Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of
$48.3 million, $2.09 per diluted share, for the fourth quarter of
2021 compared to $38.2 million, $1.65 per diluted share, for the
fourth quarter of 2020. Net income was $152.7 million, $6.62
per diluted share, for the year ended December 31,
2021 compared to $88.4 million, $3.87 per diluted
share, for the year ended December 31, 2020. For the
fourth quarter of 2021, the impact on net income related to
catastrophes was negligible. For the year ended December 31, 2021,
net income included after-tax catastrophe losses of $6.8 million.
For the fourth quarter and year ended December 31, 2020, net income
included after-tax catastrophe losses of $4.8 million and $18.3
million, respectively.
Net operating earnings(1) were $40.7 million, $1.76
per diluted share, for the fourth quarter of 2021 compared to $26.3
million, $1.14 per diluted share, for the fourth quarter of 2020.
Net operating earnings(1) were $132.4 million, $5.74 per diluted
share, for the year ended December 31, 2021 compared to $72.3
million, $3.16 per diluted share, for the year ended December 31,
2020.
Highlights for the fourth quarter of 2021
included:
- Net income
increased by 26.6% compared to the fourth quarter of 2020
- Net operating
earnings(1) increased by 54.7% compared to the fourth quarter of
2020
- 36.0% growth in
gross written premiums to $203.8 million compared to the fourth
quarter of 2020
- 32.1% increase in
net investment income to $8.6 million compared to the fourth
quarter of 2020
- 94.9% increase in
underwriting income(2) to $42.2 million compared to the fourth
quarter of 2020, resulting in a combined ratio of 74.5%
- 24.0% annualized
operating return on equity(4) for the fourth quarter of 2021
Highlights for the full year of 2021 included:
- Net income
increased by 72.7% compared to the full year of 2020
- Net operating
earnings(1) increased by 83.1% compared to the full year of
2020
- 38.3% growth in
gross written premiums to $764.4 million compared to the full year
of 2020
- 18.9% increase in
net investment income to $31.0 million compared to the full year of
2020
- 144.4% increase in
underwriting income(2) to $133.6 million compared to the full year
of 2020, resulting in a combined ratio of 77.1%
- 20.8% operating
return on equity(4) for the year ended December 31, 2021
"We concluded 2021 with another strong quarter,
highlighted by growth in gross written premiums of 36% and a
combined ratio under 75%. By providing superior customer service
combined with disciplined underwriting and low costs, we expanded
our margins and achieved an operating return on equity of 21% for
2021. We are confident the favorable market momentum will persist
in 2022, and combined with the strength of our business model we
will deliver another successful year," said President and Chief
Executive Officer, Michael P. Kehoe.
Results of Operations
Underwriting Results
Gross written premiums were $203.8 million for the
fourth quarter of 2021 compared to $149.9 million for the fourth
quarter of 2020, an increase of 36.0%. Gross written premiums
were $764.4 million for the year
ended December 31, 2021 compared to $552.8
million for the year ended December 31, 2020,
an increase of 38.3%. Growth in gross written premiums
during the fourth quarter and year ended December 31, 2021
over the same periods last year was driven by higher submission
activity from brokers and rate increases on bound accounts.
Underwriting income(2) was $42.2 million, resulting
in a combined ratio of 74.5%, for the fourth quarter of 2021,
compared to $21.6 million, and a combined ratio of 81.6% for the
same period last year. The increase in underwriting income(2) for
the fourth quarter of 2021 was due primarily to premium growth and
continued rate increases from a strong underwriting environment,
lower catastrophe activity and higher net favorable development of
loss reserves from prior accident years. In addition, underwriting
income reflected the benefit of a lower expense ratio due to
economies of scale from premium expansion and management's
continued focus on controlling costs. Loss and expense ratios were
53.1% and 21.4%, respectively, for the fourth quarter of 2021
compared to 58.8% and 22.8% for the fourth quarter of 2020. The
impact related to catastrophes during the fourth quarter of 2021
was negligible. The loss ratio included current accident year
catastrophe losses of $6.1 million, or 5.1 points, for the fourth
quarter of 2020. Favorable development on reserves from prior
accident years was $6.6 million, or 4.0 points, for the fourth
quarter of 2021, and $3.7 million, or 3.1 points, for the fourth
quarter of 2020.
Underwriting income(2) was $133.6
million, resulting in a combined ratio of 77.1%, for the year
ended December 31, 2021, compared to $54.7
million, and a combined ratio of 86.7% for the prior
year. The increase in underwriting income(2) for the year ended
December 31, 2021 was primarily due to premium growth and
continued rate increases, higher net favorable development of loss
reserves from prior accident years and lower catastrophe activity.
In addition, underwriting income reflected the benefit of a lower
expense ratio due to economies of scale from premium expansion and
management's continued focus on controlling costs. Loss and expense
ratios were 55.7% and 21.4%, respectively, for the year
ended December 31, 2021 compared
to 63.9% and 22.8%, respectively, for the year ended
December 31, 2020. The loss ratios included current accident
year catastrophe losses of $8.6 million, or 1.5 points, for the
year ended December 31, 2021 and $23.2 million, or 5.6 points,
for the year ended December 31, 2020. The catastrophe activity
in 2021 primarily related to Hurricane Ida and winter storms in
Texas. Catastrophe activity in 2020 largely related to Hurricanes
Laura and Sally and the California wildfires. Favorable development
on reserves from prior accident years was $32.0 million, or 5.5
points, for the year ended December 31, 2021 and $13.3
million, or 3.2 points, for the year ended December 31,
2020.
Summary of Operating Results
The Company’s operating results for the three
months and year ended December 31, 2021 and 2020 are
summarized as follows:
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
($ in thousands) |
Gross written premiums |
$ |
203,820 |
|
|
$ |
149,910 |
|
|
$ |
764,373 |
|
|
$ |
552,814 |
|
Ceded written premiums |
|
(26,339 |
) |
|
|
(19,599 |
) |
|
|
(104,164 |
) |
|
|
(74,595 |
) |
Net written premiums |
$ |
177,481 |
|
|
$ |
130,311 |
|
|
$ |
660,209 |
|
|
$ |
478,219 |
|
|
|
|
|
|
|
|
|
Net earned premiums |
$ |
165,267 |
|
|
$ |
117,792 |
|
|
$ |
582,879 |
|
|
$ |
412,754 |
|
Losses and loss adjustment expenses |
|
87,688 |
|
|
|
69,334 |
|
|
|
324,415 |
|
|
|
263,802 |
|
Underwriting, acquisition and
insurance expenses |
|
35,410 |
|
|
|
26,825 |
|
|
|
124,900 |
|
|
|
94,296 |
|
Underwriting income(2) |
$ |
42,169 |
|
|
$ |
21,633 |
|
|
$ |
133,564 |
|
|
$ |
54,656 |
|
|
|
|
|
|
|
|
|
Loss ratio |
|
53.1 |
% |
|
|
58.8 |
% |
|
|
55.7 |
% |
|
|
63.9 |
% |
Expense ratio |
|
21.4 |
% |
|
|
22.8 |
% |
|
|
21.4 |
% |
|
|
22.8 |
% |
Combined ratio |
|
74.5 |
% |
|
|
81.6 |
% |
|
|
77.1 |
% |
|
|
86.7 |
% |
|
|
|
|
|
|
|
|
Annualized return on equity(3) |
|
28.5 |
% |
|
|
27.5 |
% |
|
|
23.9 |
% |
|
|
18.0 |
% |
Annualized operating return on equity(4) |
|
24.0 |
% |
|
|
19.0 |
% |
|
|
20.8 |
% |
|
|
14.7 |
% |
(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, 2021
and 2020:
|
Three Months Ended December 31,
2021 |
|
Three Months Ended December 31,
2020 |
|
Losses and Loss Adjustment Expenses |
|
% of Earned Premiums |
|
Losses and Loss Adjustment Expenses |
|
% of Earned Premiums |
Loss ratio: |
($ in thousands) |
Current accident year |
$ |
94,413 |
|
|
57.1 |
% |
|
$ |
66,983 |
|
|
56.8 |
% |
Current accident year - catastrophe losses |
|
(152 |
) |
|
— |
% |
|
|
6,061 |
|
|
5.1 |
% |
Effect of prior accident year development |
|
(6,573 |
) |
|
(4.0) |
% |
|
|
(3,710 |
) |
|
(3.1) |
% |
Total |
$ |
87,688 |
|
|
53.1 |
% |
|
$ |
69,334 |
|
|
58.8 |
% |
|
Year Ended December 31, 2021 |
|
Year Ended December 31, 2020 |
|
Losses and Loss Adjustment Expenses |
|
% of Earned Premiums |
|
Losses and Loss Adjustment Expenses |
|
% of Earned Premiums |
Loss ratio: |
($ in thousands) |
Current accident year |
$ |
347,761 |
|
|
59.7 |
% |
|
$ |
253,948 |
|
|
61.5 |
% |
Current accident year - catastrophe losses |
|
8,640 |
|
|
1.5 |
% |
|
|
23,192 |
|
|
5.6 |
% |
Effect of prior accident year development |
|
(31,986 |
) |
|
(5.5) |
% |
|
|
(13,338 |
) |
|
(3.2) |
% |
Total |
$ |
324,415 |
|
|
55.7 |
% |
|
$ |
263,802 |
|
|
63.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Results
The Company’s net investment income was $8.6
million in the fourth quarter of 2021 compared to $6.5 million in
the fourth quarter of 2020, an increase of 32.1%. Net investment
income was $31.0 million for the full year of 2021 compared to
$26.1 million for the full year of 2020. This increase was
primarily due to growth in our investment portfolio generated from
the investment of positive operating funds since December 31, 2020.
The Company’s investment portfolio, excluding cash and cash
equivalents, had a gross investment return(5) of 2.5% for the year
ended December 31, 2021 compared to 2.9% for the year ended
December 31, 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 both December 31, 2021 and 2020.
Cash and invested assets totaled $1.7 billion at December 31,
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 average beginning and ending book
values of those investments during the period. |
|
|
Other
The effective tax rate for the year ended
December 31, 2021 was 19.1%. 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.
Stockholders' equity was $699.3 million at
December 31, 2021, compared to $576.2 million at
December 31, 2020. Operating return on equity was 20.8% for
the full year of 2021, an increase from 14.7% for the full year of
2020, which was attributable primarily to growth in the business
from continuing favorable market conditions and rate increases,
lower catastrophe losses, and higher favorable development on net
loss reserves from prior accident years.
Non-GAAP Financial Measures
Net Operating Earnings
Net operating earnings is defined as net income
excluding the effects of the change in the fair value of equity
securities, after taxes, and net realized investment gains and
losses, after taxes. Management believes the exclusion of these
items provides a more useful comparison of the Company's underlying
business performance from period to period. Net operating earnings
and percentages or calculations using net operating earnings (e.g.,
diluted operating earnings per share and annualized operating
return on equity) are non-GAAP financial measures. Net operating
earnings should not be viewed as a substitute for net income
calculated in accordance with GAAP, and other companies may define
net operating earnings differently.
For the three months and year ended
December 31, 2021 and 2020, net income and diluted earnings
per share reconcile to net operating earnings and diluted operating
earnings per share as follows:
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
($ in thousands, except per share data) |
Net operating earnings: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
48,320 |
|
|
$ |
38,181 |
|
|
$ |
152,659 |
|
|
$ |
88,419 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Change in the fair value of equity securities, before taxes |
|
|
(9,168 |
) |
|
|
(13,146 |
) |
|
|
(22,812 |
) |
|
|
(16,855 |
) |
Income tax expense (1) |
|
|
1,925 |
|
|
|
2,761 |
|
|
|
4,791 |
|
|
|
3,540 |
|
Change in fair value of equity securities, after taxes |
|
|
(7,243 |
) |
|
|
(10,385 |
) |
|
|
(18,021 |
) |
|
|
(13,315 |
) |
|
|
|
|
|
|
|
|
|
Net realized investment gains, before taxes |
|
|
(431 |
) |
|
|
(1,857 |
) |
|
|
(2,828 |
) |
|
|
(3,533 |
) |
Income tax expense (1) |
|
|
91 |
|
|
|
390 |
|
|
|
594 |
|
|
|
742 |
|
Net realized investment gains, after taxes |
|
|
(340 |
) |
|
|
(1,467 |
) |
|
|
(2,234 |
) |
|
|
(2,791 |
) |
Net operating earnings |
|
$ |
40,737 |
|
|
$ |
26,329 |
|
|
$ |
132,404 |
|
|
$ |
72,313 |
|
|
|
|
|
|
|
|
|
|
Diluted operating earnings per share: |
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
2.09 |
|
|
$ |
1.65 |
|
|
$ |
6.62 |
|
|
$ |
3.87 |
|
Change in fair value of equity
securities, after taxes, per share |
|
|
(0.31 |
) |
|
|
(0.45 |
) |
|
|
(0.78 |
) |
|
|
(0.58 |
) |
Net realized investment gains,
after taxes, per share |
|
|
(0.01 |
) |
|
|
(0.06 |
) |
|
|
(0.10 |
) |
|
|
(0.12 |
) |
Diluted operating earnings per share(2) |
|
$ |
1.76 |
|
|
$ |
1.14 |
|
|
$ |
5.74 |
|
|
$ |
3.16 |
|
|
|
|
|
|
|
|
|
|
Operating return on equity: |
|
|
|
|
|
|
|
|
Average equity(3) |
|
$ |
679,250 |
|
|
$ |
555,185 |
|
|
$ |
637,787 |
|
|
$ |
491,059 |
|
Annualized return on equity(4) |
|
|
28.5 |
% |
|
|
27.5 |
% |
|
|
23.9 |
% |
|
|
18.0 |
% |
Annualized operating return on equity(5) |
|
|
24.0 |
% |
|
|
19.0 |
% |
|
|
20.8 |
% |
|
|
14.7 |
% |
(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, 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 months and year ended
December 31, 2021 and 2020, net income reconciles to
underwriting income as follows:
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
(in thousands) |
Net income |
|
$ |
48,320 |
|
|
$ |
38,181 |
|
|
$ |
152,659 |
|
|
$ |
88,419 |
|
Income tax expense |
|
|
11,755 |
|
|
|
4,639 |
|
|
|
36,142 |
|
|
|
11,994 |
|
Income before income taxes |
|
|
60,075 |
|
|
|
42,820 |
|
|
|
188,801 |
|
|
|
100,413 |
|
Other expenses (6) |
|
|
429 |
|
|
|
353 |
|
|
|
1,663 |
|
|
|
1,375 |
|
Net investment income |
|
|
(8,582 |
) |
|
|
(6,497 |
) |
|
|
(31,048 |
) |
|
|
(26,110 |
) |
Change in fair value of equity securities |
|
|
(9,168 |
) |
|
|
(13,146 |
) |
|
|
(22,812 |
) |
|
|
(16,855 |
) |
Net realized investment gains |
|
|
(431 |
) |
|
|
(1,857 |
) |
|
|
(2,828 |
) |
|
|
(3,533 |
) |
Other income |
|
|
(154 |
) |
|
|
(40 |
) |
|
|
(212 |
) |
|
|
(634 |
) |
Underwriting income |
|
$ |
42,169 |
|
|
$ |
21,633 |
|
|
$ |
133,564 |
|
|
$ |
54,656 |
|
(6) |
Other expenses are comprised of interest expense on the Company's
Credit Facility and 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 18, 2022, at 9:00
a.m. (Eastern Time). Members of the public may access the
conference call by dialing (844) 239-5282, conference ID# 2881553,
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
April 19, 2022.
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
SUBSIDIARIES
Unaudited Consolidated Statements of
Income and Comprehensive Income
|
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues |
|
(in thousands, except per share data) |
Gross written premiums |
|
$ |
203,820 |
|
|
$ |
149,910 |
|
|
$ |
764,373 |
|
|
$ |
552,814 |
|
Ceded written premiums |
|
|
(26,339 |
) |
|
|
(19,599 |
) |
|
|
(104,164 |
) |
|
|
(74,595 |
) |
Net written premiums |
|
|
177,481 |
|
|
|
130,311 |
|
|
|
660,209 |
|
|
|
478,219 |
|
Change in unearned premiums |
|
|
(12,214 |
) |
|
|
(12,519 |
) |
|
|
(77,330 |
) |
|
|
(65,465 |
) |
Net earned premiums |
|
|
165,267 |
|
|
|
117,792 |
|
|
|
582,879 |
|
|
|
412,754 |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
8,582 |
|
|
|
6,497 |
|
|
|
31,048 |
|
|
|
26,110 |
|
Change in fair value of equity securities |
|
|
9,168 |
|
|
|
13,146 |
|
|
|
22,812 |
|
|
|
16,855 |
|
Net realized investment
gains |
|
|
431 |
|
|
|
1,857 |
|
|
|
2,828 |
|
|
|
3,533 |
|
Other income |
|
|
154 |
|
|
|
40 |
|
|
|
212 |
|
|
|
634 |
|
Total revenues |
|
|
183,602 |
|
|
|
139,332 |
|
|
|
639,779 |
|
|
|
459,886 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Losses and loss adjustment expenses |
|
|
87,688 |
|
|
|
69,334 |
|
|
|
324,415 |
|
|
|
263,802 |
|
Underwriting, acquisition and
insurance expenses |
|
|
35,410 |
|
|
|
26,825 |
|
|
|
124,900 |
|
|
|
94,296 |
|
Other expenses |
|
|
429 |
|
|
|
353 |
|
|
|
1,663 |
|
|
|
1,375 |
|
Total expenses |
|
|
123,527 |
|
|
|
96,512 |
|
|
|
450,978 |
|
|
|
359,473 |
|
Income before income taxes |
|
|
60,075 |
|
|
|
42,820 |
|
|
|
188,801 |
|
|
|
100,413 |
|
Income tax expense |
|
|
11,755 |
|
|
|
4,639 |
|
|
|
36,142 |
|
|
|
11,994 |
|
Net income |
|
|
48,320 |
|
|
|
38,181 |
|
|
|
152,659 |
|
|
|
88,419 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) income |
|
|
|
|
|
|
|
|
Change in unrealized (losses)
gains on available-for-sale investments, net of taxes |
|
|
(7,144 |
) |
|
|
3,523 |
|
|
|
(23,255 |
) |
|
|
27,862 |
|
Total comprehensive income |
|
$ |
41,176 |
|
|
$ |
41,704 |
|
|
$ |
129,404 |
|
|
$ |
116,281 |
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.13 |
|
|
$ |
1.69 |
|
|
$ |
6.73 |
|
|
$ |
3.96 |
|
Diluted |
|
$ |
2.09 |
|
|
$ |
1.65 |
|
|
$ |
6.62 |
|
|
$ |
3.87 |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
22,728 |
|
|
|
22,611 |
|
|
|
22,693 |
|
|
|
22,319 |
|
Diluted |
|
|
23,083 |
|
|
|
23,073 |
|
|
|
23,062 |
|
|
|
22,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KINSALE CAPITAL GROUP, INC. AND
SUBSIDIARIES
Unaudited Condensed Consolidated Balance
Sheets
|
|
December 31, 2021 |
|
December 31, 2020 |
|
|
(in thousands) |
Assets |
|
|
|
|
Investments: |
|
|
|
|
Fixed-maturity securities at fair value |
|
$ |
1,392,066 |
|
$ |
1,081,800 |
Equity securities at fair value |
|
|
172,611 |
|
|
129,662 |
Total investments |
|
|
1,564,677 |
|
|
1,211,462 |
|
|
|
|
|
Cash and cash equivalents |
|
|
121,040 |
|
|
77,093 |
Investment income due and accrued |
|
|
7,658 |
|
|
6,637 |
Premiums receivable, net |
|
|
71,004 |
|
|
48,641 |
Reinsurance recoverables, net |
|
|
122,970 |
|
|
93,215 |
Ceded unearned premiums |
|
|
33,679 |
|
|
24,265 |
Deferred policy acquisition
costs, net of ceding commissions |
|
|
41,968 |
|
|
31,912 |
Intangible assets |
|
|
3,538 |
|
|
3,538 |
Deferred income tax asset, net |
|
|
2,109 |
|
|
— |
Other assets |
|
|
57,012 |
|
|
50,133 |
Total assets |
|
$ |
2,025,655 |
|
$ |
1,546,896 |
|
|
|
|
|
Liabilities & Stockholders' Equity |
|
|
|
|
Liabilities: |
|
|
|
|
Reserves for unpaid losses and loss adjustment expenses |
|
$ |
881,344 |
|
$ |
636,013 |
Unearned premiums |
|
|
347,730 |
|
|
260,986 |
Payable to reinsurers |
|
|
16,112 |
|
|
12,672 |
Accounts payable and accrued expenses |
|
|
23,250 |
|
|
13,651 |
Credit facility |
|
|
42,696 |
|
|
42,570 |
Deferred income tax liability, net |
|
|
— |
|
|
4,648 |
Other liabilities |
|
|
15,188 |
|
|
118 |
Total liabilities |
|
|
1,326,320 |
|
|
970,658 |
|
|
|
|
|
Stockholders' equity |
|
|
699,335 |
|
|
576,238 |
Total liabilities and stockholders' equity |
|
$ |
2,025,655 |
|
$ |
1,546,896 |
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