations						29
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						51
Item 4.			Controls and Procedures						51
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings						53
Item 1A.			Risk Factors						53
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						53
Item 5.			Other Information						53
Item 6.			Exhibits						54
			Signatures						56

1

Table of Contents

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that does not directly relate to historical or current fact. These statements may discuss, among others, our future financial performance, our business prospects and strategy, our anticipated financial position, liquidity and capital, dividends and general market and industry conditions. You can identify forward-looking statements by words such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar terms. Forward-looking statements are based on management’s current expectations and assumptions about future events, which are subject to uncertainties, risks and changes in circumstances that are difficult to predict. These statements are only predictions and are not guarantees of future performance. Actual results may differ materially from those contemplated by a forward-looking statement. Factors that may cause such differences include, without limitation:

•the possibility that our loss reserves may be inadequate to cover our actual losses, which could have a material adverse effect on our financial condition, results of operations and cash flows;

•the inherent uncertainty of models resulting in actual losses that are materially different than our estimates;

•the failure of any of the loss limitations or exclusions we employ, or change in other claims or coverage issues, having a material adverse effect on our financial condition or results of operations;

•the inability to obtain reinsurance coverage at reasonable prices and on terms that adequately protect us;

•the possibility that severe weather conditions and catastrophes, including due to climate change, pandemics and similar events adversely affecting our business, results of operations and financial condition;

•adverse economic factors, including recession, inflation, periods of high unemployment or lower economic activity resulting in the sale of fewer policies than expected or an increase in frequency or severity of claims and premium defaults or both, affecting our growth and profitability;

•a decline in our financial strength rating adversely affecting the amount of business we write;

•the potential loss of one or more key executives or an inability to attract and retain qualified personnel adversely affecting our results of operations;

•our reliance on a select group of brokers;

•the changing market conditions of our excess and surplus lines ("E&S") insurance operations, as well as the cyclical nature of our business, affecting our financial performance;

•our employees taking excessive risks;

•the intense competition for business in our industry;

•the effects of litigation having an adverse effect on our business;

•the performance of our investment portfolio adversely affecting our financial results;

•the ability to pay dividends being dependent on our ability to obtain cash dividends or other permitted payments from our insurance subsidiary;

•being forced to sell investments to meet our liquidity requirements;

2

Table of Contents

•our credit agreements contain a number of financial and other covenants, the breach of which could result in acceleration of payment of amounts due under our borrowings;

•extensive regulation adversely affecting our ability to achieve our business objectives or the failure to comply with these regulations adversely affecting our financial condition and results of operations; and

•the other risks and uncertainties discussed in Part I, Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2024 and Part II, Item 1A of the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025.

Forward-looking statements speak only as of the date on which they are made. Except as expressly required under federal securities laws or the rules and regulations of the Securities and Exchange Commission ("SEC"), we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

3

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (Unaudited)

						June 30, 2025						December 31, 2024
						(in thousands, except share and per share data)
Assets
Investments:
Fixed-maturity securities, available for sale, at fair value (amortized cost: $3,991,871, allowance for credit losses: $42 – 2025; $3,663,031 and $27 – 2024)						$	3,918,078					$	3,537,563
Equity securities, at fair value (cost: $397,586 – 2025; $313,722 – 2024)						513,882						398,359
Real estate investments, net						15,045						15,045
Short-term investments						34,310						3,714
Total investments						4,481,315						3,954,681
Cash and cash equivalents						138,101						113,213
Investment income due and accrued						30,936						27,366
Premiums and fees receivable, net of allowance for credit losses of $26,906 – 2025; $26,926 – 2024						168,366						140,027
Reinsurance recoverables, net of allowance for credit losses of $994 – 2025; $932 – 2024						387,279						337,891
Ceded unearned premiums						54,421						52,736
Deferred policy acquisition costs, net of ceding commissions						124,070						109,263
Intangible assets						3,538						3,538
Deferred income tax asset, net						45,097						60,215
Other assets						123,403						87,774
Total assets						$	5,556,526					$	4,886,704
Liabilities and Stockholders' Equity
Liabilities:
Reserves for unpaid losses and loss adjustment expenses						$	2,623,653					$	2,285,668
Unearned premiums						921,136						828,449
Payable to reinsurers						41,620						43,959
Accounts payable and accrued expenses						38,232						55,159
Debt						184,260						184,122
Other liabilities						25,052						5,786
Total liabilities						3,833,953						3,403,143
Stockholders’ equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 23,368,407 and 23,299,124 shares issued and outstanding at June 30, 2025; 23,294,783 and 23,272,157 shares issued and outstanding at December 31, 2024						234						233
Additional paid-in capital						364,138						361,398
Retained earnings						1,444,571						1,229,136
Accumulated other comprehensive loss						(56,371)						(97,206)
Treasury stock, at cost (69,283 shares – 2025, 22,626 – 2024)						(29,999)						(10,000)
Total stockholders’ equity						1,722,573						1,483,561
Total liabilities and stockholders’ equity						$	5,556,526					$	4,886,704

See accompanying notes to condensed consolidated financial statements.

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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Income and Comprehensive Income (Unaudited)

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands, except per share data)
Revenues:
Gross written premiums						$	555,522					$	529,770					$	1,039,797					$	978,414
Ceded written premiums						(96,822)						(99,534)						(199,392)						(197,124)
Net written premiums						458,700						430,236						840,405						781,290
Change in unearned premiums						(75,087)						(97,775)						(91,002)						(139,311)
Net earned premiums						383,613						332,461						749,403						641,979
Fee income						10,796						8,991						20,355						17,083
Net investment income						46,473						35,847						90,292						68,780
Change in the fair value of equity securities						28,621						3,159						31,659						21,212
Net realized investment gains						136						2,879						673						6,745
Change in allowance for credit losses on investments						5						476						(15)						486
Other income						170						740						844						1,059
Total revenues						469,814						384,553						893,211						757,344
Expenses:
Losses and loss adjustment expenses						217,359						193,325						450,335						380,111
Underwriting, acquisition and insurance expenses						81,597						72,068						156,509						137,821
Interest expense						2,557						2,564						5,095						4,986
Other expenses						12						796						672						2,759
Total expenses						301,525						268,753						612,611						525,677
Income before income taxes						168,289						115,800						280,600						231,667
Total income tax expense						34,168						23,221						57,252						40,147
Net income						134,121						92,579						223,348						191,520
Other comprehensive income (loss):
Change in net unrealized losses on available-for-sale investments, net of taxes						14,453						(5,658)						40,835						(15,598)
Total comprehensive income						$	148,574					$	86,921					$	264,183					$	175,922

Earnings per share:
Basic						$	5.79					$	4.00					$	9.64					$	8.28
Diluted						$	5.76					$	3.97					$	9.59					$	8.21
Weighted-average shares outstanding:
Basic						23,175						23,165						23,172						23,137
Diluted						23,291						23,329						23,301						23,332

See accompanying notes to condensed consolidated financial statements.

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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Stockholders' Equity (Unaudited)

						Shares of Common Stock						Common Stock						Additional Paid-in Capital						Retained Earnings						Accumu- lated  Other Compre- hensive Loss						Treasury Stock, at Cost						Total Stock- holders' Equity
						(in thousands, except share and per share data)
Balance at December 31, 2024						23,272,157						$	233					$	361,398					$	1,229,136					$	(97,206)					$	(10,000)					$	1,483,561
Issuance of common stock under stock-based compensation plan						73,276						1						234						—						—						—						235
Stock-based compensation expense						—						—						3,770						—						—						—						3,770
Restricted shares withheld for taxes						(14,467)						—						(6,248)						—						—						—						(6,248)
Dividends declared ($0.17 per share)						—						—						—						(3,953)						—						—						(3,953)
Other comprehensive income, net of tax						—						—						—						—						26,382						—						26,382
Net income						—						—						—						89,227						—						—						89,227
Treasury stock acquired – share repurchases						(23,348)						—						—						—						—						(9,999)						(9,999)
Balance at March 31, 2025						23,307,618						234						359,154						1,314,410						(70,824)						(19,999)						1,582,975
Issuance of common stock under stock-based compensation plan						14,884						—						244						—						—						—						244
Stock-based compensation expense						—						—						4,774						—						—						—						4,774
Restricted shares withheld for taxes						(69)						—						(34)						—						—						—						(34)
Dividends declared ($0.17 per share)						—						—						—						(3,960)						—						—						(3,960)
Other comprehensive income, net of tax						—						—						—						—						14,453						—						14,453
Net income						—						—						—						134,121						—												134,121
Treasury stock acquired – share repurchases						(23,309)						—						—						—						—						(10,000)						(10,000)
Balance at June 30, 2025						23,299,124						$	234					$	364,138					$	1,444,571					$	(56,371)					$	(29,999)					$	1,722,573

Balance at December 31, 2023						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
Stock-based compensation expense						—						—						3,524						—						—						—						3,524
Restricted shares withheld for taxes						(11,318)						—						(5,842)						—						—						—						(5,842)
Dividends declared ($0.15 per share)						—						—						—						(3,479)						—						—						(3,479)
Other comprehensive loss, net of tax						—						—						—						—						(9,940)						—						(9,940)
Net income						—						—						—						98,941						—						—						98,941
Balance at March 31, 2024						23,275,915						233						351,584						923,709						(104,557)						—						1,170,969
Issuance of common stock under stock-based compensation plan						13,249						—						219						—						—						—						219
Stock-based compensation expense						—						—						3,709						—						—						—						3,709
Restricted shares withheld for taxes						(2,916)						—						(1,123)						—						—						—						(1,123)
Dividends declared ($0.15 per share)						—						—						—						(3,492)						—						—						(3,492)
Other comprehensive loss, net of tax						—						—						—						—						(5,658)						—						(5,658)
Net income						—						—						—						92,579						—						—						92,579
Balance at June 30, 2024						23,286,248						$	233					$	354,389					$	1,012,796					$	(110,215)					$	—					$	1,257,203

See accompanying notes to condensed consolidated financial statements.

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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

						Six Months Ended June 30,
						2025						2024
						(in thousands)
Operating activities:
Net cash provided by operating activities						$	498,870					$	489,293
Investing activities:
Purchase of property and equipment						(29,152)						(7,329)
Purchase of real estate investment						—						(312)
Change in short-term investments, net						(30,000)						(1,233)
Purchases – fixed-maturity securities						(939,534)						(759,799)
Purchases – equity securities						(94,894)						(84,229)
Sales – fixed-maturity securities						282,740						189,284
Sales – equity securities						11,585						30,880
Maturities and calls – fixed-maturity securities						359,007						200,573
Net cash used in investing activities						(440,248)						(432,165)
Financing activities:
Payroll taxes withheld and remitted on share-based payments						(6,282)						(6,965)
Proceeds from stock options exercised						479						1,152
Dividends paid						(7,932)						(6,988)
Treasury stock acquired – share repurchases						(19,999)						—
Net cash used in financing activities						(33,734)						(12,801)
Net change in cash and cash equivalents						24,888						44,327
Cash and cash equivalents at beginning of year						113,213						126,694
Cash and cash equivalents at end of period						$	138,101					$	171,021

See accompanying notes to condensed consolidated financial statements.

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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

1.    Summary of Significant Accounting Policies

Basis of presentation

The unaudited condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its subsidiaries ("the Company") included in the Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All significant intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recently adopted accounting pronouncements

Accounting Standards Update ("ASU") 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which expands reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of a segment's profit or loss. The ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. ASU 2023-07 became effective for the Company for the year ended December 31, 2024 and is effective for interim periods within 2025. Refer to Note 15 for the Company's segment reporting disclosures.

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Prospective accounting pronouncements

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses," requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect the guidance will have on its disclosures.

2.     Investments

Available-for-sale investments

The following tables summarize the available-for-sale investments at June 30, 2025 and December 31, 2024:

						June 30, 2025
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
						(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies						$	7,839					$	12					$	(241)					$	—					$	7,610
Obligations of states, municipalities and political subdivisions						158,963						190						(21,570)						(3)						137,580
Corporate and other securities						2,114,850						21,041						(35,818)						(39)						2,100,034
Asset-backed securities						777,402						7,113						(608)						—						783,907
Residential mortgage-backed securities						607,220						2,461						(45,890)						—						563,791
Commercial mortgage-backed securities						325,597						2,574						(3,015)						—						325,156
Total fixed-maturity securities						$	3,991,871					$	33,391					$	(107,142)					$	(42)					$	3,918,078

						December 31, 2024
						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
						(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies						$	15,465					$	—					$	(417)					$	—					$	15,048
Obligations of states, municipalities and political subdivisions						168,894						46						(22,633)						(3)						146,304
Corporate and other securities						2,037,372						5,779						(53,638)						(23)						1,989,490
Asset-backed securities						729,658						4,606						(1,522)						—						732,742
Residential mortgage-backed securities						502,121						747						(53,994)						—						448,874
Commercial mortgage-backed securities						209,521						423						(4,838)						(1)						205,105
Total fixed-maturity securities						$	3,663,031					$	11,601					$	(137,042)					$	(27)					$	3,537,563

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Available-for-sale securities in a loss position

The Company regularly reviews all its available-for-sale investments with unrealized losses to assess whether the decline in the fair value is deemed to be a credit loss. The Company considers a number of factors in completing its review of credit losses, including the extent to which a security's fair value has been below cost and the financial condition of an issuer. In addition to specific issuer information, the Company also evaluates the current market and interest rate environment. Generally, a decline in a security’s value caused by a change in the market or interest rate environment does not constitute a credit loss.

For fixed-maturity securities, the Company also considers whether it intends to sell the security or, if it is more likely than not that it will be required to sell the security before recovery, and its ability to recover all amounts outstanding when contractually due. When assessing whether it intends to sell a fixed-maturity security or, if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and potential sales of investments to capitalize on favorable pricing.

For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, an impairment is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before recovery of its amortized cost, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. Inputs into the cash flow analysis include default rates and recoverability rates based on credit rating. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income.

The Company reports investment income due and accrued separately from available-for-sale investments and has elected not to measure an allowance for credit losses for investment income due and accrued. Investment income due and accrued is written off through earnings at the time the issuer of the bond defaults or is expected to default on payments.

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At June 30, 2025, the Company's credit loss review resulted in an allowance for credit losses on three securities. The following table presents changes in the allowance for expected credit losses on available-for-sale securities for the three and six months ended June 30, 2025 and 2024:

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands)
Beginning balance						$	47					$	543					$	27					$	553
Increase to allowance from securities for which credit losses were not previously recorded						—						—						—						—
Reduction from securities sold during the period						(2)						(479)						(14)						(479)
Net increase (decrease) from securities that had an allowance at the beginning of the period						(3)						3						29						(7)
Ending balance						$	42					$	67					$	42					$	67

The following tables summarize gross unrealized losses and estimated fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position:

						June 30, 2025
						Less than 12 Months												12 Months or Longer												Total
						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
						(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of the U.S. government agencies						$	293					$	(3)					$	6,746					$	(238)					$	7,039					$	(241)
Obligations of states, municipalities and political subdivisions						7,184						(115)						117,383						(21,455)						124,567						(21,570)
Corporate and other securities						155,805						(1,145)						376,847						(34,673)						532,652						(35,818)
Asset-backed securities						97,455						(171)						12,589						(437)						110,044						(608)
Residential mortgage-backed securities						48,856						(358)						231,602						(45,532)						280,458						(45,890)
Commercial mortgage-backed securities						52,417						(200)						51,096						(2,815)						103,513						(3,015)
Total fixed-maturity securities						$	362,010					$	(1,992)					$	796,263					$	(105,150)					$	1,158,273					$	(107,142)

At June 30, 2025, the Company held 676 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $1.2 billion and gross unrealized losses of $107.1 million. Of these securities, 555 were in a continuous unrealized loss position for greater than one year. As discussed above, the Company regularly reviews all fixed-maturity securities within its investment portfolio to determine whether a credit loss has occurred. Based on the Company's review as of June 30, 2025, except for securities previously discussed, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At June 30, 2025, 79.2% of the Company’s fixed-maturity securities were rated "A-" or better and all of the Company’s fixed-maturity securities made expected coupon payments under the contractual terms of the securities.

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						December 31, 2024
						Less than 12 Months												12 Months or Longer												Total
						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
						(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies						$	838					$	(13)					$	14,210					$	(404)					$	15,048					$	(417)
Obligations of states, municipalities and political subdivisions						27,049						(417)						114,620						(22,216)						141,669						(22,633)
Corporate and other securities						667,645						(9,139)						493,598						(44,499)						1,161,243						(53,638)
Asset-backed securities						121,371						(943)						24,656						(579)						146,027						(1,522)
Residential mortgage-backed securities						144,955						(1,934)						237,514						(52,060)						382,469						(53,994)
Commercial mortgage-backed securities						92,024						(960)						53,812						(3,878)						145,836						(4,838)
Total fixed-maturity securities						$	1,053,882					$	(13,406)					$	938,410					$	(123,636)					$	1,992,292					$	(137,042)

Contractual maturities of available-for-sale fixed-maturity securities

The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at June 30, 2025 are summarized, by contractual maturity, as follows:

						June 30, 2025
						Amortized						Estimated
						Cost						Fair Value
						(in thousands)
Due in one year or less						$	293,096					$	292,850
Due after one year through five years						1,193,332						1,198,056
Due after five years through ten years						575,575						573,679
Due after ten years						219,649						180,639
Asset-backed securities						777,402						783,907
Residential mortgage-backed securities						607,220						563,791
Commercial mortgage-backed securities						325,597						325,156
Total fixed-maturity securities						$	3,991,871					$	3,918,078

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, and the lenders may have the right to put the securities back to the borrower.

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Real estate investments

Real estate investments represents directly owned property held for investment purposes and consisted of land with a carrying value of $15.0 million at June 30, 2025 and December 31, 2024, respectively. There was no accumulated depreciation on real estate investments at June 30, 2025 and December 31, 2024.

Net investment income

The following table presents the components of net investment income for the three and six months ended June 30, 2025 and 2024:

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands)
Interest:
Taxable bonds						$	43,497					$	34,471					$	84,979					$	65,862
Tax exempt municipal bonds						355						395						711						834
Cash equivalents and short-term investments						1,896						568						3,026						1,111
Dividends on equity securities						2,011						1,461						3,964						2,837
Real estate investment income						—						—						—						153
Gross investment income						47,759						36,895						92,680						70,797
Investment expenses						(1,286)						(1,048)						(2,388)						(2,017)
Net investment income						$	46,473					$	35,847					$	90,292					$	68,780

There was no depreciation expense related to real estate investments for the three and six months ended June 30, 2025 or June 30, 2024 as the Company sold the related assets during 2023.

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Realized investment gains and losses

The following table presents realized investment gains and losses for the three and six months ended June 30, 2025 and 2024:

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands)
Fixed-maturity securities:
Realized gains						$	532					$	846					$	1,305					$	941
Realized losses						(396)						(933)						(1,187)						(1,039)
Net realized gains (losses) from fixed-maturity securities						136						(87)						118						(98)
Equity securities:
Realized gains						—						3,390						2,465						7,271
Realized losses						—						(424)						(1,910)						(424)
Net realized gains from equity securities						—						2,966						555						6,847
Realized gains from the sales of short-term investments						—						1						—						1
Realized losses on sale of real estate investments						—						(1)						—						(5)
Net realized investment gains						$	136					$	2,879					$	673					$	6,745

The net realized gains or losses on sales of equity securities represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) in the consolidated statement of income consists of two components: (1) the reversal of the gain or loss recognized in previous periods on equity securities sold and (2) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.

Change in net unrealized gains (losses) on fixed-maturity securities

For the three months ended June 30, 2025 and 2024, the change in net unrealized gains (losses) for fixed-maturity securities was $18.3 million and $(7.2) million respectively. For the six months ended June 30, 2025 and 2024, the change in net unrealized gains (losses) for fixed-maturity securities was $51.7 million and $(19.7) million, respectively.

Insurance – statutory deposits

The Company had invested assets with a fair value of $3.9 million and $3.7 million on deposit with state regulatory authorities at June 30, 2025 and December 31, 2024, respectively.

Payable for investments purchased

The Company recorded a payable for investments purchased, not yet settled, of $21.7 million at June 30, 2025. The Company did not have a payable for investments purchased at December 31, 2024, respectively. The payable balance was included in the "other liabilities" line item of the consolidated balance sheet.

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3.     Fair Value Measurements

Fair value is estimated for each class of financial instrument based on the framework established in the fair value accounting guidance. Fair value is defined as the price in the principal market that would be received for an asset or paid to transfer a liability to facilitate an orderly transaction between market participants on the measurement date. Market participants are assumed to be independent, knowledgeable, able and willing to transact an exchange and not acting under duress. Fair value hierarchy disclosures are based on the quality of inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value.

The three levels of the fair value hierarchy are defined as follows:

Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets.

Level 2 - Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs.

Level 3 - Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement.

Fair values of the Company's investment portfolio are estimated using unadjusted prices obtained by its investment accounting vendor from nationally recognized third-party pricing services, where available. Values for U.S. Treasuries, exchange-traded funds and common stocks are generally based on Level 1 inputs, which use quoted prices in active markets for identical assets. For other fixed-maturity securities and non-redeemable preferred stock, the pricing vendors use a pricing methodology involving the market approach, including pricing models which use prices and relevant market information regarding a particular security or securities with similar characteristics to establish a valuation. The estimates of fair value of these investments are included in the amounts disclosed as Level 2. For those investments where significant inputs are unobservable, the Company's investment accounting vendor obtains valuations from pricing vendors or brokers using the market approach and income approach valuation techniques and are disclosed as Level 3.

Management performs several procedures to ascertain the reasonableness of investment values included in the condensed consolidated financial statements, including 1) obtaining and reviewing internal control reports from the Company's investment accounting vendor that assess fair values from third party pricing services, 2) discussing with the Company's investment accounting vendor its process for reviewing and validating pricing obtained from third party pricing services and 3) reviewing the security pricing received from the Company's investment accounting vendor and monitoring changes in unrealized gains and losses at the individual security level. The Company has evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs.

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The following tables present the balances of assets measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, by level within the fair value hierarchy:

						June 30, 2025
						Level 1						Level 2						Level 3						Total
						(in thousands)
Assets
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies						$	7,610					$	—					$	—					$	7,610
Obligations of states, municipalities and political subdivisions						—						137,580						—						137,580
Corporate and other securities						—						2,100,034						—						2,100,034
Asset-backed securities						—						783,907						—						783,907
Residential mortgage-backed securities						—						563,791						—						563,791
Commercial mortgage-backed securities						—						325,156						—						325,156
Total fixed-maturity securities						7,610						3,910,468						—						3,918,078
Equity securities:
Exchange-traded funds						149,441						—						—						149,441
Non-redeemable preferred stock						—						26,928						—						26,928
Common stocks						337,513						—						—						337,513
Total equity securities						486,954						26,928						—						513,882
Short-term investments						34,310						—						—						34,310
Total						$	528,874					$	3,937,396					$	—					$	4,466,270

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						December 31, 2024
						Level 1						Level 2						Level 3						Total
						(in thousands)
Assets
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies						$	15,048					$	—					$	—					$	15,048
Obligations of states, municipalities and political subdivisions						—						146,304						—						146,304
Corporate and other securities						—						1,989,490						—						1,989,490
Asset-backed securities						—						732,742						—						732,742
Residential mortgage-backed securities						—						448,874						—						448,874
Commercial mortgage-backed securities						—						205,105						—						205,105
Total fixed-maturity securities						15,048						3,522,515						—						3,537,563
Equity securities:
Exchange-traded funds						129,731						—						—						129,731
Non-redeemable preferred stock						—						26,433						—						26,433
Common stocks						242,195						—						—						242,195
Total equity securities						371,926						26,433						—						398,359
Short-term investments						3,714						—						—						3,714
Total						$	390,688					$	3,548,948					$	—					$	3,939,636

There were no assets or liabilities measured at fair value on a nonrecurring basis as of June 30, 2025 or December 31, 2024.

The carrying amount of the Company's fixed-rate senior notes was $175.0 million, less debt issuance costs, and the corresponding estimated fair value was $171.4 million and $168.6 million at June 30, 2025 and December 31, 2024, respectively. The fair value measurement was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under the Company's credit profile. Since this methodology is based upon market yields for comparable arrangements, the measurement is categorized as Level 2. The estimated fair value of outstanding borrowings under the Company's revolving Credit Facility approximated its carrying value at June 30, 2025 and December 31, 2024. See Note 13 for further information regarding the Company's debt arrangements.

The Company holds cash equivalents that are managed as part of its investment portfolio and, due to the short-term maturities of these assets, the carrying value of these investments approximates fair value. The Company held cash equivalents of $12.6 million and $16.1 million at June 30, 2025 and December 31, 2024, respectively.

4.     Allowance for Credit Losses

Premiums receivable

Premiums receivable balances are carried at face value, net of any allowance for credit losses. The allowance for credit losses represents an estimate of amounts considered uncollectible based on the Company’s assessment of the collectability of receivables that are past due. The estimate considers historical loss data, current and future economic conditions and specific identification of collectability concerns, where applicable. The following table presents the change in the allowance for credit losses for premiums receivable for the three and six months ended June 30, 2025 and 2024:

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						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands)
Beginning balance						$	27,999					$	15,482					$	26,926					$	13,383
Current period change for estimated uncollectible premiums						1,777						6,079						4,901						10,342
Write-offs of uncollectible premiums receivable						(2,870)						(335)						(4,921)						(2,499)
Ending balance						$	26,906					$	21,226					$	26,906					$	21,226

5.     Deferred Policy Acquisition Costs

The following table presents the amounts of policy acquisition costs deferred and amortized for the three and six months ended June 30, 2025 and 2024:

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands)
Balance, beginning of period						$	112,313					$	94,489					$	109,263					$	88,395
Policy acquisition costs deferred:
Direct commissions						81,974						77,818						153,448						143,373
Ceding commissions						(31,249)						(29,869)						(64,123)						(58,315)
Other underwriting and policy acquisition costs						4,430						3,512						8,110						6,653
Policy acquisition costs deferred						55,155						51,461						97,435						91,711
Amortization of net policy acquisition costs						(43,398)						(36,592)						(82,628)						(70,748)
Balance, end of period						$	124,070					$	109,358					$	124,070					$	109,358

Amortization of net policy acquisition costs is included in the line item "underwriting, acquisition and insurance expenses" in the accompanying consolidated statements of income and comprehensive income.

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6.     Property and Equipment, Net

Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following:

						June 30, 2025						December 31, 2024
						(in thousands)
Building						$	37,190					$	37,190
Parking deck						5,072						5,072
Land						3,068						3,068
Equipment						4,573						4,401
Software						23,441						20,203
Furniture and fixtures						5,929						3,200
Land improvements						474						474
Leasehold improvements						153						153
Construction in progress – building						52,399						26,530
Property and equipment						132,299						100,291
Accumulated depreciation						(20,119)						(17,367)
Total property and equipment, net						$	112,180					$	82,924

Construction in progress includes capitalized expenses related to the development of the new corporate headquarters' building. Construction is expected to be completed in the fourth quarter of 2025.

7.     Underwriting, Acquisition and Insurance Expenses

Underwriting, acquisition and insurance expenses for the three and six months ended June 30, 2025 and 2024 consist of the following:

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands)
Underwriting, acquisition and insurance expenses incurred:
Direct commissions						$	70,855					$	62,764					$	138,932					$	121,130
Ceding commissions						(31,128)						(29,359)						(63,525)						(56,186)
Other underwriting expenses						41,870						38,663						81,102						72,877
Total						$	81,597					$	72,068					$	156,509					$	137,821

Other underwriting expenses within underwriting, acquisition and insurance expenses include salaries, bonus and employee benefits expenses of $32.5 million and $26.0 million for the three months ended June 30, 2025 and 2024, respectively and $61.7 million and $50.7 million for the six months ended June 30, 2025 and 2024, respectively.

8.    Stock-based Compensation

The Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the "2016 Incentive Plan") was effective from 2016 to 2025. On May 22, 2025, the Company's stockholders approved the Kinsale Capital Group, Inc. 2025 Omnibus Incentive Plan (the "2025 Incentive Plan"), which replaced the 2016 Incentive Plan prior to its scheduled expiration in 2026. The 2025 Incentive Plan is administered by the Compensation, Nominating and Corporate Governance

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Committee of the Company's Board of Directors and authorizes the grant of stock options, restricted stock, restricted stock units, and other stock-based awards to officers, employees, directors, independent contractors, and consultants.

No additional awards will be issued under the 2016 Incentive Plan, and shares remaining available under that plan will not roll forward to the 2025 Incentive Plan. The maximum number of shares of the Company's common stock reserved and available for issuance under the 2025 Incentive Plan is 860,500 plus any shares subject to awards outstanding under the 2016 Incentive Plan as of May 22, 2025 that are subsequently forfeited or settled in cash. There were no shares granted under the 2025 Incentive Plan during the six months ended June 30, 2025.

The total compensation cost that has been charged against income for share-based compensation arrangements was $8.5 million and $7.2 million for the six months ended June 30, 2025 and 2024, respectively.

Restricted Stock Awards

During the six months ended June 30, 2025, the Company granted restricted stock awards under the 2016 Incentive Plan. The restricted stock awards were valued on the date of grant and will vest over a period of 1 to 4 years corresponding to the anniversary date of the grants. The fair value of restricted stock awards was determined based on the closing trading price of the Company's shares on the grant date or, if no shares were traded on the grant date, the last preceding date for which there was a sale of shares. Except for restrictions placed on the transferability of restricted stock, holders of unvested restricted stock have full stockholder’s rights, including voting rights and the right to receive dividends. Unvested shares of restricted stock awards and accrued dividends, if any, are forfeited upon the termination of service to or employment with the Company.

A summary of restricted stock activity for the six months ended June 30, 2025 is as follows:

						Six Months Ended June 30, 2025
						Number of Shares						Weighted Average Grant Date Fair Value per Share
Non-vested outstanding at the beginning of the period						110,123						$	366.73
Granted						59,963						$	433.62
Vested						(43,685)						$	322.04
Forfeited						(1,706)						$	363.63
Non-vested outstanding at the end of the period						124,695						$	414.60

Employees surrender shares to pay for withholding tax obligations resulting from any vesting of restricted stock awards. During the six months ended June 30, 2025, shares withheld for taxes in connection with the vesting of restricted stock awards totaled 14,536.

The weighted average grant-date fair value per share of the Company's restricted stock awards granted during the six months ended June 30, 2025 and 2024 was $433.62 and $502.43, respectively. The fair value of restricted stock awards that vested during the six months ended June 30, 2025 and 2024 was $19.0 million and $19.8 million, respectively. As of June 30, 2025, the Company had $45.1 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 2.7 years.

Stock Options

On July 27, 2016, the Board of Directors approved, and the Company granted, 1,036,916 stock options under the 2016 Incentive Plan with an exercise price equal to the initial public offering price of $16.00 per share and a weighted-average grant-date fair value of $2.71 per share. The options have a maximum contractual term of 10 years

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and vested in 4 equal annual installments following the date of the grant. The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model.

A summary of option activity as of June 30, 2025, and changes during the period then ended are presented below:

						Number of Shares						Weighted-Average Exercise Price						Weighted-Average Remaining Years of Contractual Term						Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2025						118,468						$	16.00
Granted						—						—
Forfeited						—						—
Exercised						(29,903)						16.00
Outstanding at June 30, 2025						88,565						$	16.00					1.1						$	41,440
Exercisable at June 30, 2025						88,565						$	16.00					1.1						$	41,440

The total intrinsic value of options exercised was $13.3 million and $33.0 million during the six months ended June 30, 2025 and 2024, respectively. 

9.    Earnings Per Share

The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements:

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands, except per share data)
Net income						$	134,121					$	92,579					$	223,348					$	191,520
Weighted average common shares outstanding – basic						23,175						23,165						23,172						23,137
Effect of potential dilutive securities:
Conversion of stock options						92						130						100						150
Conversion of restricted stock						24						34						29						45
Weighted average common shares outstanding – diluted						23,291						23,329						23,301						23,332
Earnings per common share:
Basic						$	5.79					$	4.00					$	9.64					$	8.28
Diluted						$	5.76					$	3.97					$	9.59					$	8.21

There were 32,000 and 44,000 anti-dilutive stock awards for the three months ended June 30, 2025 and 2024, respectively. There were 57,000 and 44,000 anti-dilutive stock awards for the six months ended June 30, 2025 and 2024, respectively.

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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 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 20.4% and 17.3% for the six months ended June 30, 2025 and 2024, respectively, and 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. The effective tax rate was higher for the six months ended June 30, 2025 due primarily to a lower volume of stock options exercised compared to the same period in 2024.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law. The OBBBA extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act and were set to expire at the end of 2025. The Company is currently evaluating the impact of the OBBBA on its consolidated financial statements.

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:

						June 30,
						2025						2024
						(in thousands)
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year						$	2,285,668					$	1,692,875
Less: reinsurance recoverable on unpaid losses						323,060						241,357
Net reserves for unpaid losses and loss adjustment expenses, beginning of year						1,962,608						1,451,518
Incurred losses and loss adjustment expenses:
Current year						480,430						398,058
Prior years						(30,095)						(17,947)
Total net losses and loss adjustment expenses incurred						450,335						380,111
Payments:
Current year						28,574						8,114
Prior years						142,674						102,829
Total payments						171,248						110,943
Net reserves for unpaid losses and loss adjustment expenses, end of period						2,241,695						1,720,686
Reinsurance recoverable on unpaid losses						381,958						292,369
Gross reserves for unpaid losses and loss adjustment expenses, end of period						$	2,623,653					$	2,013,055

During the six months ended June 30, 2025, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2024 developed favorably by $30.1 million, of which $35.8 million was attributable to the 2020 through 2024 accident years due to lower emergence of reported losses than expected across most lines of business, particularly in the property lines of business. This favorable development was offset in part by adverse development

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primarily in the construction liability business in the 2016 through 2019 accident years and adjustments to actuarial assumptions in the 2020 through 2024 accident years to reflect inflation uncertainty around construction defect exposures. Current accident year incurred losses and loss adjustment expenses for the six months ended June 30, 2025 included $26.3 million of net catastrophe losses primarily related to the Palisades Fire.

During the six months ended June 30, 2024, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2023 developed favorably by $17.9 million, of which $30.7 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.

12.     Reinsurance

The following table summarizes the effect of reinsurance on premiums written and earned for the three and six months ended June 30, 2025 and 2024:

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands)
Premiums written:
Direct						$	555,522					$	529,770					$	1,039,797					$	978,414
Ceded						(96,822)						(99,534)						(199,392)						(197,124)
Net written						$	458,700					$	430,236					$	840,405					$	781,290
Premiums earned:
Direct						$	480,088					$	430,535					$	947,110					$	833,127
Ceded						(96,475)						(98,074)						(197,707)						(191,148)
Net earned						$	383,613					$	332,461					$	749,403					$	641,979

The following table summarizes ceded losses and loss adjustment expenses for the three and six months ended June 30, 2025 and 2024:

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands)
Ceded incurred losses and loss adjustment expenses						$	39,232					$	40,944					$	88,159					$	70,205

The following table presents reinsurance recoverables on paid and unpaid losses as of June 30, 2025 and December 31, 2024:

						June 30, 2025						December 31, 2024
						(in thousands)
Reinsurance recoverables on paid losses						$	5,321					$	14,831
Reinsurance recoverables on unpaid losses, net						381,958						323,060
Reinsurance recoverables, net						$	387,279					$	337,891

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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 18, 2023, the Company issued a $50.0 million aggregate principal amount 6.21% Series B Senior Note (the "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 six months ended June 30, 2025, the annual weighted-average interest rate of borrowings under the Credit Facility was 6.1%.

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The following table presents the Company's outstanding debt as of June 30, 2025 and December 31, 2024:

						Issuance						Maturity						June 30, 2025						December 31, 2024
																		(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																		(1,740)						(1,878)
Total debt																		$	184,260					$	184,122

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 June 30, 2025, 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 six months ended June 30, 2025 and 2024:

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands)
Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes						$	18,357					$	(6,892)					$	51,714					$	(19,476)
Income tax (expense) benefit						(3,855)						1,447						(10,860)						4,090
Unrealized gains (losses) arising during the period, net of income taxes						14,502						(5,445)						40,854						(15,386)
Less reclassification adjustment:
Net realized gains (losses) on fixed-maturity securities, before income taxes						57						(207)						39						(218)
Income tax (expense) benefit						(12)						44						(8)						46
Reclassification adjustment included in net income						45						(163)						31						(172)
Change in allowance for credit losses on investments, before income taxes						5						476						(15)						486
Income tax benefit (expense)						(1)						(100)						3						(102)
Reclassification adjustment included in net income						4						376						(12)						384
Other comprehensive income (loss)						$	14,453					$	(5,658)					$	40,835					$	(15,598)

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.      Segment information

The Company has one reportable segment, the Excess and Surplus Lines Insurance segment, which primarily offers commercial excess and surplus lines liability and property insurance products through its underwriting divisions in the United States. The Company reports operating and financial results in a single segment based on the Company's exclusive focus on property and casualty insurance in the excess and surplus lines market and the consolidated information used by the chief operating decision maker ("CODM") in evaluating the financial performance of its business and allocating resources.

The Company's CODM is the Chief Executive Officer. The CODM uses consolidated net income to allocate resources primarily during the annual budgeting process and uses that measure to assess performance by considering budget-to-actual variances and evaluating financial results. The measure of segment assets is reported on the consolidated balance sheets as total assets.

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						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in thousands)
Revenues:
Net earned premiums						$	383,613					$	332,461					$	749,403					$	641,979
Fee income						10,796						8,991						20,355						17,083
Net investment income						46,473						35,847						90,292						68,780
Change in fair value of equity securities						28,621						3,159						31,659						21,212
Net realized investment gains						136						2,879						673						6,745
Change in allowance for credit losses on investments						5						476						(15)						486
Other income (1)						170						740						844						1,059
Total revenues						469,814						384,553						893,211						757,344
Expenses:
Losses and loss adjustment expenses – current year						229,100						199,406						454,147						394,060
Losses and loss adjustment expenses – catastrophes						3,705						3,420						26,283						3,998
Losses and loss adjustment expenses – prior year development						(15,446)						(9,501)						(30,095)						(17,947)
Net commissions incurred						39,727						33,405						75,407						64,944
Salaries, employee benefits and bonus expense						32,487						25,973						61,696						50,689
Credit loss expense – premiums receivable						1,777						6,079						4,901						10,342
Depreciation (2)						1,122						988						2,229						1,863
Interest expense						2,557						2,564						5,095						4,986
Other segment items (3)						6,496						6,419						12,948						12,742
Income tax expense						34,168						23,221						57,252						40,147
Segment net income						134,121						92,579						223,348						191,520
Reconciliation of profit or loss:
Adjustments and reconciling items						—						—						—						—
Consolidated net income						$	134,121					$	92,579					$	223,348					$	191,520

(1) Other income primarily includes income generated from the Company's real estate operations.

(2) Excludes depreciation expense allocated to loss adjustment expenses and investment expenses

(3) Other segment items primarily includes other general and administrative expenses such as technology costs, facility expenses and audit and inspection costs.

16.     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.

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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 has begun the appeal process 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.

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, 2024. 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 six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2025, 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, 2024.

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 six months of 2025, the percentage breakdown of our gross written premiums was 69.3% casualty and 30.7% property. Our commercial underwriting divisions include Commercial Property, Excess Casualty, Small Business Casualty, General Casualty, Construction, Allied Health, Small Business Property, Entertainment, Products Liability, Commercial Auto, Energy, Excess Professional, Life Sciences, Professional Liability, Inland Marine, Environmental, Health Care, Management Liability, Public Entity, Agribusiness Casualty, Aviation, Ocean Marine, Product Recall, Agribusiness Property and Railroad. We also write homeowners' coverage in the personal lines market, which in aggregate represented 2.7% of our gross written premiums in the first six months of 2025.

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 June 30, 2025 compared to three months ended June 30, 2024

The following table summarizes our results of operations for the three months ended June 30, 2025 and 2024:

						Three Months Ended June 30,
($ in thousands)						2025						2024						Change						% Change
Gross written premiums						$	555,522					$	529,770					$	25,752					4.9		%
Ceded written premiums						(96,822)						(99,534)						2,712						(2.7)		%
Net written premiums						$	458,700					$	430,236					$	28,464					6.6		%
Net earned premiums						$	383,613					$	332,461					$	51,152					15.4		%
Fee income						10,796						8,991						1,805						20.1		%
Losses and loss adjustment expenses						217,359						193,325						24,034						12.4		%
Underwriting, acquisition and insurance expenses						81,597						72,068						9,529						13.2		%
Underwriting income (1)						95,453						76,059						19,394						25.5		%
Net investment income						46,473						35,847						10,626						29.6		%
Change in the fair value of equity securities						28,621						3,159						25,462						NM
Net realized investment gains						136						2,879						(2,743)						NM
Change in allowance for credit losses on investments						5						476						(471)						NM
Interest expense						(2,557)						(2,564)						7						(0.3)		%
Other income (expense), net						158						(56)						214						NM
Income before taxes						168,289						115,800						52,489						45.3		%
Income tax expense						34,168						23,221						10,947						47.1		%
Net income						$	134,121					$	92,579					$	41,542					44.9		%
Net operating earnings (2)						$	111,399					$	87,433					$	23,966					27.4		%
Loss ratio						55.1		%				56.6		%
Expense ratio						20.7		%				21.1		%
Combined ratio (3)						75.8		%				77.7		%
Annualized return on equity						32.5		%				30.5		%
Annualized operating return on equity (2)						27.0		%				28.8		%

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 $134.1 million for the three months ended June 30, 2025 compared to $92.6 million for the three months ended June 30, 2024, an increase of 44.9%. The increase in net income for the second quarter of 2025 from the same period last year was primarily due to higher returns on equity investments, continued profitable growth and higher investment income.

Underwriting income was $95.5 million for the three months ended June 30, 2025 compared to $76.1 million for the three months ended June 30, 2024, an increase of 25.5%. The corresponding combined ratios were 75.8% for the three months ended June 30, 2025 compared to 77.7% for the three months ended June 30, 2024. The increase in underwriting income in the second quarter of 2025 compared to the second quarter of 2024 was primarily due to a combination of growth in the business and higher favorable development of loss reserves from prior accident years.

Premiums

Gross written premiums were $555.5 million for the three months ended June 30, 2025 compared to $529.8 million for the three months ended June 30, 2024, an increase of $25.8 million, or 4.9%. Gross written premiums in our Commercial Property Division, our largest division, decreased 16.8% relative to the prior year period due to rate declines and an increasingly competitive environment including from standard carriers. Excluding our Commercial Property Division, gross written premiums grew 14.3% due primarily to continued strong submission flow from brokers across most divisions. The average premium per policy written was approximately $14,300 in the second quarter of 2025 compared to approximately $16,300 in the second quarter of 2024. Excluding our personal lines insurance, which has a relatively low premium per policy written, the average premium per policy written was approximately $14,900 in the second quarter of 2025 compared to $17,200 in the second quarter of 2024. The decrease in average premium per policy for the second quarter of 2025 over the same period last year was due primarily to a decrease in gross written premiums in our Commercial Property Division.

Net written premiums increased by $28.5 million, or 6.6%, to $458.7 million for the three months ended June 30, 2025 from $430.2 million for the three months ended June 30, 2024. The increase in net written premiums for the second quarter of 2025 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 82.6% for the three months ended June 30, 2025 compared to 81.2% for the three months ended June 30, 2024. The increase in the net retention ratio is primarily attributable to change in the mix of business and an increase in retention on our reinsurance treaties.

Net earned premiums increased by $51.2 million, or 15.4%, to $383.6 million for the three months ended June 30, 2025 from $332.5 million for the three months ended June 30, 2024 and was primarily 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 June 30, 2025 and 2024:

						Three Months Ended June 30,
						2025												2024
($ 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						$	229,100					58.1		%				$	199,406					58.4		%
Current year catastrophe losses						3,705						0.9		%				3,420						1.0		%
Effect of prior year development						(15,446)						(3.9)		%				(9,501)						(2.8)		%
Total						$	217,359					55.1		%				$	193,325					56.6		%

The loss ratio was 55.1% for the three months ended June 30, 2025 compared to 56.6% for the three months ended June 30, 2024. The decrease in the loss ratio in the second quarter of 2025 compared to the second quarter of 2024 was due primarily to higher relative net favorable development of loss reserves from prior accident years, particularly in our property lines of business.

During the three months ended June 30, 2025, prior accident years developed favorably by $15.4 million, of which $19.1 million was attributable to the 2020 through 2024 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development primarily in our construction liability business in the 2016 through 2019 accident years and adjustments to actuarial assumptions in the 2020 through 2024 accident years to reflect inflation uncertainty around construction defect exposures.

During the three months ended June 30, 2024, prior accident years developed favorably by $9.5 million, of which $14.4 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 and 2018 accident years due 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 June 30, 2025 and 2024:

						Three Months Ended June 30,
						2025												2024
($ 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						39,727						10.1		%				33,405						9.8		%
Other underwriting expenses						41,870						10.6		%				38,663						11.3		%
Underwriting, acquisition and insurance expenses						$	81,597					20.7		%				$	72,068					21.1		%

The expense ratio was 20.7% for the three months ended June 30, 2025 compared to 21.1% for the three months ended June 30, 2024. The decrease in the expense ratio was primarily due to routine variability in other underwriting expenses offset in part by lower ceding commissions due to increased retention on our reinsurance treaties. Direct commissions paid as a percent of gross written premiums was 14.8% and 14.7% for the three months ended June 30, 2025 and 2024, 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 three months ended June 30, 2025 and 2024:

						Three Months Ended June 30,
($ in thousands)						2025						2024						Change
Interest from fixed-maturity securities						$	43,852					$	34,866					$	8,986
Dividends from equity securities						2,011						1,461						550
Cash equivalents and short-term investments						1,896						568						1,328
Gross investment income						47,759						36,895						10,864
Investment expenses						(1,286)						(1,048)						(238)
Net investment income						46,473						35,847						10,626
Change in the fair value of equity securities						28,621						3,159						25,462
Net realized investment gains						136						2,879						(2,743)
Change in allowance for credit losses on investments						5						476						(471)
Net realized and unrealized investment gains						28,762						6,514						22,248
Total						$	75,235					$	42,361					$	32,874

Net investment income increased by 29.6% to $46.5 million for the three months ended June 30, 2025 from $35.8 million for the three months ended June 30, 2024. This increase was primarily due to growth in our investment portfolio generated from the investment of strong operating cash flows. Our investment portfolio, excluding cash equivalents and unrealized gains and losses, had an annualized gross investment return of 4.4% for both the three months ended June 30, 2025 and 2024.

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During the second quarter of 2025, the change in fair value of equity securities primarily reflected unrealized gains arising during the period on our exchange-traded funds ("ETFs") of $15.1 million, common stocks of $13.1 million and non-redeemable preferred stock of $0.4 million generally consistent with the broader U.S. stock market.

During the second quarter of 2024, the change in fair value of equity securities included changes in unrealized gains related to common stocks of $1.7 million and ETFs of $0.4 million and unrealized gains related to non-redeemable preferred stock of $1.1 million. The change in the fair value of common stocks and ETFs during the second quarter of 2024 primarily reflected changes 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.

Income tax expense

Our effective tax rate was 20.3% for the three months ended June 30, 2025 compared to 20.1% for the three months ended June 30, 2024. 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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Six months ended June 30, 2025 compared to six months ended June 30, 2024

The following table summarizes our results of operations for the six months ended June 30, 2025 and 2024:

						Six Months Ended June 30,
($ in thousands)						2025						2024						Change						% Change
Gross written premiums						$	1,039,797					$	978,414					$	61,383					6.3		%
Ceded written premiums						(199,392)						(197,124)						(2,268)						1.2		%
Net written premiums						$	840,405					$	781,290					$	59,115					7.6		%
Net earned premiums						$	749,403					$	641,979					$	107,424					16.7		%
Fee income						20,355						17,083						3,272						19.2		%
Losses and loss adjustment expenses						450,335						380,111						70,224						18.5		%
Underwriting, acquisition and insurance expenses						156,509						137,821						18,688						13.6		%
Underwriting income (1)						162,914						141,130						21,784						15.4		%
Net investment income						90,292						68,780						21,512						31.3		%
Change in fair value of equity securities						31,659						21,212						10,447						NM
Net realized investment gains						673						6,745						(6,072)						NM
Change in allowance for credit losses on investments						(15)						486						(501)						NM
Interest expense						(5,095)						(4,986)						(109)						2.2		%
Other income (expense), net						172						(1,700)						1,872						NM
Income before taxes						280,600						231,667						48,933						21.1		%
Income tax expense						57,252						40,147						17,105						42.6		%
Net income						$	223,348					$	191,520					$	31,828					16.6		%
Net operating earnings (2)						$	197,817					$	169,050					$	28,767					17.0		%
Loss ratio						58.5		%				57.7		%
Expense ratio						20.3		%				20.9		%
Combined ratio (3)						78.8		%				78.6		%
Annualized return on equity						27.9		%				32.7		%
Annualized operating return on equity (2)						24.7		%				28.8		%

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 $223.3 million for the six months ended June 30, 2025 compared to $191.5 million for the six months ended June 30, 2024, an increase of 16.6%. The increase in net income for the first six months of 2025 over the same period last year was primarily due to higher investment income and continued profitable growth.

Underwriting income was $162.9 million for the six months ended June 30, 2025 compared to $141.1 million for the six months ended June 30, 2024, an increase of 15.4%. The corresponding combined ratios were 78.8% for the six months ended June 30, 2025 compared to 78.6% for the six months ended June 30, 2024. The increase in underwriting income for the first six months of 2025 compared to the same period last year was primarily due to continued growth in the business and higher favorable development of loss reserves from prior accident years offset in part by higher catastrophe losses incurred.

Premiums

Gross written premiums were $1.0 billion for the six months ended June 30, 2025 compared to $978.4 million for the six months ended June 30, 2024, an increase of $61.4 million, or 6.3%. Gross written premiums in our Commercial Property Division, our largest division, decreased 17.5% relative to the prior year period due to rate declines and an increasingly competitive environment including from standard carriers. Excluding our Commercial Property Division, gross written premiums grew 15.5% due primarily to continued strong submission flow from brokers across most divisions. The average premium per policy written was $14,200 in the first six months of 2025 compared to $15,800 in the first six months of 2024. Excluding our personal insurance division, which has a relatively low premium per policy written, the average premium per policy written was $14,800 for the first six months of 2025 and $16,600 for the first six months of 2024. The decrease in average premium per policy for the first six months of 2025 over the same period last year was due primarily to a decrease in gross written premiums in our Commercial Property Division.

Net written premiums increased by $59.1 million, or 7.6%, to $840.4 million for the six months ended June 30, 2025 from $781.3 million for the six months ended June 30, 2024. The increase in net written premiums for the first six months of 2025 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 80.8% for the six months ended June 30, 2025 compared to 79.9% for the same period last year. The increase in the net retention ratio was primarily due to an increase in our retention on our excess casualty reinsurance treaty effective with the June 2024 renewal and change in the mix of business.

Net earned premiums increased by $107.4 million, or 16.7%, to $749.4 million for the six months ended June 30, 2025 from $642.0 million for the six months ended June 30, 2024 due primarily to growth in gross written premiums.

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Loss ratio

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

						Six Months Ended June 30,
						2025												2024
($ 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						$	454,147					59.0		%				$	394,060					59.8		%
Current year catastrophe losses						26,283						3.4		%				3,998						0.6		%
Effect of prior year development						(30,095)						(3.9)		%				(17,947)						(2.7)		%
Total						$	450,335					58.5		%				$	380,111					57.7		%

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

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

During the six months ended June 30, 2024, prior accident years developed favorably by $17.9 million, of which $30.7 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.

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Expense ratio

The following table summarizes the components of the expense ratio for the six months ended June 30, 2025 and 2024:

						Six Months Ended June 30,
						2025												2024
($ 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						75,407						9.8		%				64,944						9.8		%
Other underwriting expenses						81,102						10.5		%				72,877						11.1		%
Total						$	156,509					20.3		%				$	137,821					20.9		%

The expense ratio was 20.3% for the six months ended June 30, 2025 compared to 20.9% for the six months ended June 30, 2024. The decrease in the expense ratio was primarily due to routine variability in other underwriting expenses. Direct commissions paid as a percentage of gross written premiums was 14.8% and 14.7% for the six months ended June 30, 2025 and 2024, 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 six months ended June 30, 2025 and 2024:

						Six Months Ended June 30,
($ in thousands)						2025						2024						Change
Interest from fixed-maturity securities						$	85,690					$	66,696					$	18,994
Dividends from equity securities						3,964						2,837						1,127
Cash equivalents and short-term investments						3,026						1,111						1,915
Real estate investment income						—						153						(153)
Gross investment income						92,680						70,797						21,883
Investment expenses						(2,388)						(2,017)						(371)
Net investment income						90,292						68,780						21,512
Change in fair value of equity securities						31,659						21,212						10,447
Net realized investment gains						673						6,745						(6,072)
Change in allowance for credit losses on investments						(15)						486						(501)
Net realized and unrealized investment gains						32,317						28,443						3,874
Total						$	122,609					$	97,223					$	25,386

Net investment income increased by 31.3% to $90.3 million for the six months ended June 30, 2025 from $68.8 million for the six months ended June 30, 2024. The increase in the first six months of 2025 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. Our investment portfolio, excluding cash equivalents and unrealized gains and losses, had an annualized gross investment return of 4.3% for both the six months ended June 30, 2025 and 2024.

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During the first six months of 2025, the change in fair value of equity securities of $31.7 million primarily reflected unrealized gains arising during the period on our common stocks of $22.5 million, ETFs of $8.6 million and non-redeemable preferred stock of $0.5 million generally consistent with the broader U.S. stock market.

During the first six months of 2024, the change in fair value of equity securities of $21.2 million included changes in unrealized gains related to common stocks of $12.3 million and ETFs of $6.3 million and changes in unrealized gains related to non-redeemable preferred stock of $2.6 million. The change in the fair value of ETFs and common stocks during the first six 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.

Net realized investment gains were $0.7 million and $6.7 million for the six months ended June 30, 2025 and 2024, respectively and were primarily related to sales of common stocks and ETFs due to opportunistic repositioning of our equity portfolio.

Income tax expense

Our effective tax rate was 20.4% for the six months ended June 30, 2025 compared to 17.3% for the six months ended June 30, 2024. 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. The effective tax rate was higher for the six months ended June 30, 2025 compared to the same period in 2024 due primarily to a lower volume of stock option exercises.

Return on equity

Our annualized return on equity was 27.9% for the six months ended June 30, 2025 compared to 32.7% for the six months ended June 30, 2024. Our annualized operating return on equity was 24.7% for the six months ended June 30, 2025 compared to 28.8% for the six months ended June 30, 2024. The decrease in annualized operating return on equity for the six months ended June 30, 2025 compared to the prior period was due primarily to higher average stockholders' equity and higher net catastrophe losses primarily related to the Palisades Fire. Average stockholders' equity increased as a result of profitable growth and an increase in the fair value of our fixed income portfolio.

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 primarily 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 in order to support premium growth, reduce our reliance on reinsurance, pay dividends and taxes, repurchase shares 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.

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Shelf registration

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.

Share repurchase program

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 not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time. At June 30, 2025, the Company had $70.0 million of capacity remaining under its share repurchase program.

Debt

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.

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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 investment securities that earn interest and dividends. We also use cash to pay commissions to insurance brokers, as well as to pay 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.

Our cash flows for the six months ended June 30, 2025 and 2024 were:

						Six Months Ended June 30,
						2025						2024
						(in thousands)
Cash and cash equivalents provided by (used in):
Operating activities						$	498,870					$	489,293
Investing activities						(440,248)						(432,165)
Financing activities						(33,734)						(12,801)
Change in cash and cash equivalents						$	24,888					$	44,327

Net cash provided by operating activities was approximately $498.9 million for the six months ended June 30, 2025 compared to $489.3 million for the same period in 2024. 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 $440.2 million for the six months ended June 30, 2025 compared to $432.2 million for the six months ended June 30, 2024. Net cash used in investing activities during the first six months of 2025 included purchases of fixed-maturity securities of $939.5 million, which included primarily corporate bonds and asset- and mortgage-backed securities. During the first six months of 2025, we received proceeds of $282.7 million from sales of fixed-maturity securities, largely corporate bonds, asset-backed securities and, to a lesser extent, municipal securities and $359.0 million from redemptions and maturities of asset- and mortgage-backed securities and corporate bonds. For the six months ended June 30, 2025, purchases of equity securities of $94.9 million consisted of common stocks and ETFs. During the first six months of 2025, we received proceeds of $11.6 million from sales of common stocks.

Net cash used in investing activities of $432.2 million during the six months of 2024 included purchases of fixed-maturity securities of $759.8 million, which included primarily corporate bonds, asset- and mortgage-backed securities, and to a lesser extent, U.S. Treasuries and municipal securities. During the first six months of 2024, we received proceeds of $189.3 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 $200.6 million from redemptions and maturities of asset- and mortgage-backed securities and corporate bonds. For the six months ended

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June 30, 2024, purchases of equity securities of $84.2 million consisted of common stocks and ETFs. During the first six months of 2024, we received proceeds of $30.9 million primarily from sales of ETFs and common stocks.

During the first six months of 2025, cash used in financing activities reflected dividends paid of $0.34 per common share, or $7.9 million in aggregate, share repurchases of $20.0 million and payroll taxes withheld and remitted on restricted stock awards of $6.3 million, offset in part by proceeds received from our equity compensation plans of $0.5 million.

During the first six months of 2024, cash used in financing reflected dividends paid of $0.30 per common share, or $7.0 million in aggregate. In addition, for the six months ended June 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.

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 stochastic 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 June 30, 2025:

Line of Business Covered

Company Policy Limit

Reinsurance Coverage

Company Retention

Property (1)

Up to $10.0 million per occurrence

40% up to $443.0 million per catastrophe

60% of property losses

Property – catastrophe (2)

N/A

$250.0 million excess of $75.0 million

$75.0 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

$3.0 million per occurrence as described in note (4) below

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(1)    Our property quota share reinsurance reduces the financial impact of property losses up to a loss recovery of $177.2 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 $500.0 million. This coverage applies after the coverage provided by the commercial property quota share treaty.

(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 $3.0 million, the ceding percentage varies such that the retention is always $3.0 million or less. For example, for a $5.0 million limit excess policy, our retention would be 60%, whereas for a $10.0 million limit excess policy, our retention would be 30%. For policies for which we also write an underlying primary limit, the combined retention on the primary and excess policies would not exceed $3.0 million. This reinsurance is not applicable to any individual policy with a per-occurrence limit of $3.0 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 regularly. In addition, we continually monitor for rating downgrades involving any of our reinsurers. At June 30, 2025, 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 June 30, 2025, we recorded an allowance for credit losses of $1.0 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 June 30, 2025, total stockholders' equity and tangible stockholders' equity were $1.7 billion compared to total stockholders' equity and tangible stockholders' equity of $1.5 billion at December 31, 2024. The increases in both total and tangible stockholders' equity over the prior year-end balances were due to profits generated during the

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period, an increase in the fair value of our fixed-maturity investments and net activity related to our share-based compensation plan offset in part by share repurchases and 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 June 30, 2025, our cash and invested assets of $4.6 billion consisted of fixed-maturity securities, equity securities, short-term investments, cash and cash equivalents and real estate investments. At June 30, 2025, the majority of the investment portfolio was composed of fixed-maturity securities of $3.9 billion that were classified as available-for-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 June 30, 2025, we also held $513.9 million of equity securities, which included common stocks, ETFs and non-redeemable preferred stock, $34.3 million of short-term investments, $138.1 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 3.0 years at June 30, 2025 and December 31, 2024, respectively, and an average rating of "AA-" at both June 30, 2025 and December 31, 2024.

At June 30, 2025 and December 31, 2024, the amortized cost and estimated fair value on fixed-maturity securities were as follows:

						June 30, 2025																		December 31, 2024
						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						$	7,839					$	7,610					0.2		%				$	15,465					$	15,048					0.4		%
Obligations of states, municipalities and political subdivisions						158,963						137,580						3.5		%				168,894						146,304						4.1		%
Corporate and other securities						2,114,850						2,100,034						53.6		%				2,037,372						1,989,490						56.3		%
Asset-backed securities						777,402						783,907						20.0		%				729,658						732,742						20.7		%
Residential mortgage-backed securities						607,220						563,791						14.4		%				502,121						448,874						12.7		%
Commercial mortgage-backed securities						325,597						325,156						8.3		%				209,521						205,105						5.8		%
Total fixed-maturity securities						$	3,991,871					$	3,918,078					100.0		%				$	3,663,031					$	3,537,563					100.0		%

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The table below summarizes the credit quality of our fixed-maturity securities at June 30, 2025 and December 31, 2024, as rated by Standard & Poor’s Financial Services, LLC ("Standard & Poor's"):

						June 30, 2025												December 31, 2024
Standard & Poor’s or Equivalent Designation						Estimated Fair Value						% of Total						Estimated Fair Value						% of Total
						($ in thousands)
AAA						$	1,293,859					33.0		%				$	1,034,025					29.2		%
AA						644,483						16.4		%				620,550						17.5		%
A						1,168,777						29.8		%				1,166,923						33.0		%
BBB						746,078						19.1		%				652,631						18.5		%
Below BBB and unrated						64,881						1.7		%				63,434						1.8		%
Total						$	3,918,078					100.0		%				$	3,537,563					100.0		%

The amortized cost and estimated fair value of our fixed-maturity securities summarized by contractual maturity as of June 30, 2025 and December 31, 2024, were as follows:

						June 30, 2025																		December 31, 2024
						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						$	293,096					$	292,850					7.5		%				$	415,494					$	415,674					11.8		%
Due after one year through five years						1,193,332						1,198,056						30.6		%				1,070,687						1,058,729						29.9		%
Due after five years through ten years						575,575						573,679						14.6		%				513,549						496,044						14.0		%
Due after ten years						219,649						180,639						4.6		%				222,001						180,395						5.1		%
Asset-backed securities						777,402						783,907						20.0		%				729,658						732,742						20.7		%
Residential mortgage-backed securities						607,220						563,791						14.4		%				502,121						448,874						12.7		%
Commercial mortgage-backed securities						325,597						325,156						8.3		%				209,521						205,105						5.8		%
Total fixed-maturity securities						$	3,991,871					$	3,918,078					100.0		%				$	3,663,031					$	3,537,563					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 $3.9 million and $3.7 million at June 30, 2025 and December 31, 2024, 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

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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.

Net income for the three and six months ended June 30, 2025 and 2024, reconciles to underwriting income as follows:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Net income						$	134,121					$	92,579					$	223,348					$	191,520
Income tax expense						34,168						23,221						57,252						40,147
Income before income taxes						168,289						115,800						280,600						231,667
Net investment income						(46,473)						(35,847)						(90,292)						(68,780)
Change in the fair value of equity securities						(28,621)						(3,159)						(31,659)						(21,212)
Net realized investment gains						(136)						(2,879)						(673)						(6,745)
Change in allowance for credit losses on investments						(5)						(476)						15						(486)
Interest expense						2,557						2,564						5,095						4,986
Other expenses (1)						12						796						672						2,759
Other income						(170)						(740)						(844)						(1,059)
Underwriting income						$	95,453					$	76,059					$	162,914					$	141,130

(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 six months ended June 30, 2025 and 2024, reconciles to net operating earnings as follows:

						Three Months Ended June 30,												Six Months Ended June 30,
($ in thousands)						2025						2024						2025						2024
Net income						$	134,121					$	92,579					$	223,348					$	191,520
Adjustments:
Change in the fair value of equity securities, before taxes						(28,621)						(3,159)						(31,659)						(21,212)
Income tax expense (1)						6,010						663						6,648						4,455
Change in the fair value of equity securities, after taxes						(22,611)						(2,496)						(25,011)						(16,757)
Net realized investment gains, before taxes						(136)						(2,879)						(673)						(6,745)
Income tax expense (1)						29						605						141						1,416
Net realized investment gains, after taxes						(107)						(2,274)						(532)						(5,329)
Change in allowance for credit losses on investments, before taxes						(5)						(476)						15						(486)
Income tax (benefit) expense (1)						1						100						(3)						102
Change in allowance for credit losses on investments, after taxes						(4)						(376)						12						(384)
Net operating earnings						$	111,399					$	87,433					$	197,817					$	169,050
Operating return on equity:
Average stockholders' equity (2)						$	1,652,774					$	1,214,086					$	1,603,067					$	1,172,018
Annualized return on equity (3)						32.5		%				30.5		%				27.9		%				32.7		%
Annualized operating return on equity (4)						27.0		%				28.8		%				24.7		%				28.8		%

(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.

(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.

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(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 June 30, 2025 and December 31, 2024, reconciles to tangible stockholders' equity as follows:

($ in thousands)						June 30, 2025						December 31, 2024
Stockholders' equity						$	1,722,573					$	1,483,561
Less: intangible assets, net of deferred taxes						2,795						2,795
Tangible stockholders' equity						$	1,719,778					$	1,480,766

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, 2024.

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, 2024.

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.

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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 second quarter of 2025 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 16 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 1, 2024 and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025.

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

The table below sets forth information regarding repurchases by the Company of its common stock during the periods indicated.

Period Beginning						Period Ending						Total number of shares purchased						Average price paid per share						Total number of shares purchased as part of publicly announced plans or programs(1)						Approximate dollar value of shares that may yet be purchased under the plans or programs (in millions)
April 1, 2025						April 30, 2025						23,309						$	429.02					23,309						$	70.0
May 1, 2025						May 31, 2025						—						$	—					—						$	70.0
June 1, 2025						June 30, 2025						—						$	—					—						$	70.0
						Total						23,309						$	429.02					23,309						$	70.0

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

Item 5. Other Information

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

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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.

The following table describes any contracts, instructions or written plans adopted for the sale or purchase of our securities by our non-employee directors and executive officers during the second quarter of 2025, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans.

Name

Title

Date of Adoption of Rule 10b5-1 Trading Plan

Scheduled Expiration Date of Rule 10b5-1 Trading Plan(1)

Aggregate Number of Securities to Be Purchased or Sold

Michael P. Kehoe

Chief Executive Officer and Chairman of the Board

May 22, 2025

July 27, 2026

Sale of 27,576 options all of which expire on July 27, 2026

(1) A trading plan may also expire on such earlier date as all transactions under the trading plan are completed.

During the second quarter of 2025, none of our non-employee directors or executive officers 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						Third 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 22, 2025)
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+						Kinsale Capital Group, Inc. 2025 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on May 22, 2025)
10.2+						Form of Restricted Share Award Agreement
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.

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

+ Compensatory plan or arrangement

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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: July 24, 2025			By:			/s/ Michael P. Kehoe
						Michael P. Kehoe Chairman and Chief Executive Officer
Date: July 24, 2025			By:			/s/ Bryan P. Petrucelli
						Bryan P. Petrucelli Executive Vice President, Chief Financial Officer and Treasurer

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FAQ

How much did Coca-Cola Consolidated (COKE) earn in Q2 2025?

COKE posted $187 million in net income, up 8.5% year over year, equal to $2.15 diluted EPS.

What were COKE’s Q2 2025 net sales and growth rate?

Net sales reached $1.86 billion, a 3.3% YoY increase from $1.80 billion in Q2 2024.

How strong is COKE’s balance sheet after the quarter?

Cash and equivalents stand at $1.22 billion; total debt is $1.79 billion, leaving net debt of ~$0.57 billion.

What is the status of COKE’s share repurchase program?

Under the $1 billion authorization started Aug-2024, the company repurchased $34.4 million of stock in Q2 2025.

When did COKE complete its 10-for-1 stock split?

The split was approved on 13-May-25; additional shares were distributed 23-May-25 and began trading split-adjusted 27-May-25.