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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 September 30, 2024
| | | | | |
| ☐ | 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 October 18, 2024: 23,287,978
KINSALE CAPITAL GROUP, INC.
TABLE OF CONTENTS
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| | | Page |
| PART I. FINANCIAL INFORMATION | | |
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| Item 1. | | | |
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| | | |
| Item 2. | | | |
| Item 3. | | | |
| Item 4. | | | |
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| PART II. OTHER INFORMATION | | |
| | | |
| Item 1. | | | |
| Item 1A. | | | |
| Item 2. | | | |
| Item 5. | | | |
| Item 6. | | | |
| | | |
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;
•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, 2023.
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.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
| | | | | | | | | | | | | | |
| | September 30,
2024 | | December 31,
2023 |
| | (in thousands, except share and per share data) |
| Assets | | | | |
| Investments: | | | | |
Fixed-maturity securities, available for sale, at fair value (amortized cost: $3,528,675, allowance for credit losses: $63 – 2024; $2,834,463 and $553 –2023) | | $ | 3,467,038 | | | $ | 2,711,759 | |
Equity securities, at fair value (cost: $282,485 – 2024; $193,543 – 2023) | | 365,626 | | | 234,813 | |
| | | | |
| Real estate investments, net | | 15,045 | | | 14,791 | |
| Short-term investments | | — | | | 5,589 | |
| Total investments | | 3,847,709 | | | 2,966,952 | |
| Cash and cash equivalents | | 111,691 | | | 126,694 | |
| Investment income due and accrued | | 26,083 | | | 21,689 | |
Premiums and fees receivable, net of allowance for credit losses of $23,224 – 2024; $13,383 – 2023 | | 134,952 | | | 143,212 | |
Reinsurance recoverables, net of allowance for credit losses of $936 – 2024; $744 – 2023 | | 318,636 | | | 247,836 | |
| Ceded unearned premiums | | 55,370 | | | 52,516 | |
| Deferred policy acquisition costs, net of ceding commissions | | 110,590 | | | 88,395 | |
| Intangible assets | | 3,538 | | | 3,538 | |
| Deferred income tax asset, net | | 34,995 | | | 55,699 | |
| Other assets | | 88,679 | | | 66,443 | |
| Total assets | | $ | 4,732,243 | | | $ | 3,772,974 | |
| | | | |
| Liabilities and Stockholders' Equity | | | | |
| Liabilities: | | | | |
| Reserves for unpaid losses and loss adjustment expenses | | $ | 2,160,763 | | | $ | 1,692,875 | |
| Unearned premiums | | 844,701 | | | 701,351 | |
| Payable to reinsurers | | 43,215 | | | 47,582 | |
| Accounts payable and accrued expenses | | 39,780 | | | 44,922 | |
| Debt | | 184,053 | | | 183,846 | |
| | | | |
| Other liabilities | | 24,782 | | | 15,566 | |
| Total liabilities | | 3,297,294 | | | 2,686,142 | |
|
| Stockholders’ equity: | | | | |
Common stock, $0.01 par value, 400,000,000 shares authorized, 23,288,145 and 23,181,919 shares issued and outstanding at September 30, 2024 and December 31, 2023 respectively | | 233 | | | 232 | |
| Additional paid-in capital | | 357,935 | | | 352,970 | |
| Retained earnings | | 1,123,532 | | | 828,247 | |
| Accumulated other comprehensive loss | | (46,751) | | | (94,617) | |
| Total stockholders’ equity | | 1,434,949 | | | 1,086,832 | |
| Total liabilities and stockholders’ equity | | $ | 4,732,243 | | | $ | 3,772,974 | |
See accompanying notes to condensed consolidated financial statements.
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands, except per share data) |
| Revenues: | | | | | | | | |
| Gross written premiums | | $ | 448,646 | | | $ | 377,789 | | | $ | 1,427,060 | | | $ | 1,173,599 | |
| Ceded written premiums | | (98,709) | | | (83,509) | | | (295,833) | | | (215,248) | |
| Net written premiums | | 349,937 | | | 294,280 | | | 1,131,227 | | | 958,351 | |
| Change in unearned premiums | | (1,185) | | | (12,778) | | | (140,496) | | | (182,645) | |
| Net earned premiums | | 348,752 | | | 281,502 | | | 990,731 | | | 775,706 | |
| Fee income | | 8,489 | | | 6,841 | | | 25,572 | | | 20,028 | |
| Net investment income | | 39,644 | | | 27,086 | | | 108,424 | | | 71,953 | |
Change in the fair value of equity securities | | 20,659 | | | (5,533) | | | 41,871 | | | 3,796 | |
| Net realized investment gains (losses) | | (8) | | | 4,274 | | | 6,737 | | | 913 | |
| Change in allowance for credit losses on investments | | 4 | | | (143) | | | 490 | | | (199) | |
| Other income | | 518 | | | 340 | | | 1,577 | | | 1,081 | |
| Total revenues | | 418,058 | | | 314,367 | | | 1,175,402 | | | 873,278 | |
| | | | | | | | |
| Expenses: | | | | | | | | |
| Losses and loss adjustment expenses | | 200,240 | | | 155,552 | | | 580,351 | | | 441,628 | |
| Underwriting, acquisition and insurance expenses | | 70,139 | | | 60,348 | | | 207,960 | | | 168,567 | |
| Interest expense | | 2,589 | | | 2,573 | | | 7,575 | | | 7,867 | |
| Other expenses | | 692 | | | 401 | | | 3,451 | | | 1,220 | |
| Total expenses | | 273,660 | | | 218,874 | | | 799,337 | | | 619,282 | |
| Income before income taxes | | 144,398 | | | 95,493 | | | 376,065 | | | 253,996 | |
| Total income tax expense | | 30,169 | | | 19,378 | | | 70,316 | | | 49,290 | |
| Net income | | 114,229 | | | 76,115 | | | 305,749 | | | 204,706 | |
| Other comprehensive income (loss): | | | | | | | | |
| Change in net unrealized losses on available-for-sale investments, net of taxes | | 63,464 | | | (23,511) | | | 47,866 | | | (20,109) | |
| Total comprehensive income | | $ | 177,693 | | | $ | 52,604 | | | $ | 353,615 | | | $ | 184,597 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings per share: | | | | | | | | |
| Basic | | $ | 4.93 | | | $ | 3.30 | | | $ | 13.21 | | | $ | 8.89 | |
| Diluted | | $ | 4.90 | | | $ | 3.26 | | | $ | 13.10 | | | $ | 8.79 | |
| | | | | | | | |
Weighted-average shares outstanding: | | | | | | | | |
| Basic | | 23,175 | | | 23,058 | | | 23,150 | | | 23,036 | |
| Diluted | | 23,335 | | | 23,315 | | | 23,333 | | | 23,298 | |
See accompanying notes to condensed consolidated financial statements.
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 | | Total
Stock-
holders' Equity |
| | (in thousands, except share and per share data) |
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 | |
Issuance of common stock under stock-based compensation plan | | 1,897 | | | — | | | 51 | | | — | | | — | | | 51 | |
Stock-based compensation expense | | — | | | — | | | 3,495 | | | — | | | — | | | 3,495 | |
Dividends declared ($0.15 per share) | | — | | | — | | | — | | | (3,493) | | | — | | | (3,493) | |
| Other comprehensive income, net of tax | | — | | | — | | | — | | | — | | | 63,464 | | | 63,464 | |
| Net income | | — | | | — | | | — | | | 114,229 | | | — | | | 114,229 | |
| Balance at September 30, 2024 | | 23,288,145 | | | $ | 233 | | | $ | 357,935 | | | $ | 1,123,532 | | | $ | (46,751) | | | $ | 1,434,949 | |
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - Continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Shares of Common Stock | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumu-
lated
Other
Compre-
hensive
Loss | | Total
Stock-
holders' Equity |
| | (in thousands, except per share data) |
Balance at December 31, 2022 | | 23,090,526 | | | $ | 231 | | | $ | 347,015 | | | $ | 533,121 | | | $ | (134,918) | | | $ | 745,449 | |
Issuance of common stock under stock-based compensation plan | | 70,047 | | | 1 | | | 323 | | | — | | | — | | | 324 | |
Stock-based compensation expense | | — | | | — | | | 1,988 | | | — | | | — | | | 1,988 | |
| Restricted shares withheld for taxes | | (6,628) | | | — | | | (2,104) | | | — | | | — | | | (2,104) | |
Dividends declared ($0.14 per share) | | — | | | — | | | — | | | (3,235) | | | — | | | (3,235) | |
| Other comprehensive income, net of tax | | — | | | — | | | — | | | — | | | 17,509 | | | 17,509 | |
| Net income | | — | | | — | | | — | | | 55,800 | | | — | | | 55,800 | |
| Balance at March 31, 2023 | | 23,153,945 | | | 232 | | | 347,222 | | | 585,686 | | | (117,409) | | | 815,731 | |
Issuance of common stock under stock-based compensation plan | | 15,046 | | | — | | | 230 | | | — | | | — | | | 230 | |
Stock-based compensation expense | | — | | | — | | | 2,543 | | | — | | | — | | | 2,543 | |
| Restricted shares withheld for taxes | | (6,816) | | | — | | | (2,130) | | | — | | | — | | | (2,130) | |
Dividends declared ($0.14 per share) | | — | | | — | | | — | | | (3,243) | | | — | | | (3,243) | |
| Other comprehensive loss, net of tax | | — | | | — | | | — | | | — | | | (14,107) | | | (14,107) | |
| Net income | | — | | | — | | | — | | | 72,791 | | | — | | | 72,791 | |
| Balance at June 30, 2023 | | 23,162,175 | | | 232 | | | 347,865 | | | 655,234 | | | (131,516) | | | 871,815 | |
Issuance of common stock under stock-based compensation plan | | 10,750 | | | — | | | 172 | | | — | | | — | | | 172 | |
Stock-based compensation expense | | — | | | — | | | 2,415 | | | — | | | — | | | 2,415 | |
Dividends declared ($0.14 per share) | | — | | | — | | | — | | | (3,244) | | | — | | | (3,244) | |
| Other comprehensive loss, net of tax | | — | | | — | | | — | | | — | | | (23,511) | | | (23,511) | |
| Net income | | — | | | — | | | — | | | 76,115 | | | — | | | 76,115 | |
| Balance at September 30, 2023 | | 23,172,925 | | | $ | 232 | | | $ | 350,452 | | | $ | 728,105 | | | $ | (155,027) | | | $ | 923,762 | |
See accompanying notes to condensed consolidated financial statements.
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 |
| | (in thousands) |
| Operating activities: | | | | |
| Net cash provided by operating activities | | $ | 763,324 | | | $ | 648,308 | |
| | | | |
| Investing activities: | | | | |
| Purchase of property and equipment | | (13,157) | | | (5,501) | |
| Purchase of real estate investment | | (312) | | | (1,733) | |
| Sale of real estate investment | | — | | | 62,036 | |
| | | | |
| Change in short-term investments, net | | 5,730 | | | 13,071 | |
| Purchases – fixed-maturity securities | | (1,265,072) | | | (947,920) | |
| Purchases – equity securities | | (115,099) | | | (62,047) | |
| Sales – fixed-maturity securities | | 274,168 | | | 204,416 | |
| Sales – equity securities | | 34,230 | | | 7,503 | |
| Maturities and calls – fixed-maturity securities | | 317,412 | | | 113,811 | |
| Net cash used in investing activities | | (762,100) | | | (616,364) | |
| | | | |
| Financing activities: | | | | |
| | | | |
| Proceeds from notes payable | | — | | | 50,000 | |
| Payoff of credit facility | | — | | | (62,000) | |
| Debt issuance costs | | — | | | (43) | |
| Payroll taxes withheld and remitted on share-based payments | | (6,965) | | | (4,234) | |
| Proceeds from stock options exercised | | 1,203 | | | 726 | |
| Dividends paid | | (10,465) | | | (9,723) | |
| Net cash used in financing activities | | (16,227) | | | (25,274) | |
| Net change in cash and cash equivalents | | (15,003) | | | 6,670 | |
| Cash and cash equivalents at beginning of year | | 126,694 | | | 156,274 | |
| Cash and cash equivalents at end of period | | $ | 111,691 | | | $ | 162,944 | |
See accompanying notes to condensed consolidated financial statements.
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, 2023. 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.
Prospective accounting pronouncements
ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures
In November 2023, the 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 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning one year later. Early adoption is permitted and the amendments must be applied retrospectively to all prior periods presented. The Company does not expect the adoption of this guidance to materially affect the consolidated financial statements, and 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 September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 |
| | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Estimated Fair Value |
| | (in thousands) |
| Fixed maturities: | | | | | | | | | | |
U.S. Treasury securities and obligations of U.S. government agencies | | $ | 15,160 | | | $ | 18 | | | $ | (430) | | | $ | — | | | $ | 14,748 | |
Obligations of states, municipalities and political subdivisions | | 180,797 | | | 279 | | | (17,192) | | | — | | | 163,884 | |
| Corporate and other securities | | 1,914,970 | | | 24,241 | | | (37,114) | | | (63) | | | 1,902,034 | |
| Asset-backed securities | | 745,541 | | | 8,781 | | | (629) | | | — | | | 753,693 | |
Residential mortgage-backed securities | | 521,368 | | | 3,449 | | | (41,037) | | | — | | | 483,780 | |
| Commercial mortgage-backed securities | | 150,839 | | | 1,517 | | | (3,457) | | | — | | | 148,899 | |
| Total fixed-maturity investments | | $ | 3,528,675 | | | $ | 38,285 | | | $ | (99,859) | | | $ | (63) | | | $ | 3,467,038 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Estimated Fair Value |
| | (in thousands) |
| Fixed maturities: | | | | | | | | | | |
U.S. Treasury securities and obligations of U.S. government agencies | | $ | 28,003 | | | $ | 57 | | | $ | (806) | | | $ | — | | | $ | 27,254 | |
Obligations of states, municipalities and political subdivisions | | 191,080 | | | 212 | | | (20,248) | | | — | | | 171,044 | |
| Corporate and other securities | | 1,437,468 | | | 5,532 | | | (54,755) | | | (552) | | | 1,387,693 | |
| Asset-backed securities | | 641,700 | | | 2,833 | | | (2,773) | | | — | | | 641,760 | |
Residential mortgage-backed securities | | 463,904 | | | 1,732 | | | (48,530) | | | — | | | 417,106 | |
| Commercial mortgage-backed securities | | 72,308 | | | 11 | | | (5,416) | | | (1) | | | 66,902 | |
| Total fixed-maturity investments | | $ | 2,834,463 | | | $ | 10,377 | | | $ | (132,528) | | | $ | (553) | | | $ | 2,711,759 | |
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.
At September 30, 2024, 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 nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands) |
| Beginning balance | | $ | 67 | | | $ | 422 | | | $ | 553 | | | $ | 366 | |
| Increase to allowance from securities for which credit losses were not previously recorded | | — | | | 1 | | | — | | | 1 | |
| Reduction from securities sold during the period | | — | | | — | | | (479) | | | (12) | |
| Net (decrease) increase from securities that had an allowance at the beginning of the period | | (4) | | | 142 | | | (11) | | | 210 | |
| Ending balance | | $ | 63 | | | $ | 565 | | | $ | 63 | | | $ | 565 | |
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:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 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 maturities: | | | | | | | | | | | | |
| U.S. Treasury securities and obligations of the U.S. government agencies | | $ | — | | | $ | — | | | $ | 14,178 | | | $ | (430) | | | $ | 14,178 | | | $ | (430) | |
Obligations of states, municipalities and political subdivisions | | 11,653 | | | (121) | | | 124,714 | | | (17,071) | | | 136,367 | | | (17,192) | |
Corporate and other securities | | 53,750 | | | (140) | | | 512,074 | | | (36,974) | | | 565,824 | | | (37,114) | |
| Asset-backed securities | | 23,995 | | | (104) | | | 38,154 | | | (525) | | | 62,149 | | | (629) | |
Residential mortgage-backed securities | | 7,450 | | | (27) | | | 255,572 | | | (41,010) | | | 263,022 | | | (41,037) | |
| Commercial mortgage-backed securities | | 18,304 | | | (77) | | | 56,031 | | | (3,380) | | | 74,335 | | | (3,457) | |
| Total fixed-maturity investments | | $ | 115,152 | | | $ | (469) | | | $ | 1,000,723 | | | $ | (99,390) | | | $ | 1,115,875 | | | $ | (99,859) | |
At September 30, 2024, the Company held 686 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $1.1 billion and gross unrealized losses of $99.9 million. Of these securities, 633 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 September 30, 2024, except for securities previously discussed, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At September 30, 2024, 79.9% 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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| | 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 maturities: | | | | | | | | | | | | |
U.S. Treasury securities and obligations of U.S. government agencies | | $ | — | | | $ | — | | | $ | 15,484 | | | $ | (806) | | | $ | 15,484 | | | $ | (806) | |
Obligations of states, municipalities and political subdivisions | | 20,886 | | | (221) | | | 121,911 | | | (20,027) | | | 142,797 | | | (20,248) | |
Corporate and other securities | | 246,355 | | | (1,444) | | | 651,525 | | | (53,311) | | | 897,880 | | | (54,755) | |
| Asset-backed securities | | 142,287 | | | (872) | | | 217,401 | | | (1,901) | | | 359,688 | | | (2,773) | |
Residential mortgage-backed securities | | 26,158 | | | (49) | | | 268,891 | | | (48,481) | | | 295,049 | | | (48,530) | |
| Commercial mortgage-backed securities | | 8,775 | | | (55) | | | 56,731 | | | (5,361) | | | 65,506 | | | (5,416) | |
| Total fixed-maturity investments | | $ | 444,461 | | | $ | (2,641) | | | $ | 1,331,943 | | | $ | (129,887) | | | $ | 1,776,404 | | | $ | (132,528) | |
Contractual maturities of available-for-sale fixed-maturity securities
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at September 30, 2024 are summarized, by contractual maturity, as follows:
| | | | | | | | | | | | | | |
| | September 30, 2024 |
| | Amortized | | Estimated |
| | Cost | | Fair Value |
| | (in thousands) |
| Due in one year or less | | $ | 355,278 | | | $ | 355,263 | |
| Due after one year through five years | | 1,090,396 | | | 1,093,854 | |
| Due after five years through ten years | | 438,248 | | | 436,588 | |
| Due after ten years | | 227,005 | | | 194,961 | |
| Asset-backed securities | | 745,541 | | | 753,693 | |
| Residential mortgage-backed securities | | 521,368 | | | 483,780 | |
| Commercial mortgage-backed securities | | 150,839 | | | 148,899 | |
| Total fixed-maturity securities | | $ | 3,528,675 | | | $ | 3,467,038 | |
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.
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 and $14.8 million at September 30, 2024 and December 31, 2023, respectively. There was no accumulated depreciation on real estate investments at September 30, 2024 and December 31, 2023.
Net investment income
The following table presents the components of net investment income for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands) |
| Interest: | | | | | | | | |
| Taxable bonds | | $ | 38,009 | | | $ | 24,644 | | | $ | 103,871 | | | $ | 63,672 | |
| Tax exempt municipal bonds | | 391 | | | 522 | | | 1,225 | | | 1,704 | |
| Cash equivalents and short-term investments | | 615 | | | 758 | | | 1,726 | | | 2,337 | |
| Dividends on equity securities | | 1,494 | | | 1,271 | | | 4,331 | | | 3,692 | |
| Real estate investment income | | — | | | 851 | | | 153 | | | 3,565 | |
| Gross investment income | | 40,509 | | | 28,046 | | | 111,306 | | | 74,970 | |
| Investment expenses | | (865) | | | (960) | | | (2,882) | | | (3,017) | |
| Net investment income | | $ | 39,644 | | | $ | 27,086 | | | $ | 108,424 | | | $ | 71,953 | |
There was no depreciation expense related to real estate investments for the three and nine months ended September 30, 2024 or three months ended September 30, 2023 as the Company sold the related assets during 2023. Investment expenses included depreciation expense related to real estate investments of $0.5 million for the nine months ended September 30, 2023.
Realized investment gains and losses
The following table presents realized investment gains and losses for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands) |
| Fixed-maturity securities: | | | | | | | | |
| Realized gains | | $ | 114 | | | $ | 74 | | | $ | 1,055 | | | $ | 1,811 | |
| Realized losses | | (90) | | | (51) | | | (1,129) | | | (2,268) | |
| Net realized (losses) gains from fixed-maturity securities | | 24 | | | 23 | | | (74) | | | (457) | |
| | | | | | | | |
| Equity securities: | | | | | | | | |
| Realized gains | | — | | | — | | | 7,271 | | | 1,626 | |
| Realized losses | | (31) | | | — | | | (455) | | | (4,487) | |
| Net realized gains (losses) from equity securities | | (31) | | | — | | | 6,816 | | | (2,861) | |
| Realized (losses) gains from the sales of short-term investments | | (1) | | | 1 | | | — | | | (19) | |
| Realized (loss) gains on sale of real estate investments | | — | | | 4,250 | | | (5) | | | 4,250 | |
| Net realized investment gains (losses) | | $ | (8) | | | $ | 4,274 | | | $ | 6,737 | | | $ | 913 | |
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 September 30, 2024 and 2023, the change in net unrealized gains (losses) for fixed-maturity securities was $80.3 million and $(29.8) million respectively. For the nine months ended September 30, 2024 and 2023, the change in net unrealized gains (losses) for fixed-maturity securities was $60.6 million and $(25.4) million, respectively.
Insurance – statutory deposits
The Company had invested assets with a fair value of $3.5 million and $5.8 million on deposit with state regulatory authorities at September 30, 2024 and December 31, 2023, respectively.
Payable for investments purchased
The Company recorded a payable for investments purchased, not yet settled, of $22.4 million and $12.3 million at September 30, 2024 and December 31, 2023, respectively. The payable balance was included in the "other liabilities" line item of the consolidated balance sheet.
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.
The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, by level within the fair value hierarchy:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| | (in thousands) |
| Assets | | | | | | | | |
| Fixed maturities: | | | | | | | | |
| | | | | | | | |
| U.S. Treasury securities and obligations of U.S. government agencies | | $ | 14,748 | | | $ | — | | | $ | — | | | $ | 14,748 | |
Obligations of states, municipalities and political subdivisions | | — | | | 163,884 | | | — | | | 163,884 | |
| Corporate and other securities | | — | | | 1,902,034 | | | — | | | 1,902,034 | |
| Asset-backed securities | | — | | | 753,693 | | | — | | | 753,693 | |
| Residential mortgage-backed securities | | — | | | 483,780 | | | — | | | 483,780 | |
| Commercial mortgage-backed securities | | — | | | 148,899 | | | — | | | 148,899 | |
| Total fixed-maturity securities | | 14,748 | | | 3,452,290 | | | — | | | 3,467,038 | |
| | | | | | | | |
| Equity securities: | | | | | | | | |
| Exchange traded funds | | 126,620 | | | — | | | — | | | 126,620 | |
| Non-redeemable preferred stock | | — | | | 26,281 | | | — | | | 26,281 | |
| Common stocks | | 212,725 | | | — | | | — | | | 212,725 | |
| Total equity securities | | 339,345 | | | 26,281 | | | — | | | 365,626 | |
| | | | | | | | |
| Total | | $ | 354,093 | | | $ | 3,478,571 | | | $ | — | | | $ | 3,832,664 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
| | (in thousands) |
| Assets | | | | | | | | |
| Fixed maturities: | | | | | | | | |
U.S. Treasury securities and obligations of U.S. government agencies | | $ | 22,235 | | | $ | 5,019 | | | $ | — | | | $ | 27,254 | |
Obligations of states, municipalities and political subdivisions | | — | | | 171,044 | | | — | | | 171,044 | |
| Corporate and other securities | | — | | | 1,387,693 | | | — | | | 1,387,693 | |
| Asset-backed securities | | — | | | 641,760 | | | — | | | 641,760 | |
| Residential mortgage-backed securities | | — | | | 417,106 | | | — | | | 417,106 | |
| Commercial mortgage-backed securities | | — | | | 66,902 | | | — | | | 66,902 | |
| Total fixed-maturity securities | | 22,235 | | | 2,689,524 | | | — | | | 2,711,759 | |
| | | | | | | | |
| Equity securities: | | | | | | | | |
| Exchange traded funds | | 106,300 | | | — | | | — | | | 106,300 | |
| Non-redeemable preferred stock | | — | | | 33,173 | | | — | | | 33,173 | |
| Common stocks | | 95,340 | | | — | | | — | | | 95,340 | |
| Total equity securities | | 201,640 | | | 33,173 | | | — | | | 234,813 | |
| Short-term investments | | 1,862 | | | 3,727 | | | — | | | 5,589 | |
| Total | | $ | 225,737 | | | $ | 2,726,424 | | | $ | — | | | $ | 2,952,161 | |
There were no assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2024 or December 31, 2023.
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 $175.8 million and $171.6 million at September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023. 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 $18.6 million and $11.8 million at September 30, 2024 and December 31, 2023, 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 nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands) |
| Beginning balance | | $ | 21,226 | | | $ | 12,167 | | | $ | 13,383 | | | $ | 8,067 | |
| Current period change for estimated uncollectible premiums | | 2,596 | | | 2,341 | | | 12,938 | | | 7,459 | |
| Write-offs of uncollectible premiums receivable | | (598) | | | (129) | | | (3,097) | | | (1,147) | |
| Ending balance | | $ | 23,224 | | | $ | 14,379 | | | $ | 23,224 | | | $ | 14,379 | |
5. Deferred Policy Acquisition Costs
The following table presents the amounts of policy acquisition costs deferred and amortized for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands) |
| Balance, beginning of period | | $ | 109,358 | | | $ | 85,326 | | | $ | 88,395 | | | $ | 61,594 | |
Policy acquisition costs deferred: | | | | | | | | |
| Direct commissions | | 65,773 | | | 54,580 | | | 209,146 | | | 169,223 | |
| Ceding commissions | | (31,207) | | | (24,230) | | | (89,522) | | | (62,779) | |
| Other underwriting and policy acquisition costs | | 3,765 | | | 1,623 | | | 10,418 | | | 7,511 | |
| Policy acquisition costs deferred | | 38,331 | | | 31,973 | | | 130,042 | | | 113,955 | |
Amortization of net policy acquisition costs | | (37,099) | | | (31,118) | | | (107,847) | | | (89,368) | |
| Balance, end of period | | $ | 110,590 | | | $ | 86,181 | | | $ | 110,590 | | | $ | 86,181 | |
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.
6. Property and Equipment, Net
Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following:
| | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| | (in thousands) |
| Building | | $ | 37,190 | | | $ | 37,181 | |
| Parking deck | | 5,072 | | | 5,072 | |
| Land | | 3,068 | | | 3,068 | |
| Equipment | | 4,315 | | | 3,958 | |
| Software | | 18,916 | | | 15,375 | |
| Furniture and fixtures | | 3,185 | | | 3,065 | |
| Land improvements | | 474 | | | 474 | |
| Leasehold improvements | | 153 | | | 153 | |
| | | | |
| Construction in progress - building | | 16,568 | | | 6,623 | |
| Property and equipment | | 88,941 | | | 74,969 | |
| Accumulated depreciation | | (15,252) | | | (11,565) | |
| Total property and equipment, net | | $ | 73,689 | | | $ | 63,404 | |
7. Underwriting, Acquisition and Insurance Expenses
Underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2024 and 2023 consist of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands) |
| Underwriting, acquisition and insurance expenses incurred: | | | | | | | | |
| Direct commissions | | $ | 66,039 | | | $ | 53,035 | | | $ | 187,169 | | | $ | 143,181 | |
| Ceding commissions | | (32,297) | | | (23,396) | | | (88,483) | | | (59,882) | |
| Other underwriting expenses | | 36,397 | | | 30,709 | | | 109,274 | | | 85,268 | |
| Total | | $ | 70,139 | | | $ | 60,348 | | | $ | 207,960 | | | $ | 168,567 | |
Other underwriting expenses within underwriting, acquisition and insurance expenses include salaries, bonus and employee benefits expenses of $27.6 million and $23.1 million for the three months ended September 30, 2024 and 2023, respectively and $78.3 million and $63.0 million for the nine months ended September 30, 2024 and 2023, respectively.
8. Stock-based Compensation
On July 27, 2016, the Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the "2016 Incentive Plan") became effective. The 2016 Incentive Plan, which is administered by the Compensation, Nominating and Corporate Governance Committee of the Company’s Board of Directors, provides for grants of stock options, restricted stock, restricted stock units and other stock-based awards to officers, employees, directors, independent contractors and
consultants. The number of shares of common stock available for issuance under the 2016 Incentive Plan may not exceed 2,073,832.
The total compensation cost that has been charged against income for share-based compensation arrangements was $10.7 million and $6.9 million for the nine months ended September 30, 2024 and 2023, respectively.
Restricted Stock Awards
During the nine months ended September 30, 2024, 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 under the 2016 Incentive Plan for the nine months ended September 30, 2024 is as follows:
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2024 |
| | Number of Shares | | Weighted Average Grant Date Fair Value per Share |
| Non-vested outstanding at the beginning of the period | | 107,822 | | | $ | 250.86 | |
| Granted | | 47,689 | | | $ | 502.43 | |
| Vested | | (41,502) | | | $ | 231.05 | |
| Forfeited | | (2,417) | | | $ | 283.11 | |
| Non-vested outstanding at the end of the period | | 111,592 | | | $ | 366.18 | |
Employees surrender shares to pay for withholding tax obligations resulting from any vesting of restricted stock awards. During the nine months ended September 30, 2024, shares withheld for taxes in connection with the vesting of restricted stock awards totaled 14,234.
The weighted average grant-date fair value per share of the Company's restricted stock awards granted during the nine months ended September 30, 2024 and 2023 was $502.43 and $313.35, respectively. The fair value of restricted stock awards that vested during the nine months ended September 30, 2024 and 2023 was $19.8 million and $12.6 million, respectively. As of September 30, 2024, the Company had $32.1 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 2.4 years.
Stock Options
On July 27, 2016, the Board of Directors approved, and the Company granted, 1,036,916 stock options 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 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 September 30, 2024, 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, 2024 | | 201,560 | | | $ | 16.00 | | | | | |
| Granted | | — | | | — | | | | | |
| Forfeited | | — | | | — | | | | | |
| Exercised | | (75,188) | | | 16.00 | | | | | |
Outstanding at September 30, 2024 | | 126,372 | | | $ | 16.00 | | | 1.8 | | $ | 56,813 | |
Exercisable at September 30, 2024 | | 126,372 | | | $ | 16.00 | | | 1.8 | | $ | 56,813 | |
The total intrinsic value of options exercised was $34.4 million and $14.6 million during the nine months ended September 30, 2024 and 2023, 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 September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands, except per share data) |
| Net income | | $ | 114,229 | | | $ | 76,115 | | | $ | 305,749 | | | $ | 204,706 | |
| | | | | | | | |
| Weighted average common shares outstanding - basic | | 23,175 | | | 23,058 | | | 23,150 | | | 23,036 | |
| Effect of potential dilutive securities: | | | | | | | | |
| Conversion of stock options | | 123 | | | 208 | | | 141 | | | 220 | |
| Conversion of restricted stock | | 37 | | | 49 | | | 42 | | | 42 | |
| Weighted average common shares outstanding - diluted | | 23,335 | | | 23,315 | | | 23,333 | | | 23,298 | |
| | | | | | | | |
| Earnings per common share: | | | | | | | | |
| Basic | | $ | 4.93 | | | $ | 3.30 | | | $ | 13.21 | | | $ | 8.89 | |
| Diluted | | $ | 4.90 | | | $ | 3.26 | | | $ | 13.10 | | | $ | 8.79 | |
There were 43,000 and zero anti-dilutive stock awards for the three months ended September 30, 2024 and 2023, respectively. There were 44,000 and 47,000 anti-dilutive stock awards for the nine months ended September 30, 2024 and 2023, respectively.
10. Income Taxes
The Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company's best estimate of the effective tax rate expected for the full year. The estimated
annual effective tax rate typically differs from the U.S. statutory tax rate, primarily as a result of tax-exempt investment income and any discrete items recognized during the period. The Company's effective tax rates were 18.7% and 19.4% for the nine months ended September 30, 2024 and 2023, respectively. The effective tax rates were lower than the federal statutory rate of 21% due primarily to the tax benefits from stock-based compensation, including stock options exercised, and from income generated by certain tax-exempt investments.
11. Reserves For Unpaid Losses and Loss Adjustment Expenses
The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses:
| | | | | | | | | | | | | | |
| | September 30, |
| | 2024 | | 2023 |
| | (in thousands) |
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year | | $ | 1,692,875 | | | $ | 1,238,402 | |
Less: reinsurance recoverable on unpaid losses | | 241,357 | | | 177,039 | |
| | | | |
Net reserves for unpaid losses and loss adjustment expenses, beginning of year | | 1,451,518 | | | 1,061,363 | |
| Incurred losses and loss adjustment expenses: | | | | |
| Current year | | 608,423 | | | 470,235 | |
| Prior years | | (28,072) | | | (28,607) | |
| Total net losses and loss adjustment expenses incurred | | 580,351 | | | 441,628 | |
| | | | |
| Payments: | | | | |
| Current year | | 24,207 | | | 22,156 | |
| Prior years | | 156,992 | | | 136,380 | |
| Total payments | | 181,199 | | | 158,536 | |
Net reserves for unpaid losses and loss adjustment expenses, end of period | | 1,850,670 | | | 1,344,455 | |
| Reinsurance recoverable on unpaid losses | | 310,093 | | | 220,452 | |
Gross reserves for unpaid losses and loss adjustment expenses, end of period | | $ | 2,160,763 | | | $ | 1,564,907 | |
During the nine months ended September 30, 2024, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2023 developed favorably by $28.1 million, of which $45.6 million was attributable to the 2021 through 2023 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development primarily from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation and from the 2020 accident year due to a large property claim. Current accident year incurred losses and loss adjustment expenses for the nine months ended September 30, 2024 included $17.6 million of net catastrophe losses primarily related to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest.
During the nine months ended September 30, 2023, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2022 developed favorably by $28.6 million, of which $39.0 million was attributable to the 2021 and 2022 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation.
12. Reinsurance
The following table summarizes the effect of reinsurance on premiums written and earned for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands) |
| Premiums written: | | | | | | | | |
| Direct | | $ | 448,646 | | | $ | 377,789 | | | $ | 1,427,060 | | | $ | 1,173,599 | |
| | | | | | | | |
| Ceded | | (98,709) | | | (83,509) | | | (295,833) | | | (215,248) | |
| Net written | | $ | 349,937 | | | $ | 294,280 | | | $ | 1,131,227 | | | $ | 958,351 | |
| | | | | | | | |
| Premiums earned: | | | | | | | | |
| Direct | | $ | 450,583 | | | $ | 362,689 | | | $ | 1,283,710 | | | $ | 982,922 | |
| | | | | | | | |
| Ceded | | (101,831) | | | (81,187) | | | (292,979) | | | (207,216) | |
| Net earned | | $ | 348,752 | | | $ | 281,502 | | | $ | 990,731 | | | $ | 775,706 | |
The following table summarizes ceded losses and loss adjustment expenses for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands) |
| Ceded incurred losses and loss adjustment expenses | | $ | 22,698 | | | $ | 27,381 | | | $ | 92,903 | | | $ | 89,371 | |
The following table presents reinsurance recoverables on paid and unpaid losses as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| | (in thousands) |
| Reinsurance recoverables on paid losses | | $ | 8,543 | | | $ | 6,479 | |
| Reinsurance recoverables on unpaid losses, net | | 310,093 | | | 241,357 | |
| Reinsurance recoverables, net | | $ | 318,636 | | | $ | 247,836 | |
13. Debt
Note Purchase and Private Shelf Agreement
On July 22, 2022, the Company entered into a Note Purchase and Private Shelf Agreement (as subsequently amended, the "Note Purchase Agreement") with PGIM, Inc. ("Prudential") and the purchasers of the Series A and Series B Senior Notes (as defined below). The Note Purchase Agreement provides for issuance of senior promissory notes with an aggregate principal amount of up to $200.0 million through September 18, 2026.
Pursuant to the Note Purchase Agreement, on July 22, 2022, the Company issued $125.0 million aggregate principal amount of 5.15% Series A Senior Notes Due July 22, 2034 (collectively, the "Series A Notes”), and on September
18, 2023, the Company issued a $50.0 million aggregate principal amount 6.21% Series B Senior Note ("Series B Note") due July 22, 2034.
The Series A and B Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s Amended and Restated Credit Agreement.
Principal payments on the Series A Notes are required annually beginning on July 22, 2030 in equal installments of $25.0 million through July 22, 2034.
Principal payments on the Series B Note are required annually beginning on July 22, 2030 in equal installments of $10.0 million through July 22, 2034.
Credit Agreement
On July 22, 2022, the Company entered into an Amended and Restated Credit Agreement, with JPMorgan Chase Bank, N.A., as administrative agent and as issuing bank, Truist Bank, as syndication agent, and the lenders party thereto (collectively, the "Lenders"). The Amended and Restated Credit Agreement provides the Company with a $100.0 million senior unsecured revolving credit facility (the "Credit Facility"), with the option to increase the aggregate commitment by $30.0 million. The Company is required to pay a Commitment Fee Rate (as defined therein) of 0.25% on the average daily amount of the Available Revolving Commitment (as defined therein). Borrowings under the Amended and Restated Credit Agreement may be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness).
The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%. For the nine months ended September 30, 2024, the annual weighted-average interest rate of borrowings under the Credit Facility was 7.04%.
The following table presents the Company's outstanding debt as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | Issuance | | Maturity | | September 30,
2024 | | December 31, 2023 |
| | | | | | (in thousands) |
| Credit Facility | | Various | | 7/22/2027 | | $ | 11,000 | | | $ | 11,000 | |
5.15% Series A Notes | | 7/22/2022 | | 7/22/2034 | | 125,000 | | | 125,000 | |
6.21% Series B Note | | 9/18/2023 | | 7/22/2034 | | 50,000 | | | 50,000 | |
| Less: Unamortized debt issuance costs | | | | | | (1,947) | | | (2,154) | |
| Total debt | | | | | | $ | 184,053 | | | $ | 183,846 | |
Both the Note Purchase Agreement and the Amended and Restated Credit Agreement contain representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of September 30, 2024, the Company was in compliance with all of its financial covenants under both the Note Purchase Agreement and the Credit Facility.
In October 2024, the covenants limiting restricted payments under the Note Purchase Agreement and Amended and Restated Credit Agreement were amended. The amendments allow the Company to make restricted payments so long as the aggregate amount of all such restricted payments does not exceed the greater of $300.0 million and 6.5% of the total assets of the Company and its subsidiaries at the end of the most recently completed fiscal quarter.
14. Other Comprehensive Income (Loss)
The following table summarizes the components of other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| | (in thousands) |
| Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes | | $ | 80,292 | | | $ | (29,931) | | | $ | 60,816 | | | $ | (26,997) | |
| Income tax (expense) benefit | | (16,861) | | | 6,286 | | | (12,771) | | | 5,670 | |
| Unrealized gains (losses) arising during the period, net of income taxes | | 63,431 | | | (23,645) | | | 48,045 | | | (21,327) | |
| Less reclassification adjustment: | | | | | | | | |
| Net realized losses on fixed-maturity securities, before income taxes | | (46) | | | (27) | | | (264) | | | (1,343) | |
| Income tax benefit | | 10 | | | 6 | | | 56 | | | 282 | |
| Reclassification adjustment included in net income | | (36) | | | (21) | | | (208) | | | (1,061) | |
| Change in allowance for credit losses on investments, before income taxes | | 4 | | | (143) | | | 490 | | | (199) | |
| Income tax (expense) benefit | | (1) | | | 30 | | | (103) | | | 42 | |
| Reclassification adjustment included in net income | | 3 | | | (113) | | | 387 | | | (157) | |
| Other comprehensive income (loss) | | $ | 63,464 | | | $ | (23,511) | | | $ | 47,866 | | | $ | (20,109) | |
The sale or credit loss of an available-for-sale fixed-maturity security results in amounts being reclassified from accumulated other comprehensive income (loss) to realized gains or losses in current period earnings. The related tax effect of the reclassification adjustment is recorded in income tax expense in current period earnings. See Note 2 for additional information.
15. Contingencies
Contingencies arise in the normal conduct of the Company’s operations and are not expected to have a material effect on the Company’s financial condition or results of operations. However, adverse outcomes are possible and could negatively affect the Company’s financial condition and results of operations.
In June 2019, Marie Hughes, as authorized administrator for the estate of George Hughes, filed a wrongful death claim against Venetian Hills Apartments, LLC ("Venetian Hills") in DeKalb County in Georgia state court. On December 20, 2023, the jury awarded a verdict to the plaintiff of $140.0 million.
Venetian Hills was a policyholder of a $1.0 million general liability policy issued by Kinsale Insurance. The Company believes exclusions in the policy apply to the claim and intends to defend any action related to this proceeding vigorously. The Company expects to appeal the verdict at the conclusion of post trial motions and does not expect a resolution as to the Company’s liability, if any, with respect to this matter in the foreseeable future, and potentially for multiple years.
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.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The discussion and analysis below include certain forward-looking statements that are subject to risks, uncertainties and other factors described in "Risk Factors" in this Quarterly Report on Form 10-Q and in the Annual Report on Form 10-K for the year ended December 31, 2023. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors.
The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2024, or for any other future period. The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in Part I, Item 1 of this Quarterly Report, and in conjunction with our audited consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023.
References to the "Company," "Kinsale," "we," "us," and "our" are to Kinsale Capital Group, Inc. and its subsidiaries, unless the context otherwise requires.
Overview
Founded in 2009, Kinsale is a specialty insurance company. Kinsale focuses exclusively on the excess and surplus lines ("E&S") market in the U.S., where we use our underwriting expertise to write coverages for hard-to-place small business risks and personal lines risks. We market these insurance products in all 50 states, the District of Columbia, the Commonwealth of Puerto Rico and the U.S. Virgin Islands, primarily through a network of independent insurance brokers.
We have one reportable segment, our Excess and Surplus Lines Insurance segment, which offers property and casualty ("P&C") insurance products through the E&S market. For the first nine months of 2024, the percentage breakdown of our gross written premiums was 67.0% casualty and 33.0% property. Our commercial underwriting divisions include commercial property, excess casualty, small business casualty, general casualty, construction, allied health, small business property, products liability, entertainment, energy, professional liability, life sciences, commercial auto, excess professional, environmental, inland marine, health care, management liability, public entity, aviation, ocean marine, product recall, railroad and agribusiness. We also write homeowners' coverage in the personal lines market, which in aggregate represented 2.5% of our gross written premiums in the first nine months of 2024.
Components of Our Results of Operations
Gross written premiums
Gross written premiums are the amounts received or to be received for insurance policies written or assumed by us during a specific period of time without reduction for policy acquisition costs, reinsurance costs or other deductions. The volume of our gross written premiums in any given period is generally influenced by:
•New business submissions;
•Conversion of new business submissions into policies;
•Renewals of existing policies; and
•Average size and premium rate of bound policies.
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.
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.
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.
Results of Operations
Three months ended September 30, 2024 compared to three months ended September 30, 2023
The following table summarizes our results of operations for the three months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| ($ in thousands) | | 2024 | | 2023 | | Change | | % Change |
| | | | | | | | |
| Gross written premiums | | $ | 448,646 | | | $ | 377,789 | | | $ | 70,857 | | | 18.8 | % |
| Ceded written premiums | | (98,709) | | | (83,509) | | | (15,200) | | | 18.2 | % |
| Net written premiums | | $ | 349,937 | | | $ | 294,280 | | | $ | 55,657 | | | 18.9 | % |
| | | | | | | | |
| Net earned premiums | | $ | 348,752 | | | $ | 281,502 | | | $ | 67,250 | | | 23.9 | % |
| Fee income | | 8,489 | | | 6,841 | | | 1,648 | | | 24.1 | % |
| Losses and loss adjustment expenses | | 200,240 | | | 155,552 | | | 44,688 | | | 28.7 | % |
| Underwriting, acquisition and insurance expenses | | 70,139 | | | 60,348 | | | 9,791 | | | 16.2 | % |
Underwriting income (1) | | 86,862 | | | 72,443 | | | 14,419 | | | 19.9 | % |
| Net investment income | | 39,644 | | | 27,086 | | | 12,558 | | | 46.4 | % |
| Change in the fair value of equity securities | | 20,659 | | | (5,533) | | | 26,192 | | | NM |
| Net realized investment gains (losses) | | (8) | | | 4,274 | | | (4,282) | | | NM |
| Change in allowance for credit losses on investments | | 4 | | | (143) | | | 147 | | | NM |
| Interest expense | | (2,589) | | | (2,573) | | | (16) | | | 0.6 | % |
| Other expense, net | | (174) | | | (61) | | | (113) | | | NM |
| Income before taxes | | 144,398 | | | 95,493 | | | 48,905 | | | 51.2 | % |
| Income tax expense | | 30,169 | | | 19,378 | | | 10,791 | | | 55.7 | % |
| Net income | | $ | 114,229 | | | $ | 76,115 | | | $ | 38,114 | | | 50.1 | % |
| | | | | | | | |
Net operating earnings (2) | | $ | 97,911 | | | $ | 77,223 | | | $ | 20,688 | | | 26.8 | % |
| | | | | | | | |
| Loss ratio | | 56.1 | % | | 53.9 | % | | | | |
| Expense ratio | | 19.6 | % | | 20.9 | % | | | | |
Combined ratio (3) | | 75.7 | % | | 74.8 | % | | | | |
| | | | | | | | |
| Annualized return on equity | | 33.9 | % | | 33.9 | % | | | | |
Annualized operating return on equity (2) | | 29.1 | % | | 34.4 | % | | | | |
NM - Percentage change not meaningful.
(1) Underwriting income is a non-GAAP financial measure. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to underwriting income.
(2) Net operating earnings and annualized operating return on equity are non-GAAP financial measures. Net operating earnings is defined as net income excluding the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Annualized operating return on equity is defined as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.
(3) The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding.
Net income was $114.2 million for the three months ended September 30, 2024 compared to $76.1 million for the three months ended September 30, 2023, an increase of 50.1%. The increase in net income for the third quarter of 2024 from the same period last year was primarily due to higher returns on equity investments, continued profitable growth and an increase in investment income driven by higher investment balances and higher interest rates.
Underwriting income was $86.9 million for the three months ended September 30, 2024 compared to $72.4 million for the three months ended September 30, 2023, an increase of 19.9%. The corresponding combined ratios were 75.7% for the three months ended September 30, 2024 compared to 74.8% for the three months ended September 30, 2023. The increase in underwriting income in the third quarter of 2024 compared to the third quarter of 2023 was primarily due to a combination of premium growth and lower relative net commissions offset in part by higher catastrophe losses during the period.
Premiums
Gross written premiums were $448.6 million for the three months ended September 30, 2024 compared to $377.8 million for the three months ended September 30, 2023, an increase of $70.9 million, or 18.8%. The increase in gross written premiums for the third quarter of 2024 over the same period last year was due to higher submission activity from brokers and a favorable, yet increasingly competitive, pricing environment. The average premium per policy written was approximately $14,500 in the third quarter of 2024 compared to approximately $14,400 in the third quarter of 2023. Excluding our personal lines insurance, which has a relatively low premium per policy written, the average premium per policy written was approximately $15,300 in the third quarter of 2024 compared to $15,500 in the third quarter of 2023.
Net written premiums increased by $55.7 million, or 18.9%, to $349.9 million for the three months ended September 30, 2024 from $294.3 million for the three months ended September 30, 2023. The increase in net written premiums for the third quarter of 2024 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 78.0% for the three months ended September 30, 2024 compared to 77.9% for the three months ended September 30, 2023.
Net earned premiums increased by $67.3 million, or 23.9%, to $348.8 million for the three months ended September 30, 2024 from $281.5 million for the three months ended September 30, 2023 and was directly related to growth in gross written premiums.
Loss ratio
The following table summarizes the loss ratios for the three months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| | 2024 | | 2023 |
| ($ in thousands) | | Losses and Loss Adjustment Expenses | | % of Sum of Earned Premiums and Fee Income | | Losses and Loss Adjustment Expenses | | % of Sum of Earned Premiums and Fee Income |
| Loss ratio: | | | | | | | | |
Current accident year before catastrophe losses | | $ | 196,750 | | | 55.1 | % | | $ | 163,545 | | | 56.7 | % |
| Current year catastrophe losses | | 13,615 | | | 3.8 | % | | 1,154 | | | 0.4 | % |
| Effect of prior year development | | (10,125) | | | (2.8) | % | | (9,147) | | | (3.2) | % |
| Total | | $ | 200,240 | | | 56.1 | % | | $ | 155,552 | | | 53.9 | % |
The loss ratio was 56.1% for the three months ended September 30, 2024 compared to 53.9% for the three months ended September 30, 2023. The increase in the loss ratio in the third quarter of 2024 compared to the third quarter of 2023 was due primarily to higher catastrophe losses incurred and lower relative net favorable development of loss reserves from prior accident years. Net catastrophe losses incurred during the third quarter of 2024 were primarily attributable to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest.
During the three months ended September 30, 2024, prior accident years developed favorably by $10.1 million, of which $14.9 million was attributable to the 2021 through 2023 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation.
During the three months ended September 30, 2023, prior accident years developed favorably by $9.1 million, of which $12.0 million was attributable to the 2021 and 2022 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation.
Expense ratio
The following table summarizes the components of the expense ratio for the three months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| | 2024 | | 2023 |
| ($ in thousands) | | Underwriting Expenses | | % of Sum of Earned Premiums and Fee Income | | Underwriting Expenses | | % of Sum of Earned Premiums and Fee Income |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Net commissions incurred | | 33,742 | | | 9.4 | % | | 29,639 | | | 10.3 | % |
Other underwriting expenses | | 36,397 | | | 10.2 | % | | 30,709 | | | 10.6 | % |
Underwriting, acquisition and insurance expenses | | $ | 70,139 | | | 19.6 | % | | $ | 60,348 | | | 20.9 | % |
The expense ratio was 19.6% for the three months ended September 30, 2024 compared to 20.9% for the three months ended September 30, 2023. The expense ratio continues to benefit from higher ceding commissions earned under the commercial property quota share treaty as a result of commercial property premium growth. Direct commissions paid as a percent of gross written premiums was 14.7% and 14.6% for the three months ended September 30, 2024 and 2023, respectively.
Investing results
The following table summarizes net investment income, change in the fair value of equity securities and net realized investment (losses) gains for the three months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| ($ in thousands) | | 2024 | | 2023 | | Change |
| | | | | | |
| Interest from fixed-maturity securities | | $ | 38,400 | | | $ | 25,166 | | | $ | 13,234 | |
| Dividends from equity securities | | 1,494 | | | 1,271 | | | 223 | |
| Cash equivalents and short-term investments | | 615 | | | 758 | | | (143) | |
| Real estate investment income | | — | | | 851 | | | (851) | |
| Gross investment income | | 40,509 | | | 28,046 | | | 12,463 | |
| Investment expenses | | (865) | | | (960) | | | 95 | |
| Net investment income | | 39,644 | | | 27,086 | | | 12,558 | |
| Change in the fair value of equity securities | | 20,659 | | | (5,533) | | | 26,192 | |
| Net realized investment (losses) gains | | (8) | | | 4,274 | | | (4,282) | |
| Change in allowance for credit losses on investments | | 4 | | | (143) | | | 147 | |
| Net realized and unrealized investment gains (losses) | | 20,655 | | | (1,402) | | | 22,057 | |
| Total | | $ | 60,299 | | | $ | 25,684 | | | $ | 34,615 | |
Net investment income increased by 46.4% to $39.6 million for the three months ended September 30, 2024 from $27.1 million for the three months ended September 30, 2023. This increase was primarily due to growth in our investment portfolio generated from the investment of strong operating cash flows and higher interest rates relative to the prior year period. Our investment portfolio, excluding cash equivalents and unrealized gains and losses, had an annualized gross investment return of 4.4% and 4.1% for the three months ended September 30, 2024 and 2023, respectively.
During the third quarter of 2024, the change in fair value of equity securities included changes in unrealized gains related to common stocks of $13.1 million and exchange traded funds ("ETFs") of $6.9 million and unrealized gains related to non-redeemable preferred stock of $0.7 million. The change in the fair value of ETFs and common stocks during the third quarter of 2024 reflected changes in the broader U.S. stock market.
During the third quarter of 2023, the change in fair value of equity securities included unrealized losses related to ETFs of $(3.6) million, unrealized losses related to common stocks of $(2.1) million and unrealized gains related to non-redeemable preferred stock of $0.2 million. The change in the fair value of ETFs and common stocks during the third quarter of 2023 reflected changes in the broader U.S. stock market.
During the third quarter of 2023, net realized investment gains of $4.3 million primarily related to the sale of a portion of our real estate investment property.
Income tax expense
Our effective tax rate was 20.9% for the three months ended September 30, 2024 compared to 20.3% for the three months ended September 30, 2023. The effective tax rates were lower than the federal statutory rate of 21% due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income.
Nine months ended September 30, 2024 compared to nine months ended September 30, 2023
The following table summarizes our results of operations for the nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| ($ in thousands) | | 2024 | | 2023 | | Change | | % Change |
| | | | | | | | |
| Gross written premiums | | $ | 1,427,060 | | | $ | 1,173,599 | | | $ | 253,461 | | | 21.6 | % |
| Ceded written premiums | | (295,833) | | | (215,248) | | | (80,585) | | | 37.4 | % |
| Net written premiums | | $ | 1,131,227 | | | $ | 958,351 | | | $ | 172,876 | | | 18.0 | % |
| | | | | | | | |
| Net earned premiums | | $ | 990,731 | | | $ | 775,706 | | | $ | 215,025 | | | 27.7 | % |
| Fee income | | 25,572 | | | 20,028 | | | 5,544 | | | 27.7 | % |
| Losses and loss adjustment expenses | | 580,351 | | | 441,628 | | | 138,723 | | | 31.4 | % |
| Underwriting, acquisition and insurance expenses | | 207,960 | | | 168,567 | | | 39,393 | | | 23.4 | % |
Underwriting income (1) | | 227,992 | | | 185,539 | | | 42,453 | | | 22.9 | % |
| Net investment income | | 108,424 | | | 71,953 | | | 36,471 | | | 50.7 | % |
| Change in fair value of equity securities | | 41,871 | | | 3,796 | | | 38,075 | | | NM |
| Net realized investment gains | | 6,737 | | | 913 | | | 5,824 | | | NM |
| Change in allowance for credit losses on investments | | 490 | | | (199) | | | 689 | | | NM |
| Interest expense | | (7,575) | | | (7,867) | | | 292 | | | (3.7) | % |
| Other expense, net | | (1,874) | | | (139) | | | (1,735) | | | NM |
| Income before taxes | | 376,065 | | | 253,996 | | | 122,069 | | | 48.1 | % |
| Income tax expense | | 70,316 | | | 49,290 | | | 21,026 | | | 42.7 | % |
| Net income | | $ | 305,749 | | | $ | 204,706 | | | $ | 101,043 | | | 49.4 | % |
| | | | | | | | |
Net operating earnings (2) | | $ | 266,962 | | | $ | 201,143 | | | $ | 65,819 | | | 32.7 | % |
| | | | | | | | |
| Loss ratio | | 57.1 | % | | 55.5 | % | | | | |
| Expense ratio | | 20.5 | % | | 21.2 | % | | | | |
Combined ratio (3) | | 77.6 | % | | 76.7 | % | | | | |
| | | | | | | | |
| Annualized return on equity | | 32.3 | % | | 32.7 | % | | | | |
Annualized operating return on equity (2) | | 28.2 | % | | 32.1 | % | | | | |
NM - Percentage change not meaningful.
(1) Underwriting income is a non-GAAP financial measure. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to underwriting income.
(2) Net operating earnings and annualized operating return on equity are non-GAAP financial measures. Net operating earnings is defined as net income excluding the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Annualized operating return on equity is defined as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.
(3) The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding.
Overview
Net income was $305.7 million for the nine months ended September 30, 2024 compared to $204.7 million for the nine months ended September 30, 2023, an increase of 49.4%. The increase in net income for the first nine months of 2024 over the same period last year was primarily due to a combination of continued profitable growth, higher returns on equity investments, and an increase in investment income driven by both higher investment balances and higher interest rates.
Underwriting income was $228.0 million for the nine months ended September 30, 2024 compared to $185.5 million for the nine months ended September 30, 2023, an increase of 22.9%. The corresponding combined ratios were 77.6% for the nine months ended September 30, 2024 compared to 76.7% for the nine months ended September 30, 2023. The increase in underwriting income for the first nine months of 2024 compared to the same period last year was primarily due to a combination of premium growth and lower relative net commissions, offset in part by higher catastrophe losses during the period.
Premiums
Gross written premiums were $1.4 billion for the nine months ended September 30, 2024 compared to $1.2 billion for the nine months ended September 30, 2023, an increase of $253.5 million, or 21.6%. The increase in gross written premiums for the first nine months of 2024 over the same period last year was due to higher submission activity from brokers and a favorable, yet increasingly competitive, pricing environment. The average premium per policy written was $15,400 in the first nine months of 2024 compared to $15,300 in the first nine months of 2023. Excluding our personal insurance division, which has a relatively low premium per policy written, the average premium per policy written was $16,200 for the first nine months of 2024 and $16,500 for the first nine months of 2023.
Net written premiums increased by $172.9 million, or 18.0%, to $1.1 billion for the nine months ended September 30, 2024 from $958.4 million for the nine months ended September 30, 2023. The increase in net written premiums for the first nine months of 2024 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 79.3% for the nine months ended September 30, 2024 compared to 81.7% for the same period last year. The decrease in the net retention ratio was primarily due to a higher cession rate on the commercial property quota share treaty effective with the June 2023 renewal, offset in part by an increase in our retention on our casualty treaty effective with the June 2024 renewal.
Net earned premiums increased by $215.0 million, or 27.7%, to $990.7 million for the nine months ended September 30, 2024 from $775.7 million for the nine months ended September 30, 2023 due to growth in gross written premiums.
Loss ratio
The following table summarizes the loss ratios for the nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 |
| ($ in thousands) | | Losses and Loss Adjustment Expenses | | % of Sum of Earned Premiums and Fee Income | | Losses and Loss Adjustment Expenses | | % of Sum of Earned Premiums and Fee Income |
| Loss ratio: | | | | | | | | |
Current accident year before catastrophe losses | | $ | 590,810 | | | 58.1 | % | | $ | 466,056 | | | 58.6 | % |
| Current year catastrophe losses | | 17,613 | | | 1.7 | % | | 4,179 | | | 0.5 | % |
| Effect of prior year development | | (28,072) | | | (2.7) | % | | (28,607) | | | (3.6) | % |
| Total | | $ | 580,351 | | | 57.1 | % | | $ | 441,628 | | | 55.5 | % |
The loss ratio was 57.1% for the nine months ended September 30, 2024 compared to 55.5% for the nine months ended September 30, 2023. The increase in the loss ratio in the first nine months of 2024 compared to the first nine months of 2023 was due primarily to higher catastrophe losses incurred in the period and lower relative net favorable development of loss reserves from prior accident years. Net catastrophe losses incurred during the nine months ended September 30, 2024 were primarily attributable to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest.
During the nine months ended September 30, 2024, prior accident years developed favorably by $28.1 million, of which $45.6 million was attributable to the 2021 through 2023 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development primarily from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation and from the 2020 accident year due to a large property claim.
During the nine months ended September 30, 2023, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2022 developed favorably by $28.6 million, of which $39.0 million was attributable to the 2021 and 2022 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation.
Expense ratio
The following table summarizes the components of the expense ratio for the nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 |
| ($ in thousands) | | Underwriting Expenses | | % of Sum of Earned Premiums and Fee Income | | Underwriting Expenses | | % of Sum of Earned Premiums and Fee Income |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Net commissions incurred | | 98,686 | | | 9.7 | % | | 83,299 | | | 10.5 | % |
Other underwriting expenses | | 109,274 | | | 10.8 | % | | 85,268 | | | 10.7 | % |
| Total | | $ | 207,960 | | | 20.5 | % | | $ | 168,567 | | | 21.2 | % |
The expense ratio was 20.5% for the nine months ended September 30, 2024 compared to 21.2% for the nine months ended September 30, 2023. The decrease in the expense ratio was primarily due to lower relative net commissions due to higher ceding commissions earned under the commercial property quota share treaty as a result of commercial property premium growth. Direct commissions paid as a percentage of gross written premiums was 14.7% and 14.5% for the nine months ended September 30, 2024 and 2023, respectively.
Investing results
The following table summarizes net investment income, change in the fair value of equity securities and net realized investment gains (losses) for the nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, | | |
| ($ in thousands) | | 2024 | | 2023 | | Change | | |
| | | | | | | | |
| Interest from fixed-maturity securities | | $ | 105,096 | | | $ | 65,376 | | | $ | 39,720 | | | |
| Dividends from equity securities | | 4,331 | | | 3,692 | | | 639 | | | |
| Cash equivalents and short-term investments | | 1,726 | | | 2,337 | | | (611) | | | |
| Real estate investment income | | 153 | | | 3,565 | | | (3,412) | | | |
| Gross investment income | | 111,306 | | | 74,970 | | | 36,336 | | | |
| Investment expenses | | (2,882) | | | (3,017) | | | 135 | | | |
| Net investment income | | 108,424 | | | 71,953 | | | 36,471 | | | |
| Change in fair value of equity securities | | 41,871 | | | 3,796 | | | 38,075 | | | |
| Net realized investment gains | | 6,737 | | | 913 | | | 5,824 | | | |
| Change in allowance for credit losses on investments | | 490 | | | (199) | | | 689 | | | |
| Net realized and unrealized investment gains | | 49,098 | | | 4,510 | | | 44,588 | | | |
| Total | | $ | 157,522 | | | $ | 76,463 | | | $ | 81,059 | | | |
Net investment income increased by 50.7% to $108.4 million for the nine months ended September 30, 2024 from $72.0 million for the nine months ended September 30, 2023. The increase in the first nine months of 2024 compared to the same period last year was primarily due to growth in our investment portfolio largely generated from the investment of strong operating cash flows and higher interest rates relative to the prior year period. Our investment portfolio, excluding cash equivalents and unrealized gains and losses, had an annualized gross investment return of 4.3% and 3.9% for the nine months ended September 30, 2024 and 2023, respectively.
During the first nine months of 2024, the change in fair value of equity securities of $41.9 million included changes in unrealized gains related to common stocks of $25.4 million and ETFs of $13.2 million and changes in unrealized gains related to non-redeemable preferred stock of $3.3 million. The change in the fair value of common stocks and ETFs during the first nine months of 2024 primarily reflected higher valuations in the broader U.S. stock market and the change in fair value of preferred stock relates primarily to the disposition of certain preferred stock securities in a loss position.
During the first nine months of 2023, the change in fair value of equity securities included unrealized gains related to ETFs and common stocks of $2.7 million and unrealized gains related to non-redeemable preferred stock of $1.1 million. The change in the fair value of ETFs and common stocks during the first nine months of 2023 primarily reflected changes in the broader U.S. stock market.
During the first nine months of 2024, net realized investment gains of $6.7 million were primarily related to sales of ETFs due to opportunistic repositioning of our equity portfolio. During the first nine months of 2023, net realized investment gains of $0.9 million included a realized gain of $4.3 million from the sale of a portion of our real estate
investment property, offset by realized investment losses primarily related to disposing of securities issued by certain banking and financial institutions.
We perform quarterly reviews of all available-for-sale securities within our investment portfolio to determine whether the decline in a security's fair value is deemed to be a credit loss. Based on our review, we recorded a reduction to the allowance for credit losses at September 30, 2024 of $0.5 million. See Note 2 of the notes to the consolidated financial statements for further information regarding credit losses.
Income tax expense
Our effective tax rate was 18.7% for the nine months ended September 30, 2024 compared to 19.4% for the nine months ended September 30, 2023. The effective tax rate was lower than the federal statutory rate of 21% primarily due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income.
Return on equity
Our annualized return on equity was 32.3% for the nine months ended September 30, 2024 compared to 32.7% for the nine months ended September 30, 2023. Our annualized operating return on equity was 28.2% for the nine months ended September 30, 2024 compared to 32.1% for the nine months ended September 30, 2023. The decrease in annualized operating return on equity for the nine months ended September 30, 2024 compared to the prior period was due primarily to higher average stockholders' equity as a result of profitable growth and an increase in the fair value of our fixed income portfolio offset in part by higher net operating earnings.
Liquidity and Capital Resources
Sources and uses of funds
We are organized as a Delaware holding company with our operations primarily conducted by our wholly-owned insurance subsidiary, Kinsale Insurance Company, which is domiciled in Arkansas. Accordingly, we may receive cash through (1) loans from banks and other third parties, (2) issuance of equity and debt securities, (3) corporate service fees from our insurance subsidiary, (4) payments from our subsidiaries pursuant to our consolidated tax allocation agreement and other transactions, and (5) dividends from our insurance subsidiary. We may use the proceeds from these sources to contribute funds to Kinsale Insurance Company in order to support premium growth, reduce our reliance on reinsurance, pay dividends and taxes and for other business purposes.
We receive corporate service fees from Kinsale Insurance Company to reimburse us for most of the operating expenses that we incur. Reimbursement of expenses through corporate service fees is based on the actual costs that we expect to incur with no mark-up above our expected costs.
In August 2022, we filed a universal shelf registration statement with the SEC that expires in 2025. We can use this shelf registration to issue an unspecified amount of common stock, preferred stock, depositary shares and warrants. The specific terms of any securities we issue under this registration statement will be provided in the applicable prospectus supplements.
In October 2024, the Company's Board of Directors authorized a share repurchase program authorizing the repurchase of up to $100.0 million of the Company's common stock. The shares may be repurchased from time to time in open market purchases, privately-negotiated transactions, block purchases, accelerated share repurchase agreements or a combination of methods and pursuant to safe harbors provided by Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934. The timing, manner, price and amount of any repurchases under the share repurchase program will be determined by the Company in its discretion. The stock repurchase program does
not require the Company to repurchase any specific number of shares, and may be modified, suspended or terminated at any time.
In July 2022, we entered into a Note Purchase and Private Shelf Agreement (the "Note Purchase Agreement"), which provides for the issuance of senior promissory notes with an aggregate principal amount of up to $150.0 million. In September 2023, we amended the Note Purchase Agreement, which increased the authorized aggregate principal amount of senior promissory notes that may be issued thereunder to $200.0 million.
Pursuant to the Note Purchase Agreement, on July 22, 2022 we issued $125.0 million aggregate principal amount of 5.15% senior promissory notes (the “Series A Notes”) and on September 18, 2023 we issued a $50.0 million aggregate principal amount 6.21% senior promissory note (the "Series B Note"), the proceeds of which were used to fund surplus at Kinsale Insurance Company, refinance indebtedness and for general corporate purposes. See Note 13 for further information regarding the Note Purchase Agreement.
In July 2022, we entered into an Amended and Restated Credit Agreement, which extended the maturity date to July 22, 2027, and increased the aggregate commitment to $100.0 million, with the option to increase the aggregate commitment by $30.0 million, subject to certain conditions. Borrowings under the Amended and Restated Credit Agreement may be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness). See Note 13 for further information regarding the Amended and Restated Credit Agreement.
In connection with the share repurchase authorization, in October 2024, the covenants limiting restricted payments under the Note Purchase Agreement and Amended and Restated Credit Agreement were amended. The amendments allow the Company to make restricted payments so long as the aggregate amount of all such restricted payments does not exceed the greater of $300.0 million and 6.5% of the total assets of the Company and its subsidiaries at the end of the most recently completed fiscal quarter.
Management believes that the Company has sufficient liquidity available both in Kinsale and in its insurance subsidiary, Kinsale Insurance Company, as well as in its other operating subsidiaries, to meet its operating cash needs and obligations and committed capital expenditures for the next 12 months.
Cash flows
Our most significant source of cash is from premiums received from our insureds, which we generally receive at the beginning of the coverage period. Our most significant cash outflow is for claims that arise when a policyholder incurs an insured loss. Because the payment of claims occurs after the receipt of the premium, often years later, we invest the cash in various investment securities that earn interest and dividends. We also use cash to pay commissions to insurance brokers, as well as to pay for ongoing operating expenses such as salaries, consulting services and taxes. As described under "—Reinsurance" below, we use reinsurance to help manage the risk that we take related to the issuance of our policies. We cede, or pay out, part of the premiums we receive to our reinsurers and collect cash back when losses subject to our reinsurance coverage are paid.
The timing of our cash flows from operating activities can vary among periods due to the timing by which payments are made or received. Some of our payments and receipts, including loss settlements and subsequent reinsurance receipts, can be significant, so their timing can influence cash flows from operating activities in any given period. Management believes that cash receipts from premiums, proceeds from investment sales and redemptions and investment income are sufficient to cover cash outflows in the foreseeable future.
Our cash flows for the nine months ended September 30, 2024 and 2023 were:
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2024 | | 2023 |
| | (in thousands) |
| Cash and cash equivalents provided by (used in): | | | | |
Operating activities | | $ | 763,324 | | | $ | 648,308 | |
| Investing activities | | (762,100) | | | (616,364) | |
Financing activities | | (16,227) | | | (25,274) | |
| Change in cash and cash equivalents | | $ | (15,003) | | | $ | 6,670 | |
Net cash provided by operating activities was approximately $763.3 million for the nine months ended September 30, 2024 compared to $648.3 million for the same period in 2023. This increase was largely driven by higher premium volume and the timing of claim payments and reinsurance recoveries.
Net cash used in investing activities was $762.1 million for the nine months ended September 30, 2024 compared to $616.4 million for the nine months ended September 30, 2023. Net cash used in investing activities during the first nine months of 2024 included purchases of fixed-maturity securities of $1.3 billion, which included primarily corporate bonds, asset- and mortgage-backed securities, and to a lesser extent, municipal securities and U.S. Treasuries. During the first nine months of 2024, we received proceeds of $274.2 million from sales of fixed-maturity securities, largely corporate bonds, mortgage- and asset-backed securities, municipal securities, U.S. Treasuries and government agency bonds and $317.4 million from redemptions and maturities of asset- and mortgage-backed securities and corporate bonds. For the nine months ended September 30, 2024, purchases of equity securities of $115.1 million consisted of common stocks and ETFs. During the first nine months of 2024, we received proceeds of $34.2 million primarily from sales of ETFs and common stocks and, to a lesser extent, calls of non-redeemable preferred stock.
Net cash used in investing activities of $616.4 million for the nine months ended September 30, 2023 included purchases of fixed-maturity securities of $947.9 million, which were comprised largely of corporate bonds, asset- and mortgage-backed securities, and to a lesser extent, U.S. Treasuries and municipal securities. During the first nine months of 2023, we received proceeds of $204.4 million from sales of fixed-maturity securities, largely corporate bonds, asset-backed securities and municipal securities and $113.8 million from redemptions and maturities of asset- and mortgage-backed securities and corporate bonds. For the nine months ended September 30, 2023, purchases of equity securities of $62.0 million consisted of common stocks. During the first nine months of 2023, we received proceeds of $7.5 million from sales of equity securities, primarily ETFs and common stocks. In addition, net sales of short-term investments of $13.1 million consisted of U.S. Treasuries and corporate bonds. Net cash used in investing activities also included proceeds of $62.0 million from the sale of a portion of our real estate investment property in the third quarter of 2023.
During the first nine months of 2024, cash used in financing reflected dividends paid of $0.45 per common share, or $10.5 million in aggregate. In addition, for the nine months ended September 30, 2024, payroll taxes withheld and remitted on restricted stock awards were $7.0 million, offset in part by proceeds received from our equity compensation plans of $1.2 million.
During the first nine months of 2023, cash used in financing activities reflected proceeds of $50.0 million from the issuance of the Series B Note on September 18, 2023. Proceeds from the sale of our real estate investment were used to pay down $62.0 million from our Credit Facility. Financing activities also reflected dividends paid of $0.42 per common share, or $9.7 million in aggregate. In addition, for the nine months ended September 30, 2023, payroll
taxes withheld and remitted on restricted stock awards were $4.2 million, offset in part by proceeds received from our equity compensation plans of $0.7 million.
Reinsurance
We enter into reinsurance contracts primarily to limit our exposure to potential large losses. Reinsurance involves an insurance company transferring ("ceding") a portion of its exposure on a risk to another insurer, the reinsurer. The reinsurer assumes the exposure in return for a portion of the premium. Our reinsurance is primarily contracted under quota-share reinsurance treaties and excess of loss treaties. In quota-share reinsurance, the reinsurer agrees to assume a specified percentage of the ceding company's losses arising out of a defined class of business in exchange for a corresponding percentage of premiums, net of a ceding commission. In excess of loss reinsurance, the reinsurer agrees to assume all or a portion of the ceding company's losses, in excess of a specified amount. Under excess of loss reinsurance, the premium payable to the reinsurer is negotiated by the parties based on their assessment of the amount of risk being ceded to the reinsurer because the reinsurer does not share proportionately in the ceding company's losses.
We renew our reinsurance treaties annually. During each renewal cycle, there are a number of factors we consider when determining our reinsurance coverage, including (1) plans to change the underlying insurance coverage we offer, (2) trends in loss activity, (3) the level of our capital and surplus, (4) changes in our risk appetite and (5) the cost and availability of reinsurance coverage.
To manage our natural catastrophe exposure, we use computer models to analyze the risk of severe losses. We measure exposure to these losses in terms of probable maximum loss ("PML"), which is an estimate of the amount of loss we would expect to meet or exceed once in a given number of years (referred to as the return period). When managing our catastrophe exposure, we generally focus on the 100-year and the 250-year return periods.
The following is a summary of our significant reinsurance programs as of September 30, 2024:
| | | | | | | | | | | | | | | | | | | | |
| Line of Business Covered | | Company Policy Limit | | Reinsurance Coverage | | Company Retention |
| Property (1) | | Up to $10.0 million per occurrence | | 50% up to $379.8 million per catastrophe | | 50% of commercial property losses |
| Property - catastrophe (2) | | N/A | | $175.0 million excess of $60.0 million | | $60.0 million per catastrophe |
| Primary casualty (3) | | Up to $10.0 million per occurrence | | $8.0 million excess of $2.0 million | | $2.0 million per occurrence |
| Excess casualty (4) | | Up to $10.0 million per occurrence | | Variable quota share | | $2.5 million per occurrence as described in note (4) below |
(1) Our property quota-share reinsurance reduces the financial impact of property losses on our commercial property, small business property, high value homeowners and inland marine policies up to a loss recovery of $189.9 million for an event. This reinsurance is not applicable to any individual policy with a limit of $2.0 million or less.
(2) Our property catastrophe reinsurance reduces the financial impact of a catastrophe event involving multiple claims and policyholders. Our property catastrophe reinsurance includes a reinstatement provision which requires us to pay reinstatement premiums after a loss has occurred in order to preserve coverage. Including the reinstatement of coverage, the maximum aggregate loss recovery limit is $350.0 million. This coverage applies after the coverage provided by the commercial property quota-share treaty.
(3) This reinsurance is not applicable to any individual policy with a per-occurrence limit of $2.0 million or less.
(4) For excess casualty policies with a per-occurrence limit higher than $2.5 million, the ceding percentage varies such that the retention is always $2.5 million or less. For example, for a $5.0 million limit excess policy, our retention would be 50%, whereas for a $10.0 million limit excess policy, our retention would be 25%. For policies for which we also write an underlying primary limit, the combined retention on the primary and excess policies would not exceed $2.5 million. This reinsurance is not applicable to any individual policy with a per-occurrence limit of $2.5 million or less.
Reinsurance contracts do not relieve us from our obligations to policyholders. Failure of the reinsurer to honor its obligation could result in losses to us, and therefore, we established an allowance for credit risk based on historical analysis of credit losses for highly rated companies in the insurance industry. In formulating our reinsurance programs, we are selective in our choice of reinsurers and we consider numerous factors, the most important of which are the financial stability of the reinsurer, its history of responding to claims and its overall reputation. In an effort to minimize our exposure to the insolvency of our reinsurers, we review the financial condition of each reinsurer annually. In addition, we continually monitor for rating downgrades involving any of our reinsurers. At September 30, 2024, all reinsurance contracts that our insurance subsidiary was a party to were with companies with A.M. Best ratings of "A-" (Excellent) or better. As of September 30, 2024, we recorded an allowance for credit losses of $0.9 million related to our reinsurance balances.
Ratings
Kinsale Insurance Company has a financial strength rating of "A" (Excellent) with a stable outlook from A.M. Best. A.M. Best assigns ratings to insurance companies, which currently range from "A++" (Superior) to "F" (In Liquidation). "A" (Excellent) is the third highest rating issued by A.M. Best. The "A" (Excellent) rating is assigned to insurers that have, in A.M. Best's opinion, an excellent ability to meet their ongoing obligations to policyholders. This rating is intended to provide an independent opinion of an insurer's ability to meet its obligation to policyholders and is not an evaluation directed at investors.
The financial strength ratings assigned by A.M. Best have an impact on the ability of the insurance companies to attract and retain agents and brokers and on the risk profiles of the submissions for insurance that the insurance companies receive. The "A" (Excellent) rating obtained by Kinsale Insurance Company is consistent with our business plan and allows us to actively pursue relationships with the agents and brokers identified in our marketing plan.
Financial Condition
Stockholders' equity
At September 30, 2024, total stockholders' equity and tangible stockholders' equity were $1.4 billion compared to total stockholders' equity and tangible stockholders' equity of $1.1 billion at December 31, 2023. The increases in both total and tangible stockholders' equity over the prior year-end balances were due to profits generated during the period, an increase in the fair value of our fixed-maturity investments and net activity related to stock-based compensation plans, offset in part by payment of dividends. Tangible stockholders’ equity is a non-GAAP financial measure. See "—Reconciliation of non-GAAP financial measures" for a reconciliation of stockholders' equity in accordance with GAAP to tangible stockholders' equity.
Investment portfolio
At September 30, 2024, our cash and invested assets of $4.0 billion consisted of fixed-maturity securities, equity securities, cash and cash equivalents and real estate investments. At September 30, 2024, the majority of the investment portfolio was composed of fixed-maturity securities of $3.5 billion that were classified as available-for-
sale. Available-for-sale investments are carried at fair value with unrealized gains and losses on these securities, net of applicable taxes, reported as a separate component of accumulated other comprehensive income. At September 30, 2024, we also held $365.6 million of equity securities, which included ETFs, common stocks and non-redeemable preferred stock, $111.7 million of cash and cash equivalents and $15.0 million of real estate investments.
Our fixed-maturity securities, including cash equivalents, had a weighted average duration of 3.1 years and 2.8 years at September 30, 2024 and December 31, 2023, respectively and an average rating of "AA-" at both September 30, 2024 and December 31, 2023.
At September 30, 2024 and December 31, 2023, the amortized cost and estimated fair value on fixed-maturity securities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| | Amortized Cost | | Estimated Fair Value | | % of Total Fair Value | | Amortized Cost | | Estimated Fair Value | | % of Total Fair Value |
| | ($ in thousands) |
| Fixed-maturity securities: | | | | | | | | | | | | |
U.S. Treasury securities and obligations of U.S. government agencies | | $ | 15,160 | | | $ | 14,748 | | | 0.4 | % | | $ | 28,003 | | | $ | 27,254 | | | 1.0 | % |
Obligations of states, municipalities and political subdivisions | | 180,797 | | | 163,884 | | | 4.7 | % | | 191,080 | | | 171,044 | | | 6.3 | % |
| Corporate and other securities | | 1,914,970 | | | 1,902,034 | | | 54.9 | % | | 1,437,468 | | | 1,387,693 | | | 51.2 | % |
| Asset-backed securities | | 745,541 | | | 753,693 | | | 21.7 | % | | 641,700 | | | 641,760 | | | 23.7 | % |
Residential mortgage-backed securities | | 521,368 | | | 483,780 | | | 14.0 | % | | 463,904 | | | 417,106 | | | 15.4 | % |
| Commercial mortgage-backed securities | | 150,839 | | | 148,899 | | | 4.3 | % | | 72,308 | | | 66,902 | | | 2.4 | % |
| Total fixed-maturity securities | | $ | 3,528,675 | | | $ | 3,467,038 | | | 100.0 | % | | $ | 2,834,463 | | | $ | 2,711,759 | | | 100.0 | % |
The table below summarizes the credit quality of our fixed-maturity securities at September 30, 2024 and December 31, 2023, as rated by Standard & Poor’s Financial Services, LLC ("Standard & Poor's"):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| Standard & Poor’s or Equivalent Designation | | Estimated Fair Value | | % of Total | | Estimated Fair Value | | % of Total |
| | ($ in thousands) |
| AAA | | $ | 1,003,025 | | | 28.9 | % | | $ | 773,649 | | | 28.5 | % |
| AA | | 657,354 | | | 19.0 | % | | 626,287 | | | 23.1 | % |
| A | | 1,108,182 | | | 32.0 | % | | 859,706 | | | 31.7 | % |
| BBB | | 618,558 | | | 17.8 | % | | 384,539 | | | 14.2 | % |
| Below BBB and unrated | | 79,919 | | | 2.3 | % | | 67,578 | | | 2.5 | % |
| Total | | $ | 3,467,038 | | | 100.0 | % | | $ | 2,711,759 | | | 100.0 | % |
The amortized cost and estimated fair value of our fixed-maturity securities summarized by contractual maturity as of September 30, 2024 and December 31, 2023, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 | | December 31, 2023 |
| | Amortized
Cost | | Estimated Fair Value | | % of Total Fair Value | | Amortized
Cost | | Estimated Fair Value | | % of Total Fair Value |
| | ($ in thousands) |
| Due in one year or less | | $ | 355,278 | | | $ | 355,263 | | | 10.2 | % | | $ | 193,054 | | | $ | 191,792 | | | 7.1 | % |
| Due after one year through five years | | 1,090,396 | | | 1,093,854 | | | 31.6 | % | | 1,051,112 | | | 1,038,158 | | | 38.3 | % |
| Due after five years through ten years | | 438,248 | | | 436,588 | | | 12.6 | % | | 184,603 | | | 167,555 | | | 6.2 | % |
| Due after ten years | | 227,005 | | | 194,961 | | | 5.6 | % | | 227,782 | | | 188,486 | | | 6.9 | % |
| Asset-backed securities | | 745,541 | | | 753,693 | | | 21.7 | % | | 641,700 | | | 641,760 | | | 23.7 | % |
Residential mortgage-backed securities | | 521,368 | | | 483,780 | | | 14.0 | % | | 463,904 | | | 417,106 | | | 15.4 | % |
| Commercial mortgage-backed securities | | 150,839 | | | 148,899 | | | 4.3 | % | | 72,308 | | | 66,902 | | | 2.4 | % |
| Total fixed-maturity securities | | $ | 3,528,675 | | | $ | 3,467,038 | | | 100.0 | % | | $ | 2,834,463 | | | $ | 2,711,759 | | | 100.0 | % |
Actual maturities may differ from contractual maturities because some borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Restricted investments
In order to conduct business in certain states, we are required to maintain letters of credit or assets on deposit to support state-mandated insurance regulatory requirements and to comply with certain third-party agreements. Assets held on deposit or in trust accounts are primarily in the form of high-grade securities. The fair value of our restricted assets was $3.5 million and $5.8 million at September 30, 2024 and December 31, 2023, respectively.
Reconciliation of Non-GAAP Financial Measures
Reconciliation of underwriting income
Underwriting income is a non-GAAP financial measure that we believe is useful in evaluating our underwriting performance without regard to investment income. Underwriting income is defined as net income excluding net investment income, the net change in the fair value of equity securities, net realized investment gains and losses, change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. We use underwriting income as an internal performance measure in the management of our operations because we believe it gives us and users of our financial information useful insight into our results of operations and our underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.
Net income for the three and nine months ended September 30, 2024 and 2023, reconciles to underwriting income as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| ($ in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
| Net income | | $ | 114,229 | | | $ | 76,115 | | | $ | 305,749 | | | $ | 204,706 | |
| Income tax expense | | 30,169 | | | 19,378 | | | 70,316 | | | 49,290 | |
| Income before income taxes | | 144,398 | | | 95,493 | | | 376,065 | | | 253,996 | |
| Net investment income | | (39,644) | | | (27,086) | | | (108,424) | | | (71,953) | |
| Change in the fair value of equity securities | | (20,659) | | | 5,533 | | | (41,871) | | | (3,796) | |
| Net realized investment (gains) losses | | 8 | | | (4,274) | | | (6,737) | | | (913) | |
| Change in allowance for credit losses on investments | | (4) | | | 143 | | | (490) | | | 199 | |
| Interest expense | | 2,589 | | | 2,573 | | | 7,575 | | | 7,867 | |
Other expenses (1) | | 692 | | | 401 | | | 3,451 | | | 1,220 | |
| Other income | | (518) | | | (340) | | | (1,577) | | | (1,081) | |
| Underwriting income | | $ | 86,862 | | | $ | 72,443 | | | $ | 227,992 | | | $ | 185,539 | |
(1) Other expenses includes primarily corporate expenses not allocated to our insurance operations.
Reconciliation of net operating earnings
Net operating earnings is defined as net income excluding the effects of the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and the change in allowance for credit losses on investments, after taxes. We believe the exclusion of these items provides a useful comparison of our underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.
Net income for the three and nine months ended September 30, 2024 and 2023, reconciles to net operating earnings as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| ($ in thousands) | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | |
| | | | | | | | |
| Net income | | $ | 114,229 | | | $ | 76,115 | | | $ | 305,749 | | | $ | 204,706 | |
| Adjustments: | | | | | | | | |
| Change in the fair value of equity securities, before taxes | | (20,659) | | | 5,533 | | | (41,871) | | | (3,796) | |
Income tax expense (benefit) (1) | | 4,338 | | | (1,162) | | | 8,793 | | | 797 | |
| Change in the fair value of equity securities, after taxes | | (16,321) | | | 4,371 | | | (33,078) | | | (2,999) | |
| | | | | | | | |
| Net realized investment (gains) losses, before taxes | | 8 | | | (4,274) | | | (6,737) | | | (913) | |
Income tax expense (benefit) (1) | | (2) | | | 898 | | | 1,415 | | | 192 | |
| Net realized investment (gains) losses, after taxes | | 6 | | | (3,376) | | | (5,322) | | | (721) | |
| | | | | | | | |
| Change in allowance for credit losses on investments, before taxes | | (4) | | | 143 | | | (490) | | | 199 | |
Income tax expense (benefit) (1) | | 1 | | | (30) | | | 103 | | | (42) | |
| Change in allowance for credit losses on investments, after taxes | | (3) | | | 113 | | | (387) | | | 157 | |
| Net operating earnings | | $ | 97,911 | | | $ | 77,223 | | | $ | 266,962 | | | $ | 201,143 | |
| | | | | | | | |
| Operating return on equity: | | | | | | | | |
Average stockholders' equity (2) | | $ | 1,346,076 | | | $ | 897,789 | | | $ | 1,260,891 | | | $ | 834,606 | |
Annualized return on equity (3) | | 33.9 | % | | 33.9 | % | | 32.3 | % | | 32.7 | % |
Annualized operating return on equity (4) | | 29.1 | % | | 34.4 | % | | 28.2 | % | | 32.1 | % |
(1) Income taxes on adjustments to reconcile net income to net operating earnings use an effective tax rate of 21%.
(2) Average stockholders' equity is computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.
(3) Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.
(4) Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.
Reconciliation of tangible stockholders' equity
Tangible stockholders’ equity is defined as total stockholders’ equity less intangible assets, net of deferred taxes. Our definition of tangible stockholders’ equity may not be comparable to that of other companies, and it should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders' equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.
Stockholders' equity at September 30, 2024 and December 31, 2023, reconciles to tangible stockholders' equity as follows:
| | | | | | | | | | | | | | |
| ($ in thousands) | | September 30, 2024 | | December 31, 2023 |
| | |
| Stockholders' equity | | $ | 1,434,949 | | | $ | 1,086,832 | |
| Less: intangible assets, net of deferred taxes | | 2,795 | | | 2,795 | |
| Tangible stockholders' equity | | $ | 1,432,154 | | | $ | 1,084,037 | |
Critical Accounting Estimates
We identified the accounting estimates which are critical to the understanding of our financial position and results of operations. Critical accounting estimates are defined as those estimates that are both important to the portrayal of our financial condition and results of operations and require us to exercise significant judgment. We use significant judgment concerning future results and developments in applying these critical accounting estimates and in preparing our condensed consolidated financial statements. These judgments and estimates affect our reported amounts of assets, liabilities, revenues and expenses and the disclosure of our material contingent assets and liabilities, if any. Actual results may differ materially from the estimates and assumptions used in preparing the condensed consolidated financial statements. We evaluate our estimates regularly using information that we believe to be relevant. Our critical accounting policies and estimates are described in our annual consolidated financial statements and the related notes in our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument as the result of changes in interest rates, equity prices, foreign currency exchange rates and commodity prices. Our primary market risks have been equity price risk associated with investments in equity securities and interest rate risk associated with investments in fixed maturities. We do not have any material exposure to foreign currency exchange rate risk or commodity risk.
There have been no material changes in market risk from the information provided in our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file under the Securities Exchange Act of 1934 (the "Exchange Act") is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate, to allow timely decisions regarding required financial disclosure.
As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures defined under Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of that date.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting during the third quarter of 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
The effectiveness of any system of controls and procedures is subject to certain limitations, and, as a result, there can be no assurance that our controls and procedures will detect all errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be attained.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are party to legal proceedings which arise in the ordinary course of business. We believe that the outcome of such matters, individually and in the aggregate, will not have a material adverse effect on our condensed consolidated financial position. Refer to Note 15 of the notes to the condensed consolidated financial statements for further information regarding legal proceedings.
Item 1A. Risk Factors
There have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K
for the year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 5. Other Information
Entry into a Material Definitive Agreement
On October 22, 2024, the Company entered into:
• Second Amendment to the Note Purchase and Private Shelf Agreement (the "NPA Amendment") with PGIM, Inc. and the other noteholders party thereto; and
• Amendment No. 2 to the Amended and Restated Credit Agreement (the "Credit Agreement Amendment") with JPMorgan Chase Bank, N.A., as administrative agent and as a lender, Truist Bank, as a lender, and CIBC Bank USA, as a lender.
Each of the Note Purchase and Private Shelf Agreement and Amended and Restated Credit Agreement contain a restrictive covenant limiting Restricted Payments (as defined therein) and contained a general basket allowing for Restricted Payments of up to $100,000,000. The NPA Amendment and Credit Agreement Amendment amended each general basket to allow the Company to make Restricted Payments up to an aggregate amount of the greater of $300,000,000 and 6.5% of the total assets of the Company and its subsidiaries at the end of the most recently completed fiscal quarter.
The NPA Amendment amended Paragraph 6H(vi) of the Note Purchase and Private Shelf Agreement by deleting the reference to "$100,000,000" therein and replacing it with "the greater of (x) $300,000,000 and (y) 6.5% of the Total Assets of the Company and its consolidated Subsidiaries as of the end of the most recently completed fiscal quarter".
The Credit Agreement Amendment amended Section 6.08(f) of the Amended and Restated Credit Agreement by deleting the reference to "$100,000,000" therein and replacing it with “the greater of (x) $300,000,000 and (y) 6.5% of the Total Assets of the Borrower and its consolidated Subsidiaries as of the end of the most recently completed fiscal quarter” in its place.
The foregoing descriptions of the NPA Amendment and the Credit Agreement Amendment do not purport to be complete and are qualified in their entirety by reference to the full and complete terms contained in the NPA Amendment and the Credit Agreement Amendment, a copy of each of which is attached as an exhibit hereto.
Securities Trading Plans of Directors and Executive Officers
Transactions in our securities by our non-employee directors and executive officers are required to be made in accordance with our Policy on the Prevention of Insider Trading and Selective Disclosure (the "Insider Trading Policy"), which, among other things, requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading Policy permits our non-employee directors and executive officers to enter into trading plans designed to comply with Rule 10b5-1.
During the third quarter of 2024, none of our non-employee directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading plan or adopted, modified or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
Item 6. Exhibits
| | | | | | | | |
Exhibit
Number | | Description |
| | |
| | |
| | |
| | |
| | |
| | Amendment No. 2 to the Amended and Restated Credit Agreement, dated as of October 22, 2024, among Kinsale Capital Group, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent and as lender, Truist Bank, as lender, and CIBC Bank USA, as lender |
| | |
| | |
| | |
| | |
| 101.INS ** | | XBRL Instance Document |
| 101.SCH | | XBRL Taxonomy Extension Schema Document |
| 101.CAL | | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* This certification is deemed not filed for purposes of section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
** The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | |
| | KINSALE CAPITAL GROUP, INC. |
Date: October 24, 2024 | By: | /s/ Michael P. Kehoe |
| | Michael P. Kehoe
Chairman and Chief Executive Officer |
| | |
Date: October 24, 2024 | By: | /s/ Bryan P. Petrucelli |
| | Bryan P. Petrucelli
Executive Vice President, Chief Financial Officer and Treasurer |
SECOND AMENDMENT TO THE
NOTE PURCHASE AND PRIVATE SHELF AGREEMENT
This Second Amendment to the Note Purchase and Private Shelf Agreement (this “Amendment”), is made and entered into as of October 22, 2024, by and among Kinsale Capital Group, Inc., a Delaware corporation (the “Company”), PGIM, Inc. (“Prudential”) and the other holders of Notes (as defined in the Note Agreement defined below) that are signatories hereto (together with their successors and assigns, the “Noteholders”).
W I T N E S S E T H:
WHEREAS, the Company, Prudential and the Noteholders are parties to a certain Note Purchase and Private Shelf Agreement, dated as of July 22, 2022 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Note Agreement”; capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Note Agreement), pursuant to which the Noteholders have purchased Notes from the Company; and
WHEREAS, the Company has requested that Prudential and the Noteholders (who constitute the Required Holders of the Notes of each Series) amend a certain provision of the Note Agreement, and subject to the terms and conditions hereof, Prudential and the Noteholders are willing to do so.
NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of all of which are acknowledged, the Company and the Noteholders hereto as follows:
1.Amendment. Paragraph 6H(vi) of the Note Agreement is hereby amended by deleting the reference to “$100,000,000” therein and replacing it with “the greater of (x) $300,000,000 and (y) 6.5% of the Total Assets of the Company and its consolidated Subsidiaries as of the end of the most recently completed fiscal quarter”.
2.Conditions to Effectiveness of this Amendment. Notwithstanding any other provision of this Amendment and without affecting in any manner the rights of the holders of the Notes hereunder, it is understood and agreed that this Amendment shall not become effective, and the Company shall have no rights under this Amendment, until:
(i) Prudential and the Noteholders shall have received reimbursement or payment of its costs and expenses incurred in connection with this Amendment or the Note Agreement (including reasonable and documented fees, charges and disbursements of King & Spalding LLP counsel to the Noteholders),
(iii) Prudential and the Noteholders have received executed counterparts to this Amendment from the Company, Prudential and the Noteholders, and
(iv) Prudential and the Noteholders have received a duly executed copy of the amendment to the Credit Agreement, in form and substance reasonably satisfactory to the Noteholders.
3.Representations and Warranties of the Company. To induce Prudential and the Noteholders to enter into this Amendment, the Company hereby represents and warrants to Prudential and the Noteholders as follows:
(a) The Company is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.
(b) The transactions contemplated herein are within the Company’s organizational powers and have been duly authorized by all necessary organizational and, if required, stockholder action.
(c) This Amendment has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(d) This Amendment (a) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, and except for such consents, approvals, registrations, filings and other actions the failure to obtain or make could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (b) will not violate (i) any applicable law or regulation, except, in the case of this clause (i), for such violations which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (ii) the charter, by-laws or other organizational documents of the Company or any of its Subsidiaries or (iii) any order of any Governmental Authority, except, in the case of this clause (iii), for such violations which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, (c) will not violate or result in a default under any indenture, agreement or other instrument binding the Company or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Company or any of its Subsidiaries, except for such violations and defaults which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of the Company or any of its Material Subsidiaries.
(g) After giving effect to this Amendment, the representations and warranties of the Company contained in the Note Agreement and the other Note Documents are true in all material respects (except to the extent such representations and warranties expressly relate to an earlier
date, then such representations and warranties were true in all material respects as of such date), and no Default or Event of Default has occurred and is continuing as of the date hereof.
4.Ratification of the Note Agreement and the Notes. The Company acknowledges and consents to the terms set forth herein and agrees that this Amendment does not impair, reduce or limit any of its obligations under the Note Agreement, as amended hereby, and the Notes.
5.Effect of Amendment. Except as set forth expressly herein, all terms of the Note Agreement, as amended hereby, and the other Note Documents, shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Company to all holders of the Notes. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the holders of the Notes under the Note Agreement, nor constitute a waiver of any provision of the Note Agreement. From and after the date hereof, all references to the Note Agreement shall mean the Note Agreement as modified by this Amendment. This Amendment shall constitute a Note Document for all purposes of the Note Agreement.
6.Governing Law. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.
8.No Novation. This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Note Agreement or an accord and satisfaction in regard thereto.
9.Costs and Expenses. In accordance with paragraph 11B of the Note Agreement, the Company agrees to pay on demand all reasonable and documented (in summary form) out-of-pocket costs and expenses of the Noteholders in connection with the preparation, execution and delivery of this Amendment, including, without limitation, the reasonable and documented (in summary form) fees and out-of-pocket expenses of outside counsel for the Noteholders with respect thereto.
10.Counterparts. This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by facsimile transmission or by electronic transmission (including delivery of an executed counterpart in .pdf format) shall be as effective as delivery of a manually executed counterpart hereof. Each party agrees that the electronic signatures, whether digital or encrypted, of the parties included in this Amendment are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature and, when used elsewhere in this Amendment, “electronic transmission,” means any electronic sound, symbol, or process attached to or logically associated with a record
and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.
11.Binding Nature. This Amendment shall be binding upon and inure to the benefit of the parties hereto, any other holders of Notes from time to time and their respective successors, successors-in-titles, and assigns.
12.Entire Understanding. This Amendment sets forth the entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto.
[Signature pages follow.]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.
COMPANY:
KINSALE CAPITAL GROUP, INC.
By: /s/ Bryan P. Petrucelli________________________
Name: Bryan P. Petrucelli
Title: Executive Vice President, Chief Financial Officer and Treasurer
[Signature Page to Second Amendment to Note Purchase and Private Shelf Agreement]
NOTEHOLDERS:
PGIM, INC.
By: /s/ Mark Viglotti
Vice President
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
By: PGIM, Inc., as investment manager
By: /s/ Mark Viglotti
Vice President
AARGAUISCHE PENSIONSKASSE
By: PGIM Private Placement Investors, L.P. (as Investment Advisor)
By: PGIM Private Placement Investors, Inc. (as its General Partner)
By: /s/ Mark Viglotti
Vice President
PHYSICIANS MUTUAL INSURANCE COMPANY
By: PGIM Private Placement Investors, L.P. (as Investment Advisor)
By: PGIM Private Placement Investors, Inc. (as its General Partner)
By: /s/ Mark Viglotti
Vice President
[Signature Page to Second Amendment to Note Purchase and Private Shelf Agreement]
AMENDMENT NO. 2
Dated as of October 22, 2024
to
AMENDED AND RESTATED CREDIT AGREEMENT
THIS AMENDMENT NO. 2 (this “Amendment”) is made as of October 22, 2024, by and among Kinsale Capital Group, Inc., a Delaware corporation (the “Borrower”), the Lenders party hereto and JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders (the “Administrative Agent”), under that certain Amended and Restated Credit Agreement dated as of July 22, 2022 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), among the Borrower, the Lenders from time to time party thereto, the Administrative Agent and Truist Bank, as syndication agent. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
WHEREAS, the Borrower has requested that the Required Lenders and Administrative Agent agree to make a certain amendment to the Credit Agreement; and
WHEREAS, the Borrower, the Lenders party hereto (constituting the Required Lenders) and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment.
1.Amendment to the Credit Agreement. Effective as of the Amendment Effective Date (as defined below), the parties hereto agree that Section 6.08(f) of the Credit Agreement shall be amended by deleting the reference to “$100,000,000” therein and inserting “the greater of (x) $300,000,000 and (y) 6.5% of the Total Assets of the Borrower and its consolidated Subsidiaries as of the end of the most recently completed fiscal quarter” in its place (the Credit Agreement as so amended, the “Amended Credit Agreement”).
2.Conditions of Effectiveness. This Amendment shall become effective as of the first date on which each of the following conditions shall have been satisfied (such date, the “Amendment Effective Date”):
(a)The Administrative Agent (or its counsel) shall have received counterparts of this Amendment duly executed by the Borrower and the Required Lenders.
(b)The Administrative Agent shall have received, or, substantially concurrently herewith shall receive, all fees and other amounts due and payable on or prior to the Amendment Effective Date, including, to the extent invoiced at least two Business Days prior to the Amendment Effective Date, reimbursement or payment of all reasonable and documented out-of-pocket expenses
required to be reimbursed or paid by the Borrower pursuant to the terms of the Amended Credit Agreement.
Upon satisfaction of the conditions set forth in this Section 2, the Administrative Agent shall notify the Borrower and the Lenders of the Amendment Effective Date, and such notice shall be conclusive and binding.
3.Representations and Warranties of the Borrower. The Borrower hereby represents and warrants to the Lenders on the Amendment Effective Date as follows:
(a)This Amendment constitutes a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(b)As of the date hereof and immediately after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing as of the date hereof and (ii) the representations and warranties of the Borrower set forth in the Amended Credit Agreement (other than the representations and warranties set forth in Section 3.04(c) of the Credit Agreement) are true and correct in all material respects (provided that any representation or warranty qualified by materiality or Material Adverse Effect are true and correct in all respects) as of the date hereof (except to the extent any such representation or warranty expressly relates to an earlier date, in which case such representation or warranty is true and correct in all material respects (provided that any representation or warranty qualified by materiality or Material Adverse Effect is true and correct in all respects) as of such earlier date).
4.Reference to and Effect on the Credit Agreement.
(a)From and after the Amendment Effective Date, the terms “Agreement”, “this Agreement”, “herein”, “hereinafter”, “hereto”, “hereof” and words of similar import, as used in the Amended Credit Agreement, shall, unless the context otherwise requires, refer to the Amended Credit Agreement and the term “Credit Agreement”, as used in the other Loan Documents, shall mean the Amended Credit Agreement.
(b)Each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith in effect on the Amendment Effective Date shall remain in full force and effect and are hereby ratified and confirmed.
(c)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.
(d)This Amendment is a Loan Document.
5.Governing Law; Jurisdiction. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
6.Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.
7.Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Amendment and/or any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), electronic deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. As used herein, “Electronic Signatures” means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.
[Signature Pages Follow]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first above written.
KINSALE CAPITAL GROUP, INC.,
as the Borrower
By:/s/ Bryan P. Petrucelli_____________
Name: Bryan P. Petrucelli
Title: Executive Vice President, Chief Financial Officer and Treasurer
Signature Page to Amendment No. 2 to
Amended and Restated Credit Agreement dated as of July 22, 2022
Kinsale Capital Group, Inc.
JPMORGAN CHASE BANK, N.A.,
individually as a Lender and as the Administrative Agent
By: /s/ Milena Kolev__________________
Name: Milena Kolev
Title: Executive Director
Signature Page to Amendment No. 2 to
Amended and Restated Credit Agreement dated as of July 22, 2022
Kinsale Capital Group, Inc.
TRUIST BANK,
as a Lender
By: /s/ Michael J. Landry_____________
Name: Michael J. Landry
Title: Director
Signature Page to Amendment No. 2 to
Amended and Restated Credit Agreement dated as of July 22, 2022
Kinsale Capital Group, Inc.
CIBC BANK USA,
as a Lender
By: /s/ Megan Lingle________________
Name: Megan Lingle
Title: Managing Director
Signature Page to Amendment No. 2 to
Amended and Restated Credit Agreement dated as of July 22, 2022
Kinsale Capital Group, Inc.
Exhibit 31.1
CERTIFICATION
I, Michael P. Kehoe, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Kinsale Capital Group, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f), for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
| October 24, 2024 | | /s/ Michael P. Kehoe |
| | Michael P. Kehoe |
| | Chairman and Chief Executive Officer |
| | (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
I, Bryan P. Petrucelli, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Kinsale Capital Group, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f), for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
| October 24, 2024 | | /s/ Bryan P. Petrucelli |
| | Bryan P. Petrucelli |
| | Executive Vice President, Chief Financial Officer and Treasurer |
| | (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
In connection with the Quarterly Report on Form 10-Q of Kinsale Capital Group, Inc. (the "Company") for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael P. Kehoe, Chairman and Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
| October 24, 2024 | | /s/ Michael P. Kehoe |
| | Michael P. Kehoe |
| | Chairman and Chief Executive Officer |
| | (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
In connection with the Quarterly Report on Form 10-Q of Kinsale Capital Group, Inc. (the "Company") for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Bryan P. Petrucelli, Executive Vice President, Chief Financial Officer and Treasurer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
| October 24, 2024 | | /s/ Bryan P. Petrucelli |
| | Bryan P. Petrucelli |
| | Executive Vice President, Chief Financial Officer and Treasurer |
| | (Principal Financial Officer) |
Document and Entity Information Document - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Oct. 18, 2024 |
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KINSALE CAPITAL GROUP, INC.
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DE
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v3.24.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Assets |
|
|
| Fixed-maturity securities, available for sale, at fair value (amortized cost: $3,528,675, allowance for credit losses: $63 – 2024; $2,834,463 and $553 –2023) |
$ 3,467,038
|
$ 2,711,759
|
| Equity securities, at fair value (cost: $282,485 – 2024; $193,543 – 2023) |
365,626
|
234,813
|
| Real Estate Investments, Net |
15,045
|
14,791
|
| Short-term investments |
0
|
5,589
|
| Total investments |
3,847,709
|
2,966,952
|
| Cash and Cash Equivalents, at Carrying Value |
111,691
|
126,694
|
| Investment income due and accrued |
26,083
|
21,689
|
| Premiums and fees receivable, net of allowance for credit losses of $23,224 – 2024; $13,383 – 2023 |
134,952
|
143,212
|
| Reinsurance recoverables, net |
318,636
|
247,836
|
| Ceded unearned premiums |
55,370
|
52,516
|
| Deferred policy acquisition costs, net of ceding commissions |
110,590
|
88,395
|
| Intangible assets |
3,538
|
3,538
|
| Deferred Income Tax Assets, Net |
34,995
|
55,699
|
| Other assets |
88,679
|
66,443
|
| Total assets |
4,732,243
|
3,772,974
|
| Liabilities |
|
|
| Reserves for unpaid losses and loss adjustment expenses |
2,160,763
|
1,692,875
|
| Unearned premiums |
844,701
|
701,351
|
| Payable to reinsurers |
43,215
|
47,582
|
| Accounts payable and accrued expenses |
39,780
|
44,922
|
| Debt |
184,053
|
183,846
|
| Other liabilities |
24,782
|
15,566
|
| Total liabilities |
3,297,294
|
2,686,142
|
| Stockholders' Equity |
|
|
| Common stock, $0.01 par value, 400,000,000 shares authorized, 23,288,145 and 23,181,919 shares issued and outstanding at September 30, 2024 and December 31, 2023 respectively |
233
|
232
|
| Additional paid-in capital |
357,935
|
352,970
|
| Retained earnings |
1,123,532
|
828,247
|
| Accumulated other comprehensive loss |
(46,751)
|
(94,617)
|
| Total stockholders’ equity |
1,434,949
|
1,086,832
|
| Total liabilities and stockholders’ equity |
$ 4,732,243
|
$ 3,772,974
|
| X |
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-Section S99
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-Subparagraph (SAB Topic 4.E)
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v3.24.3
Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Assets [Abstract] |
|
|
| Fixed-maturity securities, available for sale, amortized cost |
$ 3,528,675
|
$ 2,834,463
|
| Allowance for Credit Losses |
(63)
|
(553)
|
| Equity securities - cost |
282,485
|
193,543
|
| Premium Receivable, Allowance for Credit Loss |
23,224
|
13,383
|
| Reinsurance Recoverable, Allowance for Credit Loss |
$ (936)
|
$ (744)
|
| Stockholders' Equity |
|
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, shares authorized (in shares) |
400,000,000
|
400,000,000
|
| Common stock, shares issued (in shares) |
23,288,145
|
23,181,919
|
| Common stock, shares outstanding (in shares) |
23,288,145
|
23,181,919
|
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 326
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-Section 45
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-Topic 310
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
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-Section 50
-Paragraph 13
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v3.24.3
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenues: |
|
|
|
|
| Gross written premiums |
$ 448,646
|
$ 377,789
|
$ 1,427,060
|
$ 1,173,599
|
| Ceded written premiums |
(98,709)
|
(83,509)
|
(295,833)
|
(215,248)
|
| Net written premiums |
349,937
|
294,280
|
1,131,227
|
958,351
|
| Change in unearned premiums |
(1,185)
|
(12,778)
|
(140,496)
|
(182,645)
|
| Net earned premiums |
348,752
|
281,502
|
990,731
|
775,706
|
| Fee income |
8,489
|
6,841
|
25,572
|
20,028
|
| Net investment income |
39,644
|
27,086
|
108,424
|
71,953
|
| Change in the fair value of equity securities |
20,659
|
(5,533)
|
41,871
|
3,796
|
| Net realized investment gains (losses) |
(8)
|
4,274
|
6,737
|
913
|
| Change in allowance for credit losses on investments |
4
|
(143)
|
490
|
(199)
|
| Other income |
518
|
340
|
1,577
|
1,081
|
| Total revenues |
418,058
|
314,367
|
1,175,402
|
873,278
|
| Expenses: |
|
|
|
|
| Losses and loss adjustment expenses |
200,240
|
155,552
|
580,351
|
441,628
|
| Underwriting, acquisition and insurance expenses |
70,139
|
60,348
|
207,960
|
168,567
|
| Interest Expense |
2,589
|
2,573
|
7,575
|
7,867
|
| Other expenses |
692
|
401
|
3,451
|
1,220
|
| Total expenses |
273,660
|
218,874
|
799,337
|
619,282
|
| Income before income taxes |
144,398
|
95,493
|
376,065
|
253,996
|
| Total income tax expense |
30,169
|
19,378
|
70,316
|
49,290
|
| Net income |
114,229
|
76,115
|
305,749
|
204,706
|
| Other comprehensive income (loss): |
|
|
|
|
| Change in net unrealized losses on available-for-sale investments, net of taxes |
63,464
|
(23,511)
|
47,866
|
(20,109)
|
| Total comprehensive income |
$ 177,693
|
$ 52,604
|
$ 353,615
|
$ 184,597
|
| Earnings per share: |
|
|
|
|
| Basic |
$ 4.93
|
$ 3.30
|
$ 13.21
|
$ 8.89
|
| Diluted |
$ 4.90
|
$ 3.26
|
$ 13.10
|
$ 8.79
|
| Weighted average shares outstanding: |
|
|
|
|
| Basic |
23,175
|
23,058
|
23,150
|
23,036
|
| Diluted |
23,335
|
23,315
|
23,333
|
23,298
|
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 220
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section S99
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 220
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-Topic 250
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 65
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10
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| Namespace Prefix: |
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| Period Type: |
duration |
|
v3.24.3
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
| Balance, shares at Dec. 31, 2022 |
|
23,090,526
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation (shares) |
|
70,047
|
|
|
|
| Restricted shares withheld for taxes (shares) |
|
(6,628)
|
|
|
|
| Balance, shares at Mar. 31, 2023 |
|
23,153,945
|
|
|
|
| Balance at Dec. 31, 2022 |
$ 745,449
|
$ 231
|
$ 347,015
|
$ 533,121
|
$ (134,918)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Issuance of stock under stock-based compensation plan |
324
|
1
|
323
|
|
|
| Stock-based compensation expense |
1,988
|
|
1,988
|
|
|
| Restricted shares withheld for taxes |
(2,104)
|
|
(2,104)
|
|
|
| Dividends declared |
(3,235)
|
|
|
(3,235)
|
|
| Other comprehensive income (loss), net of tax |
17,509
|
|
|
|
17,509
|
| Net income |
55,800
|
|
|
55,800
|
|
| Balance at Mar. 31, 2023 |
$ 815,731
|
$ 232
|
347,222
|
585,686
|
(117,409)
|
| Balance, shares at Dec. 31, 2022 |
|
23,090,526
|
|
|
|
| Balance, shares at Sep. 30, 2023 |
23,172,925
|
|
|
|
|
| Balance at Dec. 31, 2022 |
$ 745,449
|
$ 231
|
347,015
|
533,121
|
(134,918)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Other comprehensive income (loss), net of tax |
(20,109)
|
|
|
|
|
| Net income |
204,706
|
|
|
|
|
| Balance at Sep. 30, 2023 |
$ 923,762
|
$ 232
|
350,452
|
728,105
|
(155,027)
|
| Balance, shares at Mar. 31, 2023 |
|
23,153,945
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation (shares) |
15,046
|
|
|
|
|
| Restricted shares withheld for taxes (shares) |
(6,816)
|
|
|
|
|
| Balance, shares at Jun. 30, 2023 |
23,162,175
|
|
|
|
|
| Balance at Mar. 31, 2023 |
$ 815,731
|
$ 232
|
347,222
|
585,686
|
(117,409)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Issuance of stock under stock-based compensation plan |
230
|
0
|
230
|
|
|
| Stock-based compensation expense |
2,543
|
|
2,543
|
|
|
| Restricted shares withheld for taxes |
(2,130)
|
|
(2,130)
|
|
|
| Dividends declared |
(3,243)
|
|
|
(3,243)
|
|
| Other comprehensive income (loss), net of tax |
(14,107)
|
|
|
|
(14,107)
|
| Net income |
72,791
|
|
|
72,791
|
|
| Balance at Jun. 30, 2023 |
$ 871,815
|
232
|
347,865
|
655,234
|
(131,516)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation (shares) |
10,750
|
|
|
|
|
| Balance, shares at Sep. 30, 2023 |
23,172,925
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Issuance of stock under stock-based compensation plan |
$ 172
|
0
|
172
|
|
|
| Stock-based compensation expense |
2,415
|
|
2,415
|
|
|
| Dividends declared |
(3,244)
|
|
|
(3,244)
|
|
| Other comprehensive income (loss), net of tax |
(23,511)
|
|
|
|
(23,511)
|
| Net income |
76,115
|
|
|
76,115
|
|
| Balance at Sep. 30, 2023 |
$ 923,762
|
$ 232
|
350,452
|
728,105
|
(155,027)
|
| Balance, shares at Dec. 31, 2023 |
23,181,919
|
23,181,919
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation (shares) |
|
105,314
|
|
|
|
| Restricted shares withheld for taxes (shares) |
|
(11,318)
|
|
|
|
| Balance, shares at Mar. 31, 2024 |
|
23,275,915
|
|
|
|
| Balance at Dec. 31, 2023 |
$ 1,086,832
|
$ 232
|
352,970
|
828,247
|
(94,617)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Issuance of stock under stock-based compensation plan |
933
|
1
|
932
|
|
|
| Stock-based compensation expense |
3,524
|
|
3,524
|
|
|
| Restricted shares withheld for taxes |
(5,842)
|
|
(5,842)
|
|
|
| Dividends declared |
(3,479)
|
|
|
(3,479)
|
|
| Other comprehensive income (loss), net of tax |
(9,940)
|
|
|
|
(9,940)
|
| Net income |
98,941
|
|
|
98,941
|
|
| Balance at Mar. 31, 2024 |
$ 1,170,969
|
$ 233
|
351,584
|
923,709
|
(104,557)
|
| Balance, shares at Dec. 31, 2023 |
23,181,919
|
23,181,919
|
|
|
|
| Balance, shares at Sep. 30, 2024 |
23,288,145
|
|
|
|
|
| Balance at Dec. 31, 2023 |
$ 1,086,832
|
$ 232
|
352,970
|
828,247
|
(94,617)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Other comprehensive income (loss), net of tax |
47,866
|
|
|
|
|
| Net income |
305,749
|
|
|
|
|
| Balance at Sep. 30, 2024 |
$ 1,434,949
|
$ 233
|
357,935
|
1,123,532
|
(46,751)
|
| Balance, shares at Mar. 31, 2024 |
|
23,275,915
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation (shares) |
13,249
|
|
|
|
|
| Restricted shares withheld for taxes (shares) |
(2,916)
|
|
|
|
|
| Balance, shares at Jun. 30, 2024 |
23,286,248
|
|
|
|
|
| Balance at Mar. 31, 2024 |
$ 1,170,969
|
$ 233
|
351,584
|
923,709
|
(104,557)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Issuance of stock under stock-based compensation plan |
219
|
0
|
219
|
|
|
| Stock-based compensation expense |
3,709
|
|
3,709
|
|
|
| Restricted shares withheld for taxes |
(1,123)
|
|
(1,123)
|
|
|
| Dividends declared |
(3,492)
|
|
|
(3,492)
|
|
| Other comprehensive income (loss), net of tax |
(5,658)
|
|
|
|
(5,658)
|
| Net income |
92,579
|
|
|
92,579
|
|
| Balance at Jun. 30, 2024 |
$ 1,257,203
|
233
|
354,389
|
1,012,796
|
(110,215)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation (shares) |
1,897
|
|
|
|
|
| Balance, shares at Sep. 30, 2024 |
23,288,145
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Issuance of stock under stock-based compensation plan |
$ 51
|
0
|
51
|
|
|
| Stock-based compensation expense |
3,495
|
|
3,495
|
|
|
| Dividends declared |
(3,493)
|
|
|
(3,493)
|
|
| Other comprehensive income (loss), net of tax |
63,464
|
|
|
|
63,464
|
| Net income |
114,229
|
|
|
114,229
|
|
| Balance at Sep. 30, 2024 |
$ 1,434,949
|
$ 233
|
$ 357,935
|
$ 1,123,532
|
$ (46,751)
|
| X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481089/718-20-55-13
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481089/718-20-55-12
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| X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
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| X |
- DefinitionAmount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
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| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
|
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Operating Activities |
|
|
|
|
| Net cash provided by operating activities |
$ 763,324
|
$ 648,308
|
|
|
| Investing Activities |
|
|
|
|
| Purchase of property and equipment |
(13,157)
|
(5,501)
|
|
|
| Purchase of real estate investment |
(312)
|
(1,733)
|
|
|
| Sale of real estate investment |
0
|
62,036
|
|
|
| Change in short-term investments, net |
5,730
|
13,071
|
|
|
| Purchases – fixed-maturity securities |
(1,265,072)
|
(947,920)
|
|
|
| Purchases - equity securities |
(115,099)
|
(62,047)
|
|
|
| Sales – fixed-maturity securities |
274,168
|
204,416
|
|
|
| Sales – equity securities |
34,230
|
7,503
|
|
|
| Maturities and calls – fixed-maturity securities |
317,412
|
113,811
|
|
|
| Net cash used in investing activities |
(762,100)
|
(616,364)
|
|
|
| Financing Activities |
|
|
|
|
| Proceeds from Issuance of Long-Term Debt |
0
|
50,000
|
|
|
| Repayments of Long-Term Lines of Credit |
0
|
(62,000)
|
|
|
| Payments of Debt Issuance Costs |
0
|
(43)
|
|
|
| Payroll taxes withheld and remitted on share-based payments |
(6,965)
|
(4,234)
|
|
|
| Proceeds from stock options exercised |
1,203
|
726
|
|
|
| Dividends paid |
(10,465)
|
(9,723)
|
|
|
| Net cash used in financing activities |
(16,227)
|
(25,274)
|
|
|
| Net change in cash and cash equivalents |
(15,003)
|
6,670
|
|
|
| Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents |
111,691
|
$ 162,944
|
$ 126,694
|
$ 156,274
|
| Cash and cash equivalents at beginning of year |
126,694
|
|
|
|
| Cash and cash equivalents at end of period |
$ 111,691
|
|
|
|
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v3.24.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Significant Accounting Policies |
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, 2023. 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. Prospective accounting pronouncements ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the 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 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning one year later. Early adoption is permitted and the amendments must be applied retrospectively to all prior periods presented. The Company does not expect the adoption of this guidance to materially affect the consolidated financial statements, and the Company is currently evaluating the effect the guidance will have on its disclosures.
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v3.24.3
Investments
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Investments [Abstract] |
|
| Investments |
Investments Available-for-sale investments The following tables summarize the available-for-sale investments at September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Estimated Fair Value | | | (in thousands) | | Fixed maturities: | | | | | | | | | | | U.S. Treasury securities and obligations of U.S. government agencies | | $ | 15,160 | | | $ | 18 | | | $ | (430) | | | $ | — | | | $ | 14,748 | | Obligations of states, municipalities and political subdivisions | | 180,797 | | | 279 | | | (17,192) | | | — | | | 163,884 | | | Corporate and other securities | | 1,914,970 | | | 24,241 | | | (37,114) | | | (63) | | | 1,902,034 | | | Asset-backed securities | | 745,541 | | | 8,781 | | | (629) | | | — | | | 753,693 | | Residential mortgage-backed securities | | 521,368 | | | 3,449 | | | (41,037) | | | — | | | 483,780 | | | Commercial mortgage-backed securities | | 150,839 | | | 1,517 | | | (3,457) | | | — | | | 148,899 | | | Total fixed-maturity investments | | $ | 3,528,675 | | | $ | 38,285 | | | $ | (99,859) | | | $ | (63) | | | $ | 3,467,038 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Estimated Fair Value | | | (in thousands) | | Fixed maturities: | | | | | | | | | | | U.S. Treasury securities and obligations of U.S. government agencies | | $ | 28,003 | | | $ | 57 | | | $ | (806) | | | $ | — | | | $ | 27,254 | | Obligations of states, municipalities and political subdivisions | | 191,080 | | | 212 | | | (20,248) | | | — | | | 171,044 | | | Corporate and other securities | | 1,437,468 | | | 5,532 | | | (54,755) | | | (552) | | | 1,387,693 | | | Asset-backed securities | | 641,700 | | | 2,833 | | | (2,773) | | | — | | | 641,760 | | Residential mortgage-backed securities | | 463,904 | | | 1,732 | | | (48,530) | | | — | | | 417,106 | | | Commercial mortgage-backed securities | | 72,308 | | | 11 | | | (5,416) | | | (1) | | | 66,902 | | | Total fixed-maturity investments | | $ | 2,834,463 | | | $ | 10,377 | | | $ | (132,528) | | | $ | (553) | | | $ | 2,711,759 | |
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. At September 30, 2024, 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 nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Beginning balance | | $ | 67 | | | $ | 422 | | | $ | 553 | | | $ | 366 | | | Increase to allowance from securities for which credit losses were not previously recorded | | — | | | 1 | | | — | | | 1 | | | Reduction from securities sold during the period | | — | | | — | | | (479) | | | (12) | | | Net (decrease) increase from securities that had an allowance at the beginning of the period | | (4) | | | 142 | | | (11) | | | 210 | | | Ending balance | | $ | 63 | | | $ | 565 | | | $ | 63 | | | $ | 565 | |
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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 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 maturities: | | | | | | | | | | | | | | U.S. Treasury securities and obligations of the U.S. government agencies | | $ | — | | | $ | — | | | $ | 14,178 | | | $ | (430) | | | $ | 14,178 | | | $ | (430) | | Obligations of states, municipalities and political subdivisions | | 11,653 | | | (121) | | | 124,714 | | | (17,071) | | | 136,367 | | | (17,192) | | Corporate and other securities | | 53,750 | | | (140) | | | 512,074 | | | (36,974) | | | 565,824 | | | (37,114) | | | Asset-backed securities | | 23,995 | | | (104) | | | 38,154 | | | (525) | | | 62,149 | | | (629) | | Residential mortgage-backed securities | | 7,450 | | | (27) | | | 255,572 | | | (41,010) | | | 263,022 | | | (41,037) | | | Commercial mortgage-backed securities | | 18,304 | | | (77) | | | 56,031 | | | (3,380) | | | 74,335 | | | (3,457) | | | Total fixed-maturity investments | | $ | 115,152 | | | $ | (469) | | | $ | 1,000,723 | | | $ | (99,390) | | | $ | 1,115,875 | | | $ | (99,859) | |
At September 30, 2024, the Company held 686 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $1.1 billion and gross unrealized losses of $99.9 million. Of these securities, 633 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 September 30, 2024, except for securities previously discussed, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At September 30, 2024, 79.9% 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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | 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 maturities: | | | | | | | | | | | | | U.S. Treasury securities and obligations of U.S. government agencies | | $ | — | | | $ | — | | | $ | 15,484 | | | $ | (806) | | | $ | 15,484 | | | $ | (806) | | Obligations of states, municipalities and political subdivisions | | 20,886 | | | (221) | | | 121,911 | | | (20,027) | | | 142,797 | | | (20,248) | | Corporate and other securities | | 246,355 | | | (1,444) | | | 651,525 | | | (53,311) | | | 897,880 | | | (54,755) | | | Asset-backed securities | | 142,287 | | | (872) | | | 217,401 | | | (1,901) | | | 359,688 | | | (2,773) | | Residential mortgage-backed securities | | 26,158 | | | (49) | | | 268,891 | | | (48,481) | | | 295,049 | | | (48,530) | | | Commercial mortgage-backed securities | | 8,775 | | | (55) | | | 56,731 | | | (5,361) | | | 65,506 | | | (5,416) | | | Total fixed-maturity investments | | $ | 444,461 | | | $ | (2,641) | | | $ | 1,331,943 | | | $ | (129,887) | | | $ | 1,776,404 | | | $ | (132,528) | |
Contractual maturities of available-for-sale fixed-maturity securities The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at September 30, 2024 are summarized, by contractual maturity, as follows: | | | | | | | | | | | | | | | | | September 30, 2024 | | | Amortized | | Estimated | | | Cost | | Fair Value | | | (in thousands) | | Due in one year or less | | $ | 355,278 | | | $ | 355,263 | | | Due after one year through five years | | 1,090,396 | | | 1,093,854 | | | Due after five years through ten years | | 438,248 | | | 436,588 | | | Due after ten years | | 227,005 | | | 194,961 | | | Asset-backed securities | | 745,541 | | | 753,693 | | | Residential mortgage-backed securities | | 521,368 | | | 483,780 | | | Commercial mortgage-backed securities | | 150,839 | | | 148,899 | | | Total fixed-maturity securities | | $ | 3,528,675 | | | $ | 3,467,038 | |
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. 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 and $14.8 million at September 30, 2024 and December 31, 2023, respectively. There was no accumulated depreciation on real estate investments at September 30, 2024 and December 31, 2023. Net investment income The following table presents the components of net investment income for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Interest: | | | | | | | | | | Taxable bonds | | $ | 38,009 | | | $ | 24,644 | | | $ | 103,871 | | | $ | 63,672 | | | Tax exempt municipal bonds | | 391 | | | 522 | | | 1,225 | | | 1,704 | | | Cash equivalents and short-term investments | | 615 | | | 758 | | | 1,726 | | | 2,337 | | | Dividends on equity securities | | 1,494 | | | 1,271 | | | 4,331 | | | 3,692 | | | Real estate investment income | | — | | | 851 | | | 153 | | | 3,565 | | | Gross investment income | | 40,509 | | | 28,046 | | | 111,306 | | | 74,970 | | | Investment expenses | | (865) | | | (960) | | | (2,882) | | | (3,017) | | | Net investment income | | $ | 39,644 | | | $ | 27,086 | | | $ | 108,424 | | | $ | 71,953 | |
There was no depreciation expense related to real estate investments for the three and nine months ended September 30, 2024 or three months ended September 30, 2023 as the Company sold the related assets during 2023. Investment expenses included depreciation expense related to real estate investments of $0.5 million for the nine months ended September 30, 2023. Realized investment gains and losses The following table presents realized investment gains and losses for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Fixed-maturity securities: | | | | | | | | | | Realized gains | | $ | 114 | | | $ | 74 | | | $ | 1,055 | | | $ | 1,811 | | | Realized losses | | (90) | | | (51) | | | (1,129) | | | (2,268) | | | Net realized (losses) gains from fixed-maturity securities | | 24 | | | 23 | | | (74) | | | (457) | | | | | | | | | | | | Equity securities: | | | | | | | | | | Realized gains | | — | | | — | | | 7,271 | | | 1,626 | | | Realized losses | | (31) | | | — | | | (455) | | | (4,487) | | | Net realized gains (losses) from equity securities | | (31) | | | — | | | 6,816 | | | (2,861) | | | Realized (losses) gains from the sales of short-term investments | | (1) | | | 1 | | | — | | | (19) | | | Realized (loss) gains on sale of real estate investments | | — | | | 4,250 | | | (5) | | | 4,250 | | | Net realized investment gains (losses) | | $ | (8) | | | $ | 4,274 | | | $ | 6,737 | | | $ | 913 | |
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 September 30, 2024 and 2023, the change in net unrealized gains (losses) for fixed-maturity securities was $80.3 million and $(29.8) million respectively. For the nine months ended September 30, 2024 and 2023, the change in net unrealized gains (losses) for fixed-maturity securities was $60.6 million and $(25.4) million, respectively. Insurance – statutory deposits The Company had invested assets with a fair value of $3.5 million and $5.8 million on deposit with state regulatory authorities at September 30, 2024 and December 31, 2023, respectively. Payable for investments purchased The Company recorded a payable for investments purchased, not yet settled, of $22.4 million and $12.3 million at September 30, 2024 and December 31, 2023, respectively. The payable balance was included in the "other liabilities" line item of the consolidated balance sheet.
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v3.24.3
Fair Value Measurements
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9 Months Ended |
Sep. 30, 2024 |
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| Fair Value Disclosures [Abstract] |
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| Fair Value Measurements |
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. The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets | | | | | | | | | | Fixed maturities: | | | | | | | | | | | | | | | | | | | U.S. Treasury securities and obligations of U.S. government agencies | | $ | 14,748 | | | $ | — | | | $ | — | | | $ | 14,748 | | Obligations of states, municipalities and political subdivisions | | — | | | 163,884 | | | — | | | 163,884 | | | Corporate and other securities | | — | | | 1,902,034 | | | — | | | 1,902,034 | | | Asset-backed securities | | — | | | 753,693 | | | — | | | 753,693 | | | Residential mortgage-backed securities | | — | | | 483,780 | | | — | | | 483,780 | | | Commercial mortgage-backed securities | | — | | | 148,899 | | | — | | | 148,899 | | | Total fixed-maturity securities | | 14,748 | | | 3,452,290 | | | — | | | 3,467,038 | | | | | | | | | | | | Equity securities: | | | | | | | | | | Exchange traded funds | | 126,620 | | | — | | | — | | | 126,620 | | | Non-redeemable preferred stock | | — | | | 26,281 | | | — | | | 26,281 | | | Common stocks | | 212,725 | | | — | | | — | | | 212,725 | | | Total equity securities | | 339,345 | | | 26,281 | | | — | | | 365,626 | | | | | | | | | | | | Total | | $ | 354,093 | | | $ | 3,478,571 | | | $ | — | | | $ | 3,832,664 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets | | | | | | | | | | Fixed maturities: | | | | | | | | | U.S. Treasury securities and obligations of U.S. government agencies | | $ | 22,235 | | | $ | 5,019 | | | $ | — | | | $ | 27,254 | | Obligations of states, municipalities and political subdivisions | | — | | | 171,044 | | | — | | | 171,044 | | | Corporate and other securities | | — | | | 1,387,693 | | | — | | | 1,387,693 | | | Asset-backed securities | | — | | | 641,760 | | | — | | | 641,760 | | | Residential mortgage-backed securities | | — | | | 417,106 | | | — | | | 417,106 | | | Commercial mortgage-backed securities | | — | | | 66,902 | | | — | | | 66,902 | | | Total fixed-maturity securities | | 22,235 | | | 2,689,524 | | | — | | | 2,711,759 | | | | | | | | | | | | Equity securities: | | | | | | | | | | Exchange traded funds | | 106,300 | | | — | | | — | | | 106,300 | | | Non-redeemable preferred stock | | — | | | 33,173 | | | — | | | 33,173 | | | Common stocks | | 95,340 | | | — | | | — | | | 95,340 | | | Total equity securities | | 201,640 | | | 33,173 | | | — | | | 234,813 | | | Short-term investments | | 1,862 | | | 3,727 | | | — | | | 5,589 | | | Total | | $ | 225,737 | | | $ | 2,726,424 | | | $ | — | | | $ | 2,952,161 | |
There were no assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2024 or December 31, 2023. 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 $175.8 million and $171.6 million at September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023. 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 $18.6 million and $11.8 million at September 30, 2024 and December 31, 2023, respectively.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
Credit Losses
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Credit Loss [Abstract] |
|
| Credit Loss, Financial Instrument |
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 nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Beginning balance | | $ | 21,226 | | | $ | 12,167 | | | $ | 13,383 | | | $ | 8,067 | | | Current period change for estimated uncollectible premiums | | 2,596 | | | 2,341 | | | 12,938 | | | 7,459 | | | Write-offs of uncollectible premiums receivable | | (598) | | | (129) | | | (3,097) | | | (1,147) | | | Ending balance | | $ | 23,224 | | | $ | 14,379 | | | $ | 23,224 | | | $ | 14,379 | |
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v3.24.3
Deferred Policy Acquisition Costs
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Deferred Policy Acquisition Costs Disclosures [Abstract] |
|
| Deferred Policy Acquisition Costs |
Deferred Policy Acquisition Costs The following table presents the amounts of policy acquisition costs deferred and amortized for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Balance, beginning of period | | $ | 109,358 | | | $ | 85,326 | | | $ | 88,395 | | | $ | 61,594 | | Policy acquisition costs deferred: | | | | | | | | | | Direct commissions | | 65,773 | | | 54,580 | | | 209,146 | | | 169,223 | | | Ceding commissions | | (31,207) | | | (24,230) | | | (89,522) | | | (62,779) | | | Other underwriting and policy acquisition costs | | 3,765 | | | 1,623 | | | 10,418 | | | 7,511 | | | Policy acquisition costs deferred | | 38,331 | | | 31,973 | | | 130,042 | | | 113,955 | | Amortization of net policy acquisition costs | | (37,099) | | | (31,118) | | | (107,847) | | | (89,368) | | | Balance, end of period | | $ | 110,590 | | | $ | 86,181 | | | $ | 110,590 | | | $ | 86,181 | |
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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v3.24.3
Property and Equipment
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property and Equipment [Abstract] |
|
| Property and Equipment Disclosure [Text Block] |
Property and Equipment, Net Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following: | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | (in thousands) | | Building | | $ | 37,190 | | | $ | 37,181 | | | Parking deck | | 5,072 | | | 5,072 | | | Land | | 3,068 | | | 3,068 | | | Equipment | | 4,315 | | | 3,958 | | | Software | | 18,916 | | | 15,375 | | | Furniture and fixtures | | 3,185 | | | 3,065 | | | Land improvements | | 474 | | | 474 | | | Leasehold improvements | | 153 | | | 153 | | | | | | | | Construction in progress - building | | 16,568 | | | 6,623 | | | Property and equipment | | 88,941 | | | 74,969 | | | Accumulated depreciation | | (15,252) | | | (11,565) | | | Total property and equipment, net | | $ | 73,689 | | | $ | 63,404 | |
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v3.24.3
Underwriting, Acquisition and Insurance Expenses
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Underwriting, Acquisition and Insurance Expenses [Abstract] |
|
| Underwriting, acquisition and insurance expenses |
Underwriting, Acquisition and Insurance Expenses Underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2024 and 2023 consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Underwriting, acquisition and insurance expenses incurred: | | | | | | | | | | Direct commissions | | $ | 66,039 | | | $ | 53,035 | | | $ | 187,169 | | | $ | 143,181 | | | Ceding commissions | | (32,297) | | | (23,396) | | | (88,483) | | | (59,882) | | | Other underwriting expenses | | 36,397 | | | 30,709 | | | 109,274 | | | 85,268 | | | Total | | $ | 70,139 | | | $ | 60,348 | | | $ | 207,960 | | | $ | 168,567 | |
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v3.24.3
Stock-based Compensation
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Stock-based Compensation |
Stock-based Compensation On July 27, 2016, the Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the "2016 Incentive Plan") became effective. The 2016 Incentive Plan, which is administered by the Compensation, Nominating and Corporate Governance Committee of the Company’s Board of Directors, provides for grants of stock options, restricted stock, restricted stock units and other stock-based awards to officers, employees, directors, independent contractors and consultants. The number of shares of common stock available for issuance under the 2016 Incentive Plan may not exceed 2,073,832. The total compensation cost that has been charged against income for share-based compensation arrangements was $10.7 million and $6.9 million for the nine months ended September 30, 2024 and 2023, respectively. Restricted Stock Awards During the nine months ended September 30, 2024, 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 under the 2016 Incentive Plan for the nine months ended September 30, 2024 is as follows: | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | | Number of Shares | | Weighted Average Grant Date Fair Value per Share | | Non-vested outstanding at the beginning of the period | | 107,822 | | | $ | 250.86 | | | Granted | | 47,689 | | | $ | 502.43 | | | Vested | | (41,502) | | | $ | 231.05 | | | Forfeited | | (2,417) | | | $ | 283.11 | | | Non-vested outstanding at the end of the period | | 111,592 | | | $ | 366.18 | |
Employees surrender shares to pay for withholding tax obligations resulting from any vesting of restricted stock awards. During the nine months ended September 30, 2024, shares withheld for taxes in connection with the vesting of restricted stock awards totaled 14,234. The weighted average grant-date fair value per share of the Company's restricted stock awards granted during the nine months ended September 30, 2024 and 2023 was $502.43 and $313.35, respectively. The fair value of restricted stock awards that vested during the nine months ended September 30, 2024 and 2023 was $19.8 million and $12.6 million, respectively. As of September 30, 2024, the Company had $32.1 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 2.4 years. Stock Options On July 27, 2016, the Board of Directors approved, and the Company granted, 1,036,916 stock options 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 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 September 30, 2024, 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, 2024 | | 201,560 | | | $ | 16.00 | | | | | | | Granted | | — | | | — | | | | | | | Forfeited | | — | | | — | | | | | | | Exercised | | (75,188) | | | 16.00 | | | | | | Outstanding at September 30, 2024 | | 126,372 | | | $ | 16.00 | | | 1.8 | | $ | 56,813 | | Exercisable at September 30, 2024 | | 126,372 | | | $ | 16.00 | | | 1.8 | | $ | 56,813 | |
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v3.24.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
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 September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands, except per share data) | | Net income | | $ | 114,229 | | | $ | 76,115 | | | $ | 305,749 | | | $ | 204,706 | | | | | | | | | | | | Weighted average common shares outstanding - basic | | 23,175 | | | 23,058 | | | 23,150 | | | 23,036 | | | Effect of potential dilutive securities: | | | | | | | | | | Conversion of stock options | | 123 | | | 208 | | | 141 | | | 220 | | | Conversion of restricted stock | | 37 | | | 49 | | | 42 | | | 42 | | | Weighted average common shares outstanding - diluted | | 23,335 | | | 23,315 | | | 23,333 | | | 23,298 | | | | | | | | | | | | Earnings per common share: | | | | | | | | | | Basic | | $ | 4.93 | | | $ | 3.30 | | | $ | 13.21 | | | $ | 8.89 | | | Diluted | | $ | 4.90 | | | $ | 3.26 | | | $ | 13.10 | | | $ | 8.79 | |
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v3.24.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
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 18.7% and 19.4% for the nine months ended September 30, 2024 and 2023, respectively. The effective tax rates were lower than the federal statutory rate of 21% due primarily to the tax benefits from stock-based compensation, including stock options exercised, and from income generated by certain tax-exempt investments.
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v3.24.3
Reserves for Unpaid Losses and Loss Adjustment Expenses
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract] |
|
| Reserves for Unpaid Losses and Loss Adjustment Expenses |
Reserves For Unpaid Losses and Loss Adjustment Expenses The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses: | | | | | | | | | | | | | | | | | September 30, | | | 2024 | | 2023 | | | (in thousands) | Gross reserves for unpaid losses and loss adjustment expenses, beginning of year | | $ | 1,692,875 | | | $ | 1,238,402 | | Less: reinsurance recoverable on unpaid losses | | 241,357 | | | 177,039 | | | | | | | Net reserves for unpaid losses and loss adjustment expenses, beginning of year | | 1,451,518 | | | 1,061,363 | | | Incurred losses and loss adjustment expenses: | | | | | | Current year | | 608,423 | | | 470,235 | | | Prior years | | (28,072) | | | (28,607) | | | Total net losses and loss adjustment expenses incurred | | 580,351 | | | 441,628 | | | | | | | | Payments: | | | | | | Current year | | 24,207 | | | 22,156 | | | Prior years | | 156,992 | | | 136,380 | | | Total payments | | 181,199 | | | 158,536 | | Net reserves for unpaid losses and loss adjustment expenses, end of period | | 1,850,670 | | | 1,344,455 | | | Reinsurance recoverable on unpaid losses | | 310,093 | | | 220,452 | | Gross reserves for unpaid losses and loss adjustment expenses, end of period | | $ | 2,160,763 | | | $ | 1,564,907 | |
During the nine months ended September 30, 2024, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2023 developed favorably by $28.1 million, of which $45.6 million was attributable to the 2021 through 2023 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development primarily from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation and from the 2020 accident year due to a large property claim. Current accident year incurred losses and loss adjustment expenses for the nine months ended September 30, 2024 included $17.6 million of net catastrophe losses primarily related to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest. During the nine months ended September 30, 2023, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2022 developed favorably by $28.6 million, of which $39.0 million was attributable to the 2021 and 2022 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation
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| X |
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-Topic 944
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v3.24.3
Reinsurance
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Reinsurance Disclosures [Abstract] |
|
| Reinsurance |
Reinsurance The following table summarizes the effect of reinsurance on premiums written and earned for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Premiums written: | | | | | | | | | | Direct | | $ | 448,646 | | | $ | 377,789 | | | $ | 1,427,060 | | | $ | 1,173,599 | | | | | | | | | | | | Ceded | | (98,709) | | | (83,509) | | | (295,833) | | | (215,248) | | | Net written | | $ | 349,937 | | | $ | 294,280 | | | $ | 1,131,227 | | | $ | 958,351 | | | | | | | | | | | | Premiums earned: | | | | | | | | | | Direct | | $ | 450,583 | | | $ | 362,689 | | | $ | 1,283,710 | | | $ | 982,922 | | | | | | | | | | | | Ceded | | (101,831) | | | (81,187) | | | (292,979) | | | (207,216) | | | Net earned | | $ | 348,752 | | | $ | 281,502 | | | $ | 990,731 | | | $ | 775,706 | |
The following table summarizes ceded losses and loss adjustment expenses for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Ceded incurred losses and loss adjustment expenses | | $ | 22,698 | | | $ | 27,381 | | | $ | 92,903 | | | $ | 89,371 | |
The following table presents reinsurance recoverables on paid and unpaid losses as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | (in thousands) | | Reinsurance recoverables on paid losses | | $ | 8,543 | | | $ | 6,479 | | | Reinsurance recoverables on unpaid losses, net | | 310,093 | | | 241,357 | | | Reinsurance recoverables, net | | $ | 318,636 | | | $ | 247,836 | |
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v3.24.3
Debt
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt |
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 ("Series B Note") due July 22, 2034. The Series A and B Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s Amended and Restated Credit Agreement. Principal payments on the Series A Notes are required annually beginning on July 22, 2030 in equal installments of $25.0 million through July 22, 2034. Principal payments on the Series B Note are required annually beginning on July 22, 2030 in equal installments of $10.0 million through July 22, 2034. Credit Agreement On July 22, 2022, the Company entered into an Amended and Restated Credit Agreement, with JPMorgan Chase Bank, N.A., as administrative agent and as issuing bank, Truist Bank, as syndication agent, and the lenders party thereto (collectively, the "Lenders"). The Amended and Restated Credit Agreement provides the Company with a $100.0 million senior unsecured revolving credit facility (the "Credit Facility"), with the option to increase the aggregate commitment by $30.0 million. The Company is required to pay a Commitment Fee Rate (as defined therein) of 0.25% on the average daily amount of the Available Revolving Commitment (as defined therein). Borrowings under the Amended and Restated Credit Agreement may be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness). The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%. For the nine months ended September 30, 2024, the annual weighted-average interest rate of borrowings under the Credit Facility was 7.04%. The following table presents the Company's outstanding debt as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Issuance | | Maturity | | September 30,
2024 | | December 31, 2023 | | | | | | | (in thousands) | | Credit Facility | | Various | | 7/22/2027 | | $ | 11,000 | | | $ | 11,000 | | 5.15% Series A Notes | | 7/22/2022 | | 7/22/2034 | | 125,000 | | | 125,000 | | 6.21% Series B Note | | 9/18/2023 | | 7/22/2034 | | 50,000 | | | 50,000 | | | Less: Unamortized debt issuance costs | | | | | | (1,947) | | | (2,154) | | | Total debt | | | | | | $ | 184,053 | | | $ | 183,846 | |
Both the Note Purchase Agreement and the Amended and Restated Credit Agreement contain representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of September 30, 2024, the Company was in compliance with all of its financial covenants under both the Note Purchase Agreement and the Credit Facility. In October 2024, the covenants limiting restricted payments under the Note Purchase Agreement and Amended and Restated Credit Agreement were amended. The amendments allow the Company to make restricted payments so long as the aggregate amount of all such restricted payments does not exceed the greater of $300.0 million and 6.5% of the total assets of the Company and its subsidiaries at the end of the most recently completed fiscal quarter.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
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v3.24.3
Other Comprehensive (Loss) Income
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
| Other Comprehensive Income |
Other Comprehensive Income (Loss) The following table summarizes the components of other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes | | $ | 80,292 | | | $ | (29,931) | | | $ | 60,816 | | | $ | (26,997) | | | Income tax (expense) benefit | | (16,861) | | | 6,286 | | | (12,771) | | | 5,670 | | | Unrealized gains (losses) arising during the period, net of income taxes | | 63,431 | | | (23,645) | | | 48,045 | | | (21,327) | | | Less reclassification adjustment: | | | | | | | | | | Net realized losses on fixed-maturity securities, before income taxes | | (46) | | | (27) | | | (264) | | | (1,343) | | | Income tax benefit | | 10 | | | 6 | | | 56 | | | 282 | | | Reclassification adjustment included in net income | | (36) | | | (21) | | | (208) | | | (1,061) | | | Change in allowance for credit losses on investments, before income taxes | | 4 | | | (143) | | | 490 | | | (199) | | | Income tax (expense) benefit | | (1) | | | 30 | | | (103) | | | 42 | | | Reclassification adjustment included in net income | | 3 | | | (113) | | | 387 | | | (157) | | | Other comprehensive income (loss) | | $ | 63,464 | | | $ | (23,511) | | | $ | 47,866 | | | $ | (20,109) | |
The sale or credit loss of an available-for-sale fixed-maturity security results in amounts being reclassified from accumulated other comprehensive income (loss) to realized gains or losses in current period earnings. The related tax effect of the reclassification adjustment is recorded in income tax expense in current period earnings. See Note 2 for additional information.
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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v3.24.3
Commitment and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies Disclosure |
Contingencies Contingencies arise in the normal conduct of the Company’s operations and are not expected to have a material effect on the Company’s financial condition or results of operations. However, adverse outcomes are possible and could negatively affect the Company’s financial condition and results of operations. In June 2019, Marie Hughes, as authorized administrator for the estate of George Hughes, filed a wrongful death claim against Venetian Hills Apartments, LLC ("Venetian Hills") in DeKalb County in Georgia state court. On December 20, 2023, the jury awarded a verdict to the plaintiff of $140.0 million. Venetian Hills was a policyholder of a $1.0 million general liability policy issued by Kinsale Insurance. The Company believes exclusions in the policy apply to the claim and intends to defend any action related to this proceeding vigorously. The Company expects to appeal the verdict at the conclusion of post trial motions and does not expect a resolution as to the Company’s liability, if any, with respect to this matter in the foreseeable future, and potentially for multiple years. 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.
|
| Legal Matters and Contingencies |
In June 2019, Marie Hughes, as authorized administrator for the estate of George Hughes, filed a wrongful death claim against Venetian Hills Apartments, LLC ("Venetian Hills") in DeKalb County in Georgia state court. On December 20, 2023, the jury awarded a verdict to the plaintiff of $140.0 million. Venetian Hills was a policyholder of a $1.0 million general liability policy issued by Kinsale Insurance. The Company believes exclusions in the policy apply to the claim and intends to defend any action related to this proceeding vigorously. The Company expects to appeal the verdict at the conclusion of post trial motions and does not expect a resolution as to the Company’s liability, if any, with respect to this matter in the foreseeable future, and potentially for multiple years. The Company does not believe this legal proceeding will have a material adverse effect on its results of operations or business. The Company believes adequate provision has been made in its consolidated financial statements and its existing reserves account for liabilities to the Company relating to claims such as this legal proceeding
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-Section 50
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v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Pay vs Performance Disclosure |
|
|
|
|
|
|
|
|
| Net income |
$ 114,229
|
$ 92,579
|
$ 98,941
|
$ 76,115
|
$ 72,791
|
$ 55,800
|
$ 305,749
|
$ 204,706
|
| X |
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v3.24.3
Insider Trading Arrangements
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2024 |
| Trading Arrangements, by Individual |
|
|
| Material Terms of Trading Arrangement |
|
Securities Trading Plans of Directors and Executive Officers Transactions in our securities by our non-employee directors and executive officers are required to be made in accordance with our Policy on the Prevention of Insider Trading and Selective Disclosure (the "Insider Trading Policy"), which, among other things, requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading Policy permits our non-employee directors and executive officers to enter into trading plans designed to comply with Rule 10b5-1. During the third quarter of 2024, none of our non-employee directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading plan or adopted, modified or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
|
| Rule 10b5-1 Arrangement Adopted |
false
|
|
| Non-Rule 10b5-1 Arrangement Adopted |
false
|
|
| Rule 10b5-1 Arrangement Terminated |
false
|
|
| Non-Rule 10b5-1 Arrangement Terminated |
false
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v3.24.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation |
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, 2023. 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 |
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.
|
| New Accounting Pronouncements, Policy |
Prospective accounting pronouncements ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the 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 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning one year later. Early adoption is permitted and the amendments must be applied retrospectively to all prior periods presented. The Company does not expect the adoption of this guidance to materially affect the consolidated financial statements, and the Company is currently evaluating the effect the guidance will have on its disclosures.
|
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v3.24.3
Investments (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Investments [Abstract] |
|
| Available-for-sale Investments |
The following tables summarize the available-for-sale investments at September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Estimated Fair Value | | | (in thousands) | | Fixed maturities: | | | | | | | | | | | U.S. Treasury securities and obligations of U.S. government agencies | | $ | 15,160 | | | $ | 18 | | | $ | (430) | | | $ | — | | | $ | 14,748 | | Obligations of states, municipalities and political subdivisions | | 180,797 | | | 279 | | | (17,192) | | | — | | | 163,884 | | | Corporate and other securities | | 1,914,970 | | | 24,241 | | | (37,114) | | | (63) | | | 1,902,034 | | | Asset-backed securities | | 745,541 | | | 8,781 | | | (629) | | | — | | | 753,693 | | Residential mortgage-backed securities | | 521,368 | | | 3,449 | | | (41,037) | | | — | | | 483,780 | | | Commercial mortgage-backed securities | | 150,839 | | | 1,517 | | | (3,457) | | | — | | | 148,899 | | | Total fixed-maturity investments | | $ | 3,528,675 | | | $ | 38,285 | | | $ | (99,859) | | | $ | (63) | | | $ | 3,467,038 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Estimated Fair Value | | | (in thousands) | | Fixed maturities: | | | | | | | | | | | U.S. Treasury securities and obligations of U.S. government agencies | | $ | 28,003 | | | $ | 57 | | | $ | (806) | | | $ | — | | | $ | 27,254 | | Obligations of states, municipalities and political subdivisions | | 191,080 | | | 212 | | | (20,248) | | | — | | | 171,044 | | | Corporate and other securities | | 1,437,468 | | | 5,532 | | | (54,755) | | | (552) | | | 1,387,693 | | | Asset-backed securities | | 641,700 | | | 2,833 | | | (2,773) | | | — | | | 641,760 | | Residential mortgage-backed securities | | 463,904 | | | 1,732 | | | (48,530) | | | — | | | 417,106 | | | Commercial mortgage-backed securities | | 72,308 | | | 11 | | | (5,416) | | | (1) | | | 66,902 | | | Total fixed-maturity investments | | $ | 2,834,463 | | | $ | 10,377 | | | $ | (132,528) | | | $ | (553) | | | $ | 2,711,759 | |
|
| Debt Securities, Available-for-Sale, Allowance for Credit Loss |
The following table presents changes in the allowance for expected credit losses on available-for-sale securities for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Beginning balance | | $ | 67 | | | $ | 422 | | | $ | 553 | | | $ | 366 | | | Increase to allowance from securities for which credit losses were not previously recorded | | — | | | 1 | | | — | | | 1 | | | Reduction from securities sold during the period | | — | | | — | | | (479) | | | (12) | | | Net (decrease) increase from securities that had an allowance at the beginning of the period | | (4) | | | 142 | | | (11) | | | 210 | | | Ending balance | | $ | 63 | | | $ | 565 | | | $ | 63 | | | $ | 565 | |
|
| Available-for-sale Securities in an Unrealized Loss Position |
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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 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 maturities: | | | | | | | | | | | | | | U.S. Treasury securities and obligations of the U.S. government agencies | | $ | — | | | $ | — | | | $ | 14,178 | | | $ | (430) | | | $ | 14,178 | | | $ | (430) | | Obligations of states, municipalities and political subdivisions | | 11,653 | | | (121) | | | 124,714 | | | (17,071) | | | 136,367 | | | (17,192) | | Corporate and other securities | | 53,750 | | | (140) | | | 512,074 | | | (36,974) | | | 565,824 | | | (37,114) | | | Asset-backed securities | | 23,995 | | | (104) | | | 38,154 | | | (525) | | | 62,149 | | | (629) | | Residential mortgage-backed securities | | 7,450 | | | (27) | | | 255,572 | | | (41,010) | | | 263,022 | | | (41,037) | | | Commercial mortgage-backed securities | | 18,304 | | | (77) | | | 56,031 | | | (3,380) | | | 74,335 | | | (3,457) | | | Total fixed-maturity investments | | $ | 115,152 | | | $ | (469) | | | $ | 1,000,723 | | | $ | (99,390) | | | $ | 1,115,875 | | | $ | (99,859) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | 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 maturities: | | | | | | | | | | | | | U.S. Treasury securities and obligations of U.S. government agencies | | $ | — | | | $ | — | | | $ | 15,484 | | | $ | (806) | | | $ | 15,484 | | | $ | (806) | | Obligations of states, municipalities and political subdivisions | | 20,886 | | | (221) | | | 121,911 | | | (20,027) | | | 142,797 | | | (20,248) | | Corporate and other securities | | 246,355 | | | (1,444) | | | 651,525 | | | (53,311) | | | 897,880 | | | (54,755) | | | Asset-backed securities | | 142,287 | | | (872) | | | 217,401 | | | (1,901) | | | 359,688 | | | (2,773) | | Residential mortgage-backed securities | | 26,158 | | | (49) | | | 268,891 | | | (48,481) | | | 295,049 | | | (48,530) | | | Commercial mortgage-backed securities | | 8,775 | | | (55) | | | 56,731 | | | (5,361) | | | 65,506 | | | (5,416) | | | Total fixed-maturity investments | | $ | 444,461 | | | $ | (2,641) | | | $ | 1,331,943 | | | $ | (129,887) | | | $ | 1,776,404 | | | $ | (132,528) | |
|
| Contractual Maturities of Available-for-sale Fixed Maturity Securities |
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at September 30, 2024 are summarized, by contractual maturity, as follows: | | | | | | | | | | | | | | | | | September 30, 2024 | | | Amortized | | Estimated | | | Cost | | Fair Value | | | (in thousands) | | Due in one year or less | | $ | 355,278 | | | $ | 355,263 | | | Due after one year through five years | | 1,090,396 | | | 1,093,854 | | | Due after five years through ten years | | 438,248 | | | 436,588 | | | Due after ten years | | 227,005 | | | 194,961 | | | Asset-backed securities | | 745,541 | | | 753,693 | | | Residential mortgage-backed securities | | 521,368 | | | 483,780 | | | Commercial mortgage-backed securities | | 150,839 | | | 148,899 | | | Total fixed-maturity securities | | $ | 3,528,675 | | | $ | 3,467,038 | |
|
| Schedule of Real Estate Properties |
Real estate investments represents directly owned property held for investment purposes and consisted of land with a carrying value of $15.0 million and $14.8 million at September 30, 2024 and December 31, 2023, respectively. There was no accumulated depreciation on real estate investments at September 30, 2024 and December 31, 2023.
|
| Net Investment Income |
The following table presents the components of net investment income for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Interest: | | | | | | | | | | Taxable bonds | | $ | 38,009 | | | $ | 24,644 | | | $ | 103,871 | | | $ | 63,672 | | | Tax exempt municipal bonds | | 391 | | | 522 | | | 1,225 | | | 1,704 | | | Cash equivalents and short-term investments | | 615 | | | 758 | | | 1,726 | | | 2,337 | | | Dividends on equity securities | | 1,494 | | | 1,271 | | | 4,331 | | | 3,692 | | | Real estate investment income | | — | | | 851 | | | 153 | | | 3,565 | | | Gross investment income | | 40,509 | | | 28,046 | | | 111,306 | | | 74,970 | | | Investment expenses | | (865) | | | (960) | | | (2,882) | | | (3,017) | | | Net investment income | | $ | 39,644 | | | $ | 27,086 | | | $ | 108,424 | | | $ | 71,953 | |
There was no depreciation expense related to real estate investments for the three and nine months ended September 30, 2024 or three months ended September 30, 2023 as the Company sold the related assets during 2023. Investment expenses included depreciation expense related to real estate investments of $0.5 million for the nine months ended September 30, 2023.
|
| Realized Gain (Loss) on Investments |
The following table presents realized investment gains and losses for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Fixed-maturity securities: | | | | | | | | | | Realized gains | | $ | 114 | | | $ | 74 | | | $ | 1,055 | | | $ | 1,811 | | | Realized losses | | (90) | | | (51) | | | (1,129) | | | (2,268) | | | Net realized (losses) gains from fixed-maturity securities | | 24 | | | 23 | | | (74) | | | (457) | | | | | | | | | | | | Equity securities: | | | | | | | | | | Realized gains | | — | | | — | | | 7,271 | | | 1,626 | | | Realized losses | | (31) | | | — | | | (455) | | | (4,487) | | | Net realized gains (losses) from equity securities | | (31) | | | — | | | 6,816 | | | (2,861) | | | Realized (losses) gains from the sales of short-term investments | | (1) | | | 1 | | | — | | | (19) | | | Realized (loss) gains on sale of real estate investments | | — | | | 4,250 | | | (5) | | | 4,250 | | | Net realized investment gains (losses) | | $ | (8) | | | $ | 4,274 | | | $ | 6,737 | | | $ | 913 | |
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.
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| X |
- DefinitionTabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
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-Section 50
-Paragraph 9
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v3.24.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Assets Measured at Fair Value on a Recurring Basis |
The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets | | | | | | | | | | Fixed maturities: | | | | | | | | | | | | | | | | | | | U.S. Treasury securities and obligations of U.S. government agencies | | $ | 14,748 | | | $ | — | | | $ | — | | | $ | 14,748 | | Obligations of states, municipalities and political subdivisions | | — | | | 163,884 | | | — | | | 163,884 | | | Corporate and other securities | | — | | | 1,902,034 | | | — | | | 1,902,034 | | | Asset-backed securities | | — | | | 753,693 | | | — | | | 753,693 | | | Residential mortgage-backed securities | | — | | | 483,780 | | | — | | | 483,780 | | | Commercial mortgage-backed securities | | — | | | 148,899 | | | — | | | 148,899 | | | Total fixed-maturity securities | | 14,748 | | | 3,452,290 | | | — | | | 3,467,038 | | | | | | | | | | | | Equity securities: | | | | | | | | | | Exchange traded funds | | 126,620 | | | — | | | — | | | 126,620 | | | Non-redeemable preferred stock | | — | | | 26,281 | | | — | | | 26,281 | | | Common stocks | | 212,725 | | | — | | | — | | | 212,725 | | | Total equity securities | | 339,345 | | | 26,281 | | | — | | | 365,626 | | | | | | | | | | | | Total | | $ | 354,093 | | | $ | 3,478,571 | | | $ | — | | | $ | 3,832,664 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Level 1 | | Level 2 | | Level 3 | | Total | | | (in thousands) | | Assets | | | | | | | | | | Fixed maturities: | | | | | | | | | U.S. Treasury securities and obligations of U.S. government agencies | | $ | 22,235 | | | $ | 5,019 | | | $ | — | | | $ | 27,254 | | Obligations of states, municipalities and political subdivisions | | — | | | 171,044 | | | — | | | 171,044 | | | Corporate and other securities | | — | | | 1,387,693 | | | — | | | 1,387,693 | | | Asset-backed securities | | — | | | 641,760 | | | — | | | 641,760 | | | Residential mortgage-backed securities | | — | | | 417,106 | | | — | | | 417,106 | | | Commercial mortgage-backed securities | | — | | | 66,902 | | | — | | | 66,902 | | | Total fixed-maturity securities | | 22,235 | | | 2,689,524 | | | — | | | 2,711,759 | | | | | | | | | | | | Equity securities: | | | | | | | | | | Exchange traded funds | | 106,300 | | | — | | | — | | | 106,300 | | | Non-redeemable preferred stock | | — | | | 33,173 | | | — | | | 33,173 | | | Common stocks | | 95,340 | | | — | | | — | | | 95,340 | | | Total equity securities | | 201,640 | | | 33,173 | | | — | | | 234,813 | | | Short-term investments | | 1,862 | | | 3,727 | | | — | | | 5,589 | | | Total | | $ | 225,737 | | | $ | 2,726,424 | | | $ | — | | | $ | 2,952,161 | |
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| X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Credit Losses (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Credit Loss [Abstract] |
|
| Premium Receivable, Allowance for Credit Loss |
The following table presents the change in the allowance for credit losses for premiums receivable for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Beginning balance | | $ | 21,226 | | | $ | 12,167 | | | $ | 13,383 | | | $ | 8,067 | | | Current period change for estimated uncollectible premiums | | 2,596 | | | 2,341 | | | 12,938 | | | 7,459 | | | Write-offs of uncollectible premiums receivable | | (598) | | | (129) | | | (3,097) | | | (1,147) | | | Ending balance | | $ | 23,224 | | | $ | 14,379 | | | $ | 23,224 | | | $ | 14,379 | |
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-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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v3.24.3
Deferred Policy Acquisition Costs (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Deferred Policy Acquisition Costs Disclosures [Abstract] |
|
| Deferred Policy Acquisition Costs |
The following table presents the amounts of policy acquisition costs deferred and amortized for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Balance, beginning of period | | $ | 109,358 | | | $ | 85,326 | | | $ | 88,395 | | | $ | 61,594 | | Policy acquisition costs deferred: | | | | | | | | | | Direct commissions | | 65,773 | | | 54,580 | | | 209,146 | | | 169,223 | | | Ceding commissions | | (31,207) | | | (24,230) | | | (89,522) | | | (62,779) | | | Other underwriting and policy acquisition costs | | 3,765 | | | 1,623 | | | 10,418 | | | 7,511 | | | Policy acquisition costs deferred | | 38,331 | | | 31,973 | | | 130,042 | | | 113,955 | | Amortization of net policy acquisition costs | | (37,099) | | | (31,118) | | | (107,847) | | | (89,368) | | | Balance, end of period | | $ | 110,590 | | | $ | 86,181 | | | $ | 110,590 | | | $ | 86,181 | |
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-Topic 944
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-Section 65
-Paragraph 2
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v3.24.3
Property and Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property and Equipment [Abstract] |
|
| Property and Equipment |
Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following: | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | (in thousands) | | Building | | $ | 37,190 | | | $ | 37,181 | | | Parking deck | | 5,072 | | | 5,072 | | | Land | | 3,068 | | | 3,068 | | | Equipment | | 4,315 | | | 3,958 | | | Software | | 18,916 | | | 15,375 | | | Furniture and fixtures | | 3,185 | | | 3,065 | | | Land improvements | | 474 | | | 474 | | | Leasehold improvements | | 153 | | | 153 | | | | | | | | Construction in progress - building | | 16,568 | | | 6,623 | | | Property and equipment | | 88,941 | | | 74,969 | | | Accumulated depreciation | | (15,252) | | | (11,565) | | | Total property and equipment, net | | $ | 73,689 | | | $ | 63,404 | |
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-Paragraph 1
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v3.24.3
Underwriting, Acquisition and Insurance Expenses (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Underwriting, Acquisition and Insurance Expenses [Abstract] |
|
| Underwriting, acquisition and insurance expenses |
Underwriting, acquisition and insurance expenses for the three and nine months ended September 30, 2024 and 2023 consist of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Underwriting, acquisition and insurance expenses incurred: | | | | | | | | | | Direct commissions | | $ | 66,039 | | | $ | 53,035 | | | $ | 187,169 | | | $ | 143,181 | | | Ceding commissions | | (32,297) | | | (23,396) | | | (88,483) | | | (59,882) | | | Other underwriting expenses | | 36,397 | | | 30,709 | | | 109,274 | | | 85,268 | | | Total | | $ | 70,139 | | | $ | 60,348 | | | $ | 207,960 | | | $ | 168,567 | |
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-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(3))
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v3.24.3
Stock-based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Restricted Stock Activity |
A summary of restricted stock activity under the 2016 Incentive Plan for the nine months ended September 30, 2024 is as follows: | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | | Number of Shares | | Weighted Average Grant Date Fair Value per Share | | Non-vested outstanding at the beginning of the period | | 107,822 | | | $ | 250.86 | | | Granted | | 47,689 | | | $ | 502.43 | | | Vested | | (41,502) | | | $ | 231.05 | | | Forfeited | | (2,417) | | | $ | 283.11 | | | Non-vested outstanding at the end of the period | | 111,592 | | | $ | 366.18 | |
|
| Stock Options Activity |
A summary of option activity as of September 30, 2024, 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, 2024 | | 201,560 | | | $ | 16.00 | | | | | | | Granted | | — | | | — | | | | | | | Forfeited | | — | | | — | | | | | | | Exercised | | (75,188) | | | 16.00 | | | | | | Outstanding at September 30, 2024 | | 126,372 | | | $ | 16.00 | | | 1.8 | | $ | 56,813 | | Exercisable at September 30, 2024 | | 126,372 | | | $ | 16.00 | | | 1.8 | | $ | 56,813 | |
|
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-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
-SubTopic 10
-Topic 718
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v3.24.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| 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 September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands, except per share data) | | Net income | | $ | 114,229 | | | $ | 76,115 | | | $ | 305,749 | | | $ | 204,706 | | | | | | | | | | | | Weighted average common shares outstanding - basic | | 23,175 | | | 23,058 | | | 23,150 | | | 23,036 | | | Effect of potential dilutive securities: | | | | | | | | | | Conversion of stock options | | 123 | | | 208 | | | 141 | | | 220 | | | Conversion of restricted stock | | 37 | | | 49 | | | 42 | | | 42 | | | Weighted average common shares outstanding - diluted | | 23,335 | | | 23,315 | | | 23,333 | | | 23,298 | | | | | | | | | | | | Earnings per common share: | | | | | | | | | | Basic | | $ | 4.93 | | | $ | 3.30 | | | $ | 13.21 | | | $ | 8.89 | | | Diluted | | $ | 4.90 | | | $ | 3.26 | | | $ | 13.10 | | | $ | 8.79 | |
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-Topic 260
-SubTopic 10
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-Paragraph 1
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v3.24.3
Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract] |
|
| Schedule of Unpaid Losses and Loss Adjustment Expenses |
The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses: | | | | | | | | | | | | | | | | | September 30, | | | 2024 | | 2023 | | | (in thousands) | Gross reserves for unpaid losses and loss adjustment expenses, beginning of year | | $ | 1,692,875 | | | $ | 1,238,402 | | Less: reinsurance recoverable on unpaid losses | | 241,357 | | | 177,039 | | | | | | | Net reserves for unpaid losses and loss adjustment expenses, beginning of year | | 1,451,518 | | | 1,061,363 | | | Incurred losses and loss adjustment expenses: | | | | | | Current year | | 608,423 | | | 470,235 | | | Prior years | | (28,072) | | | (28,607) | | | Total net losses and loss adjustment expenses incurred | | 580,351 | | | 441,628 | | | | | | | | Payments: | | | | | | Current year | | 24,207 | | | 22,156 | | | Prior years | | 156,992 | | | 136,380 | | | Total payments | | 181,199 | | | 158,536 | | Net reserves for unpaid losses and loss adjustment expenses, end of period | | 1,850,670 | | | 1,344,455 | | | Reinsurance recoverable on unpaid losses | | 310,093 | | | 220,452 | | Gross reserves for unpaid losses and loss adjustment expenses, end of period | | $ | 2,160,763 | | | $ | 1,564,907 | |
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v3.24.3
Reinsurance (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Reinsurance Disclosures [Abstract] |
|
| Effects of Reinsurance |
The following table summarizes the effect of reinsurance on premiums written and earned for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Premiums written: | | | | | | | | | | Direct | | $ | 448,646 | | | $ | 377,789 | | | $ | 1,427,060 | | | $ | 1,173,599 | | | | | | | | | | | | Ceded | | (98,709) | | | (83,509) | | | (295,833) | | | (215,248) | | | Net written | | $ | 349,937 | | | $ | 294,280 | | | $ | 1,131,227 | | | $ | 958,351 | | | | | | | | | | | | Premiums earned: | | | | | | | | | | Direct | | $ | 450,583 | | | $ | 362,689 | | | $ | 1,283,710 | | | $ | 982,922 | | | | | | | | | | | | Ceded | | (101,831) | | | (81,187) | | | (292,979) | | | (207,216) | | | Net earned | | $ | 348,752 | | | $ | 281,502 | | | $ | 990,731 | | | $ | 775,706 | |
|
| Effects of Reinsurance on Losses |
The following table summarizes ceded losses and loss adjustment expenses for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Ceded incurred losses and loss adjustment expenses | | $ | 22,698 | | | $ | 27,381 | | | $ | 92,903 | | | $ | 89,371 | |
|
| Reinsurance Recoverables |
The following table presents reinsurance recoverables on paid and unpaid losses as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | (in thousands) | | Reinsurance recoverables on paid losses | | $ | 8,543 | | | $ | 6,479 | | | Reinsurance recoverables on unpaid losses, net | | 310,093 | | | 241,357 | | | Reinsurance recoverables, net | | $ | 318,636 | | | $ | 247,836 | |
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v3.24.3
Debt (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt |
The following table presents the Company's outstanding debt as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Issuance | | Maturity | | September 30,
2024 | | December 31, 2023 | | | | | | | (in thousands) | | Credit Facility | | Various | | 7/22/2027 | | $ | 11,000 | | | $ | 11,000 | | 5.15% Series A Notes | | 7/22/2022 | | 7/22/2034 | | 125,000 | | | 125,000 | | 6.21% Series B Note | | 9/18/2023 | | 7/22/2034 | | 50,000 | | | 50,000 | | | Less: Unamortized debt issuance costs | | | | | | (1,947) | | | (2,154) | | | Total debt | | | | | | $ | 184,053 | | | $ | 183,846 | |
|
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v3.24.3
Other Comprehensive (Loss) Income (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
| Comprehensive Income (Loss) |
The following table summarizes the components of other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | (in thousands) | | Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes | | $ | 80,292 | | | $ | (29,931) | | | $ | 60,816 | | | $ | (26,997) | | | Income tax (expense) benefit | | (16,861) | | | 6,286 | | | (12,771) | | | 5,670 | | | Unrealized gains (losses) arising during the period, net of income taxes | | 63,431 | | | (23,645) | | | 48,045 | | | (21,327) | | | Less reclassification adjustment: | | | | | | | | | | Net realized losses on fixed-maturity securities, before income taxes | | (46) | | | (27) | | | (264) | | | (1,343) | | | Income tax benefit | | 10 | | | 6 | | | 56 | | | 282 | | | Reclassification adjustment included in net income | | (36) | | | (21) | | | (208) | | | (1,061) | | | Change in allowance for credit losses on investments, before income taxes | | 4 | | | (143) | | | 490 | | | (199) | | | Income tax (expense) benefit | | (1) | | | 30 | | | (103) | | | 42 | | | Reclassification adjustment included in net income | | 3 | | | (113) | | | 387 | | | (157) | | | Other comprehensive income (loss) | | $ | 63,464 | | | $ | (23,511) | | | $ | 47,866 | | | $ | (20,109) | |
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v3.24.3
Investments Investments (Available for Sale) (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
|
| Total fixed maturities, Amortized Cost |
$ 3,528,675
|
|
$ 2,834,463
|
|
|
|
| Gross Unrealized Holding Gains |
38,285
|
|
10,377
|
|
|
|
| Gross Unrealized Holding Losses |
99,859
|
|
132,528
|
|
|
|
| Allowance for Credit Losses |
(63)
|
$ (67)
|
(553)
|
$ (565)
|
$ (422)
|
$ (366)
|
| Estimated Fair Value |
3,467,038
|
|
2,711,759
|
|
|
|
| U.S. Treasury securities and obligations of U.S. government agencies |
|
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
|
| Total fixed maturities, Amortized Cost |
15,160
|
|
28,003
|
|
|
|
| Gross Unrealized Holding Gains |
18
|
|
57
|
|
|
|
| Gross Unrealized Holding Losses |
430
|
|
806
|
|
|
|
| Allowance for Credit Losses |
0
|
|
0
|
|
|
|
| Estimated Fair Value |
14,748
|
|
27,254
|
|
|
|
| Obligations of states, municipalities and political subdivisions |
|
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
|
| Total fixed maturities, Amortized Cost |
180,797
|
|
191,080
|
|
|
|
| Gross Unrealized Holding Gains |
279
|
|
212
|
|
|
|
| Gross Unrealized Holding Losses |
17,192
|
|
20,248
|
|
|
|
| Allowance for Credit Losses |
0
|
|
0
|
|
|
|
| Estimated Fair Value |
163,884
|
|
171,044
|
|
|
|
| Corporate and other securities |
|
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
|
| Total fixed maturities, Amortized Cost |
1,914,970
|
|
1,437,468
|
|
|
|
| Gross Unrealized Holding Gains |
24,241
|
|
5,532
|
|
|
|
| Gross Unrealized Holding Losses |
37,114
|
|
54,755
|
|
|
|
| Allowance for Credit Losses |
(63)
|
|
(552)
|
|
|
|
| Estimated Fair Value |
1,902,034
|
|
1,387,693
|
|
|
|
| Asset-backed securities |
|
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
|
| Total fixed maturities, Amortized Cost |
745,541
|
|
641,700
|
|
|
|
| Gross Unrealized Holding Gains |
8,781
|
|
2,833
|
|
|
|
| Gross Unrealized Holding Losses |
629
|
|
2,773
|
|
|
|
| Allowance for Credit Losses |
0
|
|
0
|
|
|
|
| Estimated Fair Value |
753,693
|
|
641,760
|
|
|
|
| Residential mortgage-backed securities |
|
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
|
| Total fixed maturities, Amortized Cost |
521,368
|
|
463,904
|
|
|
|
| Gross Unrealized Holding Gains |
3,449
|
|
1,732
|
|
|
|
| Gross Unrealized Holding Losses |
41,037
|
|
48,530
|
|
|
|
| Allowance for Credit Losses |
0
|
|
0
|
|
|
|
| Estimated Fair Value |
483,780
|
|
417,106
|
|
|
|
| Commercial mortgage-backed securities |
|
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
|
| Total fixed maturities, Amortized Cost |
150,839
|
|
72,308
|
|
|
|
| Gross Unrealized Holding Gains |
1,517
|
|
11
|
|
|
|
| Gross Unrealized Holding Losses |
3,457
|
|
5,416
|
|
|
|
| Allowance for Credit Losses |
0
|
|
(1)
|
|
|
|
| Estimated Fair Value |
$ 148,899
|
|
$ 66,902
|
|
|
|
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3
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-Section 50
-Paragraph 3
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v3.24.3
Investments Available-for-Sale Securities in a Loss Position (Details)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
security
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
| Less than 12 Months, Estimated Fair Value |
$ 115,152
|
|
$ 115,152
|
|
$ 444,461
|
| Less than 12 months, gross unrealized holding losses |
469
|
|
469
|
|
2,641
|
| 12 Months or Longer, Estimated Fair Value |
1,000,723
|
|
1,000,723
|
|
1,331,943
|
| 12 Months or Longer, Gross Unrealized Holding Losses |
99,390
|
|
99,390
|
|
129,887
|
| Total Estimated Fair Value |
1,115,875
|
|
1,115,875
|
|
1,776,404
|
| Total Gross Unrealized Holding Losses |
99,859
|
|
99,859
|
|
132,528
|
| Beginning balance |
67
|
$ 422
|
553
|
$ 366
|
|
| Increase to allowance from securities for which credit losses were not previously recorded |
0
|
1
|
0
|
1
|
|
| Reduction from securities sold during the period |
0
|
0
|
(479)
|
(12)
|
|
| Net increase (decrease) from securities that had an allowance at the beginning of the period |
(4)
|
142
|
(11)
|
210
|
|
| Ending balance |
63
|
$ 565
|
$ 63
|
$ 565
|
|
| Debt Securities Available For Sale Allowance For Credit Loss Number Of Securities | security |
|
|
3
|
|
|
| U.S. Treasury securities and obligations of U.S. government agencies |
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
| Less than 12 Months, Estimated Fair Value |
0
|
|
$ 0
|
|
0
|
| Less than 12 months, gross unrealized holding losses |
0
|
|
0
|
|
0
|
| 12 Months or Longer, Estimated Fair Value |
14,178
|
|
14,178
|
|
15,484
|
| 12 Months or Longer, Gross Unrealized Holding Losses |
430
|
|
430
|
|
806
|
| Total Estimated Fair Value |
14,178
|
|
14,178
|
|
15,484
|
| Total Gross Unrealized Holding Losses |
430
|
|
430
|
|
806
|
| Beginning balance |
|
|
0
|
|
|
| Ending balance |
0
|
|
0
|
|
|
| Obligations of states, municipalities and political subdivisions [Member] |
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
| Less than 12 Months, Estimated Fair Value |
11,653
|
|
11,653
|
|
20,886
|
| Less than 12 months, gross unrealized holding losses |
121
|
|
121
|
|
221
|
| 12 Months or Longer, Estimated Fair Value |
124,714
|
|
124,714
|
|
121,911
|
| 12 Months or Longer, Gross Unrealized Holding Losses |
17,071
|
|
17,071
|
|
20,027
|
| Total Estimated Fair Value |
136,367
|
|
136,367
|
|
142,797
|
| Total Gross Unrealized Holding Losses |
17,192
|
|
17,192
|
|
20,248
|
| Beginning balance |
|
|
0
|
|
|
| Ending balance |
0
|
|
0
|
|
|
| Corporate and other securities [Member] |
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
| Less than 12 Months, Estimated Fair Value |
53,750
|
|
53,750
|
|
246,355
|
| Less than 12 months, gross unrealized holding losses |
140
|
|
140
|
|
1,444
|
| 12 Months or Longer, Estimated Fair Value |
512,074
|
|
512,074
|
|
651,525
|
| 12 Months or Longer, Gross Unrealized Holding Losses |
36,974
|
|
36,974
|
|
53,311
|
| Total Estimated Fair Value |
565,824
|
|
565,824
|
|
897,880
|
| Total Gross Unrealized Holding Losses |
37,114
|
|
37,114
|
|
54,755
|
| Beginning balance |
|
|
552
|
|
|
| Ending balance |
63
|
|
63
|
|
|
| Asset-backed securities [Member] |
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
| Less than 12 Months, Estimated Fair Value |
23,995
|
|
23,995
|
|
142,287
|
| Less than 12 months, gross unrealized holding losses |
104
|
|
104
|
|
872
|
| 12 Months or Longer, Estimated Fair Value |
38,154
|
|
38,154
|
|
217,401
|
| 12 Months or Longer, Gross Unrealized Holding Losses |
525
|
|
525
|
|
1,901
|
| Total Estimated Fair Value |
62,149
|
|
62,149
|
|
359,688
|
| Total Gross Unrealized Holding Losses |
629
|
|
629
|
|
2,773
|
| Beginning balance |
|
|
0
|
|
|
| Ending balance |
0
|
|
0
|
|
|
| Residential mortgage-backed securities [Member] |
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
| Less than 12 Months, Estimated Fair Value |
7,450
|
|
7,450
|
|
26,158
|
| Less than 12 months, gross unrealized holding losses |
27
|
|
27
|
|
49
|
| 12 Months or Longer, Estimated Fair Value |
255,572
|
|
255,572
|
|
268,891
|
| 12 Months or Longer, Gross Unrealized Holding Losses |
41,010
|
|
41,010
|
|
48,481
|
| Total Estimated Fair Value |
263,022
|
|
263,022
|
|
295,049
|
| Total Gross Unrealized Holding Losses |
41,037
|
|
41,037
|
|
48,530
|
| Beginning balance |
|
|
0
|
|
|
| Ending balance |
0
|
|
0
|
|
|
| Commercial mortgage-backed securities |
|
|
|
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
|
|
|
| Less than 12 Months, Estimated Fair Value |
18,304
|
|
18,304
|
|
8,775
|
| Less than 12 months, gross unrealized holding losses |
77
|
|
77
|
|
55
|
| 12 Months or Longer, Estimated Fair Value |
56,031
|
|
56,031
|
|
56,731
|
| 12 Months or Longer, Gross Unrealized Holding Losses |
3,380
|
|
3,380
|
|
5,361
|
| Total Estimated Fair Value |
74,335
|
|
74,335
|
|
65,506
|
| Total Gross Unrealized Holding Losses |
3,457
|
|
3,457
|
|
$ 5,416
|
| Beginning balance |
|
|
1
|
|
|
| Ending balance |
$ 0
|
|
$ 0
|
|
|
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-Topic 326
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Topic 326
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-Name Accounting Standards Codification
-Section 45
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v3.24.3
Investments Available-for-Sale Securities in a Loss Position Narrative (Details)
$ in Thousands |
Sep. 30, 2024
USD ($)
Rate
|
Dec. 31, 2023
USD ($)
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Number of available-for-sale securities in unrealized loss positions |
686
|
|
| Total Estimated Fair Value |
$ 1,115,875
|
$ 1,776,404
|
| Gross Unrealized Losses |
$ 99,859
|
$ 132,528
|
| Number of available-for-sale securities in unrealized loss positions, greater than one year |
633
|
|
| Fixed maturities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, percentage of securities with ratings of A minus or better | Rate |
79.90%
|
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v3.24.3
Investments Contractual Maturities of Available-for-Sale Fixed Maturity Securities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Amortized Cost |
|
|
| Due in one year or less, Amortized Cost |
$ 355,278
|
|
| Due after one year through five years, Amortized Cost |
1,090,396
|
|
| Due after five years through ten years, Amortized Cost |
438,248
|
|
| Due after ten years, Amortized Cost |
227,005
|
|
| Total fixed maturities, Amortized Cost |
3,528,675
|
$ 2,834,463
|
| Estimated Fair Value |
|
|
| Due in one year or less, Estimated Fair Value |
355,263
|
|
| Due after one year through five years, Estimated Fair Value |
1,093,854
|
|
| Due after five years through ten years, Estimated Fair Value |
436,588
|
|
| Due after ten years, Estimated Fair Value |
194,961
|
|
| Estimated Fair Value |
3,467,038
|
2,711,759
|
| Asset-backed securities [Member] |
|
|
| Amortized Cost |
|
|
| Without single maturity date, Amortized Cost |
745,541
|
|
| Total fixed maturities, Amortized Cost |
745,541
|
641,700
|
| Estimated Fair Value |
|
|
| Without single maturity date, Estimated Fair Value |
753,693
|
|
| Estimated Fair Value |
753,693
|
641,760
|
| Residential mortgage-backed securities [Member] |
|
|
| Amortized Cost |
|
|
| Without single maturity date, Amortized Cost |
521,368
|
|
| Total fixed maturities, Amortized Cost |
521,368
|
463,904
|
| Estimated Fair Value |
|
|
| Without single maturity date, Estimated Fair Value |
483,780
|
|
| Estimated Fair Value |
483,780
|
417,106
|
| Commercial mortgage-backed securities |
|
|
| Amortized Cost |
|
|
| Without single maturity date, Amortized Cost |
150,839
|
|
| Total fixed maturities, Amortized Cost |
150,839
|
72,308
|
| Estimated Fair Value |
|
|
| Without single maturity date, Estimated Fair Value |
148,899
|
|
| Estimated Fair Value |
$ 148,899
|
$ 66,902
|
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v3.24.3
Investments Net Investment Income (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Interest Income (Expense), Net [Abstract] |
|
|
|
|
| Taxable bonds |
$ 38,009
|
$ 24,644
|
$ 103,871
|
$ 63,672
|
| Tax exempt municipal bonds |
391
|
522
|
1,225
|
1,704
|
| Cash equivalents and short-term investments |
615
|
758
|
1,726
|
2,337
|
| Dividends on equity securities |
1,494
|
1,271
|
4,331
|
3,692
|
| Gross Investment Income, Operating |
40,509
|
28,046
|
111,306
|
74,970
|
| Investment Income, Investment Expense |
865
|
960
|
2,882
|
3,017
|
| Net investment income |
39,644
|
27,086
|
108,424
|
71,953
|
| Real Estate Investment |
|
|
|
|
| Interest Income (Expense), Net [Abstract] |
|
|
|
|
| Gross Investment Income, Operating |
0
|
851
|
153
|
3,565
|
| Investment Income, Investment Expense |
$ 0
|
$ 0
|
$ 0
|
$ 500
|
| X |
- DefinitionAmount, before investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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v3.24.3
Investments Realized Gains (Losses) (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Debt and Equity Securities, Realized Gain (Loss) [Abstract] |
|
|
|
|
| Realized gains, fixed-maturity securities |
$ 114
|
$ 74
|
$ 1,055
|
$ 1,811
|
| Realized losses, fixed-maturity securities |
(90)
|
(51)
|
(1,129)
|
(2,268)
|
| Net realized (losses) gains from fixed-maturity securities |
24
|
23
|
(74)
|
(457)
|
| Realized gains, equity securities |
0
|
0
|
7,271
|
1,626
|
| Realized losses, equity securities |
(31)
|
0
|
(455)
|
(4,487)
|
| Net realized gains (losses) from equity securities |
(31)
|
0
|
6,816
|
(2,861)
|
| Realized (losses) gains from the sales of short-term investments |
(1)
|
1
|
0
|
(19)
|
| Gains (Losses) on Sales of Investment Real Estate |
0
|
4,250
|
(5)
|
4,250
|
| Net realized investment gains (losses) |
$ (8)
|
$ 4,274
|
$ 6,737
|
$ 913
|
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v3.24.3
Investments (Details), Real Estate - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Real Estate Properties [Line Items] |
|
|
|
|
|
| Real Estate Investment Property, Accumulated Depreciation |
$ 0
|
|
$ 0
|
|
$ 0
|
| Gains (Losses) on Sales of Investment Real Estate |
0
|
$ 4,250
|
(5)
|
$ 4,250
|
|
| Investment Income, Investment Expense |
865
|
960
|
2,882
|
3,017
|
|
| Land and Land Improvements |
15,000
|
|
15,000
|
|
$ 14,800
|
| Real Estate Investment |
|
|
|
|
|
| Real Estate Properties [Line Items] |
|
|
|
|
|
| Investment Income, Investment Expense |
$ 0
|
$ 0
|
$ 0
|
$ 500
|
|
| X |
- DefinitionThe net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(9)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(7)(a)(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 230
-SubTopic 10
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-Section 45
-Paragraph 28
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(14)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-SubTopic 360
-Topic 944
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Topic 944
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-Publisher FASB
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(3))
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v3.24.3
Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
$ 3,467,038
|
$ 2,711,759
|
| U.S. Treasury securities and obligations of U.S. government agencies |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
14,748
|
27,254
|
| Obligations of states, municipalities and political subdivisions [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
163,884
|
171,044
|
| Corporate and other securities [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
1,902,034
|
1,387,693
|
| Asset-backed securities [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
753,693
|
641,760
|
| Residential mortgage-backed securities [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
483,780
|
417,106
|
| Commercial mortgage-backed securities |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
148,899
|
66,902
|
| Recurring |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
3,832,664
|
2,952,161
|
| Recurring | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
354,093
|
225,737
|
| Recurring | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
3,478,571
|
2,726,424
|
| Recurring | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
0
|
0
|
| Recurring | Fixed maturities [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
3,467,038
|
2,711,759
|
| Recurring | Fixed maturities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
14,748
|
22,235
|
| Recurring | Fixed maturities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
3,452,290
|
2,689,524
|
| Recurring | Fixed maturities [Member] | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | U.S. Treasury securities and obligations of U.S. government agencies |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
14,748
|
27,254
|
| Recurring | U.S. Treasury securities and obligations of U.S. government agencies | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
14,748
|
22,235
|
| Recurring | U.S. Treasury securities and obligations of U.S. government agencies | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
5,019
|
| Recurring | U.S. Treasury securities and obligations of U.S. government agencies | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Obligations of states, municipalities and political subdivisions [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
163,884
|
171,044
|
| Recurring | Obligations of states, municipalities and political subdivisions [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Obligations of states, municipalities and political subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
163,884
|
171,044
|
| Recurring | Obligations of states, municipalities and political subdivisions [Member] | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Corporate and other securities [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
1,902,034
|
1,387,693
|
| Recurring | Corporate and other securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Corporate and other securities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
1,902,034
|
1,387,693
|
| Recurring | Corporate and other securities [Member] | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Asset-backed securities [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
753,693
|
641,760
|
| Recurring | Asset-backed securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Asset-backed securities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
753,693
|
641,760
|
| Recurring | Asset-backed securities [Member] | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Residential mortgage-backed securities [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
483,780
|
417,106
|
| Recurring | Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
483,780
|
417,106
|
| Recurring | Residential mortgage-backed securities [Member] | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Commercial mortgage-backed securities |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
148,899
|
66,902
|
| Recurring | Commercial mortgage-backed securities | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Commercial mortgage-backed securities | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
148,899
|
66,902
|
| Recurring | Commercial mortgage-backed securities | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Estimated Fair Value |
0
|
0
|
| Recurring | Equity securities [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
365,626
|
234,813
|
| Recurring | Equity securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
339,345
|
201,640
|
| Recurring | Equity securities [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
26,281
|
33,173
|
| Recurring | Equity securities [Member] | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
0
|
0
|
| Recurring | Exchange traded funds [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
126,620
|
106,300
|
| Recurring | Exchange traded funds [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
126,620
|
106,300
|
| Recurring | Exchange traded funds [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
0
|
0
|
| Recurring | Exchange traded funds [Member] | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
0
|
0
|
| Recurring | Nonredeemable preferred stock [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
26,281
|
33,173
|
| Recurring | Nonredeemable preferred stock [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
0
|
0
|
| Recurring | Nonredeemable preferred stock [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
26,281
|
33,173
|
| Recurring | Nonredeemable preferred stock [Member] | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
0
|
0
|
| Recurring | Common Stock [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
212,725
|
95,340
|
| Recurring | Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
212,725
|
95,340
|
| Recurring | Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
0
|
0
|
| Recurring | Common Stock [Member] | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
$ 0
|
0
|
| Recurring | Short-term Investments |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
|
5,589
|
| Recurring | Short-term Investments | Fair Value, Inputs, Level 1 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
|
1,862
|
| Recurring | Short-term Investments | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
|
3,727
|
| Recurring | Short-term Investments | Level 3 |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Fair value |
|
$ 0
|
| X |
- DefinitionAmount excluding accrued interest, of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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v3.24.3
Fair Value Measures and Disclosures Narrative (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Cash and Cash Equivalents, Fair Value Disclosure |
$ 18,600
|
$ 11,800
|
| Nonrecurring [Member] |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Assets measured at fair value |
0
|
0
|
| Liabilities measured at fair value |
0
|
0
|
| Reported Value Measurement | Senior Notes |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Long-Term Debt, Fair Value |
175,000
|
175,000
|
| Estimate of Fair Value Measurement | Senior Notes | Fair Value, Inputs, Level 2 [Member] |
|
|
| Fair Value of Investments Measured on Recurring Basis [Line Items] |
|
|
| Long-Term Debt, Fair Value |
$ 175,800
|
$ 171,600
|
| X |
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 820
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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-Section 50
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-Section 50
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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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v3.24.3
Credit Losses (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Credit Loss [Abstract] |
|
|
|
|
| Beginning Balance |
$ 21,226
|
$ 12,167
|
$ 13,383
|
$ 8,067
|
| Current period change for estimated uncollectible premiums |
2,596
|
2,341
|
12,938
|
7,459
|
| Write-offs of uncollectible premiums receivable |
(598)
|
(129)
|
(3,097)
|
(1,147)
|
| Ending Balance |
$ 23,224
|
$ 14,379
|
$ 23,224
|
$ 14,379
|
| X |
- References
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-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13
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-Topic 310
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-Section 50
-Paragraph 11B
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
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-Section 50
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(5))
-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
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-Section 50
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Deferred Policy Acquisition Costs (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
$ 109,358
|
$ 85,326
|
$ 88,395
|
$ 61,594
|
| Policy acquisition costs deferred: |
|
|
|
|
| Direct commissions deferred |
65,773
|
54,580
|
209,146
|
169,223
|
| Ceding commissions deferred |
(31,207)
|
(24,230)
|
(89,522)
|
(62,779)
|
| Other underwriting and policy acquisition costs |
3,765
|
1,623
|
10,418
|
7,511
|
| Policy acquisition costs deferred |
38,331
|
31,973
|
130,042
|
113,955
|
| Amortization of net policy acquisition costs |
(37,099)
|
(31,118)
|
(107,847)
|
(89,368)
|
| Balance, end of period |
$ 110,590
|
$ 86,181
|
$ 110,590
|
$ 86,181
|
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v3.24.3
Property and Equipment (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Property, Plant and Equipment [Line Items] |
|
|
| Property, Plant and Equipment, Gross |
$ 88,941
|
$ 74,969
|
| Accumulated Depreciation |
(15,252)
|
(11,565)
|
| Property, Plant and Equipment, Net |
73,689
|
63,404
|
| Building |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property, Plant and Equipment, Gross |
37,190
|
37,181
|
| Parking |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property, Plant and Equipment, Gross |
5,072
|
5,072
|
| Land |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property, Plant and Equipment, Gross |
3,068
|
3,068
|
| Equipment |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property, Plant and Equipment, Gross |
4,315
|
3,958
|
| Software Development |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property, Plant and Equipment, Gross |
18,916
|
15,375
|
| Furniture and Fixtures |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property, Plant and Equipment, Gross |
3,185
|
3,065
|
| Land Improvements |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property, Plant and Equipment, Gross |
474
|
474
|
| Leasehold Improvements |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property, Plant and Equipment, Gross |
153
|
153
|
| Construction in Progress |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property, Plant and Equipment, Gross |
$ 16,568
|
$ 6,623
|
| X |
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v3.24.3
Underwriting, Acquisition and Insurance Expenses (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Underwriting, Acquisition and Insurance Expenses [Abstract] |
|
|
|
|
| Gross commissions |
$ 66,039
|
$ 53,035
|
$ 187,169
|
$ 143,181
|
| Ceding commissions |
(32,297)
|
(23,396)
|
(88,483)
|
(59,882)
|
| Other operating expenses |
36,397
|
30,709
|
109,274
|
85,268
|
| Underwriting, acquisition, and insurance expenses |
70,139
|
60,348
|
207,960
|
168,567
|
| Salaries, bonuses and employee benefits |
$ 27,600
|
$ 23,100
|
$ 78,300
|
$ 63,000
|
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v3.24.3
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v3.24.3
Stock-based Compensation Restrictive Stock Awards (Details) - $ / shares
|
3 Months Ended |
9 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Nonvested Restricted Stock, Weighted Average Grant Date Fair Value [Abstract] |
|
|
|
|
| Restricted shares withheld for taxes (shares) |
2,916
|
6,816
|
|
|
| Restricted stock [Member] |
|
|
|
|
| Nonvested Restricted Stock, Number of Shares [Roll Forward] |
|
|
|
|
| Nonvested outstanding at the beginning of the period, shares |
|
|
107,822
|
|
| Granted, shares |
|
|
47,689
|
|
| Vested, shares |
|
|
(41,502)
|
|
| Forfeited, shares |
|
|
(2,417)
|
|
| Nonvested outstanding at the end of the period, shares |
|
|
111,592
|
|
| Nonvested Restricted Stock, Weighted Average Grant Date Fair Value [Abstract] |
|
|
|
|
| Nonvested outstanding at the beginning of the period |
|
|
$ 250.86
|
|
| Granted |
|
|
502.43
|
$ 313.35
|
| Vested |
|
|
231.05
|
|
| Forfeited |
|
|
283.11
|
|
| Nonvested outstanding at the end of the period |
|
|
$ 366.18
|
|
| Restricted shares withheld for taxes (shares) |
|
|
14,234
|
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionWeighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Period Type: |
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| X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionThe number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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|
| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
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| X |
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-Topic 718
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-Section 50
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| X |
- References
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| X |
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Balance Type: |
na |
| Period Type: |
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| X |
- DefinitionThe weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionNumber of equity instruments other than options outstanding, including both vested and non-vested instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionNumber of shares used to settle grantee's tax withholding obligation for award under share-based payment arrangement.
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
|
| Period Type: |
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|
v3.24.3
| X |
- DefinitionPeriod over which grantee's right to exercise award under share-based payment arrangement is no longer contingent on satisfaction of service or performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Includes, but is not limited to, combination of market, performance or service condition. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 3
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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v3.24.3
Stock-based Compensation Stock Options (Details) - USD ($)
$ / shares in Units, $ in Thousands |
|
9 Months Ended |
Jul. 27, 2016 |
Sep. 30, 2024 |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
|
| Outstanding beginning of period, shares |
|
201,560
|
| Granted, shares |
|
0
|
| Forfeited, shares |
|
0
|
| Exercised, shares |
|
(75,188)
|
| Outstanding end of period, shares |
|
126,372
|
| Exercisable, shares |
|
126,372
|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] |
|
|
| Outstanding beginning of period |
|
$ 16.00
|
| Granted |
|
0
|
| Forfeited |
|
0
|
| Exercised |
|
16.00
|
| Outstanding end of period |
|
16.00
|
| Exercisable end of period |
|
$ 16.00
|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] |
|
|
| Outstanding, weighted average remaining contractual term |
|
1 year 9 months 18 days
|
| Exercisable, weighted average remaining contractual term |
|
1 year 9 months 18 days
|
| Outstanding, aggregate intrinsic value |
|
$ 56,813
|
| Exercisable, aggregate intrinsic value |
|
$ 56,813
|
| Stock option [Member] |
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
|
| Granted, shares |
1,036,916
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] |
|
|
| Granted |
$ 16.00
|
|
| X |
- References
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v3.24.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Earnings Per Share, [Line Items] |
|
|
|
|
|
|
|
|
| Net income |
$ 114,229
|
$ 92,579
|
$ 98,941
|
$ 76,115
|
$ 72,791
|
$ 55,800
|
$ 305,749
|
$ 204,706
|
| Weighted Average Number of Shares Outstanding, Basic [Abstract] |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding - basic |
23,175
|
|
|
23,058
|
|
|
23,150
|
23,036
|
| Weighted Average Number of Shares Outstanding, Diluted [Abstract] |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding - diluted |
23,335
|
|
|
23,315
|
|
|
23,333
|
23,298
|
| Earnings Per Share, Basic [Abstract] |
|
|
|
|
|
|
|
|
| Earnings per share - basic |
$ 4.93
|
|
|
$ 3.30
|
|
|
$ 13.21
|
$ 8.89
|
| Earnings Per Share, Diluted [Abstract] |
|
|
|
|
|
|
|
|
| Earnings per share - diluted |
$ 4.90
|
|
|
$ 3.26
|
|
|
$ 13.10
|
$ 8.79
|
| Stock option [Member] |
|
|
|
|
|
|
|
|
| Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] |
|
|
|
|
|
|
|
|
| Dilutive effect of shares issued under stock compensation arrangements |
123
|
|
|
208
|
|
|
141
|
220
|
| Restricted stock [Member] |
|
|
|
|
|
|
|
|
| Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] |
|
|
|
|
|
|
|
|
| Dilutive effect of shares issued under stock compensation arrangements |
37
|
|
|
49
|
|
|
42
|
42
|
| X |
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v3.24.3
v3.24.3
Reserves for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($)
$ in Thousands |
9 Months Ended |
|
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] |
|
|
|
|
| Gross reserves for unpaid losses and loss adjustment expenses, beginning of year |
$ 1,692,875
|
$ 1,238,402
|
|
|
| Reinsurance recoverable on unpaid losses |
310,093
|
220,452
|
$ 241,357
|
$ 177,039
|
| Net reserves for unpaid losses and loss adjustment expenses, beginning of year |
1,451,518
|
1,061,363
|
|
|
| Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] |
|
|
|
|
| Current year |
608,423
|
470,235
|
|
|
| Prior years |
(28,072)
|
(28,607)
|
|
|
| Total net losses and loss adjustment expenses incurred |
580,351
|
441,628
|
|
|
| Payments: |
|
|
|
|
| Current year |
24,207
|
22,156
|
|
|
| Prior years |
156,992
|
136,380
|
|
|
| Total payments |
181,199
|
158,536
|
|
|
| Net reserves for unpaid losses and loss adjustment expenses, end of period |
1,850,670
|
1,344,455
|
|
|
| Reinsurance recoverable on unpaid losses |
310,093
|
220,452
|
$ 241,357
|
$ 177,039
|
| Gross reserves for unpaid losses and loss adjustment expenses, end of period |
$ 2,160,763
|
$ 1,564,907
|
|
|
| X |
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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|
v3.24.3
Reinsurance (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Premiums Written, Net [Abstract] |
|
|
|
|
|
|
| Premiums written - direct |
$ 448,646
|
$ 377,789
|
$ 1,427,060
|
$ 1,173,599
|
|
|
| Premiums written - ceded |
(98,709)
|
(83,509)
|
(295,833)
|
(215,248)
|
|
|
| Net written premiums |
349,937
|
294,280
|
1,131,227
|
958,351
|
|
|
| Premiums Earned, Net [Abstract] |
|
|
|
|
|
|
| Premiums earned - direct |
450,583
|
362,689
|
1,283,710
|
982,922
|
|
|
| Premiums earned - ceded |
(101,831)
|
(81,187)
|
(292,979)
|
(207,216)
|
|
|
| Net earned premiums |
348,752
|
281,502
|
990,731
|
775,706
|
|
|
| Ceded incurred losses and loss adjustment expenses |
22,698
|
27,381
|
92,903
|
89,371
|
|
|
| Reinsurance recoverables on paid losses |
8,543
|
|
8,543
|
|
$ 6,479
|
|
| Reinsurance recoverable on unpaid losses |
310,093
|
$ 220,452
|
310,093
|
$ 220,452
|
241,357
|
$ 177,039
|
| Reinsurance recoverables, net |
$ 318,636
|
|
$ 318,636
|
|
$ 247,836
|
|
| X |
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-Topic 944
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v3.24.3
Debt (Details) - USD ($)
$ in Thousands |
|
9 Months Ended |
|
Oct. 22, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
|
| Debt Issuance Costs, Net |
|
$ (1,947)
|
$ (2,154)
|
| Debt |
|
184,053
|
183,846
|
| Subsequent Event |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt Instrument, Covenant Description |
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.
|
|
|
| Senior Notes |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument borrowing capacity |
|
$ 200,000
|
|
| Line of Credit |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Maturity Date |
|
Jul. 22, 2027
|
|
| Current Borrowing Capacity |
|
$ 100,000
|
|
| Credit Facility Accordion Feature |
|
$ 30,000
|
|
| Line of Credit Facility, Commitment Fee Percentage |
|
0.25%
|
|
| Interest Rate Description |
|
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%.
|
|
| Credit facility |
|
$ 11,000
|
11,000
|
| Weighted Average Interest Rate |
|
7.04%
|
|
| 2034 Series A Notes | Senior Notes |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt Instrument, Issuance Date |
|
Jul. 22, 2022
|
|
| Debt Instrument, Face Amount |
|
$ 125,000
|
125,000
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
5.15%
|
|
| Debt Instrument, Maturity Date |
|
Jul. 22, 2034
|
|
| Debt Instrument, Date of First Required Payment |
|
Jul. 22, 2030
|
|
| Debt Instrument, Periodic Payment, Principal |
|
$ 25,000
|
|
| 2034 Series B Notes | Senior Notes |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt Instrument, Issuance Date |
|
Sep. 18, 2023
|
|
| Debt Instrument, Face Amount |
|
$ 50,000
|
$ 50,000
|
| Debt Instrument, Interest Rate, Stated Percentage |
|
6.21%
|
|
| Debt Instrument, Maturity Date |
|
Jul. 22, 2034
|
|
| Debt Instrument, Date of First Required Payment |
|
Jul. 22, 2030
|
|
| Debt Instrument, Periodic Payment, Principal |
|
$ 10,000
|
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v3.24.3
Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
|
|
|
|
|
|
|
| Unrealized gains (losses) on fixed-maturity securities arising during the period, before income taxes |
$ 80,292
|
|
|
$ (29,931)
|
|
|
$ 60,816
|
$ (26,997)
|
| Income tax (expense) benefit |
(16,861)
|
|
|
6,286
|
|
|
(12,771)
|
5,670
|
| Unrealized gains (losses) arising during the period, net of income taxes |
63,431
|
|
|
(23,645)
|
|
|
48,045
|
(21,327)
|
| Less reclassification adjustment [Abstract] |
|
|
|
|
|
|
|
|
| Net realized losses on fixed-maturity securities, before income taxes |
(46)
|
|
|
(27)
|
|
|
(264)
|
(1,343)
|
| Income tax benefit |
10
|
|
|
6
|
|
|
56
|
282
|
| Reclassification adjustment included in net income |
(36)
|
|
|
(21)
|
|
|
(208)
|
(1,061)
|
| Change in allowance for credit losses on investments, before income taxes |
4
|
|
|
(143)
|
|
|
490
|
(199)
|
| Income tax (expense) benefit |
(1)
|
|
|
30
|
|
|
(103)
|
42
|
| Reclassification adjustment included in net income |
3
|
|
|
(113)
|
|
|
387
|
(157)
|
| Other comprehensive income (loss) |
$ 63,464
|
$ (5,658)
|
$ (9,940)
|
$ (23,511)
|
$ (14,107)
|
$ 17,509
|
$ 47,866
|
$ (20,109)
|
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Grafico Azioni Kinsale Capital (NYSE:KNSL)
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Grafico Azioni Kinsale Capital (NYSE:KNSL)
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