Kinsale Capital Group Q2 2024 10-Q Filing

TL;DR

Kinsale Capital Group filed its Q2 10-Q. Financials look solid.

AI Summary

Kinsale Capital Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and business segment information are presented, reflecting the company's ongoing activities in the insurance sector.

Why It Matters

This filing provides investors with a detailed look at Kinsale Capital Group's financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• Kinsale Capital Group, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240725 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share KNSL New York Stock Exchange

Filing Documents

• knsl-20240630.htm (10-Q) — 1599KB
• knslexhibit31106302024.htm (EX-31.1) — 10KB
• knslexhibit31206302024.htm (EX-31.2) — 10KB
• knslexhibit32106302024.htm (EX-32.1) — 5KB
• knslexhibit32206302024.htm (EX-32.2) — 5KB
• 0001669162-24-000028.txt ( ) — 8077KB
• knsl-20240630.xsd (EX-101.SCH) — 37KB
• knsl-20240630_cal.xml (EX-101.CAL) — 70KB
• knsl-20240630_def.xml (EX-101.DEF) — 215KB
• knsl-20240630_lab.xml (EX-101.LAB) — 620KB
• knsl-20240630_pre.xml (EX-101.PRE) — 451KB
• knsl-20240630_htm.xml (XML) — 1394KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4 Consolidated Balance Sheets at June 30 , 2024 (Unaudited) and December 31, 2023 4 Consolidated Statements of Income and Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30 , 2024 and 2023 5 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for Each Quarter Within the Six Months Ended June 30 , 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended Jun e 30 , 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 47

Controls and Procedures

Item 4. Controls and Procedures 47

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Other Information

Item 5. Other Information 49

Exhibits

Item 6. Exhibits 50

Signatures

Signatures 51 1 Table of Contents

Forward-Looking Statements

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 a

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) June 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: $ 3,214,692 , allowance for credit losses: $ 67 – 2024; $ 2,834,463 and $ 553 – 2023) $ 3,072,718 $ 2,711,759 Equity securities, at fair value (cost: $ 255,000 – 2024; $ 193,543 – 2023) 317,482 234,813 Real estate investments, net 15,045 14,791 Short-term investments 6,908 5,589 Total investments 3,412,153 2,966,952 Cash and cash equivalents 171,021 126,694 Investment income due and accrued 25,112 21,689 Premiums and fees receivable, net of allowance for credit losses of $ 21,226 – 2024; $ 13,383 – 2023 171,815 143,212 Reinsurance recoverables, net of allowance for credit losses of $ 841 – 2024; $ 744 – 2023 302,092 247,836 Ceded unearned premiums 58,492 52,516 Deferred policy acquisition costs, net of ceding commissions 109,358 88,395 Intangible assets 3,538 3,538 Deferred income tax asset, net 57,410 55,699 Other assets 84,300 66,443 Total assets $ 4,395,291 $ 3,772,974 Liabilities and Stockholders' Equity Liabilities: Reserves for unpaid losses and loss adjustment expenses $ 2,013,055 $ 1,692,875 Unearned premiums 846,638 701,351 Payable to reinsurers 48,397 47,582 Accounts payable and accrued expenses 27,188 44,922 Debt 183,984 183,846 Other liabilities 18,826 15,566 Total liabilities 3,138,088 2,686,142 Stockholders' equity: Common stock, $ 0.01 par value, 400,000,000 shares authorized, 23,286,248 and 23,181,919 shares issued and outstanding at June 30, 2024 and December 31, 2023 respectively 233 232 Additional paid-in capital 354,389 352,970 Retained earnings 1,012,796 828,247 Accumulated other comprehensive loss ( 110,215 ) ( 94,617 ) Total stockholders' equity 1,257,203 1,086,832 Total liabilities and stockholders' equity $

View Full Filing

View this 10-Q filing on SEC EDGAR