Kinsale Capital Group, Inc. (Nasdaq: KNSL) reported net income of
$35.6 million, $1.55 per diluted share, for the second quarter of
2021 compared to $30.3 million, $1.33 per diluted share, for the
second quarter of 2020. Net income was $67.7 million, $2.94 per
diluted share, for the first half of 2021 compared to $35.3
million, $1.56 per diluted share, for the first half of 2020.
Net operating earnings(1) were $29.4 million, $1.28 per diluted
share, for the second quarter of 2021 compared to $19.1 million,
$0.84 per diluted share, for the second quarter of 2020. Net
operating earnings(1) were $54.9 million, $2.38 per diluted share,
for the first half of 2021 compared to $36.4 million, $1.60 per
diluted share, for the first half of 2020.
Highlights for the quarter included:
- Net income increased by 17.8%
compared to the second quarter of 2020, which was due to growth in
the business, rate increases and higher net favorable development
of loss reserves from prior accident years, offset in part by lower
unrealized gains on equity investments
- Net operating earnings(1) of $29.4
million increased by 53.8% compared to the second quarter of
2020
- 44.7% growth in gross written
premiums to $194.1 million compared to the second quarter of
2020
- 11.8% increase in net investment
income to $7.4 million compared to the second quarter of 2020
- Underwriting income(2) of $28.7
million in the second quarter of 2021, resulting in a combined
ratio of 79.2%
- 18.2% annualized operating return on
equity(4) for the six months ended June 30, 2021
“Our levels of profitability and growth for the second quarter
reflected a steadily improving economy, favorable E&S market
conditions and the Kinsale focus on disciplined underwriting and
low costs. A year to date combined ratio of 79.5% and an 18.2%
operating return on equity reinforces Kinsale’s position as a top
performer. We are optimistic about the overall tone of the E&S
market and our own prospects for the remainder of the year and
beyond,” said President and Chief Executive Officer, Michael P.
Kehoe.
Results of Operations
Underwriting Results
Gross written premiums were $194.1 million for the second
quarter of 2021 compared to $134.1 million for the second quarter
of 2020, an increase of 44.7%. Gross written premiums were $362.9
million for the first half of 2021 compared to $258.1 million for
the first half of 2020, an increase of 40.6%. During the second
quarter and first half of 2021, growth in gross written premiums
over the same periods last year was driven by higher submission
activity from brokers and rate increases on bound accounts.
Underwriting income(2) was $28.7 million, resulting in a
combined ratio of 79.2%, for the second quarter of 2021, compared
to $15.7 million and a combined ratio of 83.8% for the same period
last year. The increase in underwriting income(2) quarter over
quarter, was largely due to premium growth from a strong
underwriting environment, continued rate increases and higher net
favorable development of loss reserves from prior accident years.
These increases were offset in part by modest activity in
catastrophe losses, largely from development on losses related to
winter storms Uri and Viola in Texas. Loss and expense ratios were
57.5% and 21.7%, respectively, for the second quarter of 2021
compared to 60.1% and 23.7% for the second quarter of 2020. Results
for the second quarters of 2021 and 2020 included net favorable
development of loss reserves from prior accident years of $9.1
million, or 6.6 points, and $3.6 million, or 3.7 points,
respectively.
Underwriting income(2) was $53.3 million, resulting in a
combined ratio of 79.5%, for the first half of 2021, compared to
$30.1 million and a combined ratio of 83.9% for the same period
last year. The increase in underwriting income(2) for the first
half of 2021 compared to the prior year period was primarily due to
premium growth and higher net favorable development of loss
reserves from prior accident years, offset in part by higher
catastrophe losses incurred. Loss and expense ratios were 57.3% and
22.2%, respectively, for the first half of 2021 compared to 60.0%
and 23.9% for the first half of 2020. Results for the first half of
2021 and 2020 included net favorable development of loss reserves
from prior accident years of $16.2 million, or 6.2 points, and $6.6
million, or 3.5 points, respectively.
Summary of Operating Results
The Company’s operating results for the three and six months
ended June 30, 2021 and 2020 are summarized as follows:
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
2021 |
|
2020 |
|
2021 |
|
2020 |
| |
|
|
|
|
|
|
|
| |
($ in thousands) |
|
Gross written premiums |
$ |
194,061 |
|
|
|
$ |
134,091 |
|
|
|
$ |
362,937 |
|
|
|
$ |
258,127 |
|
|
| Ceded written premiums |
(26,308 |
) |
|
|
(16,484 |
) |
|
|
(50,886 |
) |
|
|
(32,467 |
) |
|
|
Net written premiums |
$ |
167,753 |
|
|
|
$ |
117,607 |
|
|
|
$ |
312,051 |
|
|
|
$ |
225,660 |
|
|
| |
|
|
|
|
|
|
|
| Net earned premiums |
$ |
137,700 |
|
|
|
$ |
96,957 |
|
|
|
$ |
260,741 |
|
|
|
$ |
186,718 |
|
|
| Losses and loss adjustment
expenses |
79,115 |
|
|
|
58,304 |
|
|
|
149,375 |
|
|
|
112,037 |
|
|
| Underwriting, acquisition and
insurance expenses |
29,889 |
|
|
|
22,961 |
|
|
|
58,025 |
|
|
|
44,544 |
|
|
|
Underwriting income(2) |
$ |
28,696 |
|
|
|
$ |
15,692 |
|
|
|
$ |
53,341 |
|
|
|
$ |
30,137 |
|
|
| |
|
|
|
|
|
|
|
| Loss ratio |
57.5 |
|
% |
|
60.1 |
|
% |
|
57.3 |
|
% |
|
60.0 |
|
% |
| Expense ratio |
21.7 |
|
% |
|
23.7 |
|
% |
|
22.2 |
|
% |
|
23.9 |
|
% |
| Combined ratio |
79.2 |
|
% |
|
83.8 |
|
% |
|
79.5 |
|
% |
|
83.9 |
|
% |
| |
|
|
|
|
|
|
|
| Annualized return on
equity(3) |
23.4 |
|
% |
|
28.2 |
|
% |
|
22.5 |
|
% |
|
16.4 |
|
% |
| Annualized operating return on
equity(4) |
19.3 |
|
% |
|
17.8 |
|
% |
|
18.2 |
|
% |
|
16.9 |
|
% |
(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. See discussion of "Non-GAAP Financial
Measures" below.
The following tables summarize losses incurred for the current
accident year and the development of prior accident years for the
three and six months ended June 30, 2021 and 2020:
| |
Three Months Ended June 30,
2021 |
|
Three Months Ended June 30,
2020 |
| |
Losses andLossAdjustmentExpenses |
|
% of EarnedPremiums |
|
Losses andLossAdjustmentExpenses |
|
% of EarnedPremiums |
| Loss ratio: |
($ in thousands) |
|
Current accident year |
$ |
85,416 |
|
|
|
62.0 |
|
% |
|
$ |
61,530 |
|
|
|
63.4 |
|
% |
|
Current accident year - catastrophe losses |
2,834 |
|
|
|
2.1 |
|
% |
|
390 |
|
|
|
0.4 |
|
% |
|
Effect of prior accident year development |
(9,135 |
) |
|
|
(6.6 |
) |
% |
|
(3,616 |
) |
|
|
(3.7 |
) |
% |
|
Total |
$ |
79,115 |
|
|
|
57.5 |
|
% |
|
$ |
58,304 |
|
|
|
60.1 |
|
% |
| |
|
|
|
|
|
|
|
| |
Six Months Ended June 30,
2021 |
|
Six Months Ended June 30,
2020 |
| |
Losses andLossAdjustmentExpenses |
|
% of EarnedPremiums |
|
Losses andLossAdjustmentExpenses |
|
% of EarnedPremiums |
| |
|
|
|
|
|
|
|
| Loss ratio: |
($ in thousands) |
|
Current accident year |
$ |
162,673 |
|
|
|
62.4 |
|
% |
|
$ |
118,201 |
|
|
|
63.3 |
|
% |
|
Current accident year - catastrophe losses |
2,910 |
|
|
|
1.1 |
|
% |
|
461 |
|
|
|
0.2 |
|
% |
|
Effect of prior accident year development |
(16,208 |
) |
|
|
(6.2 |
) |
% |
|
(6,625 |
) |
|
|
(3.5 |
) |
% |
|
Total |
$ |
149,375 |
|
|
|
57.3 |
|
% |
|
$ |
112,037 |
|
|
|
60.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Results
Net investment income was $7.4 million in the second quarter of
2021 compared to $6.6 million in the second quarter of 2020, an
increase of 11.8%. Net investment income was $14.4 million in the
first half of 2021 compared to $12.6 million in the first half of
2020, an increase of 14.0%. These increases were primarily due to
growth in our investment portfolio generated from the investment of
positive operating cash flow since June 30, 2020 and from
proceeds from our equity offering in the third quarter of 2020. The
Company’s investment portfolio, excluding cash and cash
equivalents, had an annualized gross investment return(5) of 2.6%
for the first half of 2021 compared to 3.0% for the first half of
2020. 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 4.3 years at June 30, 2021 and December 31, 2020.
Cash and invested assets totaled $1.5 billion at June 30, 2021
compared to $1.3 billion at December 31, 2020.
(5) Gross investment return is
investment income from fixed-maturity and equity securities, before
any deductions for fees and expenses, expressed as a percentage of
the average beginning and ending book value of those investments
during the period.
Other
Total comprehensive income was $57.7 million for the first half
of 2021 compared to $53.1 million for the first half of 2020. The
increase in total comprehensive income for the first half of 2021
was due to higher net income offset in part by a decrease in the
fair values of the Company's fixed-maturity investments, resulting
from a higher interest rate environment.
The effective tax rates for the six months ended June 30,
2021 and 2020 were 18.5% and 14.8%, respectively. In the first half
of 2021 and 2020, the effective tax rates were lower than the
federal statutory rate of 21% primarily due to the tax benefits
from stock-based compensation and tax-exempt investment income.
Stockholders' equity was $629.6 million at June 30, 2021,
compared to $576.2 million at December 31, 2020. Annualized
operating return on equity(4) was 18.2% for the first half of 2021,
an increase from 16.9% for the first half of 2020, which was
attributable primarily to growth in the business and higher net
favorable development of loss reserves from prior accident
years.
Non-GAAP Financial Measures
Net Operating Earnings
Net operating earnings is defined as net income excluding the
effects of the change in the fair value of equity securities, after
taxes, and net realized investment gains and losses, after taxes.
Management believes the exclusion of these items provides a more
useful comparison of the Company's underlying business performance
from period to period. Net operating earnings and percentages or
calculations using net operating earnings (e.g., diluted operating
earnings per share and annualized operating return on equity) are
non-GAAP financial measures. Net operating earnings should not be
viewed as a substitute for net income calculated in accordance with
GAAP, and other companies may define net operating earnings
differently.
For the three and six months ended June 30,
2021 and 2020, net income and diluted earnings per share reconcile
to net operating earnings and diluted operating earnings per share
as follows:
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| |
|
|
|
|
|
|
|
|
| |
|
($ in thousands, except per share data) |
| Net operating
earnings: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
35,635 |
|
|
|
$ |
30,262 |
|
|
|
$ |
67,714 |
|
|
|
$ |
35,348 |
|
|
| Change in the fair value of
equity securities, after taxes |
|
(5,976 |
) |
|
|
(10,933 |
) |
|
|
(11,578 |
) |
|
|
1,834 |
|
|
| Net realized investment gains,
after taxes |
|
(240 |
) |
|
|
(200 |
) |
|
|
(1,187 |
) |
|
|
(813 |
) |
|
|
Net operating earnings |
|
$ |
29,419 |
|
|
|
$ |
19,129 |
|
|
|
$ |
54,949 |
|
|
|
$ |
36,369 |
|
|
| |
|
|
|
|
|
|
|
|
| Diluted operating
earnings per share: |
|
|
|
|
|
|
|
|
| Diluted earnings per
share |
|
$ |
1.55 |
|
|
|
$ |
1.33 |
|
|
|
$ |
2.94 |
|
|
|
$ |
1.56 |
|
|
| Change in the fair value of
equity securities, after taxes, per share |
|
(0.26 |
) |
|
|
(0.48 |
) |
|
|
(0.50 |
) |
|
|
0.08 |
|
|
| Net realized investment gains,
after taxes, per share |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.05 |
) |
|
|
(0.04 |
) |
|
|
Diluted operating earnings per share(1) |
|
$ |
1.28 |
|
|
|
$ |
0.84 |
|
|
|
$ |
2.38 |
|
|
|
$ |
1.60 |
|
|
| |
|
|
|
|
|
|
|
|
| Operating return on
equity: |
|
|
|
|
|
|
|
|
| Average stockholders'
equity(2) |
|
$ |
608,601 |
|
|
|
$ |
428,724 |
|
|
|
$ |
602,937 |
|
|
|
$ |
430,997 |
|
|
| Annualized return on
equity(3) |
|
23.4 |
|
% |
|
28.2 |
|
% |
|
22.5 |
|
% |
|
16.4 |
|
% |
| Annualized operating return on
equity(4) |
|
19.3 |
|
% |
|
17.8 |
|
% |
|
18.2 |
|
% |
|
16.9 |
|
% |
(1) Diluted operating earnings per
share may not add due to rounding.
(2) 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.
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, other income,
other expenses and income tax expense. The Company uses
underwriting income as an internal performance measure in the
management of its operations because the Company believes it gives
management and users of the Company's financial information useful
insight into the Company's results of operations and underlying
business performance. Underwriting income should not be viewed as a
substitute for net income calculated in accordance with GAAP, and
other companies may define underwriting income differently.
For the three and six months ended June 30,
2021 and 2020, net income reconciles to underwriting income as
follows:
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| |
|
|
|
|
|
|
|
|
| |
|
(in thousands) |
|
Net income |
|
$ |
35,635 |
|
|
|
$ |
30,262 |
|
|
|
$ |
67,714 |
|
|
|
$ |
35,348 |
|
|
| Income tax expense |
|
7,973 |
|
|
|
6,180 |
|
|
|
15,333 |
|
|
|
6,124 |
|
|
|
Income before income taxes |
|
43,608 |
|
|
|
36,442 |
|
|
|
83,047 |
|
|
|
41,472 |
|
|
| Other expenses (5) |
|
398 |
|
|
|
— |
|
|
|
846 |
|
|
|
— |
|
|
| Net investment income |
|
(7,429 |
) |
|
|
(6,645 |
) |
|
|
(14,371 |
) |
|
|
(12,605 |
) |
|
| Change in the fair value of
equity securities |
|
(7,565 |
) |
|
|
(13,839 |
) |
|
|
(14,656 |
) |
|
|
2,322 |
|
|
| Net realized investment
gains |
|
(304 |
) |
|
|
(253 |
) |
|
|
(1,502 |
) |
|
|
(1,029 |
) |
|
| Other income |
|
(12 |
) |
|
|
(13 |
) |
|
|
(23 |
) |
|
|
(23 |
) |
|
|
Underwriting income |
|
$ |
28,696 |
|
|
|
$ |
15,692 |
|
|
|
$ |
53,341 |
|
|
|
$ |
30,137 |
|
|
(5) Other expenses are comprised of
interest expense on our Credit Facility and building 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, July 30, 2021, at 9:00 a.m. (Eastern
Time). Members of the public may access the conference call by
dialing (844) 239-5282, conference ID# 6180205, 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 September 28,
2021.
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.
Contact
Kinsale Capital Group, Inc. Bryan Petrucelli Executive Vice
President, Chief Financial Officer and Treasurer804-289-1272
ir@kinsalecapitalgroup.com
| |
|
KINSALE CAPITAL GROUP, INC. AND
SUBSIDIARIESUnaudited Consolidated Statements of
Income and Comprehensive Income |
| |
|
|
|
|
| |
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| |
|
|
|
|
|
|
|
|
| Revenues |
|
(in thousands, except per share data) |
|
Gross written premiums |
|
$ |
194,061 |
|
|
|
$ |
134,091 |
|
|
|
$ |
362,937 |
|
|
|
$ |
258,127 |
|
|
| Ceded written premiums |
|
(26,308 |
) |
|
|
(16,484 |
) |
|
|
(50,886 |
) |
|
|
(32,467 |
) |
|
|
Net written premiums |
|
167,753 |
|
|
|
117,607 |
|
|
|
312,051 |
|
|
|
225,660 |
|
|
| Change in unearned
premiums |
|
(30,053 |
) |
|
|
(20,650 |
) |
|
|
(51,310 |
) |
|
|
(38,942 |
) |
|
|
Net earned premiums |
|
137,700 |
|
|
|
96,957 |
|
|
|
260,741 |
|
|
|
186,718 |
|
|
| |
|
|
|
|
|
|
|
|
| Net investment income |
|
7,429 |
|
|
|
6,645 |
|
|
|
14,371 |
|
|
|
12,605 |
|
|
| Change in the fair value of
equity securities |
|
7,565 |
|
|
|
13,839 |
|
|
|
14,656 |
|
|
|
(2,322 |
) |
|
| Net realized investment
gains |
|
304 |
|
|
|
253 |
|
|
|
1,502 |
|
|
|
1,029 |
|
|
| Other income |
|
12 |
|
|
|
13 |
|
|
|
23 |
|
|
|
23 |
|
|
|
Total revenues |
|
153,010 |
|
|
|
117,707 |
|
|
|
291,293 |
|
|
|
198,053 |
|
|
| |
|
|
|
|
|
|
|
|
| Expenses |
|
|
|
|
|
|
|
|
| Losses and loss adjustment
expenses |
|
79,115 |
|
|
|
58,304 |
|
|
|
149,375 |
|
|
|
112,037 |
|
|
| Underwriting, acquisition and
insurance expenses |
|
29,889 |
|
|
|
22,961 |
|
|
|
58,025 |
|
|
|
44,544 |
|
|
| Other expenses |
|
398 |
|
|
|
— |
|
|
|
846 |
|
|
|
— |
|
|
|
Total expenses |
|
109,402 |
|
|
|
81,265 |
|
|
|
208,246 |
|
|
|
156,581 |
|
|
|
Income before income taxes |
|
43,608 |
|
|
|
36,442 |
|
|
|
83,047 |
|
|
|
41,472 |
|
|
| Total income tax expense |
|
7,973 |
|
|
|
6,180 |
|
|
|
15,333 |
|
|
|
6,124 |
|
|
|
Net income |
|
35,635 |
|
|
|
30,262 |
|
|
|
67,714 |
|
|
|
35,348 |
|
|
| |
|
|
|
|
|
|
|
|
| Other comprehensive
income |
|
|
|
|
|
|
|
|
| Change in net unrealized gains
on available-for-sale investments, net of taxes |
|
9,583 |
|
|
|
27,008 |
|
|
|
(10,039 |
) |
|
|
17,785 |
|
|
|
Total comprehensive income |
|
$ |
45,218 |
|
|
|
$ |
57,270 |
|
|
|
$ |
57,675 |
|
|
|
$ |
53,133 |
|
|
| |
|
|
|
|
|
|
|
|
| Earnings per
share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.57 |
|
|
|
$ |
1.37 |
|
|
|
$ |
2.99 |
|
|
|
$ |
1.60 |
|
|
|
Diluted |
|
$ |
1.55 |
|
|
|
$ |
1.33 |
|
|
|
$ |
2.94 |
|
|
|
$ |
1.56 |
|
|
| |
|
|
|
|
|
|
|
|
| Weighted-average
shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
22,678 |
|
|
|
22,153 |
|
|
|
22,665 |
|
|
|
22,131 |
|
|
|
Diluted |
|
23,054 |
|
|
|
22,707 |
|
|
|
23,055 |
|
|
|
22,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
KINSALE CAPITAL GROUP, INC. AND
SUBSIDIARIESUnaudited Condensed Consolidated
Balance Sheets |
| |
|
|
|
|
| |
|
June 30, 2021 |
|
December 31, 2020 |
| |
|
|
|
|
| Assets |
|
(in thousands) |
| Investments: |
|
|
|
|
|
Fixed-maturity securities at fair value |
|
$ |
1,224,879 |
|
|
$ |
1,081,800 |
|
|
Equity securities at fair value |
|
150,882 |
|
|
129,662 |
|
|
Total investments |
|
1,375,761 |
|
|
1,211,462 |
|
| |
|
|
|
|
| Cash and cash equivalents |
|
128,005 |
|
|
77,093 |
|
| Investment income due and
accrued |
|
7,070 |
|
|
6,637 |
|
| Premiums receivable, net |
|
65,727 |
|
|
48,641 |
|
| Reinsurance recoverables |
|
105,496 |
|
|
93,215 |
|
| Ceded unearned premiums |
|
29,431 |
|
|
24,265 |
|
| Deferred policy acquisition
costs, net of ceding commissions |
|
38,801 |
|
|
31,912 |
|
| Intangible assets |
|
3,538 |
|
|
3,538 |
|
| Other assets |
|
52,448 |
|
|
50,133 |
|
|
Total assets |
|
$ |
1,806,277 |
|
|
$ |
1,546,896 |
|
| |
|
|
|
|
| Liabilities &
Stockholders' Equity |
|
|
|
|
| Liabilities: |
|
|
|
|
| Reserves for unpaid losses and
loss adjustment expenses |
|
$ |
753,324 |
|
|
$ |
636,013 |
|
| Unearned premiums |
|
317,462 |
|
|
260,986 |
|
| Payable to reinsurers |
|
20,229 |
|
|
12,672 |
|
| Accounts payable and accrued
expenses |
|
11,694 |
|
|
13,651 |
|
| Credit facility |
|
42,633 |
|
|
42,570 |
|
| Deferred income tax liability,
net |
|
2,559 |
|
|
4,648 |
|
| Other liabilities |
|
28,740 |
|
|
118 |
|
|
Total liabilities |
|
1,176,641 |
|
|
970,658 |
|
| |
|
|
|
|
| Stockholders' equity |
|
629,636 |
|
|
576,238 |
|
|
Total liabilities and stockholders' equity |
|
$ |
1,806,277 |
|
|
$ |
1,546,896 |
|
|
|
|
|
|
|
|
|
|
|
Kinsale Capital (NASDAQ:KNSL)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Kinsale Capital (NASDAQ:KNSL)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
