Financial Data and Key Metrics Changes - In Q3 2024, the company's operating earnings per share increased by 27% and gross written premium grew by 19% compared to Q3 2023 [3] - Net income and net operating earnings rose by 50.1% and 26.8%, respectively, with a combined ratio of 75.7% for the quarter [8] - The nine-month annualized operating return on equity was reported at 28.2% [3] Business Line Data and Key Metrics Changes - Premium growth was 19% in Q3, down from 21% in Q2 and 26% in Q1, attributed to increased competition in commercial property and certain liability lines [10] - The casualty business showed steady growth, particularly in general and excess casualty divisions, while the commercial property division experienced a slowdown [10][11] - New business submission growth was strong at around 23% for the quarter, indicating positive future growth prospects [12] Market Data and Key Metrics Changes - The overall E&S market remained steady with increased competition, leading to varied rate changes and growth rates across different underwriting divisions [5] - Rates increased by approximately 3% on a nominal basis, down from around 6% in the previous quarter [13] - The company noted strong growth in the transportation divisions, especially in commercial auto and high-value homeowners segments [12] Company Strategy and Development Direction - The company's strategy focuses on controlling underwriting, providing superior customer service, and leveraging technology for cost efficiency [4] - The management expressed confidence in the company's ability to generate strong returns and grow in various market environments [4] - A $100 million share buyback program was approved, reflecting confidence in the business strategy and long-term growth potential [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the modest natural catastrophe losses in the quarter and emphasized a cautious risk management strategy [6] - The competitive landscape is expected to evolve post-hurricanes, with potential impacts on pricing and competition levels [18] - Management remains optimistic about growth prospects, citing strong margins and a durable competitive advantage [13][29] Other Important Information - The expense ratio improved to 19.6% from 20.9% year-over-year, benefiting from seating commissions and expense management [8] - The company is not pursuing M&A or extraordinary dividends in the near term, focusing instead on capital allocation through share buybacks [9] Q&A Session Summary Question: Clarification on the share repurchase program - Management indicated that the $100 million buyback is modest and will not offset dilution from restricted shares but will minimize it [16] Question: Impact of hurricanes on competition - Management stated it is too early to determine the impact of hurricane losses on competition, with estimates ranging significantly [18] Question: Migration of business between E&S and standard markets - Management noted that the E&S market continues to grow, although competition has increased, affecting growth rates [20] Question: Pricing trends and loss ratios - Management confirmed that some divisions are experiencing double-digit rate increases, while others are below trend, but overall pricing remains strong [22] Question: Exposure to Hurricane Milton - Management estimated total after-tax losses from Hurricane Milton to be under $10 million, with a competitive market expected to evolve [6][25] Question: Future growth expectations - Management reiterated a long-term growth expectation of 10% to 20%, with the potential for variability based on market conditions [57] Question: Retention rates in the book - Management indicated that Kinsale retains about two-thirds of its policies year-over-year, consistent with industry norms [58] Question: Share buybacks versus dividends - Management explained the preference for share buybacks over special dividends, citing confidence in the business model and long-term growth [62]

Kinsale Capital Group (KNSL) delivered third-quarter 2024 net operating earnings of $4.20 per share, which outpaced the Zacks Consensus Estimate by 13.5%. The bottom line increased 26.9% year over year. The results reflect the continued execution of its strategy of disciplined underwriting and technology-enabled low costs. Shares gained 2.3% in the after-market trading session to reflect the outperformance. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. Operational Update Operatin ...

Kinsale Capital Group, Inc. (KNSL) reported $418.06 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 33%. EPS of $4.20 for the same period compares to $3.31 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $401.22 million, representing a surprise of +4.20%. The company delivered an EPS surprise of +13.51%, with the consensus EPS estimate being $3.70.While investors closely watch year-over-year changes in headline numbers -- revenue ...

Kinsale Capital Group, Inc. (KNSL) came out with quarterly earnings of $4.20 per share, beating the Zacks Consensus Estimate of $3.70 per share. This compares to earnings of $3.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.51%. A quarter ago, it was expected that this company would post earnings of $3.52 per share when it actually produced earnings of $3.75, delivering a surprise of 6.53%.Over the last four quarters, t ...

PART I. FINANCIAL INFORMATION This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, covering balance sheets, income, equity, cash flows, and detailed notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets%20at%20September%2030,%202024%20(Unaudited)%20and%20December%2031,%202023) This section provides a comparative overview of the Company's financial position at September 30, 2024, and December 31, 2023 Consolidated Balance Sheet Highlights (September 30, 2024 vs. December 31, 2023) | Metric | Sep 30, 2024 (in thousands) | Dec 31, 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------------------- | :-------------------------- | :-------------------------- | :-------------------- | :--------- | | Total assets | $4,732,243 | $3,772,974 | $959,269 | 25.4% | | Total liabilities | $3,297,294 | $2,686,142 | $611,152 | 22.8% | | Total stockholders' equity | $1,434,949 | $1,086,832 | $348,117 | 32.0% | | Reserves for unpaid losses & LAE | $2,160,763 | $1,692,875 | $467,888 | 27.6% | | Unearned premiums | $844,701 | $701,351 | $143,350 | 20.4% | | Total investments | $3,847,709 | $2,966,952 | $880,757 | 29.7% | [Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income%20(Unaudited)%20for%20the%20Three%20and%20Nine%20Months%20Ended%20September%2030,%202024%20and%202023) This section details the Company's financial performance for the three and nine months ended September 30, 2024 and 2023 Consolidated Statements of Income and Comprehensive Income Highlights (Three Months Ended Sep 30) | Metric | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------------------- | :------------------ | :------------------ | :-------------------- | :--------- | | Gross written premiums | $448,646 | $377,789 | $70,857 | 18.8% | | Net earned premiums | $348,752 | $281,502 | $67,250 | 23.9% | | Net investment income | $39,644 | $27,086 | $12,558 | 46.4% | | Change in fair value of equity securities | $20,659 | $(5,533) | $26,192 | NM | | Total revenues | $418,058 | $314,367 | $103,691 | 33.0% | | Losses and loss adjustment expenses | $200,240 | $155,552 | $44,688 | 28.7% | | Total expenses | $273,660 | $218,874 | $54,786 | 25.0% | | Net income | $114,229 | $76,115 | $38,114 | 50.1% | | Basic EPS | $4.93 | $3.30 | $1.63 | 49.4% | | Diluted EPS | $4.90 | $3.26 | $1.64 | 50.3% | Consolidated Statements of Income and Comprehensive Income Highlights (Nine Months Ended Sep 30) | Metric | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------------------- | :------------------ | :------------------ | :-------------------- | :--------- | | Gross written premiums | $1,427,060 | $1,173,599 | $253,461 | 21.6% | | Net earned premiums | $990,731 | $775,706 | $215,025 | 27.7% | | 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 | | Total revenues | $1,175,402 | $873,278 | $302,124 | 34.6% | | Losses and loss adjustment expenses | $580,351 | $441,628 | $138,723 | 31.4% | | Total expenses | $799,337 | $619,282 | $180,055 | 29.1% | | Net income | $305,749 | $204,706 | $101,043 | 49.4% | | Basic EPS | $13.21 | $8.89 | $4.32 | 48.6% | | Diluted EPS | $13.10 | $8.79 | $4.31 | 49.0% | [Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity%20(Unaudited)%20for%20Each%20Quarter%20Within%20the%20Nine%20Months%20Ended%20September%2030,%202024%20and%202023) This section outlines the changes in stockholders' equity for each quarter within the nine months ended September 30, 2024 and 2023 Stockholders' Equity Changes (Nine Months Ended Sep 30, 2024) | Item | Balance at Dec 31, 2023 (in thousands) | Q1 2024 Activity (in thousands) | Q2 2024 Activity (in thousands) | Q3 2024 Activity (in thousands) | Balance at Sep 30, 2024 (in thousands) | | :-------------------------------------- | :------------------------------------- | :------------------------------ | :------------------------------ | :------------------------------ | :------------------------------------- | | Common Stock | $232 | $1 | $0 | $0 | $233 | | Additional Paid-in Capital | $352,970 | $932 + $3,524 - $5,842 = $(1,386) | $219 + $3,709 - $1,123 = $2,805 | $51 + $3,495 = $3,546 | $357,935 | | Retained Earnings | $828,247 | $(3,479) + $98,941 = $95,462 | $(3,492) + $92,579 = $89,087 | $(3,493) + $114,229 = $110,736 | $1,123,532 | | Accumulated Other Comprehensive Loss | $(94,617) | $(9,940) | $(5,658) | $63,464 | $(46,751) | | Total Stockholders' Equity | $1,086,832 | $98,941 | $92,579 | $114,229 | $1,434,949 | - Total stockholders' equity increased by **$348.1 million** from December 31, 2023, to September 30, 2024, primarily due to net income and an increase in accumulated other comprehensive income (loss)[12](index=12&type=chunk)[9](index=9&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)%20for%20the%20Nine%20Months%20Ended%20September%2030,%202024%20and%202023) This section presents the Company's cash flow activities for the nine months ended September 30, 2024 and 2023 Condensed Consolidated Statements of Cash Flows Highlights (Nine Months Ended Sep 30) | Activity | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) | % Change | | :-------------------------------------- | :------------------ | :------------------ | :-------------------- | :--------- | | Net cash provided by operating activities | $763,324 | $648,308 | $115,016 | 17.7% | | Net cash used in investing activities | $(762,100) | $(616,364) | $(145,736) | 23.6% | | Net cash used in financing activities | $(16,227) | $(25,274) | $9,047 | (35.8)% | | Net change in cash and

[Kinsale Capital Group Third Quarter 2024 Results](index=1&type=section&id=Kinsale%20Capital%20Group%20Third%20Quarter%202024%20Results) Kinsale Capital Group reported strong Q3 2024 financial performance with significant growth in earnings, premiums, and investment income [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Kinsale Capital Group achieved substantial Q3 2024 growth in diluted EPS, premiums, and investment income despite higher catastrophe losses Q3 2024 vs Q3 2023 Performance Summary | Metric | Q3 2024 | Q3 2023 | % Change | | :--- | :--- | :--- | :--- | | Diluted EPS | $4.90 | $3.26 | +50.3% | | Diluted Operating EPS | $4.20 | $3.31 | +26.9% | | Gross Written Premiums | $448.6 million | $377.8 million | +18.8% | | Net Investment Income | $39.6 million | $27.1 million | +46.4% | | Underwriting Income | $86.9 million | $72.4 million | +20.0% | | Combined Ratio | 75.7% | 74.8% | +0.9 pts | Net Income and Catastrophe Losses (After-Tax) | Period | Net Income | Catastrophe Losses | | :--- | :--- | :--- | | **Q3 2024** | $114.2 million | $10.8 million | | **Q3 2023** | $76.1 million | $0.9 million | | **Nine Months 2024** | $305.7 million | $13.9 million | | **Nine Months 2023** | $204.7 million | $3.3 million | - The company's strategy focuses on disciplined underwriting and technology-enabled low costs, contributing to a strong combined ratio of **75.7%** despite **3.8 points** of net catastrophe losses in the quarter[2](index=2&type=chunk) [Results of Operations](index=1&type=section&id=Results%20of%20Operations) Operational results demonstrated strong underwriting, significant investment income growth, and improved financial metrics [Underwriting Results](index=1&type=section&id=Underwriting%20Results) Underwriting results showed strong premium growth and an improved expense ratio, with a combined ratio of **75.7%** impacted by catastrophe losses Gross Written Premiums Growth | Period | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | **Third Quarter** | $448.6 million | $377.8 million | +18.8% | | **First Nine Months** | $1.4 billion | $1.2 billion | +21.6% | Underwriting Ratios (Q3) | Ratio | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Loss Ratio** | 56.1% | 53.9% | | **Expense Ratio** | 19.6% | 20.9% | | **Combined Ratio** | 75.7% | 74.8% | - The Q3 2024 loss ratio included **3.8 points** of net catastrophe losses, primarily from Hurricanes Helene, Francine, and Beryl, and Midwest tornadoes, compared to negligible catastrophe losses in Q3 2023[5](index=5&type=chunk) - Results for Q3 2024 included **$10.1 million (2.8 points)** of net favorable development of loss reserves from prior accident years, compared to **$9.1 million (3.2 points)** in Q3 2023[5](index=5&type=chunk)[10](index=10&type=chunk) [Investment Results](index=4&type=section&id=Investment%20Results) Investment results significantly improved in Q3 2024, with net investment income growing **46.4%** due to strong cash flows and higher rates Net Investment Income Growth | Period | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | **Third Quarter** | $39.6 million | $27.1 million | +46.4% | | **First Nine Months** | $108.4 million | $72.0 million | +50.7% | - The investment portfolio grew to **$4.0 billion** as of September 30, 2024, up from **$3.1 billion** at year-end 2023, fueled by a **17.7%** increase in net operating cash flows for the first nine months of 2024[13](index=13&type=chunk) - The annualized gross investment return for the first nine months of 2024 was **4.3%**, compared to **3.9%** for the same period in 2023[13](index=13&type=chunk) [Other Financial Information](index=4&type=section&id=Other%20Financial%20Information) The effective tax rate decreased, while stockholders' equity grew to **$1.4 billion** and book value per share increased to **$61.62** Stockholders' Equity and Book Value | Metric | Sept 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Stockholders' Equity** | $1.4 billion | $1.1 billion | | **Book Value Per Share** | $61.62 | $46.88 | - The annualized operating return on equity was **28.2%** for the first nine months of 2024, a decrease from **32.1%** in the prior year period, mainly due to higher average stockholders' equity[14](index=14&type=chunk) [Corporate Developments](index=4&type=section&id=Corporate%20Developments) The Board of Directors authorized a new share repurchase program of up to **$100.0 million** of common stock in October 2024 - The company's Board of Directors authorized a share repurchase program for up to **$100.0 million** of its common stock[15](index=15&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like Net Operating Earnings and Underwriting Income to clarify business performance, with detailed reconciliations Reconciliation of Net Income to Net Operating Earnings (Q3) | (in thousands) | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Net Income** | **$114,229** | **$76,115** | | Adjustments, after taxes | ($16,318) | $1,108 | | **Net Operating Earnings** | **$97,911** | **$77,223** | Reconciliation of Net Income to Underwriting Income (Q3) | (in thousands) | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Net Income** | **$114,229** | **$76,115** | | Less: Investment results, taxes, other | ($27,367) | ($3,672) | | **Underwriting Income** | **$86,862** | **$72,443** | [Financial Statements](index=8&type=section&id=Financial%20Statements) The financial statements provide detailed unaudited consolidated income statements and balance sheets, reflecting the company's financial position [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) The unaudited consolidated income statement details Q3 2024 revenues and expenses, showing total revenues of **$418.1 million** and net income of **$114.2 million** Q3 2024 Income Statement Highlights (in thousands) | Line Item | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Net Earned Premiums | $348,752 | $281,502 | | Total Revenues | $418,058 | $314,367 | | Total Expenses | $273,660 | $218,874 | | Income Before Taxes | $144,398 | $95,493 | | **Net Income** | **$114,229** | **$76,115** | | **Diluted EPS** | **$4.90** | **$3.26** | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) The unaudited consolidated balance sheet shows significant growth in total assets to **$4.73 billion** and stockholders' equity to **$1.43 billion** Balance Sheet Highlights (in thousands) | Line Item | Sept 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Investments | $3,847,709 | $2,966,952 | | **Total Assets** | **$4,732,243** | **$3,772,974** | | Total Liabilities | $3,297,294 | $2,686,142 | | **Total Stockholders' Equity** | **$1,434,949** | **$1,086,832** |

Wall Street analysts expect Kinsale Capital Group, Inc. (KNSL) to post quarterly earnings of $3.70 per share in its upcoming report, which indicates a year-over-year increase of 11.8%. Revenues are expected to be $401.22 million, up 27.6% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company announces its earnings, it ...

In the latest trading session, Kinsale Capital Group, Inc. (KNSL) closed at $473.22, marking a -0.41% move from the previous day. This move lagged the S&P 500's daily gain of 0.4%. Meanwhile, the Dow gained 0.09%, and the Nasdaq, a tech-heavy index, added 0.63%. The company's stock has climbed by 4.71% in the past month, exceeding the Finance sector's loss of 3.26% and the S&P 500's gain of 3.76%. Market participants will be closely following the financial results of Kinsale Capital Group, Inc. in its upcom ...

The stock has returned more than 2,500% by insuring what others won't. Kinsale Capital Group (KNSL 1.18%) is a niche player in the multitrillion-dollar property and casualty (P&C) insurance industry. The company specializes in excess and surplus (E&S) lines, which insure against odd and hard-to-assess risks. Kinsale Capital has made money hand over fist, and so have shareholders. The stock has returned an astounding 2,500% despite only going public in 2016. An initial $10,000 investment is worth more than $ ...

Shares of Kinsale Capital Group, Inc. (KNSL) have rallied 41% year to date (YTD), outperforming the industry's 28.7% growth. The insurer also outperformed the Zacks S&P 500 composite and the Finance sector's return of 21.9% and 17.1%, respectively, YTD. With a market capitalization of $10.99 billion, the average volume of shares traded in the last three months was 0.1 million. KNSL Outperforms Industry, Sector, S&P YTD Image Source: Zacks Investment Research The rally was largely driven by a focus on the ex ...