Kinsale Capital Group Reports 50.1% Net Income Growth, 18.8% Gross Written Premium Increase in Q3 2024

Kinsale Capital Group, Inc. reported significant financial growth in its Q3 2024 results, reflecting a robust performance in the specialty insurance market. For the three months ended September 30, 2024, the company achieved net income of $114.2 million, a 50.1% increase from $76.1 million in Q3 2023. This growth was driven by a substantial rise in gross written premiums, which reached $448.6 million, up 18.8% from $377.8 million in the same quarter last year. Net written premiums also saw a notable increase, totaling $349.9 million, compared to $294.3 million in Q3 2023, marking an 18.9% rise.

For the nine months ended September 30, 2024, Kinsale reported net income of $305.7 million, a 49.4% increase from $204.7 million in the prior year. Gross written premiums for this period totaled $1.4 billion, reflecting a 21.6% increase from $1.2 billion in 2023. Net earned premiums for the nine months rose to $990.7 million, a 27.7% increase from $775.7 million in the previous year.

The company's underwriting income for Q3 2024 was $86.9 million, up 19.9% from $72.4 million in Q3 2023, while the combined ratio slightly increased to 75.7% from 74.8%. The loss ratio for Q3 2024 was reported at 56.1%, compared to 53.9% in the same period last year, influenced by current year catastrophe losses primarily due to severe weather events.

Kinsale's total assets as of September 30, 2024, reached $4.7 billion, up from $3.8 billion at the end of 2023. Total stockholders' equity increased to $1.4 billion, compared to $1.1 billion at the end of the previous fiscal year. The company’s reserves for unpaid losses and loss adjustment expenses also rose significantly, totaling $2.2 billion, up from $1.7 billion at the end of 2023.

In terms of investment performance, net investment income for Q3 2024 was $39.6 million, a 46.4% increase from $27.1 million in Q3 2023. The company reported a change in the fair value of equity securities of $20.7 million for the quarter, compared to a loss of $5.5 million in the prior year.

Kinsale continues to maintain a strong financial position, with a financial strength rating of "A" (Excellent) from A.M. Best, indicating its solid ability to meet ongoing obligations to policyholders. The company operates primarily through its wholly-owned subsidiary, Kinsale Insurance Company, and remains focused on growth within the excess and surplus lines insurance market.