KNSL Kinsale Capital Group Inc

Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $67.2 million, $2.90 per diluted share, for the fourth quarter of 2022 compared to $48.3 million, $2.09 per diluted share, for the fourth quarter of 2021. Net income was $159.1 million, $6.88 per diluted share, for the year ended December 31, 2022 compared to $152.7 million, $6.62 per diluted share, for the year ended December 31, 2021. For both the fourth quarters of 2022 and 2021, the impact on net income related to catastrophes was negligible. For the years ended December 31, 2022 and 2021, net income included after-tax catastrophe losses of $21.0 million and $6.8 million, respectively.

Net operating earnings(1) were $60.3 million, $2.60 per diluted share, for the fourth quarter of 2022 compared to $40.7 million, $1.76 per diluted share, for the fourth quarter of 2021. Net operating earnings(1) were $180.4 million, $7.80 per diluted share, for the year ended December 31, 2022 compared to $132.4 million, $5.74 per diluted share, for the year ended December 31, 2021.

Highlights for the fourth quarter of 2022 included:

• Net income increased by 39.2% compared to the fourth quarter of 2021
• Net operating earnings(1) of $60.3 million increased by 48.1% compared to the fourth quarter of 2021
• Gross written premiums increased by 45.0% to $295.5 million compared to the fourth quarter of 2021
• Net investment income increased by 106.7% to $17.7 million compared to the fourth quarter of 2021
• Underwriting income(2) was $59.5 million in the fourth quarter of 2022, resulting in a combined ratio of 72.4%

Highlights for the full year of 2022 included:

• Net income increased by 4.2% compared to the full year of 2021
• Net operating earnings(1) of $180.4 million increased by 36.2% compared to the full year of 2021
• Gross written premiums increased by 44.2% to $1.1 billion compared to the full year of 2021
• Net investment income increased by 65.2% to $51.3 million compared to the full year of 2021
• Underwriting income(2) was $175.5 million for the year ended December 31, 2022, resulting in a combined ratio of 77.9%
• Operating return on equity(4) was 25.0% for the year ended December 31, 2022

"Our strong performance during the fourth quarter ended another year of exceptional operating results. Our fourth quarter results were underscored by premium growth of 45% and a combined ratio of 72.4% as we capitalized on favorable E&S market conditions while maintaining underwriting and expense discipline. We are confident that with the strength of our business model and financial position we will deliver another successful year in 2023," said President and Chief Executive Officer, Michael P. Kehoe.

Results of Operations

Underwriting Results

Gross written premiums were $295.5 million for the fourth quarter of 2022 compared to $203.8 million for the fourth quarter of 2021, an increase of 45.0%. Gross written premiums were $1.1 billion for the year ended December 31, 2022 compared to $764.4 million for the year ended December 31, 2021, an increase of 44.2%. Growth in gross written premiums during the fourth quarter and year ended December 31, 2022 over the same periods last year reflected strong submission flow from brokers and a favorable pricing environment.

Underwriting income(2) was $59.5 million, resulting in a combined ratio of 72.4%, for the fourth quarter of 2022, compared to $42.2 million, and a combined ratio of 74.5% for the same period last year. The increase in underwriting income(2) for the fourth quarter of 2022 was due to a combination of premium growth and favorable rate increases from a strong underwriting environment and lower levels of operating expenses relative to premium growth and management's cost control efforts. Loss and expense ratios were 52.5% and 19.9%, respectively, for the fourth quarter of 2022 compared to 53.1% and 21.4% for the fourth quarter of 2021. Favorable development of reserves from prior accident years was $7.0 million, or 3.3 points, for the fourth quarter of 2022, and $6.6 million, or 4.0 points, for the fourth quarter of 2021.

Underwriting income(2) was $175.5 million, resulting in a combined ratio of 77.9%, for the year ended December 31, 2022, compared to $133.6 million, and a combined ratio of 77.1% for the prior year. The increase in underwriting income(2) for the year ended December 31, 2022 was due to a combination of premium growth and favorable rate increases from a strong underwriting environment and lower levels of operating expenses relative to premium growth and management's cost control efforts. These increases were offset in part by higher catastrophe losses incurred during 2022. Loss and expense ratios were 57.7% and 20.2%, respectively, for the year ended December 31, 2022 compared to 55.7% and 21.4%, respectively, for the year ended December 31, 2021. The loss ratios included current accident year catastrophe losses of $26.6 million, or 3.4 points, for the year ended December 31, 2022 and $8.6 million, or 1.5 points, for the year ended December 31, 2021. Catastrophe activity in 2022 primarily related to Hurricane Ian and in 2021 largely related to Hurricane Ida and winter storms in Texas. Favorable development of reserves from prior accident years was $35.9 million, or 4.5 points, for the year ended December 31, 2022 and $32.0 million, or 5.5 points, for the year ended December 31, 2021.

Summary of Operating Results

The Company’s operating results for the three months and year ended December 31, 2022 and 2021 are summarized as follows:

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

($ in thousands)

Gross written premiums

$

295,467

 

 

$

203,820

 

 

$

1,102,092

 

 

$

764,373

 

Ceded written premiums

 

(53,397

)

 

 

(26,339

)

 

 

(165,282

)

 

 

(104,164

)

Net written premiums

$

242,070

 

 

$

177,481

 

 

$

936,810

 

 

$

660,209

 

 

 

 

 

 

 

 

 

Net earned premiums

$

216,140

 

 

$

165,267

 

 

$

794,119

 

 

$

582,879

 

Losses and loss adjustment expenses

 

113,580

 

 

 

87,688

 

 

 

457,913

 

 

 

324,415

 

Underwriting, acquisition and insurance expenses

 

43,056

 

 

 

35,410

 

 

 

160,718

 

 

 

124,900

 

Underwriting income(2)

$

59,504

 

 

$

42,169

 

 

$

175,488

 

 

$

133,564

 

 

 

 

 

 

 

 

 

Loss ratio

 

52.5

%

 

 

53.1

%

 

 

57.7

%

 

 

55.7

%

Expense ratio

 

19.9

%

 

 

21.4

%

 

 

20.2

%

 

 

21.4

%

Combined ratio

 

72.4

%

 

 

74.5

%

 

 

77.9

%

 

 

77.1

%

 

 

 

 

 

 

 

 

Annualized return on equity(3)

 

39.4

%

 

 

28.5

%

 

 

22.0

%

 

 

23.9

%

Annualized operating return on equity(4)

 

35.4

%

 

 

24.0

%

 

 

25.0

%

 

 

20.8

%

(1)

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

(2)

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

(3)

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.

The following tables summarize losses incurred for the current accident year and the development of prior accident years for the three months and year ended December 31, 2022 and 2021:

 

Three Months Ended

December 31, 2022

 

Three Months Ended

December 31, 2021

 

Losses and

Loss

Adjustment

Expenses

 

% of Earned

Premiums

 

Losses and

Loss

Adjustment

Expenses

 

% of Earned

Premiums

Loss ratio:

($ in thousands)

Current accident year

$

120,212

 

 

55.6

%

 

$

94,413

 

 

57.1

%

Current accident year - catastrophe losses

 

405

 

 

0.2

%

 

 

(152

)

 

—

%

Effect of prior accident year development

 

(7,037

)

 

(3.3

) %

 

 

(6,573

)

 

(4.0

) %

Total

$

113,580

 

 

52.5

%

 

$

87,688

 

 

53.1

%

 

 

Year Ended

December 31, 2022

 

Year Ended

December 31, 2021

 

Losses and

Loss

Adjustment

Expenses

 

% of Earned

Premiums

 

Losses and

Loss

Adjustment

Expenses

 

% of Earned

Premiums

Loss ratio:

($ in thousands)

Current accident year

$

467,182

 

 

58.8

%

 

$

347,761

 

 

59.7

%

Current accident year - catastrophe losses

 

26,618

 

 

3.4

%

 

 

8,640

 

 

1.5

%

Effect of prior accident year development

 

(35,887

)

 

(4.5

) %

 

 

(31,986

)

 

(5.5

) %

Total

$

457,913

 

 

57.7

%

 

$

324,415

 

 

55.7

%

Investment Results

Net investment income was $17.7 million in the fourth quarter of 2022 compared to $8.6 million in the fourth quarter of 2021, an increase of 106.7%. Net investment income was $51.3 million for the full year of 2022 compared to $31.0 million for the full year of 2021. These increases were driven by growth in the Company's investment portfolio generated mostly from the investment of strong operating cash flows since December 31, 2021 and higher interest rates relative to the prior year periods. Net operating cash flows were $557.8 million for the full year of 2022 compared to $407.0 million for the full year of 2021, an increase of 37.0%. The Company’s investment portfolio, excluding cash and cash equivalents, had a gross investment return(5) of 3.0% for the year ended December 31, 2022 compared to 2.5% for the year ended December 31, 2021. Funds are generally invested conservatively in high quality securities, including government agency, asset- and mortgage-backed securities, and municipal and corporate bonds with an average credit quality of "AA-." The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 3.5 years and 4.3 years at December 31, 2022 and 2021, respectively. Cash and invested assets totaled $2.2 billion at December 31, 2022 compared to $1.7 billion at December 31, 2021.

(5)

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

Other

The effective tax rate for the year ended December 31, 2022 was 18.6%. The effective tax rate was lower than the federal statutory rate primarily due to the tax benefits from stock-based compensation and tax-exempt investment income.

In November 2022, the Company completed an underwritten public offering and sold and issued 155,000 shares of its common stock at a price of $308.30 per share, to the underwriter. The Company received net proceeds from the offering of $47.5 million, which were used for general corporate purposes, including to fund organic growth.

In December 2022, the Company acquired real estate property adjacent to its current headquarters for $76.6 million. The property is comprised of two office buildings totaling over 580,000 square feet situated on approximately 29 acres of land. The property is expected to provide flexibility for future expansion of operations as well as serve as an investment opportunity. The acquisition was funded primarily through a draw down on the Company's revolving credit facility.

Stockholders' equity was $745.4 million at December 31, 2022, compared to $699.3 million at December 31, 2021. Operating return on equity was 25.0% for the full year of 2022, an increase from 20.8% for the full year of 2021. This increase was due primarily to growth in the business from favorable market conditions and rate increases and a decrease in average stockholders' equity driven by the decline in the fair value of investments as a result of the higher interest rate environment. These increases were offset in part by higher catastrophe losses incurred during 2022.

Non-GAAP Financial Measures

Net Operating Earnings

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

For the three months and year ended December 31, 2022 and 2021, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

($ in thousands, except per share data)

Net operating earnings:

 

 

 

 

 

 

 

 

Net income

 

$

67,249

 

 

$

48,320

 

 

$

159,114

 

 

$

152,659

 

Adjustments:

 

 

 

 

 

 

 

 

Change in the fair value of equity securities, before taxes

 

 

(9,476

)

 

 

(9,168

)

 

 

27,723

 

 

 

(22,812

)

Income tax expense (benefit) (1)

 

 

1,990

 

 

 

1,925

 

 

 

(5,822

)

 

 

4,791

 

Change in fair value of equity securities, after taxes

 

 

(7,486

)

 

 

(7,243

)

 

 

21,901

 

 

 

(18,021

)

 

 

 

 

 

 

 

 

 

Net realized investment losses (gains), before taxes

 

 

344

 

 

 

(431

)

 

 

(1,191

)

 

 

(2,828

)

Income tax (benefit) expense (1)

 

 

(72

)

 

 

91

 

 

 

250

 

 

 

594

 

Net realized investment losses (gains), after taxes

 

 

272

 

 

 

(340

)

 

 

(941

)

 

 

(2,234

)

 

 

 

 

 

 

 

 

 

Change in allowance for credit losses on investments, before taxes

 

 

366

 

 

 

—

 

 

 

366

 

 

 

—

 

Income tax benefit (1)

 

 

(77

)

 

 

—

 

 

 

(77

)

 

 

—

 

Change in allowance for credit losses on investments, after taxes

 

 

289

 

 

 

—

 

 

 

289

 

 

 

—

 

Net operating earnings

 

$

60,324

 

 

$

40,737

 

 

$

180,363

 

 

$

132,404

 

 

 

 

 

 

 

 

 

 

Diluted operating earnings per share:

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

2.90

 

 

$

2.09

 

 

$

6.88

 

 

$

6.62

 

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

 

 

(0.32

)

 

 

(0.31

)

 

 

0.95

 

 

 

(0.78

)

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

 

 

0.01

 

 

 

(0.01

)

 

 

(0.04

)

 

 

(0.10

)

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

 

 

0.01

 

 

 

—

 

 

 

0.01

 

 

 

—

 

Diluted operating earnings per share(2)

 

$

2.60

 

 

$

1.76

 

 

$

7.80

 

 

$

5.74

 

 

 

 

 

 

 

 

 

 

Operating return on equity:

 

 

 

 

 

 

 

 

Average equity(3)

 

$

682,452

 

 

$

679,250

 

 

$

722,392

 

 

$

637,787

 

Annualized return on equity(4)

 

 

39.4

%

 

 

28.5

%

 

 

22.0

%

 

 

23.9

%

Annualized operating return on equity(5)

 

 

35.4

%

 

 

24.0

%

 

 

25.0

%

 

 

20.8

%

(1)

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

(2)

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

(3)

Computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.

(4)

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

(5)

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

Underwriting Income

Underwriting income is defined as net income excluding net investment income, the change in the fair value of equity securities, net realized investment gains and losses, the change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.

For the three months and year ended December 31, 2022 and 2021, net income reconciles to underwriting income as follows:

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

(in thousands)

Net income

 

$

67,249

 

 

$

48,320

 

 

$

159,114

 

 

$

152,659

 

Income tax expense

 

 

16,901

 

 

 

11,755

 

 

 

36,450

 

 

 

36,142

 

Income before income taxes

 

 

84,150

 

 

 

60,075

 

 

 

195,564

 

 

 

188,801

 

Net investment income

 

 

(17,742

)

 

 

(8,582

)

 

 

(51,282

)

 

 

(31,048

)

Change in fair value of equity securities

 

 

(9,476

)

 

 

(9,168

)

 

 

27,723

 

 

 

(22,812

)

Net realized investment losses (gains)

 

 

344

 

 

 

(431

)

 

 

(1,191

)

 

 

(2,828

)

Change in allowance for credit losses on investments

 

 

366

 

 

 

—

 

 

 

366

 

 

 

—

 

Interest expense

 

 

1,978

 

 

 

242

 

 

 

4,284

 

 

 

994

 

Other expenses (6)

 

 

200

 

 

 

187

 

 

 

721

 

 

 

669

 

Other income

 

 

(316

)

 

 

(154

)

 

 

(697

)

 

 

(212

)

Underwriting income

 

$

59,504

 

 

$

42,169

 

 

$

175,488

 

 

$

133,564

 

(6)

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

Conference Call

Kinsale Capital Group will hold a conference call to discuss this press release on Friday, February 17, 2023, at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (888) 660-6493, conference ID# 3573726, or via the Internet by going to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website until the close of business on March 17, 2023.

Forward-Looking Statements

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

About Kinsale Capital Group, Inc.

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

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Income and Comprehensive Income

 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenues

 

(in thousands, except per share data)

Gross written premiums

 

$

295,467

 

 

$

203,820

 

 

$

1,102,092

 

 

$

764,373

 

Ceded written premiums

 

 

(53,397

)

 

 

(26,339

)

 

 

(165,282

)

 

 

(104,164

)

Net written premiums

 

 

242,070

 

 

 

177,481

 

 

 

936,810

 

 

 

660,209

 

Change in unearned premiums

 

 

(25,930

)

 

 

(12,214

)

 

 

(142,691

)

 

 

(77,330

)

Net earned premiums

 

 

216,140

 

 

 

165,267

 

 

 

794,119

 

 

 

582,879

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

17,742

 

 

 

8,582

 

 

 

51,282

 

 

 

31,048

 

Change in fair value of equity securities

 

 

9,476

 

 

 

9,168

 

 

 

(27,723

)

 

 

22,812

 

Net realized investment (losses) gains

 

 

(344

)

 

 

431

 

 

 

1,191

 

 

 

2,828

 

Change in allowance for credit losses on investments

 

 

(366

)

 

 

—

 

 

 

(366

)

 

 

—

 

Other income

 

 

316

 

 

 

154

 

 

 

697

 

 

 

212

 

Total revenues

 

 

242,964

 

 

 

183,602

 

 

 

819,200

 

 

 

639,779

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

Losses and loss adjustment expenses

 

 

113,580

 

 

 

87,688

 

 

 

457,913

 

 

 

324,415

 

Underwriting, acquisition and insurance expenses

 

 

43,056

 

 

 

35,410

 

 

 

160,718

 

 

 

124,900

 

Interest expense

 

 

1,978

 

 

 

242

 

 

 

4,284

 

 

 

994

 

Other expenses

 

 

200

 

 

 

187

 

 

 

721

 

 

 

669

 

Total expenses

 

 

158,814

 

 

 

123,527

 

 

 

623,636

 

 

 

450,978

 

Income before income taxes

 

 

84,150

 

 

 

60,075

 

 

 

195,564

 

 

 

188,801

 

Income tax expense

 

 

16,901

 

 

 

11,755

 

 

 

36,450

 

 

 

36,142

 

Net income

 

 

67,249

 

 

 

48,320

 

 

 

159,114

 

 

 

152,659

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

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

 

 

12,421

 

 

 

(7,144

)

 

 

(153,043

)

 

 

(23,255

)

Total comprehensive income

 

$

79,670

 

 

$

41,176

 

 

$

6,071

 

 

$

129,404

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

2.94

 

 

$

2.13

 

 

$

6.97

 

 

$

6.73

 

Diluted

 

$

2.90

 

 

$

2.09

 

 

$

6.88

 

 

$

6.62

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

22,909

 

 

 

22,728

 

 

 

22,815

 

 

 

22,693

 

Diluted

 

 

23,208

 

 

 

23,083

 

 

 

23,125

 

 

 

23,062

 

KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

 

 

 

December 31, 2022

 

December 31, 2021

 

 

(in thousands)

Assets

 

 

 

 

Investments:

 

 

 

 

Fixed-maturity securities at fair value

 

$

1,760,100

 

$

1,392,066

Equity securities at fair value

 

 

152,471

 

 

172,611

Real estate investments, net

 

 

76,387

 

 

—

Short-term investments

 

 

41,337

 

 

—

Total investments

 

 

2,030,295

 

 

1,564,677

 

 

 

 

 

Cash and cash equivalents

 

 

156,274

 

 

121,040

Investment income due and accrued

 

 

14,451

 

 

7,658

Premiums receivable, net

 

 

105,754

 

 

71,004

Reinsurance recoverables, net

 

 

220,454

 

 

122,970

Ceded unearned premiums

 

 

42,935

 

 

33,679

Deferred policy acquisition costs, net of ceding commissions

 

 

61,594

 

 

41,968

Indefinite-lived intangible assets

 

 

3,538

 

 

3,538

Deferred income tax asset, net

 

 

56,983

 

 

2,109

Other assets

 

 

54,844

 

 

57,012

Total assets

 

$

2,747,122

 

$

2,025,655

 

 

 

 

 

Liabilities & Stockholders' Equity

 

 

 

 

Liabilities:

 

 

 

 

Reserves for unpaid losses and loss adjustment expenses

 

$

1,238,402

 

$

881,344

Unearned premiums

 

 

499,677

 

 

347,730

Payable to reinsurers

 

 

32,024

 

 

16,112

Accounts payable and accrued expenses

 

 

31,361

 

 

23,250

Debt

 

 

195,747

 

 

42,696

Other liabilities

 

 

4,462

 

 

15,188

Total liabilities

 

 

2,001,673

 

 

1,326,320

 

 

 

 

 

Stockholders' equity

 

 

745,449

 

 

699,335

Total liabilities and stockholders' equity

 

$

2,747,122

 

$

2,025,655

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230216005528/en/

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