KNSL Kinsale Capital Group Inc

Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $76.1 million, $3.26 per diluted share, for the third quarter of 2023 compared to $33.0 million, $1.43 per diluted share, for the third quarter of 2022. Net income was $204.7 million, $8.79 per diluted share, for the first nine months of 2023 compared to $91.9 million, $3.98 per diluted share, for the first nine months of 2022.

Net operating earnings(1) were $77.2 million, $3.31 per diluted share, for the third quarter of 2023 compared to $37.9 million, $1.64 per diluted share, for the third quarter of 2022. Net operating earnings(1) were $201.1 million, $8.63 per diluted share, for the first nine months of 2023 compared to $120.0 million, $5.20 per diluted share, for the first nine months of 2022.

Highlights for the quarter included:

• Net income increased by 130.8% compared to the third quarter of 2022
• Net operating earnings(1) of $77.2 million increased by 103.6% compared to the third quarter of 2022
• Gross written premiums increased by 33.0% to $377.8 million compared to the third quarter of 2022
• Net investment income increased by 95.5% to $27.1 million compared to the third quarter of 2022
• Underwriting income(2) was $72.4 million in the third quarter of 2023, resulting in a combined ratio(5) of 74.8%
• Annualized operating return on equity(7) was 32.1% for the nine months ended September 30, 2023

“Our third quarter results reflect continued growth and profitability. We reported a 33.0% increase in gross written premiums and a combined ratio of 74.8% as a consequence of our differentiated strategy and favorable E&S market conditions. We remain confident that our model of disciplined underwriting and technology-enabled low costs provides an enduring competitive advantage that will lead to continued value creation over the long term,” said President and Chief Executive Officer, Michael P. Kehoe.

Results of Operations

Underwriting Results

Gross written premiums were $377.8 million for the third quarter of 2023 compared to $284.1 million for the third quarter of 2022, an increase of 33.0%. Gross written premiums were $1.2 billion for the first nine months of 2023 compared to $806.6 million for the first nine months of 2022, an increase of 45.5%. The increase in gross written premiums during the third quarter and first nine months of 2023 over the same periods last year reflected strong submission flow from brokers and a favorable pricing environment.

Underwriting income(2) was $72.4 million, resulting in a combined ratio(5) of 74.8%, for the third quarter of 2023 compared to $34.3 million and a combined ratio(5) of 84.0% for the same period last year. The increase in underwriting income(2) quarter over quarter was due to a combination of premium growth, favorable loss experience and lower net commissions. Loss(3) and expense(4) ratios were 53.9% and 20.9%, respectively, for the third quarter of 2023 compared to 62.9% and 21.1% for the third quarter of 2022. Results for the third quarters of 2023 and 2022 included net favorable development of loss reserves from prior accident years of $9.1 million, or 3.2 points, and $11.0 million, or 5.1 points, respectively.

Underwriting income(2) was $185.5 million, resulting in a combined ratio(5) of 76.7%, for the first nine months of 2023 compared to $116.0 million and a combined ratio(5) of 80.4% for the first nine months of 2022. The increase in underwriting income(2) was due to a combination of premium growth, favorable loss experience and lower net commissions. Loss(3) and expense(4) ratios were 55.5% and 21.2%, respectively, for the first nine months of 2023 compared to 58.1% and 22.3% for the first nine months of 2022. Results for the first nine months of 2023 and 2022 included net favorable development of loss reserves from prior accident years of $28.6 million, or 3.6 points, and $28.9 million, or 4.9 points, respectively.

Summary of Operating Results

The Company’s operating results for the three and nine months ended September 30, 2023 and 2022 are summarized as follows:

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

($ in thousands)

Gross written premiums

$

377,789

 

 

$

284,111

 

 

$

1,173,599

 

 

$

806,625

 

Ceded written premiums

 

(83,509

)

 

 

(48,212

)

 

 

(215,248

)

 

 

(111,885

)

Net written premiums

$

294,280

 

 

$

235,899

 

 

$

958,351

 

 

$

694,740

 

 

 

 

 

 

 

 

 

Net earned premiums

$

281,502

 

 

$

209,259

 

 

$

775,706

 

 

$

577,979

 

Fee income

 

6,841

 

 

 

5,099

 

 

 

20,028

 

 

 

14,363

 

Losses and loss adjustment expenses

 

155,552

 

 

 

134,788

 

 

 

441,628

 

 

 

344,333

 

Underwriting, acquisition and insurance expenses

 

60,348

 

 

 

45,244

 

 

 

168,567

 

 

 

132,025

 

Underwriting income(2)

$

72,443

 

 

$

34,326

 

 

$

185,539

 

 

$

115,984

 

 

 

 

 

 

 

 

 

Loss ratio(3)

 

53.9

%

 

 

62.9

%

 

 

55.5

%

 

 

58.1

%

Expense ratio(4)

 

20.9

%

 

 

21.1

%

 

 

21.2

%

 

 

22.3

%

Combined ratio(5)

 

74.8

%

 

 

84.0

%

 

 

76.7

%

 

 

80.4

%

 

 

 

 

 

 

 

 

Annualized return on equity(6)

 

33.9

%

 

 

21.1

%

 

 

32.7

%

 

 

18.6

%

Annualized operating return on equity(7)

 

34.4

%

 

 

24.2

%

 

 

32.1

%

 

 

24.3

%

(1)

Net operating earnings is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.

(2)

Underwriting income is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.

(3)

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. Prior periods have been revised to conform to the current period's presentation.

(4)

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. Prior periods have been revised to conform to the current period's presentation.

(5)

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. Prior periods have been revised to conform to the current period's presentation.

(6)

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.

(7)

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.

The following tables summarize losses incurred for the current accident year and the development of prior accident years for the three and nine months ended September 30, 2023 and 2022:

 

Three Months Ended

September 30, 2023

 

Three Months Ended

September 30, 2022

 

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:

($ in thousands)

Current accident year

$

163,545

 

 

56.7

%

 

$

119,650

 

 

55.8

%

Current accident year - catastrophe losses

 

1,154

 

 

0.4

%

 

 

26,130

 

 

12.2

%

Effect of prior accident year development

 

(9,147

)

 

(3.2

)%

 

 

(10,992

)

 

(5.1

)%

Total

$

155,552

 

 

53.9

%

 

$

134,788

 

 

62.9

%

 

Nine Months Ended

September 30, 2023

 

Nine Months Ended

September 30, 2022

 

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:

($ in thousands)

Current accident year

$

466,056

 

 

58.6

%

 

$

346,970

 

 

58.6

%

Current accident year - catastrophe losses

 

4,179

 

 

0.5

%

 

 

26,213

 

 

4.4

%

Effect of prior accident year development

 

(28,607

)

 

(3.6

)%

 

 

(28,850

)

 

(4.9

)%

Total

$

441,628

 

 

55.5

%

 

$

344,333

 

 

58.1

%

Investment Results

Net investment income was $27.1 million in the third quarter of 2023 compared to $13.9 million in the third quarter of 2022, an increase of 95.5%. Net investment income was $72.0 million in the first nine months of 2023 compared to $33.5 million in the first nine months of 2022, an increase of 114.5%. These increases were driven by growth in the Company's investment portfolio generated largely from the investment of strong operating cash flows and higher interest rates relative to the prior year periods. Net operating cash flows were $648.3 million in the first nine months of 2023 compared to $456.7 million in the first nine months of 2022, an increase of 42.0%. The Company’s investment portfolio had an annualized gross investment return(8) of 3.9% for the first nine months of 2023 compared to 2.7% for the same period last year. Funds are generally invested conservatively in high quality securities with an average credit quality of "AA-" and the weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 2.9 years and 3.5 years at September 30, 2023 and December 31, 2022, respectively. Cash and invested assets totaled $2.8 billion at September 30, 2023 and $2.2 billion at December 31, 2022.

(8)

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 average beginning and ending book values of those investments during the period.

Other

On September 18, 2023, the Company amended its Note Purchase and Private Shelf Agreement and issued a $50.0 million aggregate principal amount 6.21% senior note due 2034 primarily to fund surplus at Kinsale Insurance Company.

On August 24, 2023, the Company sold a portion of its real estate investment for net proceeds of $62.0 million in cash resulting in a gain of $4.3 million. Proceeds were primarily used to pay down a portion of the Company's credit facility.

The effective tax rates for the nine months ended September 30, 2023 and 2022 were 19.4% and 17.5%, respectively. In the first nine months of 2023 and 2022, the effective tax rates were lower than the federal statutory rate of 21% primarily due to the tax benefits from stock-based compensation and tax-exempt investment income.

Stockholders' equity was $923.8 million at September 30, 2023 compared to $745.4 million at December 31, 2022. Book value per share was $39.86 at September 30, 2023 compared to $32.28 at December 31, 2022. Annualized operating return on equity(7) was 32.1% for the first nine months of 2023, an increase from 24.3% for the first nine months of 2022, which was primarily due to continued profitable growth from favorable E&S market conditions and rate increases.

Beginning in the second quarter of 2023, the Company reclassified policy fees to fee income and modified the definition of the loss and expense ratios to include fee income in the denominator of each ratio. Historically, these fees were presented as a reduction to underwriting, acquisition and insurance expenses. The Company has reclassified prior periods' results to conform to the current period's presentation.

Non-GAAP Financial Measures

Net Operating Earnings

Net operating earnings is defined as net income excluding the effects of the 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. Management believes the exclusion of these items provides a useful comparison of the Company's 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.

For the three and nine months ended September 30, 2023 and 2022, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

($ in thousands, except per share data)

Net operating earnings:

 

 

 

 

 

 

 

 

Net income

 

$

76,115

 

 

$

32,984

 

 

$

204,706

 

 

$

91,865

 

Adjustments:

 

 

 

 

 

 

 

 

Change in the fair value of equity securities, before taxes

 

 

5,533

 

 

 

6,095

 

 

 

(3,796

)

 

 

37,199

 

Income tax expense (benefit) (1)

 

 

(1,162

)

 

 

(1,280

)

 

 

797

 

 

 

(7,812

)

Change in fair value of equity securities, after taxes

 

 

4,371

 

 

 

4,815

 

 

 

(2,999

)

 

 

29,387

 

 

 

 

 

 

 

 

 

 

Net realized investment (gains) losses, before taxes

 

 

(4,274

)

 

 

173

 

 

 

(913

)

 

 

(1,535

)

Income tax expense (benefit) (1)

 

 

898

 

 

 

(36

)

 

 

192

 

 

 

322

 

Net realized investment (gains) losses, after taxes

 

 

(3,376

)

 

 

137

 

 

 

(721

)

 

 

(1,213

)

 

 

 

 

 

 

 

 

 

Change in allowance for credit losses on investments, before taxes

 

 

143

 

 

 

—

 

 

 

199

 

 

 

—

 

Income tax benefit (1)

 

 

(30

)

 

 

—

 

 

 

(42

)

 

 

—

 

Change in allowance for credit losses on investments, after taxes

 

 

113

 

 

 

—

 

 

 

157

 

 

 

—

 

Net operating earnings

 

$

77,223

 

 

$

37,936

 

 

$

201,143

 

 

$

120,039

 

 

 

 

 

 

 

 

 

 

Diluted operating earnings per share:

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

3.26

 

 

$

1.43

 

 

$

8.79

 

 

$

3.98

 

Change in the fair value of equity securities, after taxes, per share

 

 

0.19

 

 

 

0.21

 

 

 

(0.13

)

 

 

1.27

 

Net realized investment (gains) losses, after taxes, per share

 

 

(0.14

)

 

 

0.01

 

 

 

(0.03

)

 

 

(0.05

)

Change in allowance for credit losses on investments, after taxes, per share

 

 

—

 

 

 

—

 

 

 

0.01

 

 

 

—

 

Diluted operating earnings per share(2)

 

$

3.31

 

 

$

1.64

 

 

$

8.63

 

 

$

5.20

 

 

 

 

 

 

 

 

 

 

Operating return on equity:

 

 

 

 

 

 

 

 

Average equity(3)

 

$

897,789

 

 

$

626,761

 

 

$

834,606

 

 

$

659,395

 

Annualized return on equity(4)

 

 

33.9

%

 

 

21.1

%

 

 

32.7

%

 

 

18.6

%

Annualized operating return on equity(5)

 

 

34.4

%

 

 

24.2

%

 

 

32.1

%

 

 

24.3

%

(1)

Income taxes on adjustments to reconcile net income to net operating earnings use a 21% effective tax rate.

(2)

Diluted operating earnings per share may not add due to rounding.

(3)

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.

(4)

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.

(5)

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.

Underwriting Income

Underwriting income is defined as net income excluding net investment income, the 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. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and 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.

For the three and nine months ended September 30, 2023 and 2022, net income reconciles to underwriting income as follows:

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

(in thousands)

Net income

 

$

76,115

 

 

$

32,984

 

 

$

204,706

 

 

$

91,865

 

Income tax expense

 

 

19,378

 

 

 

7,116

 

 

 

49,290

 

 

 

19,549

 

Income before income taxes

 

 

95,493

 

 

 

40,100

 

 

 

253,996

 

 

 

111,414

 

Net investment income

 

 

(27,086

)

 

 

(13,858

)

 

 

(71,953

)

 

 

(33,540

)

Change in the fair value of equity securities

 

 

5,533

 

 

 

6,095

 

 

 

(3,796

)

 

 

37,199

 

Net realized investment (gains) losses

 

 

(4,274

)

 

 

173

 

 

 

(913

)

 

 

(1,535

)

Change in allowance for credit losses on investments

 

 

143

 

 

 

—

 

 

 

199

 

 

 

—

 

Interest expense

 

 

2,573

 

 

 

1,716

 

 

 

7,867

 

 

 

2,306

 

Other expenses (6)

 

 

401

 

 

 

212

 

 

 

1,220

 

 

 

521

 

Other income

 

 

(340

)

 

 

(112

)

 

 

(1,081

)

 

 

(381

)

Underwriting income

 

$

72,443

 

 

$

34,326

 

 

$

185,539

 

 

$

115,984

 

(6)

Other expenses are comprised of corporate expenses not allocated to the Company's insurance operations.

Conference Call

Kinsale Capital Group will hold a conference call to discuss this press release on Friday, October 27, 2023 at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (888) 660-6493, conference ID# 3573726, or via the Internet by going to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website until the close of business on November 24, 2023.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Income and Comprehensive Income

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenues

 

(in thousands, except per share data)

Gross written premiums

 

$

377,789

 

 

$

284,111

 

 

$

1,173,599

 

 

$

806,625

 

Ceded written premiums

 

 

(83,509

)

 

 

(48,212

)

 

 

(215,248

)

 

 

(111,885

)

Net written premiums

 

 

294,280

 

 

 

235,899

 

 

 

958,351

 

 

 

694,740

 

Change in unearned premiums

 

 

(12,778

)

 

 

(26,640

)

 

 

(182,645

)

 

 

(116,761

)

Net earned premiums

 

 

281,502

 

 

 

209,259

 

 

 

775,706

 

 

 

577,979

 

Fee income

 

 

6,841

 

 

 

5,099

 

 

 

20,028

 

 

 

14,363

 

Net investment income

 

 

27,086

 

 

 

13,858

 

 

 

71,953

 

 

 

33,540

 

Change in the fair value of equity securities

 

 

(5,533

)

 

 

(6,095

)

 

 

3,796

 

 

 

(37,199

)

Net realized investment gains (losses)

 

 

4,274

 

 

 

(173

)

 

 

913

 

 

 

1,535

 

Change in allowance for credit losses on investments

 

 

(143

)

 

 

—

 

 

 

(199

)

 

 

—

 

Other income

 

 

340

 

 

 

112

 

 

 

1,081

 

 

 

381

 

Total revenues

 

 

314,367

 

 

 

222,060

 

 

 

873,278

 

 

 

590,599

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

155,552

 

 

 

134,788

 

 

 

441,628

 

 

 

344,333

 

Underwriting, acquisition and insurance expenses

 

 

60,348

 

 

 

45,244

 

 

 

168,567

 

 

 

132,025

 

Interest expense

 

 

2,573

 

 

 

1,716

 

 

 

7,867

 

 

 

2,306

 

Other expenses

 

 

401

 

 

 

212

 

 

 

1,220

 

 

 

521

 

Total expenses

 

 

218,874

 

 

 

181,960

 

 

 

619,282

 

 

 

479,185

 

Income before income taxes

 

 

95,493

 

 

 

40,100

 

 

 

253,996

 

 

 

111,414

 

Total income tax expense

 

 

19,378

 

 

 

7,116

 

 

 

49,290

 

 

 

19,549

 

Net income

 

 

76,115

 

 

 

32,984

 

 

 

204,706

 

 

 

91,865

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

Change in net unrealized losses on available-for-sale investments, net of taxes

 

 

(23,511

)

 

 

(46,652

)

 

 

(20,109

)

 

 

(165,464

)

Total comprehensive income (loss)

 

$

52,604

 

 

$

(13,668

)

 

$

184,597

 

 

$

(73,599

)

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

3.30

 

 

$

1.45

 

 

$

8.89

 

 

$

4.03

 

Diluted

 

$

3.26

 

 

$

1.43

 

 

$

8.79

 

 

$

3.98

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

23,058

 

 

 

22,813

 

 

 

23,036

 

 

 

22,783

 

Diluted

 

 

23,315

 

 

 

23,114

 

 

 

23,298

 

 

 

23,099

 

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

 

 

 

September 30, 2023

 

December 31, 2022

Assets

 

(in thousands)

Investments:

 

 

 

 

Fixed-maturity securities at fair value

 

$

2,364,759

 

$

1,760,100

Equity securities at fair value

 

 

207,951

 

 

152,471

Real estate investments, net

 

 

14,372

 

 

76,387

Short-term investments

 

 

29,065

 

 

41,337

Total investments

 

 

2,616,147

 

 

2,030,295

 

 

 

 

 

Cash and cash equivalents

 

 

162,944

 

 

156,274

Investment income due and accrued

 

 

19,028

 

 

14,451

Premiums receivable, net

 

 

124,087

 

 

105,754

Reinsurance recoverables, net

 

 

240,852

 

 

220,454

Ceded unearned premiums

 

 

50,967

 

 

42,935

Deferred policy acquisition costs, net of ceding commissions

 

 

86,181

 

 

61,594

Intangible assets

 

 

3,538

 

 

3,538

Deferred income tax asset, net

 

 

68,535

 

 

56,983

Other assets

 

 

70,257

 

 

54,844

Total assets

 

$

3,442,536

 

$

2,747,122

 

 

 

 

 

Liabilities & Stockholders' Equity

 

 

 

 

Liabilities:

 

 

 

 

Reserves for unpaid losses and loss adjustment expenses

 

$

1,564,907

 

$

1,238,402

Unearned premiums

 

 

690,354

 

 

499,677

Payable to reinsurers

 

 

45,853

 

 

32,024

Accounts payable and accrued expenses

 

 

32,758

 

 

31,361

Debt

 

 

183,777

 

 

195,747

Other liabilities

 

 

1,125

 

 

4,462

Total liabilities

 

 

2,518,774

 

 

2,001,673

 

 

 

 

 

Stockholders' equity

 

 

923,762

 

 

745,449

Total liabilities and stockholders' equity

 

$

3,442,536

 

$

2,747,122

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231026795331/en/

Kinsale Capital Group, Inc. Bryan Petrucelli Executive Vice President, Chief Financial Officer and Treasurer 804-289-1272 ir@kinsalecapitalgroup.com