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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2024
☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _______ to _______

Commission File Number: 001-37848
KINSALE CAPITAL GROUP, INC.
(Exact name of registrant as specified in its charter)

Delaware
98-0664337
(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification Number)
2035 Maywill Street
Suite 100
Richmond, Virginia 23230
(Address of principal executive offices, including zip code)
(804) 289-1300
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareKNSLNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐     No  ☒
Number of shares of the registrant's common stock outstanding at July 19, 2024: 23,286,423

Table of Contents
KINSALE CAPITAL GROUP, INC.
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
1
Table of Contents
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that does not directly relate to historical or current fact. These statements may discuss, among others, our future financial performance, our business prospects and strategy, our anticipated financial position, liquidity and capital, dividends and general market and industry conditions. You can identify forward-looking statements by words such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar terms. Forward-looking statements are based on management’s current expectations and assumptions about future events, which are subject to uncertainties, risks and changes in circumstances that are difficult to predict. These statements are only predictions and are not guarantees of future performance. Actual results may differ materially from those contemplated by a forward-looking statement. Factors that may cause such differences include, without limitation:
•the possibility that our loss reserves may be inadequate to cover our actual losses, which could have a material adverse effect on our financial condition, results of operations and cash flows;
•the inherent uncertainty of models resulting in actual losses that are materially different than our estimates;
•the failure of any of the loss limitations or exclusions we employ, or change in other claims or coverage issues, having a material adverse effect on our financial condition or results of operations;
•the inability to obtain reinsurance coverage at reasonable prices and on terms that adequately protect us;
•the possibility that severe weather conditions and catastrophes, including due to climate change, pandemics and similar events adversely affecting our business, results of operations and financial condition;
•adverse economic factors, including recession, inflation, periods of high unemployment or lower economic activity resulting in the sale of fewer policies than expected or an increase in frequency or severity of claims and premium defaults or both, affecting our growth and profitability;
•a decline in our financial strength rating adversely affecting the amount of business we write;
•the potential loss of one or more key executives or an inability to attract and retain qualified personnel adversely affecting our results of operations;
•our reliance on a select group of brokers;
•the changing market conditions of our excess and surplus lines ("E&S") insurance operations, as well as the cyclical nature of our business, affecting our financial performance;
•our employees taking excessive risks;
•the intense competition for business in our industry;
•the effects of litigation having an adverse effect on our business;
•the performance of our investment portfolio adversely affecting our financial results;
•the ability to pay dividends being dependent on our ability to obtain cash dividends or other permitted payments from our insurance subsidiary;
•being forced to sell investments to meet our liquidity requirements;
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•our credit agreements contain a number of financial and other covenants, the breach of which could result in acceleration of payment of amounts due under our borrowings;
•extensive regulation adversely affecting our ability to achieve our business objectives or the failure to comply with these regulations adversely affecting our financial condition and results of operations; and
•the other risks and uncertainties discussed in Part I, Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2023.
Forward-looking statements speak only as of the date on which they are made. Except as expressly required under federal securities laws or the rules and regulations of the Securities and Exchange Commission ("SEC"), we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
June 30,
2024		December 31,
2023
(in thousands, except share and per share data)
Assets
Investments:
Fixed-maturity securities, available for sale, at fair value (amortized cost: $3,214,692, allowance for credit losses: $67 – 2024; $2,834,463 and $553 –2023)
$3,072,718 $2,711,759 
Equity securities, at fair value (cost: $255,000 – 2024; $193,543 – 2023)
317,482 234,813 
Real estate investments, net15,045 14,791 
Short-term investments6,908 5,589 
Total investments3,412,153 2,966,952 
Cash and cash equivalents171,021 126,694 
Investment income due and accrued25,112 21,689 
Premiums and fees receivable, net of allowance for credit losses of $21,226 – 2024; $13,383 – 2023
171,815 143,212 
Reinsurance recoverables, net of allowance for credit losses of $841 – 2024; $744 – 2023
302,092 247,836 
Ceded unearned premiums58,492 52,516 
Deferred policy acquisition costs, net of ceding commissions109,358 88,395 
Intangible assets3,538 3,538 
Deferred income tax asset, net57,410 55,699 
Other assets84,300 66,443 
Total assets$4,395,291 $3,772,974 
Liabilities and Stockholders' Equity
Liabilities:
Reserves for unpaid losses and loss adjustment expenses$2,013,055 $1,692,875 
Unearned premiums846,638 701,351 
Payable to reinsurers48,397 47,582 
Accounts payable and accrued expenses27,188 44,922 
Debt183,984 183,846 
Other liabilities18,826 15,566 
Total liabilities3,138,088 2,686,142 
Stockholders’ equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 23,286,248 and 23,181,919 shares issued and outstanding at June 30, 2024 and December 31, 2023 respectively
233 232 
Additional paid-in capital354,389 352,970 
Retained earnings1,012,796 828,247 
Accumulated other comprehensive loss(110,215)(94,617)
Total stockholders’ equity1,257,203 1,086,832 
Total liabilities and stockholders’ equity$4,395,291 $3,772,974 
See accompanying notes to condensed consolidated financial statements.
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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands, except per share data)
Revenues:
Gross written premiums$529,770 $438,222 $978,414 $795,810 
Ceded written premiums(99,534)(73,181)(197,124)(131,739)
Net written premiums430,236 365,041 781,290 664,071 
Change in unearned premiums(97,775)(107,995)(139,311)(169,867)
Net earned premiums332,461 257,046 641,979 494,204 
Fee income8,991 6,986 17,083 13,187 
Net investment income35,847 24,172 68,780 44,867 
Change in the fair value of equity securities
3,159 5,811 21,212 9,329 
Net realized investment gains (losses)2,879 1,291 6,745 (3,361)
Change in allowance for credit losses on investments476 25 486 (56)
Other income740 435 1,059 741 
Total revenues384,553 295,766 757,344 558,911 
Expenses:
Losses and loss adjustment expenses193,325 147,042 380,111 286,076 
Underwriting, acquisition and insurance expenses72,068 55,473 137,821 108,219 
Interest expense2,564 2,724 4,986 5,294 
Other expenses796 417 2,759 819 
Total expenses268,753 205,656 525,677 400,408 
Income before income taxes115,800 90,110 231,667 158,503 
Total income tax expense 23,221 17,319 40,147 29,912 
Net income92,579 72,791 191,520 128,591 
Other comprehensive (loss) income:
Change in net unrealized losses on available-for-sale investments, net of taxes(5,658)(14,107)(15,598)3,402 
Total comprehensive income$86,921 $58,684 $175,922 $131,993 
Earnings per share:
Basic$4.00 $3.16 $8.28 $5.59 
Diluted$3.97 $3.12 $8.21 $5.52 
Weighted-average shares outstanding:
Basic23,165 23,040 23,137 23,024 
Diluted23,329 23,301 23,332 23,293 

See accompanying notes to condensed consolidated financial statements.
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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Shares of Common StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumu-
lated
 Other
Compre-
hensive
Loss		Total
Stock-
holders' Equity
(in thousands, except share and per share data)
Balance at December 31, 2023
23,181,919 $232 $352,970 $828,247 $(94,617)$1,086,832 
Issuance of common stock under stock-based compensation plan
105,314 1 932 — — 933 
Stock-based compensation expense
— — 3,524 — — 3,524 
Restricted shares withheld for taxes(11,318)— (5,842)— — (5,842)
Dividends declared ($0.15 per share)
— — — (3,479)— (3,479)
Other comprehensive loss, net of tax— — — — (9,940)(9,940)
Net income— — — 98,941 — 98,941 
Balance at March 31, 202423,275,915 233 351,584 923,709 (104,557)1,170,969 
Issuance of common stock under stock-based compensation plan
13,249 — 219 — — 219 
Stock-based compensation expense
— — 3,709 — — 3,709 
Restricted shares withheld for taxes (2,916)— (1,123)— — (1,123)
Dividends declared ($0.15 per share)
— — — (3,492)— (3,492)
Other comprehensive loss, net of tax— — — — (5,658)(5,658)
Net income— — — 92,579 — 92,579 
Balance at June 30, 202423,286,248 $233 $354,389 $1,012,796 $(110,215)$1,257,203 
Balance at December 31, 2022
23,090,526 $231 $347,015 $533,121 $(134,918)$745,449 
Issuance of common stock under stock-based compensation plan
70,047 1 323 — — 324 
Stock-based compensation expense
— — 1,988 — — 1,988 
Restricted shares withheld for taxes(6,628)— (2,104)— — (2,104)
Dividends declared ($0.14 per share)
— — — (3,235)— (3,235)
Other comprehensive income, net of tax— — — — 17,509 17,509 
Net income— — — 55,800 — 55,800 
Balance at March 31, 202323,153,945 232 347,222 585,686 (117,409)815,731 
Issuance of common stock under stock-based compensation plan
15,046 — 230 — — 230 
Stock-based compensation expense
— — 2,543 — — 2,543 
Restricted shares withheld for taxes (6,816)— (2,130)— — (2,130)
Dividends declared ($0.14 per share)
— — — (3,243)— (3,243)
Other comprehensive loss, net of tax— — — — (14,107)(14,107)
Net income— — — 72,791 — 72,791 
Balance at June 30, 202323,162,175 $232 $347,865 $655,234 $(131,516)$871,815 


See accompanying notes to condensed consolidated financial statements.

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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended June 30,
20242023
(in thousands)
Operating activities:
Net cash provided by operating activities$489,293 $423,577 
Investing activities:
Purchase of property and equipment(7,329)(4,219)
Purchase of real estate investment(312)(1,085)
Change in short-term investments, net(1,233)13,071 
Purchases – fixed-maturity securities(759,799)(667,804)
Purchases – equity securities(84,229)(40,535)
Sales – fixed-maturity securities189,284 187,418 
Sales – equity securities30,880 6,251 
Maturities and calls – fixed-maturity securities200,573 62,284 
Net cash used in investing activities(432,165)(444,619)
Financing activities:
Payroll taxes withheld and remitted on share-based payments(6,965)(4,234)
Proceeds from stock options exercised1,152 554 
Dividends paid(6,988)(6,495)
Net cash used in financing activities(12,801)(10,175)
Net change in cash and cash equivalents44,327 (31,217)
Cash and cash equivalents at beginning of year126,694 156,274 
Cash and cash equivalents at end of period$171,021 $125,057 
See accompanying notes to condensed consolidated financial statements.

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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

1.    Summary of Significant Accounting Policies
Basis of presentation
The unaudited condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its subsidiaries ("the Company") included in the Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All significant intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.
Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Prospective accounting pronouncements
ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which expands reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of a segment's profit or loss. The ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning one year later. Early adoption is permitted and the amendments must be applied retrospectively to all prior periods presented. The Company does not expect the adoption of this guidance to materially affect the consolidated financial statements, and the Company is currently evaluating the effect the guidance will have on its disclosures.
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2.     Investments
Available-for-sale investments
The following tables summarize the available-for-sale investments at June 30, 2024 and December 31, 2023:
June 30, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$15,151 $— $(710)$— $14,441 
Obligations of states, municipalities and political subdivisions
173,760 25 (21,947)— 151,838 
Corporate and other securities1,762,577 1,617 (59,390)(67)1,704,737 
Asset-backed securities699,739 1,571 (2,697)— 698,613 
Residential mortgage-backed securities
460,923 614 (55,954)— 405,583 
Commercial mortgage-backed securities102,542 134 (5,170)— 97,506 
Total fixed-maturity investments$3,214,692 $3,961 $(145,868)$(67)$3,072,718 

December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$28,003 $57 $(806)$— $27,254 
Obligations of states, municipalities and political subdivisions
191,080 212 (20,248)— 171,044 
Corporate and other securities1,437,468 5,532 (54,755)(552)1,387,693 
Asset-backed securities641,700 2,833 (2,773)— 641,760 
Residential mortgage-backed securities
463,904 1,732 (48,530)— 417,106 
Commercial mortgage-backed securities72,308 11 (5,416)(1)66,902 
Total fixed-maturity investments$2,834,463 $10,377 $(132,528)$(553)$2,711,759 
Available-for-sale securities in a loss position
The Company regularly reviews all its available-for-sale investments with unrealized losses to assess whether the decline in the fair value is deemed to be a credit loss. The Company considers a number of factors in completing its review of credit losses, including the extent to which a security's fair value has been below cost and the financial condition of an issuer. In addition to specific issuer information, the Company also evaluates the current market and interest rate environment. Generally, a decline in a security’s value caused by a change in the market or interest rate environment does not constitute a credit loss.
For fixed-maturity securities, the Company also considers whether it intends to sell the security or, if it is more likely than not that it will be required to sell the security before recovery, and its ability to recover all amounts outstanding when contractually due. When assessing whether it intends to sell a fixed-maturity security or, if it is
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likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and potential sales of investments to capitalize on favorable pricing.
For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, an impairment is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before recovery of its amortized cost, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. Inputs into the cash flow analysis include default rates and recoverability rates based on credit rating. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income.
The Company reports investment income due and accrued separately from available-for-sale investments and has elected not to measure an allowance for credit losses for investment income due and accrued. Investment income due and accrued is written off through earnings at the time the issuer of the bond defaults or is expected to default on payments.
At June 30, 2024, the Company's credit loss review resulted in an allowance for credit losses on three securities. The following table presents changes in the allowance for expected credit losses on available-for-sale securities for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Beginning balance$543 $447 $553 $366 
Increase to allowance from securities for which credit losses were not previously recorded— — — — 
Reduction from securities sold during the period(479)(12)(479)(12)
Net (decrease) increase from securities that had an allowance at the beginning of the period3 (13)(7)68 
Ending balance$67 $422 $67 $422 
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The following tables summarize gross unrealized losses and estimated fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position:
June 30, 2024
Less than 12 Months12 Months or LongerTotal
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of the U.S. government agencies$549 $(1)$13,893 $(709)$14,442 $(710)
Obligations of states, municipalities and political subdivisions
14,753 (164)133,181 (21,783)147,934 (21,947)
Corporate and other securities
649,409 (3,640)724,778 (55,750)1,374,187 (59,390)
Asset-backed securities216,615 (731)141,705 (1,966)358,320 (2,697)
Residential mortgage-backed securities
105,217 (1,286)248,896 (54,668)354,113 (55,954)
Commercial mortgage-backed securities19,746 (110)56,994 (5,060)76,740 (5,170)
Total fixed-maturity investments$1,006,289 $(5,932)$1,319,447 $(139,936)$2,325,736 $(145,868)

At June 30, 2024, the Company held 1,253 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $2.3 billion and gross unrealized losses of $145.9 million. Of these securities, 789 were in a continuous unrealized loss position for greater than one year. As discussed above, the Company regularly reviews all fixed-maturity securities within its investment portfolio to determine whether a credit loss has occurred. Based on the Company's review as of June 30, 2024, except for securities previously discussed, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At June 30, 2024, 79.4% of the Company’s fixed-maturity securities were rated "A-" or better and all of the Company’s fixed-maturity securities made expected coupon payments under the contractual terms of the securities.
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December 31, 2023
Less than 12 Months
12 Months or Longer
Total
Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$— $— $15,484 $(806)$15,484 $(806)
Obligations of states, municipalities and political subdivisions
20,886 (221)121,911 (20,027)142,797 (20,248)
Corporate and other securities
246,355 (1,444)651,525 (53,311)897,880 (54,755)
Asset-backed securities142,287 (872)217,401 (1,901)359,688 (2,773)
Residential mortgage-backed securities
26,158 (49)268,891 (48,481)295,049 (48,530)
Commercial mortgage-backed securities8,775 (55)56,731 (5,361)65,506 (5,416)
Total fixed-maturity investments$444,461 $(2,641)$1,331,943 $(129,887)$1,776,404 $(132,528)

Contractual maturities of available-for-sale fixed-maturity securities
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at June 30, 2024 are summarized, by contractual maturity, as follows:
June 30, 2024
AmortizedEstimated
CostFair Value
(in thousands)
Due in one year or less$296,969 $295,225 
Due after one year through five years1,087,876 1,067,641 
Due after five years through ten years350,584 333,550 
Due after ten years216,059 174,600 
Asset-backed securities699,739 698,613 
Residential mortgage-backed securities460,923 405,583 
Commercial mortgage-backed securities102,542 97,506 
Total fixed-maturity securities $3,214,692 $3,072,718 

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, and the lenders may have the right to put the securities back to the borrower.
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Real estate investments
Real estate investments represents directly owned property held for investment purposes and consisted of land with a carrying value of $15.0 million and $14.8 million at June 30, 2024 and December 31, 2023, respectively. There was no accumulated depreciation on real estate investments at June 30, 2024 and December 31, 2023.
Net investment income
The following table presents the components of net investment income for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Interest:
Taxable bonds$34,471 $20,924 $65,862 $39,028 
Tax exempt municipal bonds395 546 834 1,182 
Cash equivalents and short-term investments568 866 1,111 1,579 
Dividends on equity securities1,461 1,278 2,837 2,421 
Real estate investment income— 1,356 153 2,714 
Gross investment income36,895 24,970 70,797 46,924 
Investment expenses(1,048)(798)(2,017)(2,057)
Net investment income$35,847 $24,172 $68,780 $44,867 

There was no depreciation expense related to real estate investments for the three and six months ended June 30, 2024 or three months ended June 30, 2023 as the Company sold the related assets during 2023. Investment expenses included depreciation expense related to real estate investments of $0.5 million for the six months ended June 30, 2023.

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Realized investment gains and losses
The following table presents realized investment gains and losses for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Fixed-maturity securities:
Realized gains$846 $1,338 $941 $1,737 
Realized losses(933)(958)(1,039)(2,217)
Net realized (losses) gains from fixed-maturity securities(87)380 (98)(480)
Equity securities:
Realized gains3,390 1,611 7,271 1,626 
Realized losses(424)(687)(424)(4,487)
Net realized gains (losses) from equity securities2,966 924 6,847 (2,861)
Realized gains (losses) from the sales of short-term investments1 (13)1 (20)
Realized loss on sale of real estate investments(1)— (5)— 
Net realized investment gains (losses)$2,879 $1,291 $6,745 $(3,361)
The net realized gains or losses on sales of equity securities represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) in the consolidated statement of income consists of two components: (1) the reversal of the gain or loss recognized in previous periods on equity securities sold and (2) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.
Change in net unrealized (losses) gains on fixed-maturity securities
For the three months ended June 30, 2024 and 2023, the change in net unrealized losses for fixed-maturity securities was $(7.2) million and $(17.8) million respectively. For the six months ended June 30, 2024 and 2023, the change in net unrealized (losses) gains for fixed-maturity securities was $(19.7) million and $4.4 million, respectively.
Insurance – statutory deposits
The Company had invested assets with a fair value of $3.5 million and $5.8 million on deposit with state regulatory authorities at June 30, 2024 and December 31, 2023, respectively.
Payable for investments purchased
The Company recorded a payable for investments purchased, not yet settled, of $16.7 million and $12.3 million at June 30, 2024 and December 31, 2023, respectively. The payable balance was included in the "other liabilities" line item of the consolidated balance sheet.
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3.     Fair Value Measurements
Fair value is estimated for each class of financial instrument based on the framework established in the fair value accounting guidance. Fair value is defined as the price in the principal market that would be received for an asset or paid to transfer a liability to facilitate an orderly transaction between market participants on the measurement date. Market participants are assumed to be independent, knowledgeable, able and willing to transact an exchange and not acting under duress. Fair value hierarchy disclosures are based on the quality of inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value.
The three levels of the fair value hierarchy are defined as follows:
Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets.
Level 2 - Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs.
Level 3 - Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement.
Fair values of the Company's investment portfolio are estimated using unadjusted prices obtained by its investment accounting vendor from nationally recognized third-party pricing services, where available. Values for U.S. Treasuries, exchange traded funds and common stocks are generally based on Level 1 inputs, which use quoted prices in active markets for identical assets. For other fixed-maturity securities and non-redeemable preferred stock, the pricing vendors use a pricing methodology involving the market approach, including pricing models which use prices and relevant market information regarding a particular security or securities with similar characteristics to establish a valuation. The estimates of fair value of these investments are included in the amounts disclosed as Level 2. For those investments where significant inputs are unobservable, the Company's investment accounting vendor obtains valuations from pricing vendors or brokers using the market approach and income approach valuation techniques and are disclosed as Level 3.
Management performs several procedures to ascertain the reasonableness of investment values included in the condensed consolidated financial statements, including 1) obtaining and reviewing internal control reports from the Company's investment accounting vendor that assess fair values from third party pricing services, 2) discussing with the Company's investment accounting vendor its process for reviewing and validating pricing obtained from third party pricing services and 3) reviewing the security pricing received from the Company's investment accounting vendor and monitoring changes in unrealized gains and losses at the individual security level. The Company has evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs.
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The following tables present the balances of assets measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, by level within the fair value hierarchy:
June 30, 2024
Level 1Level 2Level 3Total
(in thousands)
Assets
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies$14,441 $— $— $14,441 
Obligations of states, municipalities and political subdivisions
— 151,838 — 151,838 
Corporate and other securities— 1,704,737 — 1,704,737 
Asset-backed securities— 698,613 — 698,613 
Residential mortgage-backed securities— 405,583 — 405,583 
Commercial mortgage-backed securities— 97,506 — 97,506 
Total fixed-maturity securities14,441 3,058,277 — 3,072,718 
Equity securities:
Exchange traded funds119,612 — — 119,612 
Non-redeemable preferred stock— 28,964 — 28,964 
Common stocks168,906 — — 168,906 
Total equity securities288,518 28,964 — 317,482 
Short-term investments3,627 3,281 — 6,908 
Total$306,586 $3,090,522 $— $3,397,108 

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December 31, 2023
Level 1Level 2Level 3Total
(in thousands)
Assets
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$22,235 $5,019 $— $27,254 
Obligations of states, municipalities and political subdivisions
— 171,044 — 171,044 
Corporate and other securities— 1,387,693 — 1,387,693 
Asset-backed securities— 641,760 — 641,760 
Residential mortgage-backed securities— 417,106 — 417,106 
Commercial mortgage-backed securities— 66,902 — 66,902 
Total fixed-maturity securities22,235 2,689,524 — 2,711,759 
Equity securities:
Exchange traded funds106,300 — — 106,300 
Non-redeemable preferred stock— 33,173 — 33,173 
Common stocks95,340 — — 95,340 
Total equity securities201,640 33,173 — 234,813 
Short-term investments1,862 3,727 — 5,589 
Total$225,737 $2,726,424 $— $2,952,161 
There were no assets or liabilities measured at fair value on a nonrecurring basis as of June 30, 2024 or December 31, 2023.
The carrying amount of the Company's fixed-rate senior notes was $175.0 million, less debt issuance costs, and the corresponding estimated fair value was $168.3 million and $171.6 million at June 30, 2024 and December 31, 2023, respectively. The fair value measurement was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under the Company's credit profile. Since this methodology is based upon market yields for comparable arrangements, the measurement is categorized as Level 2. The estimated fair value of outstanding borrowings under the Company's revolving Credit Facility approximated its carrying value at June 30, 2024 and December 31, 2023. See Note 13 for further information regarding the Company's debt arrangements.
The Company holds cash equivalents that are managed as part of its investment portfolio and, due to the short-term maturities of these assets, the carrying value of these investments approximates fair value. The Company held cash equivalents of $32.6 million and $11.8 million at June 30, 2024 and December 31, 2023, respectively.

4.     Allowance for Credit Losses
Premiums receivable
Premiums receivable balances are carried at face value, net of any allowance for credit losses. The allowance for credit losses represents an estimate of amounts considered uncollectible based on the Company’s assessment of the collectability of receivables that are past due. The estimate considers historical loss data, current and future economic conditions and specific identification of collectability concerns, where applicable. The following table presents the change in the allowance for credit losses for premiums receivable for the three and six months ended June 30, 2024 and 2023:
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Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Beginning balance$15,482 $10,127 $13,383 $8,067 
Current period change for estimated uncollectible premiums6,079 2,711 10,342 5,118 
Write-offs of uncollectible premiums receivable(335)(671)(2,499)(1,018)
Ending balance$21,226 $12,167 $21,226 $12,167 

5.     Deferred Policy Acquisition Costs
The following table presents the amounts of policy acquisition costs deferred and amortized for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Balance, beginning of period$94,489 $69,444 $88,395 $61,594 
Policy acquisition costs deferred:
Direct commissions77,818 63,279 143,373 114,643 
Ceding commissions(29,869)(21,171)(58,315)(38,549)
Other underwriting and policy acquisition costs3,512 3,242 6,653 5,888 
Policy acquisition costs deferred51,461 45,350 91,711 81,982 
Amortization of net policy acquisition costs
(36,592)(29,468)(70,748)(58,250)
Balance, end of period$109,358 $85,326 $109,358 $85,326 
Amortization of net policy acquisition costs is included in the line item "underwriting, acquisition and insurance expenses" in the accompanying consolidated statements of income and comprehensive income.
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6.     Property and Equipment, Net
Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following:
June 30, 2024December 31, 2023
(in thousands)
Building$37,190 $37,181 
Parking deck5,072 5,072 
Land3,068 3,068 
Equipment4,250 3,958 
Software17,597 15,375 
Furniture and fixtures3,093 3,065 
Land improvements474 474 
Leasehold improvements153 153 
Construction in progress - building11,145 6,623 
Property and equipment82,042 74,969 
Accumulated depreciation(13,878)(11,565)
Total property and equipment, net$68,164 $63,404 

7.     Underwriting, Acquisition and Insurance Expenses
Underwriting, acquisition and insurance expenses for the three and six months ended June 30, 2024 and 2023 consist of the following:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Underwriting, acquisition and insurance expenses incurred:
Direct commissions$62,764 $46,977 $121,130 $90,146 
Ceding commissions(29,359)(19,927)(56,186)(36,486)
Other underwriting expenses38,663 28,423 72,877 54,559 
Total$72,068 $55,473 $137,821 $108,219 
Other underwriting expenses within underwriting, acquisition and insurance expenses include salaries, bonus and employee benefits expenses of $26.0 million and $20.6 million for the three months ended June 30, 2024 and 2023, respectively and $50.7 million and $39.9 million for the six months ended June 30, 2024 and 2023, respectively.

8.    Stock-based Compensation
On July 27, 2016, the Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the "2016 Incentive Plan") became effective. The 2016 Incentive Plan, which is administered by the Compensation, Nominating and Corporate Governance Committee of the Company’s Board of Directors, provides for grants of stock options, restricted stock, restricted stock units and other stock-based awards to officers, employees, directors, independent contractors and consultants. The number of shares of common stock available for issuance under the 2016 Incentive Plan may not exceed 2,073,832.
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The total compensation cost that has been charged against income for share-based compensation arrangements was $7.2 million and $4.5 million for the six months ended June 30, 2024 and 2023, respectively.
Restricted Stock Awards
During the six months ended June 30, 2024, the Company granted restricted stock awards under the 2016 Incentive Plan. The restricted stock awards were valued on the date of grant and will vest over a period of 1 to 4 years corresponding to the anniversary date of the grants. The fair value of restricted stock awards was determined based on the closing trading price of the Company’s shares on the grant date or, if no shares were traded on the grant date, the last preceding date for which there was a sale of shares. Except for restrictions placed on the transferability of restricted stock, holders of unvested restricted stock have full stockholder’s rights, including voting rights and the right to receive dividends. Unvested shares of restricted stock awards and accrued dividends, if any, are forfeited upon the termination of service to or employment with the Company.
A summary of restricted stock activity under the 2016 Incentive Plan for the six months ended June 30, 2024 is as follows:
Six Months Ended
June 30, 2024
Number of SharesWeighted Average Grant Date Fair Value per Share
Non-vested outstanding at the beginning of the period107,822 $250.86 
Granted47,689 $502.43 
Vested(41,502)$231.05 
Forfeited(1,139)$272.22 
Non-vested outstanding at the end of the period112,870 $365.35 
Employees surrender shares to pay for withholding tax obligations resulting from any vesting of restricted stock awards. During the six months ended June 30, 2024, shares withheld for taxes in connection with the vesting of restricted stock awards totaled 14,234.
The weighted average grant-date fair value per share of the Company's restricted stock awards granted during the six months ended June 30, 2024 and 2023 was $502.43 and $313.35, respectively. The fair value of restricted stock awards that vested during the six months ended June 30, 2024 and 2023 was $19.8 million and $12.6 million, respectively. As of June 30, 2024, the Company had $36.0 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 2.6 years.
Stock Options
On July 27, 2016, the Board of Directors approved, and the Company granted, 1,036,916 stock options with an exercise price equal to the initial public offering price of $16.00 per share and a weighted-average grant-date fair value of $2.71 per share. The options have a maximum contractual term of 10 years and vested in 4 equal annual installments following the date of the grant. The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model.
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A summary of option activity as of June 30, 2024, and changes during the period then ended is presented below:
Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Years of Contractual TermAggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2024201,560 $16.00 
Granted— — 
Forfeited— — 
Exercised(72,013)16.00 
Outstanding at June 30, 2024
129,547 $16.00 2.1$47,839 
Exercisable at June 30, 2024
129,547 $16.00 2.1$47,839 
The total intrinsic value of options exercised was $33.0 million and $10.6 million during the six months ended June 30, 2024 and 2023, respectively. 
9.    Earnings Per Share
The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands, except per share data)
Net income$92,579 $72,791 $191,520 $128,591 
Weighted average common shares outstanding - basic23,165 23,040 23,137 23,024 
Effect of potential dilutive securities:
Conversion of stock options130 217 150 225 
Conversion of restricted stock34 44 45 44 
Weighted average common shares outstanding - diluted23,329 23,301 23,332 23,293 
Earnings per common share:
Basic$4.00 $3.16 $8.28 $5.59 
Diluted$3.97 $3.12 $8.21 $5.52 
There were 44,000 and zero anti-dilutive stock awards for the three months ended June 30, 2024 and 2023, respectively. There were 44,000 and 47,000 anti-dilutive stock awards for the six months ended June 30, 2024 and 2023, respectively.

10. Income Taxes
The Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company's best estimate of the effective tax rate expected for the full year. The estimated annual effective tax rate typically differs from the U.S. statutory tax rate, primarily as a result of tax-exempt
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investment income and any discrete items recognized during the period. The Company's effective tax rates were 17.3% and 18.9% for the six months ended June 30, 2024 and 2023, respectively. The effective tax rates were lower than the federal statutory rate of 21% due primarily to the tax benefits from stock-based compensation, including stock options exercised, and from income generated by certain tax-exempt investments.
11.     Reserves For Unpaid Losses and Loss Adjustment Expenses
The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses:
June 30,
20242023
(in thousands)
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year
$1,692,875 $1,238,402 
Less: reinsurance recoverable on unpaid losses
241,357 177,039 
Net reserves for unpaid losses and loss adjustment expenses, beginning of year
1,451,518 1,061,363 
Incurred losses and loss adjustment expenses:
Current year398,058 305,536 
Prior years(17,947)(19,460)
Total net losses and loss adjustment expenses incurred380,111 286,076 
Payments:
Current year8,114 8,058 
Prior years102,829 92,055 
Total payments110,943 100,113 
Net reserves for unpaid losses and loss adjustment expenses, end of period
1,720,686 1,247,326 
Reinsurance recoverable on unpaid losses292,369 208,408 
Gross reserves for unpaid losses and loss adjustment expenses, end of period
$2,013,055 $1,455,734 
During the six months ended June 30, 2024, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2023 developed favorably by $17.9 million, of which $30.7 million was attributable to the 2021 through 2023 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development primarily from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation and from the 2020 accident year due to a large property claim.
During the six months ended June 30, 2023, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2022 developed favorably by $19.5 million, of which $27.1 million was attributable to the 2021 and 2022 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation.
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12.     Reinsurance
The following table summarizes the effect of reinsurance on premiums written and earned for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Premiums written:
Direct$529,770 $438,222 $978,414 $795,810 
Ceded(99,534)(73,181)(197,124)(131,739)
Net written$430,236 $365,041 $781,290 $664,071 
Premiums earned:
Direct$430,535 $326,697 $833,127 $620,233 
Ceded(98,074)(69,651)(191,148)(126,029)
Net earned$332,461 $257,046 $641,979 $494,204 
The following table summarizes ceded losses and loss adjustment expenses for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Ceded incurred losses and loss adjustment expenses$40,944 $25,981 $70,205 $61,990 
The following table presents reinsurance recoverables on paid and unpaid losses as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
(in thousands)
Reinsurance recoverables on paid losses$9,723 $6,479 
Reinsurance recoverables on unpaid losses, net292,369 241,357 
Reinsurance recoverables, net$302,092 $247,836 

13.     Debt
Note Purchase and Private Shelf Agreement
On July 22, 2022, the Company entered into a Note Purchase and Private Shelf Agreement (as subsequently amended, the "Note Purchase Agreement") with PGIM, Inc. ("Prudential") and the purchasers of the Series A and Series B Senior Notes (as defined below). The Note Purchase Agreement provides for issuance of senior promissory notes with an aggregate principal amount of up to $200.0 million through September 18, 2026.
Pursuant to the Note Purchase Agreement, on July 22, 2022, the Company issued $125.0 million aggregate principal amount of 5.15% Series A Senior Notes Due July 22, 2034 (collectively, the "Series A Notes”), and on September
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18, 2023, the Company issued a $50.0 million aggregate principal amount 6.21% Series B Senior Note ("Series B Note") due July 22, 2034.
The Series A and B Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s Amended and Restated Credit Agreement.
Principal payments on the Series A Notes are required annually beginning on July 22, 2030 in equal installments of $25.0 million through July 22, 2034.
Principal payments on the Series B Note are required annually beginning on July 22, 2030 in equal installments of $10.0 million through July 22, 2034.
Credit Agreement
On July 22, 2022, the Company entered into an Amended and Restated Credit Agreement, with JPMorgan Chase Bank, N.A., as administrative agent and as issuing bank, Truist Bank, as syndication agent, and the lenders party thereto (collectively, the "Lenders"). The Amended and Restated Credit Agreement provides the Company with a $100.0 million senior unsecured revolving credit facility (the "Credit Facility"), with the option to increase the aggregate commitment by $30.0 million. The Company is required to pay a Commitment Fee Rate (as defined therein) of 0.25% on the average daily amount of the Available Revolving Commitment (as defined therein). Borrowings under the Amended and Restated Credit Agreement may be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness).
The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%. For the six months ended June 30, 2024, the annual weighted-average interest rate of borrowings under the Credit Facility was 7.07%.
The following table presents the Company's outstanding debt as of June 30, 2024 and December 31, 2023:

IssuanceMaturitiesJune 30,
2024		December 31, 2023
(in thousands)
Credit FacilityVarious7/22/2027$11,000 $11,000 
5.15% Series A Notes
7/22/20227/22/2034125,000 125,000 
6.21% Series B Note
9/18/20237/22/203450,000 50,000 
Less: Unamortized debt issuance costs(2,016)(2,154)
Total debt$183,984 $183,846 
Both the Note Purchase Agreement and the Amended and Restated Credit Agreement contain representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of June 30, 2024, the Company was in compliance with all of its financial covenants under both the Note Purchase Agreement and the Credit Facility.
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14.     Other Comprehensive (Loss) Income
The following table summarizes the components of other comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Unrealized (losses) gains on fixed-maturity securities arising during the period, before income taxes$(6,892)$(18,236)$(19,476)$2,934 
Income tax benefit (expense)1,447 3,830 4,090 (616)
Unrealized (losses) gains arising during the period, net of income taxes(5,445)(14,406)(15,386)2,318 
Less reclassification adjustment:
Net realized losses on fixed-maturity securities, before income taxes(207)(404)(218)(1,316)
Income tax benefit 44 85 46 276 
Reclassification adjustment included in net income(163)(319)(172)(1,040)
Change in allowance for credit losses on investments, before income taxes476 25 486 (56)
Income tax (expense) benefit (100)(5)(102)12 
Reclassification adjustment included in net income376 20 384 (44)
Other comprehensive (loss) income$(5,658)$(14,107)$(15,598)$3,402 
The sale or credit loss of an available-for-sale fixed-maturity security results in amounts being reclassified from accumulated other comprehensive (loss) income to realized gains or losses in current period earnings. The related tax effect of the reclassification adjustment is recorded in income tax expense in current period earnings. See Note 2 for additional information.

15.     Contingencies
Contingencies arise in the normal conduct of the Company’s operations and are not expected to have a material effect on the Company’s financial condition or results of operations. However, adverse outcomes are possible and could negatively affect the Company’s financial condition and results of operations.
In June 2019, Marie Hughes, as authorized administrator for the estate of George Hughes, filed a wrongful death claim against Venetian Hills Apartments, LLC ("Venetian Hills") in DeKalb County in Georgia state court. On December 20, 2023, the jury awarded a verdict to the plaintiff of $140.0 million.
Venetian Hills was a policyholder of a $1.0 million general liability policy issued by Kinsale Insurance. The Company believes exclusions in the policy apply to the claim and intends to defend any action related to this proceeding vigorously. The Company expects to appeal the verdict at the conclusion of post trial motions and does not expect a resolution as to the Company’s liability, if any, with respect to this matter in the foreseeable future, and potentially for multiple years.
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The Company does not believe this legal proceeding will have a material adverse effect on its results of operations or business. The Company believes adequate provision has been made in its consolidated financial statements and its existing reserves account for liabilities to the Company relating to claims such as this legal proceeding.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The discussion and analysis below include certain forward-looking statements that are subject to risks, uncertainties and other factors described in "Risk Factors" in this Quarterly Report on Form 10-Q and in the Annual Report on Form 10-K for the year ended December 31, 2023. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors.
The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year ended December 31, 2024, or for any other future period. The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in Part I, Item 1 of this Quarterly Report, and in conjunction with our audited consolidated financial statements and the notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023.
References to the "Company," "Kinsale," "we," "us," and "our" are to Kinsale Capital Group, Inc. and its subsidiaries, unless the context otherwise requires.
Overview
Founded in 2009, Kinsale is a specialty insurance company. Kinsale focuses exclusively on the excess and surplus lines ("E&S") market in the U.S., where we use our underwriting expertise to write coverages for hard-to-place small business risks and personal lines risks. We market these insurance products in all 50 states, the District of Columbia, the Commonwealth of Puerto Rico and the U.S. Virgin Islands, primarily through a network of independent insurance brokers.
We have one reportable segment, our Excess and Surplus Lines Insurance segment, which offers property and casualty ("P&C") insurance products through the E&S market. For the first six months of 2024, the percentage breakdown of our gross written premiums was 65.2% casualty and 34.8% property. Our commercial underwriting divisions include commercial property, excess casualty, small business casualty, general casualty, construction, allied health, products liability, small business property, entertainment, energy, professional liability, life sciences, commercial auto, environmental, excess professional, inland marine, health care, management liability, public entity, aviation, product recall, ocean marine and railroad. We also write homeowners' coverage in the personal lines market, which in aggregate represented 2.1% of our gross written premiums in the first six months of 2024.
Components of Our Results of Operations
Gross written premiums
Gross written premiums are the amounts received or to be received for insurance policies written or assumed by us during a specific period of time without reduction for policy acquisition costs, reinsurance costs or other deductions. The volume of our gross written premiums in any given period is generally influenced by:
•New business submissions;
•Conversion of new business submissions into policies;
•Renewals of existing policies; and
•Average size and premium rate of bound policies.
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We earn insurance premiums on a pro rata basis over the term of the policy. Our insurance policies generally have a term of one year. Net earned premiums represent the earned portion of our gross written premiums, less that portion of our gross written premiums that is ceded to third-party reinsurers under our reinsurance agreements.
Ceded written premiums
Ceded written premiums are the amount of gross written premiums ceded to reinsurers. We enter into reinsurance contracts to limit our exposure to potential large losses. Ceded written premiums are earned over the reinsurance contract period in proportion to the period of risk covered. The volume of our ceded written premiums is impacted by the level of our gross written premiums, any decision we make to increase or decrease retention levels and reinstatement premiums, if any.
Fee income
Fee income includes policy fees charged to insureds and is recognized in earnings when the related premium is written. Policy fees are a flat charge to insureds and fee income is impacted primarily by the volume of business we write.
Losses and loss adjustment expenses
Losses and loss adjustment expenses are a function of the amount and type of insurance contracts we write and the loss experience associated with the underlying coverage. In general, our losses and loss adjustment expenses are affected by:
•Frequency of claims associated with the particular types of insurance contracts that we write;
•Trends in the average size of losses incurred on a particular type of business;
•Mix of business written by us;
•Changes in the legal or regulatory environment related to the business we write;
•Trends in legal defense costs;
•Wage inflation
•Social inflation;
•Inflation in material costs, and
•Inflation in medical costs.
Losses and loss adjustment expenses are based on an actuarial analysis of the estimated losses, including losses incurred during the period and changes in estimates from prior periods. Losses and loss adjustment expenses may be paid out over a period of years.
Underwriting, acquisition and insurance expenses
Underwriting, acquisition and insurance expenses include policy acquisition costs and other underwriting expenses. Policy acquisition costs are principally composed of the commissions we pay our brokers, net of ceding commissions we receive on business ceded under certain reinsurance contracts. Policy acquisition costs also include underwriting expenses that are directly related to the successful acquisition of those policies which are deferred. The amortization of policy acquisition costs is charged to expense in proportion to premium earned over the policy life.
Other underwriting expenses represent the general and administrative expenses of our insurance business such as employment costs, telecommunication and technology costs, and legal and auditing fees.
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Net investment income
Net investment income is an important component of our results of operations. We earn investment income on our portfolio of cash and invested assets. Our cash and invested assets are primarily composed of fixed-maturity securities, and may also include cash equivalents, equity securities and short-term investments. The principal factors that influence net investment income are the size of our investment portfolio and the yield on that portfolio. As measured by amortized cost (which excludes changes in fair value), the size of our investment portfolio is mainly a function of our invested equity capital combined with premiums we receive from our insureds less payments on policyholder claims. Net investment income also includes rental income and depreciation expense from our real estate investment property, if any.
Change in fair value of equity securities
Change in fair value of equity securities represents the increase or decrease in the fair value of equity securities held during the period.
Net realized investment gains (losses)
Net realized investment gains (losses) are a function of the difference between the amount received by us on the sale of a security and the security's amortized cost.
Income tax expense
Currently, substantially all of our income tax expense relates to federal income taxes. Our insurance subsidiary, Kinsale Insurance Company, is not subject to income taxes in the states in which it operates; however, our non-insurance subsidiaries are subject to state income taxes, but have not generated any material taxable income to date. The amount of income tax expense or benefit recorded in future periods will depend on the jurisdictions in which we operate and the tax laws and regulations in effect.
Key metrics
We discuss certain key metrics, described below, which we believe provide useful information about our business and the operational factors underlying our financial performance.
Underwriting income is a non-GAAP financial measure. We define underwriting income as net income, excluding net investment income, net change in the fair value of equity securities, net realized investment gains and losses, change in allowance for credit losses on investments, interest expense, other income, other expenses and income tax expense. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to underwriting income.
Net operating earnings is a non-GAAP financial measure. We define net operating earnings as net income excluding the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes and change in allowance for credit losses on investments, after taxes. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.
Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income.
Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income.
Combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss.
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Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period.
Operating return on equity is a non-GAAP financial measure. We define operating return on equity as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.
Net retention ratio is the ratio of net written premiums to gross written premiums.
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 the average beginning and ending book values of those investments during the period.




































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Results of Operations
Three months ended June 30, 2024 compared to three months ended June 30, 2023
The following table summarizes our results of operations for the three months ended June 30, 2024 and 2023:
Three Months Ended June 30,
($ in thousands)20242023Change% Change
Gross written premiums$529,770 $438,222 $91,548 20.9 %
Ceded written premiums(99,534)(73,181)(26,353)36.0 %
Net written premiums$430,236 $365,041 $65,195 17.9 %
Net earned premiums $332,461 $257,046 $75,415 29.3 %
Fee income8,991 6,986 2,005 28.7 %
Losses and loss adjustment expenses193,325 147,042 46,283 31.5 %
Underwriting, acquisition and insurance expenses72,068 55,473 16,595 29.9 %
Underwriting income (1)
76,059 61,517 14,542 23.6 %
Net investment income35,847 24,172 11,675 48.3 %
Change in the fair value of equity securities3,159 5,811 (2,652)NM
Net realized investment gains 2,879 1,291 1,588 NM
Change in allowance for credit losses on investments476 25 451 NM
Interest expense(2,564)(2,724)160 (5.9)%
Other (expense) income, net(56)18 (74)NM
Income before taxes115,800 90,110 25,690 28.5 %
Income tax expense23,221 17,319 5,902 34.1 %
Net income$92,579 $72,791 $19,788 27.2 %
Net operating earnings (2)
$87,433 $67,160 $20,273 30.2 %
Loss ratio56.6 %55.7 %
Expense ratio21.1 %21.0 %
Combined ratio (3)
77.7 %76.7 %
Annualized return on equity30.5 %34.5 %
Annualized operating return on equity (2)
28.8 %31.8 %
NM - Percentage change not meaningful.
(1) Underwriting income is a non-GAAP financial measure. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to underwriting income.
(2) Net operating earnings and annualized operating return on equity are non-GAAP financial measures. Net operating earnings is defined as net income excluding the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Annualized operating return on equity is defined as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.
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(3) The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding.
Net income was $92.6 million for the three months ended June 30, 2024 compared to $72.8 million for the three months ended June 30, 2023, an increase of 27.2%. The increase in net income for the second quarter of 2024 from the same period last year was primarily due to continued profitable growth and an increase in investment income driven by higher investment balances and higher interest rates.
Underwriting income was $76.1 million for the three months ended June 30, 2024 compared to $61.5 million for the three months ended June 30, 2023, an increase of 23.6%. The corresponding combined ratios were 77.7% for the three months ended June 30, 2024 compared to 76.7% for the three months ended June 30, 2023. The increase in underwriting income in the second quarter of 2024 compared to the second quarter of 2023 was primarily due to a combination of premium growth and lower relative net commissions.
Premiums
Gross written premiums were $529.8 million for the three months ended June 30, 2024 compared to $438.2 million for the three months ended June 30, 2023, an increase of $91.5 million, or 20.9%. The increase in gross written premiums for the second quarter of 2024 over the same period last year was due to higher submission activity from brokers and a favorable pricing environment. The average premium per policy written was approximately $16,300 in the second quarter of 2024 compared to approximately $16,400 in the second quarter of 2023. Excluding our personal lines insurance, which has a relatively low premium per policy written, the average premium per policy written was approximately $17,200 in the second quarter of 2024 compared to $17,800 in the second quarter of 2023.
Net written premiums increased by $65.2 million, or 17.9%, to $430.2 million for the three months ended June 30, 2024 from $365.0 million for the three months ended June 30, 2023. The increase in net written premiums for the second quarter of 2024 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 81.2% for the three months ended June 30, 2024 compared to 83.3% for the three months ended June 30, 2023. The decrease in the net retention ratio was primarily due to a higher cession rate on the commercial property quota share treaty effective with the June 2023 renewal.
Net earned premiums increased by $75.4 million, or 29.3%, to $332.5 million for the three months ended June 30, 2024 from $257.0 million for the three months ended June 30, 2023 and was directly related to growth in gross written premiums.
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Loss ratio
The following table summarizes the loss ratios for the three months ended June 30, 2024 and 2023:
Three Months Ended June 30,
20242023
($ in thousands)Losses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee IncomeLosses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee Income
Loss ratio:
Current accident year before catastrophe losses
$199,406 58.4 %$156,008 59.1 %
Current year catastrophe losses3,420 1.0 %1,451 0.5 %
Effect of prior year development(9,501)(2.8)%(10,417)(3.9)%
Total$193,325 56.6 %$147,042 55.7 %

The loss ratio was 56.6% for the three months ended June 30, 2024 compared to 55.7% for the three months ended June 30, 2023. The increase in the loss ratio in the second quarter of 2024 compared to the second quarter of 2023 was due primarily to lower net favorable development of loss reserves from prior accident years as a percentage of the sum of earned premiums and fee income and higher catastrophe losses incurred.
During the three months ended June 30, 2024, prior accident years developed favorably by $9.5 million, of which $14.4 million was attributable to the 2021 through 2023 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 and 2018 accident years due to construction defect claims that are more exposed to inflation.
During the three months ended June 30, 2023, prior accident years developed favorably by $10.4 million, of which $14.4 million was attributable to the 2021 and 2022 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation.
Expense ratio
The following table summarizes the components of the expense ratio for the three months ended June 30, 2024 and 2023:
Three Months Ended June 30,
20242023
($ in thousands)Underwriting Expenses% of Sum of Earned Premiums and Fee IncomeUnderwriting Expenses% of Sum of Earned Premiums and Fee Income
Net commissions incurred33,405 9.8 %27,050 10.2 %
Other underwriting expenses
38,663 11.3 %28,423 10.8 %
Underwriting, acquisition and insurance expenses
$72,068 21.1 %$55,473 21.0 %
The expense ratio was 21.1% for the three months ended June 30, 2024 compared to 21.0% for the three months ended June 30, 2023. The expense ratio continues to benefit from higher ceding commissions earned under the
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commercial property quota share treaty as a result of commercial property premium growth offset in part by variability in other underwriting expenses. Direct commissions paid as a percent of gross written premiums was 14.7% and 14.4% for the three months ended June 30, 2024 and 2023, respectively.
Investing results
The following table summarizes net investment income, change in the fair value of equity securities and net realized investment gains for the three months ended June 30, 2024 and 2023:
Three Months Ended June 30,
($ in thousands)20242023Change
Interest from fixed-maturity securities$34,866 $21,470 $13,396 
Dividends from equity securities1,461 1,278 183 
Cash equivalents and short-term investments568 866 (298)
Real estate investment income— 1,356 (1,356)
Gross investment income36,895 24,970 11,925 
Investment expenses(1,048)(798)(250)
Net investment income35,847 24,172 11,675 
Change in the fair value of equity securities3,159 5,811 (2,652)
Net realized investment gains2,879 1,291 1,588 
Change in allowance for credit losses on investments476 25 451 
Net realized and unrealized investment gains6,514 7,127 (613)
Total$42,361 $31,299 $11,062 
Net investment income increased by 48.3% to $35.8 million for the three months ended June 30, 2024 from $24.2 million for the three months ended June 30, 2023. This increase was primarily due to growth in our investment portfolio generated from the investment of strong operating cash flows and higher interest rates relative to the prior year period. Our investment portfolio, excluding cash equivalents and unrealized gains and losses, had an annualized gross investment return of 4.4% and 3.9% for the three months ended June 30, 2024 and 2023, respectively.
During the second quarter of 2024, the change in fair value of equity securities included changes in unrealized gains related to common stocks of $1.7 million and exchange traded funds ("ETFs") of $0.4 million and unrealized gains related to non-redeemable preferred stock of $1.1 million. The change in the fair value of common stocks and ETFs during the second quarter of 2024 reflected changes in the broader U.S. stock market, and the change in fair value of preferred stock relates primarily to the disposition of certain preferred stock securities in a loss position.
During the second quarter of 2023, the change in fair value of equity securities included changes in unrealized gains related to ETFs of $3.8 million and common stocks of $1.9 million and unrealized gains related to non-redeemable preferred stock of $0.1 million. The change in unrealized gains during the second quarter of 2023 attributable to ETFs and common stocks reflected higher valuations in the broader U.S. stock market during the period.
During the second quarter of 2024, net realized investment gains of $2.9 million were primarily related to sales of ETFs due to opportunistic repositioning of our equity portfolio.
Income tax expense
Our effective tax rate was 20.1% for the three months ended June 30, 2024 compared to 19.2% for the three months ended June 30, 2023. The effective tax rates were lower than the federal statutory rate of 21% due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income.
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Six months ended June 30, 2024 compared to six months ended June 30, 2023
The following table summarizes our results of operations for the six months ended June 30, 2024 and 2023:
Six Months Ended June 30,
($ in thousands)20242023Change% Change
Gross written premiums$978,414 $795,810 $182,604 22.9 %
Ceded written premiums(197,124)(131,739)(65,385)49.6 %
Net written premiums$781,290 $664,071 $117,219 17.7 %
Net earned premiums $641,979 $494,204 $147,775 29.9 %
Fee income17,083 13,187 3,896 29.5 %
Losses and loss adjustment expenses380,111 286,076 94,035 32.9 %
Underwriting, acquisition and insurance expenses137,821 108,219 29,602 27.4 %
Underwriting income (1)
141,130 113,096 28,034 24.8 %
Net investment income68,780 44,867 23,913 53.3 %
Change in fair value of equity securities21,212 9,329 11,883 NM
Net realized investment gains (losses)6,745 (3,361)10,106 NM
Change in allowance for credit losses on investments486 (56)542 NM
Interest expense(4,986)(5,294)308 (5.8)%
Other expense, net(1,700)(78)(1,622)NM
Income before taxes231,667 158,503 73,164 46.2 %
Income tax expense40,147 29,912 10,235 34.2 %
Net income$191,520 $128,591 $62,929 48.9 %
Net operating earnings (2)
$169,050 $123,920 $45,130 36.4 %
Loss ratio57.7 %56.4 %
Expense ratio20.9 %21.3 %
Combined ratio (3)
78.6 %77.7 %
Annualized return on equity32.7 %31.8 %
Annualized operating return on equity (2)
28.8 %30.6 %
NM - Percentage change not meaningful.
(1) Underwriting income is a non-GAAP financial measure. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to underwriting income.
(2) Net operating earnings and annualized operating return on equity are non-GAAP financial measures. Net operating earnings is defined as net income excluding the net change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Annualized operating return on equity is defined as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See "—Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income in accordance with GAAP to net operating earnings.
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(3) The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding.
Overview
Net income was $191.5 million for the six months ended June 30, 2024 compared to $128.6 million for the six months ended June 30, 2023, an increase of 48.9%. The increase in net income for the first six months of 2024 over the same period last year was primarily due to a combination of continued profitable growth, an increase in investment income driven by both higher investment balances and higher interest rates and higher returns on equity investments.
Underwriting income was $141.1 million for the six months ended June 30, 2024 compared to $113.1 million for the six months ended June 30, 2023, an increase of 24.8%. The corresponding combined ratios were 78.6% for the six months ended June 30, 2024 compared to 77.7% for the six months ended June 30, 2023. The increase in underwriting income for the first six months of 2024 compared to the same period last year was primarily due to a combination of premium growth and lower relative net commissions.
Premiums
Gross written premiums were $978.4 million for the six months ended June 30, 2024 compared to $795.8 million for the six months ended June 30, 2023, an increase of $182.6 million, or 22.9%. The increase in gross written premiums for the first six months of 2024 over the same period last year was due to higher submission activity from brokers and a favorable pricing environment. The average premium per policy written was $15,800 in the first six months of 2024 compared to $15,700 in the first six months of 2023. Excluding our personal insurance division, which has a relatively low premium per policy written, the average premium per policy written was $16,600 for the first six months of 2024 and $17,100 for the first six months of 2023.
Net written premiums increased by $117.2 million, or 17.7%, to $781.3 million for the six months ended June 30, 2024 from $664.1 million for the six months ended June 30, 2023. The increase in net written premiums for the first six months of 2024 compared to the same period last year was primarily due to higher gross written premiums. The net retention ratio was 79.9% for the six months ended June 30, 2024 compared to 83.4% for the same period last year. The decrease in the net retention ratio was primarily due to a higher cession rate on the commercial property quota share treaty effective with the June 2023 renewal.
Net earned premiums increased by $147.8 million, or 29.9%, to $642.0 million for the six months ended June 30, 2024 from $494.2 million for the six months ended June 30, 2023 due to growth in gross written premiums.
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Loss ratio
The following table summarizes the loss ratios for the six months ended June 30, 2024 and 2023:
Six Months Ended June 30,
20242023
($ in thousands)Losses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee IncomeLosses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee Income
Loss ratio:
Current accident year before catastrophe losses
$394,060 59.8 %$302,511 59.6 %
Current year catastrophe losses3,998 0.6 %3,025 0.6 %
Effect of prior year development(17,947)(2.7)%(19,460)(3.8)%
Total$380,111 57.7 %$286,076 56.4 %
The loss ratio was 57.7% for the six months ended June 30, 2024 compared to 56.4% for the six months ended June 30, 2023. The increase in the loss ratio in the first six months of 2024 compared to the first six months of 2023 was due primarily to lower net favorable development of loss reserves from prior accident years.
During the six months ended June 30, 2024, prior accident years developed favorably by $17.9 million, of which $30.7 million was attributable to the 2021 through 2023 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development primarily from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation and from the 2020 accident year due to a large property claim.
During the six months ended June 30, 2023, prior accident years developed favorably by $19.5 million, of which $27.1 million was attributable to the 2021 and 2022 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation.
Expense ratio
The following table summarizes the components of the expense ratio for the six months ended June 30, 2024 and 2023:
Six Months Ended June 30,
20242023
($ in thousands)Underwriting Expenses% of Sum of Earned Premiums and Fee IncomeUnderwriting Expenses% of Sum of Earned Premiums and Fee Income
Net commissions incurred64,944 9.8 %53,660 10.6 %
Other underwriting expenses
72,877 11.1 %54,559 10.7 %
Total$137,821 20.9 %$108,219 21.3 %
The expense ratio was 20.9% for the six months ended June 30, 2024 compared to 21.3% for the six months ended June 30, 2023. The decrease in the expense ratio was primarily due to lower relative net commissions due to higher ceding commissions earned under the commercial property quota share treaty as a result of commercial property
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premium growth offset in part by variability in other underwriting expenses. Direct commissions paid as a percentage of gross written premiums was 14.7% and 14.4% for the six months ended June 30, 2024 and 2023, respectively.
Investing results
The following table summarizes net investment income, change in the fair value of equity securities and net realized investment gains (losses) for the six months ended June 30, 2024 and 2023:
Six Months Ended June 30,
($ in thousands)20242023Change
Interest from fixed-maturity securities$66,696 $40,210 $26,486 
Dividends from equity securities2,837 2,421 416 
Cash equivalents and short-term investments1,111 1,579 (468)
Real estate investment income153 2,714 (2,561)
Gross investment income70,797 46,924 23,873 
Investment expenses(2,017)(2,057)40 
Net investment income68,780 44,867 23,913 
Change in fair value of equity securities21,212 9,329 11,883 
Net realized investment gains (losses)6,745 (3,361)10,106 
Change in allowance for credit losses on investments486 (56)542 
Net realized and unrealized investment gains28,443 5,912 22,531 
Total$97,223 $50,779 $46,444 
Net investment income increased by 53.3% to $68.8 million for the six months ended June 30, 2024 from $44.9 million for the six months ended June 30, 2023. The increase in the first six months of 2024 compared to the same period last year was primarily due to growth in our investment portfolio largely generated from the investment of strong operating cash flows and higher interest rates relative to the prior year period. Our investment portfolio, excluding cash equivalents and unrealized gains and losses, had an annualized gross investment return of 4.3% and 3.8% for the six months ended June 30, 2024 and 2023, respectively.
During the first six months of 2024, the change in fair value of equity securities of $21.2 million included changes in unrealized gains related to common stocks of $12.3 million and ETFs of $6.3 million and changes in unrealized gains related to non-redeemable preferred stock of $2.6 million. The change in the fair value of common stocks and ETFs during the first six months of 2024 primarily reflected higher valuations in the broader U.S. stock market and the change in fair value of preferred stock relates primarily to the disposition of certain preferred stock securities in a loss position.
During the first six months of 2023, the change in fair value of equity securities included changes in unrealized gains related to common stocks of $1.4 million and ETFs of $7.0 million and unrealized gains related to non-redeemable preferred stock of $0.9 million. The change in unrealized gains during the first six months of 2023 attributable to ETFs and common stocks reflected higher valuations in the broader U.S. stock market during the period.
During the first six months of 2024, net realized investment gains of $6.7 million were primarily related to sales of ETFs due to opportunistic repositioning of our equity portfolio. During the first six months of 2023, net realized investment losses of $(3.4) million were related to disposing of equity securities issued by certain banking and financial institutions.
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We perform quarterly reviews of all available-for-sale securities within our investment portfolio to determine whether the decline in a security's fair value is deemed to be a credit loss. Based on our review, we recorded a reduction to the allowance for credit losses at June 30, 2024 of $0.5 million. See Note 2 of the notes to the consolidated financial statements for further information regarding credit losses.
Income tax expense
Our effective tax rate was 17.3% for the six months ended June 30, 2024 compared to 18.9% for the six months ended June 30, 2023. The effective tax rate was lower than the federal statutory rate of 21% primarily due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income.
Return on equity
Our annualized return on equity was 32.7% for the six months ended June 30, 2024 compared to 31.8% for the six months ended June 30, 2023. Our annualized operating return on equity was 28.8% for the six months ended June 30, 2024 compared to 30.6% for the six months ended June 30, 2023. The decrease in annualized operating return on equity for the six months ended June 30, 2024 compared to the prior period was due primarily to higher average stockholders' equity as a result of profitable growth offset in part by higher net operating earnings.
Liquidity and Capital Resources
Sources and uses of funds
We are organized as a Delaware holding company with our operations primarily conducted by our wholly-owned insurance subsidiary, Kinsale Insurance Company, which is domiciled in Arkansas. Accordingly, we may receive cash through (1) loans from banks and other third parties, (2) issuance of equity and debt securities, (3) corporate service fees from our insurance subsidiary, (4) payments from our subsidiaries pursuant to our consolidated tax allocation agreement and other transactions, and (5) dividends from our insurance subsidiary. We may use the proceeds from these sources to contribute funds to Kinsale Insurance Company in order to support premium growth, reduce our reliance on reinsurance, pay dividends and taxes and for other business purposes.
We receive corporate service fees from Kinsale Insurance Company to reimburse us for most of the operating expenses that we incur. Reimbursement of expenses through corporate service fees is based on the actual costs that we expect to incur with no mark-up above our expected costs.
In August 2022, we filed a universal shelf registration statement with the SEC that expires in 2025. We can use this shelf registration to issue an unspecified amount of common stock, preferred stock, depositary shares and warrants. The specific terms of any securities we issue under this registration statement will be provided in the applicable prospectus supplements.
In July 2022, we entered into a Note Purchase and Private Shelf Agreement (the "Note Purchase Agreement"), which provides for the issuance of senior promissory notes with an aggregate principal amount of up to $150.0 million. In September 2023, we amended the Note Purchase Agreement, which increased the authorized aggregate principal amount of senior promissory notes that may be issued thereunder to $200.0 million.
Pursuant to the Note Purchase Agreement, on July 22, 2022 we issued $125.0 million aggregate principal amount of 5.15% senior promissory notes (the “Series A Notes”) and on September 18, 2023 we issued a $50.0 million aggregate principal amount 6.21% senior promissory note (the "Series B Note"), the proceeds of which were used to fund surplus at Kinsale Insurance Company, refinance indebtedness and for general corporate purposes. See Note 13 for further information regarding the Note Purchase Agreement.
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In July 2022, we entered into an Amended and Restated Credit Agreement, which extended the maturity date to July 22, 2027, and increased the aggregate commitment to $100.0 million, with the option to increase the aggregate commitment by $30.0 million, subject to certain conditions. Borrowings under the Amended and Restated Credit Agreement may be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness). See Note 13 for further information regarding the Amended and Restated Credit Agreement.
Management believes that the Company has sufficient liquidity available both in Kinsale and in its insurance subsidiary, Kinsale Insurance Company, as well as in its other operating subsidiaries, to meet its operating cash needs and obligations and committed capital expenditures for the next 12 months.
Cash flows
Our most significant source of cash is from premiums received from our insureds, which we generally receive at the beginning of the coverage period. Our most significant cash outflow is for claims that arise when a policyholder incurs an insured loss. Because the payment of claims occurs after the receipt of the premium, often years later, we invest the cash in various investment securities that earn interest and dividends. We also use cash to pay commissions to insurance brokers, as well as to pay for ongoing operating expenses such as salaries, consulting services and taxes. As described under "—Reinsurance" below, we use reinsurance to help manage the risk that we take related to the issuance of our policies. We cede, or pay out, part of the premiums we receive to our reinsurers and collect cash back when losses subject to our reinsurance coverage are paid.
The timing of our cash flows from operating activities can vary among periods due to the timing by which payments are made or received. Some of our payments and receipts, including loss settlements and subsequent reinsurance receipts, can be significant, so their timing can influence cash flows from operating activities in any given period. Management believes that cash receipts from premiums, proceeds from investment sales and redemptions and investment income are sufficient to cover cash outflows in the foreseeable future.
Our cash flows for the six months ended June 30, 2024 and 2023 were:
Six Months Ended June 30,
20242023
(in thousands)
Cash and cash equivalents provided by (used in):
Operating activities
$489,293 $423,577 
Investing activities(432,165)(444,619)
Financing activities
(12,801)(10,175)
Change in cash and cash equivalents$44,327 $(31,217)
Net cash provided by operating activities was approximately $489.3 million for the six months ended June 30, 2024 compared to $423.6 million for the same period in 2023. This increase was largely driven by higher premium volume and the timing of claim payments and reinsurance recoveries.
Net cash used in investing activities was $432.2 million for the six months ended June 30, 2024 compared to $444.6 million for the six months ended June 30, 2023. Net cash used in investing activities during the first six months of 2024 included purchases of fixed-maturity securities of $759.8 million, which included primarily corporate bonds, asset- and mortgage-backed securities, and to a lesser extent, U.S. Treasuries and municipal securities. During the first six months of 2024, we received proceeds of $189.3 million from sales of fixed-maturity securities, largely corporate bonds, mortgage- and asset-backed securities, municipal securities, U.S. Treasuries and government agency bonds and $200.6 million from redemptions and maturities of asset- and mortgage-backed securities and
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corporate bonds. For the six months ended June 30, 2024, purchases of equity securities of $84.2 million consisted of common stocks and ETFs. During the first six months of 2024, we received proceeds of $30.9 million primarily from sales of ETFs and common stocks.
Net cash used in investing activities of $444.6 million for the six months ended June 30, 2023 included purchases of fixed-maturity securities of $667.8 million, which were comprised largely of corporate bonds, asset- and mortgage-backed securities, and to a lesser extent, U.S. Treasuries and municipal securities. During the first six months of 2023, we received proceeds of $187.4 million from sales of fixed-maturity securities, largely corporate bonds, asset-backed securities and municipal securities and $62.3 million from redemptions and maturities of asset- and mortgage-backed securities and corporate bonds. For the six months ended June 30, 2023, purchases of equity securities of $40.5 million consisted of common stocks. During the first six months of 2023, we received proceeds of $6.3 million from sales of equity securities, primarily ETFs and common stocks. In addition, net sales of short-term investments of $13.1 million consisted of U.S. Treasuries and corporate bonds.
During the first six months of 2024, cash used in financing reflected dividends paid of $0.30 per common share, or $7.0 million in aggregate. In addition, for the six months ended June 30, 2024, payroll taxes withheld and remitted on restricted stock awards were $7.0 million, offset in part by proceeds received from our equity compensation plans of $1.2 million.
During the first six months of 2023, cash used in financing activities reflected dividends paid of $0.28 per common share, or $6.5 million in aggregate. In addition, for the six months ended June 30, 2023, payroll taxes withheld and remitted on restricted stock awards were $4.2 million, offset in part by proceeds received from our equity compensation plans of $0.6 million.
Reinsurance
We enter into reinsurance contracts primarily to limit our exposure to potential large losses. Reinsurance involves an insurance company transferring ("ceding") a portion of its exposure on a risk to another insurer, the reinsurer. The reinsurer assumes the exposure in return for a portion of the premium. Our reinsurance is primarily contracted under quota-share reinsurance treaties and excess of loss treaties. In quota-share reinsurance, the reinsurer agrees to assume a specified percentage of the ceding company's losses arising out of a defined class of business in exchange for a corresponding percentage of premiums, net of a ceding commission. In excess of loss reinsurance, the reinsurer agrees to assume all or a portion of the ceding company's losses, in excess of a specified amount. Under excess of loss reinsurance, the premium payable to the reinsurer is negotiated by the parties based on their assessment of the amount of risk being ceded to the reinsurer because the reinsurer does not share proportionately in the ceding company's losses.
We renew our reinsurance treaties annually. During each renewal cycle, there are a number of factors we consider when determining our reinsurance coverage, including (1) plans to change the underlying insurance coverage we offer, (2) trends in loss activity, (3) the level of our capital and surplus, (4) changes in our risk appetite and (5) the cost and availability of reinsurance coverage.
To manage our natural catastrophe exposure, we use computer models to analyze the risk of severe losses. We measure exposure to these losses in terms of probable maximum loss ("PML"), which is an estimate of the amount of loss we would expect to meet or exceed once in a given number of years (referred to as the return period). When managing our catastrophe exposure, we generally focus on the 100-year and the 250-year return periods.
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The following is a summary of our significant reinsurance programs as of June 30, 2024:
Line of Business CoveredCompany Policy LimitReinsurance CoverageCompany Retention
Property (1)Up to $10.0 million per occurrence
50% up to $379.8 million per catastrophe
50% of commercial property losses
Property - catastrophe (2)N/A$175.0 million excess of $60.0 million$60.0 million per catastrophe
Primary casualty (3)Up to $10.0 million per occurrence$8.0 million excess of $2.0 million$2.0 million per occurrence
Excess casualty (4)Up to $10.0 million per occurrenceVariable quota share$2.5 million per occurrence as described in note (4) below
(1)    Our property quota-share reinsurance reduces the financial impact of property losses on our commercial property, small business property, high value homeowners and inland marine policies up to a loss recovery of $189.9 million for an event. This reinsurance is not applicable to any individual policy with a limit of $2.0 million or less.
(2)    Our property catastrophe reinsurance reduces the financial impact of a catastrophe event involving multiple claims and policyholders. Our property catastrophe reinsurance includes a reinstatement provision which requires us to pay reinstatement premiums after a loss has occurred in order to preserve coverage. Including the reinstatement of coverage, the maximum aggregate loss recovery limit is $350.0 million. This coverage applies after the coverage provided by the commercial property quota-share treaty.
(3)    This reinsurance is not applicable to any individual policy with a per-occurrence limit of $2.0 million or less.
(4)    For excess casualty policies with a per-occurrence limit higher than $2.5 million, the ceding percentage varies such that the retention is always $2.5 million or less. For example, for a $5.0 million limit excess policy, our retention would be 50%, whereas for a $10.0 million limit excess policy, our retention would be 25%. For policies for which we also write an underlying primary limit, the combined retention on the primary and excess policies would not exceed $2.5 million. This reinsurance is not applicable to any individual policy with a per-occurrence limit of $2.5 million or less.
Reinsurance contracts do not relieve us from our obligations to policyholders. Failure of the reinsurer to honor its obligation could result in losses to us, and therefore, we established an allowance for credit risk based on historical analysis of credit losses for highly rated companies in the insurance industry. In formulating our reinsurance programs, we are selective in our choice of reinsurers and we consider numerous factors, the most important of which are the financial stability of the reinsurer, its history of responding to claims and its overall reputation. In an effort to minimize our exposure to the insolvency of our reinsurers, we review the financial condition of each reinsurer annually. In addition, we continually monitor for rating downgrades involving any of our reinsurers. At June 30, 2024, all reinsurance contracts that our insurance subsidiary was a party to were with companies with A.M. Best ratings of "A-" (Excellent) or better. As of June 30, 2024, we recorded an allowance for credit losses of $0.8 million related to our reinsurance balances.
Ratings
Kinsale Insurance Company has a financial strength rating of "A" (Excellent) with a stable outlook from A.M. Best. A.M. Best assigns ratings to insurance companies, which currently range from "A++" (Superior) to "F" (In Liquidation). "A" (Excellent) is the third highest rating issued by A.M. Best. The "A" (Excellent) rating is assigned to insurers that have, in A.M. Best's opinion, an excellent ability to meet their ongoing obligations to policyholders.
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This rating is intended to provide an independent opinion of an insurer's ability to meet its obligation to policyholders and is not an evaluation directed at investors.
The financial strength ratings assigned by A.M. Best have an impact on the ability of the insurance companies to attract and retain agents and brokers and on the risk profiles of the submissions for insurance that the insurance companies receive. The "A" (Excellent) rating obtained by Kinsale Insurance Company is consistent with our business plan and allows us to actively pursue relationships with the agents and brokers identified in our marketing plan.
Financial Condition
Stockholders' equity
At June 30, 2024, total stockholders' equity and tangible stockholders' equity were $1.3 billion compared to total stockholders' equity and tangible stockholders' equity of $1.1 billion at December 31, 2023. The increases in both total and tangible stockholders' equity over the prior year-end balances were due to profits generated during the period and net activity related to stock-based compensation plans, offset in part by a decrease in the fair value of our fixed-maturity investments and payment of dividends. Tangible stockholders’ equity is a non-GAAP financial measure. See "—Reconciliation of non-GAAP financial measures" for a reconciliation of stockholders' equity in accordance with GAAP to tangible stockholders' equity.
Investment portfolio
At June 30, 2024, our cash and invested assets of $3.6 billion consisted of fixed-maturity securities, equity securities, cash and cash equivalents, real estate investments and short-term investments. At June 30, 2024, the majority of the investment portfolio was composed of fixed-maturity securities of $3.1 billion that were classified as available-for-sale. Available-for-sale investments are carried at fair value with unrealized gains and losses on these securities, net of applicable taxes, reported as a separate component of accumulated other comprehensive income. At June 30, 2024, we also held $317.5 million of equity securities, which included ETFs, common stocks and non-redeemable preferred stock, $171.0 million of cash and cash equivalents, $15.0 million of real estate investments and $6.9 million of short-term investments.
Our fixed-maturity securities, including cash equivalents, had a weighted average duration of 3.0 years and 2.8 years at June 30, 2024 and December 31, 2023, respectively and an average rating of "AA-" at both June 30, 2024 and December 31, 2023.
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At June 30, 2024 and December 31, 2023, the amortized cost and estimated fair value on fixed-maturity securities were as follows:
June 30, 2024December 31, 2023
Amortized CostEstimated Fair Value% of Total Fair ValueAmortized CostEstimated Fair Value% of Total Fair Value
($ in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies
$15,151 $14,441 0.5 %$28,003 $27,254 1.0 %
Obligations of states, municipalities and political subdivisions
173,760 151,838 4.9 %191,080 171,044 6.3 %
Corporate and other securities1,762,577 1,704,737 55.5 %1,437,468 1,387,693 51.2 %
Asset-backed securities699,739 698,613 22.7 %641,700 641,760 23.7 %
Residential mortgage-backed securities
460,923 405,583 13.2 %463,904 417,106 15.4 %
Commercial mortgage-backed securities102,542 97,506 3.2 %72,308 66,902 2.4 %
Total fixed-maturity securities$3,214,692 $3,072,718 100.0 %$2,834,463 $2,711,759 100.0 %
The table below summarizes the credit quality of our fixed-maturity securities at June 30, 2024 and December 31, 2023, as rated by Standard & Poor’s Financial Services, LLC ("Standard & Poor's"):
June 30, 2024December 31, 2023
Standard & Poor’s or Equivalent DesignationEstimated Fair Value% of TotalEstimated Fair Value% of Total
($ in thousands)
AAA$885,461 28.8 %$773,649 28.5 %
AA581,702 18.9 %626,287 23.1 %
A972,277 31.7 %859,706 31.7 %
BBB563,034 18.3 %384,539 14.2 %
Below BBB and unrated70,244 2.3 %67,578 2.5 %
Total$3,072,718 100.0 %$2,711,759 100.0 %

The amortized cost and estimated fair value of our fixed-maturity securities summarized by contractual maturity as of June 30, 2024 and December 31, 2023, were as follows:
June 30, 2024December 31, 2023
Amortized
Cost		Estimated Fair Value% of Total Fair ValueAmortized
Cost		Estimated Fair Value% of Total Fair Value
($ in thousands)
Due in one year or less$296,969 $295,225 9.6 %$193,054 $191,792 7.1 %
Due after one year through five years1,087,876 1,067,641 34.7 %1,051,112 1,038,158 38.3 %
Due after five years through ten years350,584 333,550 10.9 %184,603 167,555 6.2 %
Due after ten years216,059 174,600 5.7 %227,782 188,486 6.9 %
Asset-backed securities699,739 698,613 22.7 %641,700 641,760 23.7 %
Residential mortgage-backed securities
460,923 405,583 13.2 %463,904 417,106 15.4 %
Commercial mortgage-backed securities102,542 97,506 3.2 %72,308 66,902 2.4 %
Total fixed-maturity securities$3,214,692 $3,072,718 100.0 %$2,834,463 $2,711,759 100.0 %
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Actual maturities may differ from contractual maturities because some borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Restricted investments
In order to conduct business in certain states, we are required to maintain letters of credit or assets on deposit to support state-mandated insurance regulatory requirements and to comply with certain third-party agreements. Assets held on deposit or in trust accounts are primarily in the form of high-grade securities. The fair value of our restricted assets was $3.5 million and $5.8 million at June 30, 2024 and December 31, 2023, respectively.
Reconciliation of Non-GAAP Financial Measures
Reconciliation of underwriting income
Underwriting income is a non-GAAP financial measure that we believe is useful in evaluating our underwriting performance without regard to investment income. Underwriting income is defined as net income excluding net investment income, the net change in the fair value of equity securities, net realized investment gains and losses, change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. We use underwriting income as an internal performance measure in the management of our operations because we believe it gives us and users of our financial information useful insight into our results of operations and our underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.
Net income for the three and six months ended June 30, 2024 and 2023, reconciles to underwriting income as follows:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2024202320242023
Net income$92,579 $72,791 $191,520 $128,591 
Income tax expense23,221 17,319 40,147 29,912 
Income before income taxes115,800 90,110 231,667 158,503 
Net investment income(35,847)(24,172)(68,780)(44,867)
Change in the fair value of equity securities(3,159)(5,811)(21,212)(9,329)
Net realized investment (gains) losses(2,879)(1,291)(6,745)3,361 
Change in allowance for credit losses on investments(476)(25)(486)56 
Interest expense2,564 2,724 4,986 5,294 
Other expenses (1)
796 417 2,759 819 
Other income(740)(435)(1,059)(741)
Underwriting income$76,059 $61,517 $141,130 $113,096 
(1) Other expenses includes primarily corporate expenses not allocated to our insurance operations.

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Reconciliation of net operating earnings
Net operating earnings is defined as net income excluding the effects of the net 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. We believe the exclusion of these items provides a useful comparison of our 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.
Net income for the three and six months ended June 30, 2024 and 2023, reconciles to net operating earnings as follows:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2024202320242023
Net income$92,579 $72,791 $191,520 $128,591 
Adjustments:
Change in the fair value of equity securities, before taxes(3,159)(5,811)(21,212)(9,329)
Income tax expense (1)
663 1,220 4,455 1,959 
Change in the fair value of equity securities, after taxes(2,496)(4,591)(16,757)(7,370)
Net realized investment (gains) losses, before taxes(2,879)(1,291)(6,745)3,361 
Income tax expense (benefit) (1)
605 271 1,416 (706)
Net realized investment (gains) losses, after taxes(2,274)(1,020)(5,329)2,655 
Change in allowance for credit losses on investments, before taxes(476)(25)(486)56 
Income tax expense (benefit) (1)
100 5 102 (12)
Change in allowance for credit losses on investments, after taxes(376)(20)(384)44 
Net operating earnings$87,433 $67,160 $169,050 $123,920 
Operating return on equity:
Average stockholders' equity (2)
$1,214,086 $843,773 $1,172,018 $808,632 
Annualized return on equity (3)
30.5 %34.5 %32.7 %31.8 %
Annualized operating return on equity (4)
28.8 %31.8 %28.8 %30.6 %
(1) Income taxes on adjustments to reconcile net income to net operating earnings use an effective tax rate of 21%.
(2) Average stockholders' equity is computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.
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(3) Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.
(4) Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.
Reconciliation of tangible stockholders' equity
Tangible stockholders’ equity is defined as total stockholders’ equity less intangible assets, net of deferred taxes. Our definition of tangible stockholders’ equity may not be comparable to that of other companies, and it should not be viewed as a substitute for stockholders’ equity calculated in accordance with GAAP. We use tangible stockholders' equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure.
Stockholders' equity at June 30, 2024 and December 31, 2023, reconciles to tangible stockholders' equity as follows:
($ in thousands)June 30, 2024December 31, 2023
Stockholders' equity$1,257,203 $1,086,832 
Less: intangible assets, net of deferred taxes2,795 2,795 
Tangible stockholders' equity$1,254,408 $1,084,037 

Critical Accounting Estimates
We identified the accounting estimates which are critical to the understanding of our financial position and results of operations. Critical accounting estimates are defined as those estimates that are both important to the portrayal of our financial condition and results of operations and require us to exercise significant judgment. We use significant judgment concerning future results and developments in applying these critical accounting estimates and in preparing our condensed consolidated financial statements. These judgments and estimates affect our reported amounts of assets, liabilities, revenues and expenses and the disclosure of our material contingent assets and liabilities, if any. Actual results may differ materially from the estimates and assumptions used in preparing the condensed consolidated financial statements. We evaluate our estimates regularly using information that we believe to be relevant. Our critical accounting policies and estimates are described in our annual consolidated financial statements and the related notes in our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of economic losses due to adverse changes in the estimated fair value of a financial instrument as the result of changes in interest rates, equity prices, foreign currency exchange rates and commodity prices. Our primary market risks have been equity price risk associated with investments in equity securities and interest rate risk associated with investments in fixed maturities. We do not have any material exposure to foreign currency exchange rate risk or commodity risk.
There have been no material changes in market risk from the information provided in our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file under the Securities Exchange Act of 1934 (the "Exchange Act") is recorded, processed,
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summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate, to allow timely decisions regarding required financial disclosure.
As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures defined under Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based upon this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of that date.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting during the second quarter of 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
The effectiveness of any system of controls and procedures is subject to certain limitations, and, as a result, there can be no assurance that our controls and procedures will detect all errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be attained.

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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are party to legal proceedings which arise in the ordinary course of business. We believe that the outcome of such matters, individually and in the aggregate, will not have a material adverse effect on our condensed consolidated financial position. Refer to Note 15 of the notes to the condensed consolidated financial statements for further information regarding legal proceedings.
Item 1A. Risk Factors
There have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K
for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.

Item 5. Other Information
Securities Trading Plans of Directors and Executive Officers
Transactions in our securities by our non-employee directors and executive officers are required to be made in accordance with our Policy on the Prevention of Insider Trading and Selective Disclosure (the "Insider Trading Policy"), which, among other things, requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading Policy permits our non-employee directors and executive officers to enter into trading plans designed to comply with Rule 10b5-1.
During the second quarter of 2024, none of our non-employee directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading plan or adopted, modified or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

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Item 6. Exhibits
Exhibit
Number		Description
101.INS **XBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema Document
101.CALXBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LABXBRL Taxonomy Extension Label Linkbase Document
101.PREXBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
* This certification is deemed not filed for purposes of section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
** The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
KINSALE CAPITAL GROUP, INC.
Date: July 25, 2024
By:
/s/ Michael P. Kehoe
Michael P. Kehoe
Chairman and Chief Executive Officer
Date: July 25, 2024
By:
/s/ Bryan P. Petrucelli
Bryan P. Petrucelli
Executive Vice President, Chief Financial Officer and Treasurer
51

Exhibit 31.1

CERTIFICATION


I, Michael P. Kehoe, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Kinsale Capital Group, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f), for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

July 25, 2024/s/ Michael P. Kehoe
Michael P. Kehoe
Chairman and Chief Executive Officer
(Principal Executive Officer)


Exhibit 31.2

CERTIFICATION


I, Bryan P. Petrucelli, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Kinsale Capital Group, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f), for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

July 25, 2024/s/ Bryan P. Petrucelli
Bryan P. Petrucelli
Executive Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)


Exhibit 32.1


CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350


In connection with the Quarterly Report on Form 10-Q of Kinsale Capital Group, Inc. (the "Company") for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael P. Kehoe, Chairman and Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

July 25, 2024/s/ Michael P. Kehoe
Michael P. Kehoe
Chairman and Chief Executive Officer
(Principal Executive Officer)



Exhibit 32.2


CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350


In connection with the Quarterly Report on Form 10-Q of Kinsale Capital Group, Inc. (the "Company") for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Bryan P. Petrucelli, Executive Vice President, Chief Financial Officer and Treasurer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

July 25, 2024/s/ Bryan P. Petrucelli
Bryan P. Petrucelli
Executive Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)

v3.24.2
Document and Entity Information Document - shares
 6 Months Ended
Jun. 30, 2024
Jul. 19, 2024
Document and Entity Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 30, 2024  
Entity Registrant Name KINSALE CAPITAL GROUP, INC.  
Entity File Number 001-37848  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 98-0664337  
Entity Address, Address Line One 2035 Maywill Street  
Entity Address, Address Line Two Suite 100  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23230  
Entity Current Reporting Status Yes  
City Area Code 804  
Local Phone Number 289-1300  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol KNSL  
Security Exchange Name NYSE  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   23,286,423
Entity Central Index Key 0001669162  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.24.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets    
Fixed-maturity securities, available for sale, at fair value (amortized cost: $3,214,692, allowance for credit losses: $67 – 2024; $2,834,463 and $553 –2023) $ 3,072,718 $ 2,711,759
Equity securities, at fair value (cost: $255,000 – 2024; $193,543 – 2023) 317,482 234,813
Real Estate Investments, Net 15,045 14,791
Short-term investments 6,908 5,589
Total investments 3,412,153 2,966,952
Cash and Cash Equivalents, at Carrying Value 171,021 126,694
Investment income due and accrued 25,112 21,689
Premiums and fees receivable, net of allowance for credit losses of $21,226 – 2024; $13,383 – 2023 171,815 143,212
Reinsurance recoverables, net 302,092 247,836
Ceded unearned premiums 58,492 52,516
Deferred policy acquisition costs, net of ceding commissions 109,358 88,395
Intangible assets 3,538 3,538
Deferred Income Tax Assets, Net 57,410 55,699
Other assets 84,300 66,443
Total assets 4,395,291 3,772,974
Liabilities    
Reserves for unpaid losses and loss adjustment expenses 2,013,055 1,692,875
Unearned premiums 846,638 701,351
Payable to reinsurers 48,397 47,582
Accounts payable and accrued expenses 27,188 44,922
Debt 183,984 183,846
Other liabilities 18,826 15,566
Total liabilities 3,138,088 2,686,142
Stockholders' Equity    
Common stock, $0.01 par value, 400,000,000 shares authorized, 23,286,248 and 23,181,919 shares issued and outstanding at June 30, 2024 and December 31, 2023 respectively 233 232
Additional paid-in capital 354,389 352,970
Retained earnings 1,012,796 828,247
Accumulated other comprehensive loss (110,215) (94,617)
Total stockholders’ equity 1,257,203 1,086,832
Total liabilities and stockholders’ equity $ 4,395,291 $ 3,772,974
v3.24.2
Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets [Abstract]    
Fixed-maturity securities, available for sale, amortized cost $ 3,214,692 $ 2,834,463
Allowance for Credit Losses (67) (553)
Equity securities - cost 255,000 193,543
Premium Receivable, Allowance for Credit Loss 21,226 13,383
Reinsurance Recoverable, Allowance for Credit Loss $ (841) $ (744)
Stockholders' Equity    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 400,000,000 400,000,000
Common stock, shares issued (in shares) 23,286,248 23,181,919
Common stock, shares outstanding (in shares) 23,286,248 23,181,919
v3.24.2
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Gross written premiums $ 529,770 $ 438,222 $ 978,414 $ 795,810
Ceded written premiums (99,534) (73,181) (197,124) (131,739)
Net written premiums 430,236 365,041 781,290 664,071
Change in unearned premiums (97,775) (107,995) (139,311) (169,867)
Net earned premiums 332,461 257,046 641,979 494,204
Fee income 8,991 6,986 17,083 13,187
Net investment income 35,847 24,172 68,780 44,867
Change in the fair value of equity securities 3,159 5,811 21,212 9,329
Net realized investment gains (losses) 2,879 1,291 6,745 (3,361)
Change in allowance for credit losses on investments 476 25 486 (56)
Other income 740 435 1,059 741
Total revenues 384,553 295,766 757,344 558,911
Expenses:        
Losses and loss adjustment expenses 193,325 147,042 380,111 286,076
Underwriting, acquisition and insurance expenses 72,068 55,473 137,821 108,219
Interest Expense 2,564 2,724 4,986 5,294
Other expenses 796 417 2,759 819
Total expenses 268,753 205,656 525,677 400,408
Income before income taxes 115,800 90,110 231,667 158,503
Total income tax expense 23,221 17,319 40,147 29,912
Net income 92,579 72,791 191,520 128,591
Other comprehensive income (loss):        
Change in net unrealized losses on available-for-sale investments, net of taxes (5,658) (14,107) (15,598) 3,402
Total comprehensive income $ 86,921 $ 58,684 $ 175,922 $ 131,993
Earnings per share:        
Basic $ 4.00 $ 3.16 $ 8.28 $ 5.59
Diluted $ 3.97 $ 3.12 $ 8.21 $ 5.52
Weighted average shares outstanding:        
Basic 23,165 23,040 23,137 23,024
Diluted 23,329 23,301 23,332 23,293
v3.24.2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Balance, shares at Dec. 31, 2022   23,090,526      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation (shares)   70,047      
Restricted shares withheld for taxes (shares)   (6,628)      
Balance, shares at Mar. 31, 2023   23,153,945      
Balance at Dec. 31, 2022 $ 745,449 $ 231 $ 347,015 $ 533,121 $ (134,918)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of stock under stock-based compensation plan 324 1 323    
Stock-based compensation expense 1,988   1,988    
Restricted shares withheld for taxes (2,104)   (2,104)    
Dividends declared (3,235)     (3,235)  
Other comprehensive income (loss), net of tax 17,509       17,509
Net income 55,800     55,800  
Balance at Mar. 31, 2023 $ 815,731 $ 232 347,222 585,686 (117,409)
Balance, shares at Dec. 31, 2022   23,090,526      
Balance, shares at Jun. 30, 2023 23,162,175        
Balance at Dec. 31, 2022 $ 745,449 $ 231 347,015 533,121 (134,918)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Other comprehensive income (loss), net of tax 3,402        
Net income 128,591        
Balance at Jun. 30, 2023 $ 871,815 $ 232 347,865 655,234 (131,516)
Balance, shares at Mar. 31, 2023   23,153,945      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation (shares) 15,046        
Restricted shares withheld for taxes (shares) (6,816)        
Balance, shares at Jun. 30, 2023 23,162,175        
Balance at Mar. 31, 2023 $ 815,731 $ 232 347,222 585,686 (117,409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of stock under stock-based compensation plan 230 0 230    
Stock-based compensation expense 2,543   2,543    
Restricted shares withheld for taxes (2,130)   (2,130)    
Dividends declared (3,243)     (3,243)  
Other comprehensive income (loss), net of tax (14,107)       (14,107)
Net income 72,791     72,791  
Balance at Jun. 30, 2023 $ 871,815 $ 232 347,865 655,234 (131,516)
Balance, shares at Dec. 31, 2023 23,181,919 23,181,919      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation (shares)   105,314      
Restricted shares withheld for taxes (shares)   (11,318)      
Balance, shares at Mar. 31, 2024   23,275,915      
Balance at Dec. 31, 2023 $ 1,086,832 $ 232 352,970 828,247 (94,617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of stock under stock-based compensation plan 933 1 932    
Stock-based compensation expense 3,524   3,524    
Restricted shares withheld for taxes (5,842)   (5,842)    
Dividends declared (3,479)     (3,479)  
Other comprehensive income (loss), net of tax (9,940)       (9,940)
Net income 98,941     98,941  
Balance at Mar. 31, 2024 $ 1,170,969 $ 233 351,584 923,709 (104,557)
Balance, shares at Dec. 31, 2023 23,181,919 23,181,919      
Balance, shares at Jun. 30, 2024 23,286,248        
Balance at Dec. 31, 2023 $ 1,086,832 $ 232 352,970 828,247 (94,617)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Other comprehensive income (loss), net of tax (15,598)        
Net income 191,520        
Balance at Jun. 30, 2024 $ 1,257,203 $ 233 354,389 1,012,796 (110,215)
Balance, shares at Mar. 31, 2024   23,275,915      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation (shares) 13,249        
Restricted shares withheld for taxes (shares) (2,916)        
Balance, shares at Jun. 30, 2024 23,286,248        
Balance at Mar. 31, 2024 $ 1,170,969 $ 233 351,584 923,709 (104,557)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of stock under stock-based compensation plan 219 0 219    
Stock-based compensation expense 3,709   3,709    
Restricted shares withheld for taxes (1,123)   (1,123)    
Dividends declared (3,492)     (3,492)  
Other comprehensive income (loss), net of tax (5,658)       (5,658)
Net income 92,579     92,579  
Balance at Jun. 30, 2024 $ 1,257,203 $ 233 $ 354,389 $ 1,012,796 $ (110,215)
v3.24.2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends declared, per share $ 0.15 $ 0.15 $ 0.14 $ 0.14
v3.24.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net cash provided by operating activities $ 489,293 $ 423,577
Investing Activities    
Purchase of property and equipment (7,329) (4,219)
Purchase of real estate investment (312) (1,085)
Change in short-term investments, net (1,233) 13,071
Purchases – fixed-maturity securities (759,799) (667,804)
Purchases - equity securities (84,229) (40,535)
Sales – fixed-maturity securities 189,284 187,418
Sales – equity securities 30,880 6,251
Maturities and calls – fixed-maturity securities 200,573 62,284
Net cash used in investing activities (432,165) (444,619)
Financing Activities    
Payroll taxes withheld and remitted on share-based payments (6,965) (4,234)
Proceeds from stock options exercised 1,152 554
Dividends paid (6,988) (6,495)
Net cash used in financing activities (12,801) (10,175)
Net change in cash and cash equivalents 44,327 (31,217)
Cash and cash equivalents 171,021 $ 125,057
Cash and cash equivalents at beginning of year 126,694  
Cash and cash equivalents at end of period $ 171,021  
v3.24.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of presentation
The unaudited condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its subsidiaries ("the Company") included in the Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All significant intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.
Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Prospective accounting pronouncements
ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which expands reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of a segment's profit or loss. The ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning one year later. Early adoption is permitted and the amendments must be applied retrospectively to all prior periods presented. The Company does not expect the adoption of this guidance to materially affect the consolidated financial statements, and the Company is currently evaluating the effect the guidance will have on its disclosures.
v3.24.2
Investments
 6 Months Ended
Jun. 30, 2024
Investments [Abstract]  
Investments Investments
Available-for-sale investments
The following tables summarize the available-for-sale investments at June 30, 2024 and December 31, 2023:
June 30, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$15,151 $— $(710)$— $14,441 
Obligations of states, municipalities and political subdivisions
173,760 25 (21,947)— 151,838 
Corporate and other securities1,762,577 1,617 (59,390)(67)1,704,737 
Asset-backed securities699,739 1,571 (2,697)— 698,613 
Residential mortgage-backed securities
460,923 614 (55,954)— 405,583 
Commercial mortgage-backed securities102,542 134 (5,170)— 97,506 
Total fixed-maturity investments$3,214,692 $3,961 $(145,868)$(67)$3,072,718 

December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$28,003 $57 $(806)$— $27,254 
Obligations of states, municipalities and political subdivisions
191,080 212 (20,248)— 171,044 
Corporate and other securities1,437,468 5,532 (54,755)(552)1,387,693 
Asset-backed securities641,700 2,833 (2,773)— 641,760 
Residential mortgage-backed securities
463,904 1,732 (48,530)— 417,106 
Commercial mortgage-backed securities72,308 11 (5,416)(1)66,902 
Total fixed-maturity investments$2,834,463 $10,377 $(132,528)$(553)$2,711,759 
Available-for-sale securities in a loss position
The Company regularly reviews all its available-for-sale investments with unrealized losses to assess whether the decline in the fair value is deemed to be a credit loss. The Company considers a number of factors in completing its review of credit losses, including the extent to which a security's fair value has been below cost and the financial condition of an issuer. In addition to specific issuer information, the Company also evaluates the current market and interest rate environment. Generally, a decline in a security’s value caused by a change in the market or interest rate environment does not constitute a credit loss.
For fixed-maturity securities, the Company also considers whether it intends to sell the security or, if it is more likely than not that it will be required to sell the security before recovery, and its ability to recover all amounts outstanding when contractually due. When assessing whether it intends to sell a fixed-maturity security or, if it is
likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and potential sales of investments to capitalize on favorable pricing.
For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, an impairment is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before recovery of its amortized cost, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. Inputs into the cash flow analysis include default rates and recoverability rates based on credit rating. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income.
The Company reports investment income due and accrued separately from available-for-sale investments and has elected not to measure an allowance for credit losses for investment income due and accrued. Investment income due and accrued is written off through earnings at the time the issuer of the bond defaults or is expected to default on payments.
At June 30, 2024, the Company's credit loss review resulted in an allowance for credit losses on three securities. The following table presents changes in the allowance for expected credit losses on available-for-sale securities for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Beginning balance$543 $447 $553 $366 
Increase to allowance from securities for which credit losses were not previously recorded— — — — 
Reduction from securities sold during the period(479)(12)(479)(12)
Net (decrease) increase from securities that had an allowance at the beginning of the period3 (13)(7)68 
Ending balance$67 $422 $67 $422 
The following tables summarize gross unrealized losses and estimated fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position:
June 30, 2024
Less than 12 Months12 Months or LongerTotal
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of the U.S. government agencies$549 $(1)$13,893 $(709)$14,442 $(710)
Obligations of states, municipalities and political subdivisions
14,753 (164)133,181 (21,783)147,934 (21,947)
Corporate and other securities
649,409 (3,640)724,778 (55,750)1,374,187 (59,390)
Asset-backed securities216,615 (731)141,705 (1,966)358,320 (2,697)
Residential mortgage-backed securities
105,217 (1,286)248,896 (54,668)354,113 (55,954)
Commercial mortgage-backed securities19,746 (110)56,994 (5,060)76,740 (5,170)
Total fixed-maturity investments$1,006,289 $(5,932)$1,319,447 $(139,936)$2,325,736 $(145,868)

At June 30, 2024, the Company held 1,253 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $2.3 billion and gross unrealized losses of $145.9 million. Of these securities, 789 were in a continuous unrealized loss position for greater than one year. As discussed above, the Company regularly reviews all fixed-maturity securities within its investment portfolio to determine whether a credit loss has occurred. Based on the Company's review as of June 30, 2024, except for securities previously discussed, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At June 30, 2024, 79.4% of the Company’s fixed-maturity securities were rated "A-" or better and all of the Company’s fixed-maturity securities made expected coupon payments under the contractual terms of the securities.
December 31, 2023
Less than 12 Months
12 Months or Longer
Total
Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$— $— $15,484 $(806)$15,484 $(806)
Obligations of states, municipalities and political subdivisions
20,886 (221)121,911 (20,027)142,797 (20,248)
Corporate and other securities
246,355 (1,444)651,525 (53,311)897,880 (54,755)
Asset-backed securities142,287 (872)217,401 (1,901)359,688 (2,773)
Residential mortgage-backed securities
26,158 (49)268,891 (48,481)295,049 (48,530)
Commercial mortgage-backed securities8,775 (55)56,731 (5,361)65,506 (5,416)
Total fixed-maturity investments$444,461 $(2,641)$1,331,943 $(129,887)$1,776,404 $(132,528)

Contractual maturities of available-for-sale fixed-maturity securities
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at June 30, 2024 are summarized, by contractual maturity, as follows:
June 30, 2024
AmortizedEstimated
CostFair Value
(in thousands)
Due in one year or less$296,969 $295,225 
Due after one year through five years1,087,876 1,067,641 
Due after five years through ten years350,584 333,550 
Due after ten years216,059 174,600 
Asset-backed securities699,739 698,613 
Residential mortgage-backed securities460,923 405,583 
Commercial mortgage-backed securities102,542 97,506 
Total fixed-maturity securities $3,214,692 $3,072,718 

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, and the lenders may have the right to put the securities back to the borrower.
Real estate investments
Real estate investments represents directly owned property held for investment purposes and consisted of land with a carrying value of $15.0 million and $14.8 million at June 30, 2024 and December 31, 2023, respectively. There was no accumulated depreciation on real estate investments at June 30, 2024 and December 31, 2023.
Net investment income
The following table presents the components of net investment income for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Interest:
Taxable bonds$34,471 $20,924 $65,862 $39,028 
Tax exempt municipal bonds395 546 834 1,182 
Cash equivalents and short-term investments568 866 1,111 1,579 
Dividends on equity securities1,461 1,278 2,837 2,421 
Real estate investment income— 1,356 153 2,714 
Gross investment income36,895 24,970 70,797 46,924 
Investment expenses(1,048)(798)(2,017)(2,057)
Net investment income$35,847 $24,172 $68,780 $44,867 

There was no depreciation expense related to real estate investments for the three and six months ended June 30, 2024 or three months ended June 30, 2023 as the Company sold the related assets during 2023. Investment expenses included depreciation expense related to real estate investments of $0.5 million for the six months ended June 30, 2023.
Realized investment gains and losses
The following table presents realized investment gains and losses for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Fixed-maturity securities:
Realized gains$846 $1,338 $941 $1,737 
Realized losses(933)(958)(1,039)(2,217)
Net realized (losses) gains from fixed-maturity securities(87)380 (98)(480)
Equity securities:
Realized gains3,390 1,611 7,271 1,626 
Realized losses(424)(687)(424)(4,487)
Net realized gains (losses) from equity securities2,966 924 6,847 (2,861)
Realized gains (losses) from the sales of short-term investments1 (13)1 (20)
Realized loss on sale of real estate investments(1)— (5)— 
Net realized investment gains (losses)$2,879 $1,291 $6,745 $(3,361)
The net realized gains or losses on sales of equity securities represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) in the consolidated statement of income consists of two components: (1) the reversal of the gain or loss recognized in previous periods on equity securities sold and (2) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.
Change in net unrealized (losses) gains on fixed-maturity securities
For the three months ended June 30, 2024 and 2023, the change in net unrealized losses for fixed-maturity securities was $(7.2) million and $(17.8) million respectively. For the six months ended June 30, 2024 and 2023, the change in net unrealized (losses) gains for fixed-maturity securities was $(19.7) million and $4.4 million, respectively.
Insurance – statutory deposits
The Company had invested assets with a fair value of $3.5 million and $5.8 million on deposit with state regulatory authorities at June 30, 2024 and December 31, 2023, respectively.
Payable for investments purchased
The Company recorded a payable for investments purchased, not yet settled, of $16.7 million and $12.3 million at June 30, 2024 and December 31, 2023, respectively. The payable balance was included in the "other liabilities" line item of the consolidated balance sheet.
v3.24.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is estimated for each class of financial instrument based on the framework established in the fair value accounting guidance. Fair value is defined as the price in the principal market that would be received for an asset or paid to transfer a liability to facilitate an orderly transaction between market participants on the measurement date. Market participants are assumed to be independent, knowledgeable, able and willing to transact an exchange and not acting under duress. Fair value hierarchy disclosures are based on the quality of inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Adjustments to transaction prices or quoted market prices may be required in illiquid or disorderly markets in order to estimate fair value.
The three levels of the fair value hierarchy are defined as follows:
Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets.
Level 2 - Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs.
Level 3 - Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement.
Fair values of the Company's investment portfolio are estimated using unadjusted prices obtained by its investment accounting vendor from nationally recognized third-party pricing services, where available. Values for U.S. Treasuries, exchange traded funds and common stocks are generally based on Level 1 inputs, which use quoted prices in active markets for identical assets. For other fixed-maturity securities and non-redeemable preferred stock, the pricing vendors use a pricing methodology involving the market approach, including pricing models which use prices and relevant market information regarding a particular security or securities with similar characteristics to establish a valuation. The estimates of fair value of these investments are included in the amounts disclosed as Level 2. For those investments where significant inputs are unobservable, the Company's investment accounting vendor obtains valuations from pricing vendors or brokers using the market approach and income approach valuation techniques and are disclosed as Level 3.
Management performs several procedures to ascertain the reasonableness of investment values included in the condensed consolidated financial statements, including 1) obtaining and reviewing internal control reports from the Company's investment accounting vendor that assess fair values from third party pricing services, 2) discussing with the Company's investment accounting vendor its process for reviewing and validating pricing obtained from third party pricing services and 3) reviewing the security pricing received from the Company's investment accounting vendor and monitoring changes in unrealized gains and losses at the individual security level. The Company has evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs.
The following tables present the balances of assets measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, by level within the fair value hierarchy:
June 30, 2024
Level 1Level 2Level 3Total
(in thousands)
Assets
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies$14,441 $— $— $14,441 
Obligations of states, municipalities and political subdivisions
— 151,838 — 151,838 
Corporate and other securities— 1,704,737 — 1,704,737 
Asset-backed securities— 698,613 — 698,613 
Residential mortgage-backed securities— 405,583 — 405,583 
Commercial mortgage-backed securities— 97,506 — 97,506 
Total fixed-maturity securities14,441 3,058,277 — 3,072,718 
Equity securities:
Exchange traded funds119,612 — — 119,612 
Non-redeemable preferred stock— 28,964 — 28,964 
Common stocks168,906 — — 168,906 
Total equity securities288,518 28,964 — 317,482 
Short-term investments3,627 3,281 — 6,908 
Total$306,586 $3,090,522 $— $3,397,108 
December 31, 2023
Level 1Level 2Level 3Total
(in thousands)
Assets
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$22,235 $5,019 $— $27,254 
Obligations of states, municipalities and political subdivisions
— 171,044 — 171,044 
Corporate and other securities— 1,387,693 — 1,387,693 
Asset-backed securities— 641,760 — 641,760 
Residential mortgage-backed securities— 417,106 — 417,106 
Commercial mortgage-backed securities— 66,902 — 66,902 
Total fixed-maturity securities22,235 2,689,524 — 2,711,759 
Equity securities:
Exchange traded funds106,300 — — 106,300 
Non-redeemable preferred stock— 33,173 — 33,173 
Common stocks95,340 — — 95,340 
Total equity securities201,640 33,173 — 234,813 
Short-term investments1,862 3,727 — 5,589 
Total$225,737 $2,726,424 $— $2,952,161 
There were no assets or liabilities measured at fair value on a nonrecurring basis as of June 30, 2024 or December 31, 2023.
The carrying amount of the Company's fixed-rate senior notes was $175.0 million, less debt issuance costs, and the corresponding estimated fair value was $168.3 million and $171.6 million at June 30, 2024 and December 31, 2023, respectively. The fair value measurement was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under the Company's credit profile. Since this methodology is based upon market yields for comparable arrangements, the measurement is categorized as Level 2. The estimated fair value of outstanding borrowings under the Company's revolving Credit Facility approximated its carrying value at June 30, 2024 and December 31, 2023. See Note 13 for further information regarding the Company's debt arrangements.
The Company holds cash equivalents that are managed as part of its investment portfolio and, due to the short-term maturities of these assets, the carrying value of these investments approximates fair value. The Company held cash equivalents of $32.6 million and $11.8 million at June 30, 2024 and December 31, 2023, respectively.
v3.24.2
Credit Losses
 6 Months Ended
Jun. 30, 2024
Credit Loss [Abstract]  
Credit Loss, Financial Instrument
Premiums receivable
Premiums receivable balances are carried at face value, net of any allowance for credit losses. The allowance for credit losses represents an estimate of amounts considered uncollectible based on the Company’s assessment of the collectability of receivables that are past due. The estimate considers historical loss data, current and future economic conditions and specific identification of collectability concerns, where applicable. The following table presents the change in the allowance for credit losses for premiums receivable for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Beginning balance$15,482 $10,127 $13,383 $8,067 
Current period change for estimated uncollectible premiums6,079 2,711 10,342 5,118 
Write-offs of uncollectible premiums receivable(335)(671)(2,499)(1,018)
Ending balance$21,226 $12,167 $21,226 $12,167 
v3.24.2
Deferred Policy Acquisition Costs
 6 Months Ended
Jun. 30, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Deferred Policy Acquisition Costs Deferred Policy Acquisition Costs
The following table presents the amounts of policy acquisition costs deferred and amortized for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Balance, beginning of period$94,489 $69,444 $88,395 $61,594 
Policy acquisition costs deferred:
Direct commissions77,818 63,279 143,373 114,643 
Ceding commissions(29,869)(21,171)(58,315)(38,549)
Other underwriting and policy acquisition costs3,512 3,242 6,653 5,888 
Policy acquisition costs deferred51,461 45,350 91,711 81,982 
Amortization of net policy acquisition costs
(36,592)(29,468)(70,748)(58,250)
Balance, end of period$109,358 $85,326 $109,358 $85,326 
Amortization of net policy acquisition costs is included in the line item "underwriting, acquisition and insurance expenses" in the accompanying consolidated statements of income and comprehensive income.
v3.24.2
Property and Equipment
 6 Months Ended
Jun. 30, 2024
Property and Equipment [Abstract]  
Property and Equipment Disclosure [Text Block] Property and Equipment, Net
Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following:
June 30, 2024December 31, 2023
(in thousands)
Building$37,190 $37,181 
Parking deck5,072 5,072 
Land3,068 3,068 
Equipment4,250 3,958 
Software17,597 15,375 
Furniture and fixtures3,093 3,065 
Land improvements474 474 
Leasehold improvements153 153 
Construction in progress - building11,145 6,623 
Property and equipment82,042 74,969 
Accumulated depreciation(13,878)(11,565)
Total property and equipment, net$68,164 $63,404 
v3.24.2
Underwriting, Acquisition and Insurance Expenses
 6 Months Ended
Jun. 30, 2024
Underwriting, Acquisition and Insurance Expenses [Abstract]  
Underwriting, acquisition and insurance expenses Underwriting, Acquisition and Insurance Expenses
Underwriting, acquisition and insurance expenses for the three and six months ended June 30, 2024 and 2023 consist of the following:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Underwriting, acquisition and insurance expenses incurred:
Direct commissions$62,764 $46,977 $121,130 $90,146 
Ceding commissions(29,359)(19,927)(56,186)(36,486)
Other underwriting expenses38,663 28,423 72,877 54,559 
Total$72,068 $55,473 $137,821 $108,219 
Other underwriting expenses within underwriting, acquisition and insurance expenses include salaries, bonus and employee benefits expenses of $26.0 million and $20.6 million for the three months ended June 30, 2024 and 2023, respectively and $50.7 million and $39.9 million for the six months ended June 30, 2024 and 2023, respectively.
v3.24.2
Stock-based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
On July 27, 2016, the Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the "2016 Incentive Plan") became effective. The 2016 Incentive Plan, which is administered by the Compensation, Nominating and Corporate Governance Committee of the Company’s Board of Directors, provides for grants of stock options, restricted stock, restricted stock units and other stock-based awards to officers, employees, directors, independent contractors and consultants. The number of shares of common stock available for issuance under the 2016 Incentive Plan may not exceed 2,073,832.
The total compensation cost that has been charged against income for share-based compensation arrangements was $7.2 million and $4.5 million for the six months ended June 30, 2024 and 2023, respectively.
Restricted Stock Awards
During the six months ended June 30, 2024, the Company granted restricted stock awards under the 2016 Incentive Plan. The restricted stock awards were valued on the date of grant and will vest over a period of 1 to 4 years corresponding to the anniversary date of the grants. The fair value of restricted stock awards was determined based on the closing trading price of the Company’s shares on the grant date or, if no shares were traded on the grant date, the last preceding date for which there was a sale of shares. Except for restrictions placed on the transferability of restricted stock, holders of unvested restricted stock have full stockholder’s rights, including voting rights and the right to receive dividends. Unvested shares of restricted stock awards and accrued dividends, if any, are forfeited upon the termination of service to or employment with the Company.
A summary of restricted stock activity under the 2016 Incentive Plan for the six months ended June 30, 2024 is as follows:
Six Months Ended
June 30, 2024
Number of SharesWeighted Average Grant Date Fair Value per Share
Non-vested outstanding at the beginning of the period107,822 $250.86 
Granted47,689 $502.43 
Vested(41,502)$231.05 
Forfeited(1,139)$272.22 
Non-vested outstanding at the end of the period112,870 $365.35 
Employees surrender shares to pay for withholding tax obligations resulting from any vesting of restricted stock awards. During the six months ended June 30, 2024, shares withheld for taxes in connection with the vesting of restricted stock awards totaled 14,234.
The weighted average grant-date fair value per share of the Company's restricted stock awards granted during the six months ended June 30, 2024 and 2023 was $502.43 and $313.35, respectively. The fair value of restricted stock awards that vested during the six months ended June 30, 2024 and 2023 was $19.8 million and $12.6 million, respectively. As of June 30, 2024, the Company had $36.0 million of total unrecognized stock-based compensation expense expected to be charged to earnings over a weighted-average period of 2.6 years.
Stock Options
On July 27, 2016, the Board of Directors approved, and the Company granted, 1,036,916 stock options with an exercise price equal to the initial public offering price of $16.00 per share and a weighted-average grant-date fair value of $2.71 per share. The options have a maximum contractual term of 10 years and vested in 4 equal annual installments following the date of the grant. The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model.
A summary of option activity as of June 30, 2024, and changes during the period then ended is presented below:
Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Years of Contractual TermAggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2024201,560 $16.00 
Granted— — 
Forfeited— — 
Exercised(72,013)16.00 
Outstanding at June 30, 2024
129,547 $16.00 2.1$47,839 
Exercisable at June 30, 2024
129,547 $16.00 2.1$47,839 
The total intrinsic value of options exercised was $33.0 million and $10.6 million during the six months ended June 30, 2024 and 2023, respectively.
v3.24.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands, except per share data)
Net income$92,579 $72,791 $191,520 $128,591 
Weighted average common shares outstanding - basic23,165 23,040 23,137 23,024 
Effect of potential dilutive securities:
Conversion of stock options130 217 150 225 
Conversion of restricted stock34 44 45 44 
Weighted average common shares outstanding - diluted23,329 23,301 23,332 23,293 
Earnings per common share:
Basic$4.00 $3.16 $8.28 $5.59 
Diluted$3.97 $3.12 $8.21 $5.52 
There were 44,000 and zero anti-dilutive stock awards for the three months ended June 30, 2024 and 2023, respectively. There were 44,000 and 47,000 anti-dilutive stock awards for the six months ended June 30, 2024 and 2023, respectively.
v3.24.2
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company's best estimate of the effective tax rate expected for the full year. The estimated annual effective tax rate typically differs from the U.S. statutory tax rate, primarily as a result of tax-exempt
investment income and any discrete items recognized during the period. The Company's effective tax rates were 17.3% and 18.9% for the six months ended June 30, 2024 and 2023, respectively. The effective tax rates were lower than the federal statutory rate of 21% due primarily to the tax benefits from stock-based compensation, including stock options exercised, and from income generated by certain tax-exempt investments.
v3.24.2
Reserves for Unpaid Losses and Loss Adjustment Expenses
 6 Months Ended
Jun. 30, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]  
Reserves for Unpaid Losses and Loss Adjustment Expenses Reserves For Unpaid Losses and Loss Adjustment Expenses
The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses:
June 30,
20242023
(in thousands)
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year
$1,692,875 $1,238,402 
Less: reinsurance recoverable on unpaid losses
241,357 177,039 
Net reserves for unpaid losses and loss adjustment expenses, beginning of year
1,451,518 1,061,363 
Incurred losses and loss adjustment expenses:
Current year398,058 305,536 
Prior years(17,947)(19,460)
Total net losses and loss adjustment expenses incurred380,111 286,076 
Payments:
Current year8,114 8,058 
Prior years102,829 92,055 
Total payments110,943 100,113 
Net reserves for unpaid losses and loss adjustment expenses, end of period
1,720,686 1,247,326 
Reinsurance recoverable on unpaid losses292,369 208,408 
Gross reserves for unpaid losses and loss adjustment expenses, end of period
$2,013,055 $1,455,734 
During the six months ended June 30, 2024, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2023 developed favorably by $17.9 million, of which $30.7 million was attributable to the 2021 through 2023 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development primarily from the 2017 through 2019 accident years due to construction defect claims that are more exposed to inflation and from the 2020 accident year due to a large property claim.
During the six months ended June 30, 2023, the reserves for unpaid losses and loss adjustment expenses held at December 31, 2022 developed favorably by $19.5 million, of which $27.1 million was attributable to the 2021 and 2022 accident years due to lower emergence of reported losses than expected across most lines of business. This favorable development was offset in part by adverse development largely from the 2017 through 2019 accident years due primarily to construction defect claims that are more exposed to inflation
v3.24.2
Reinsurance
 6 Months Ended
Jun. 30, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance Reinsurance
The following table summarizes the effect of reinsurance on premiums written and earned for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Premiums written:
Direct$529,770 $438,222 $978,414 $795,810 
Ceded(99,534)(73,181)(197,124)(131,739)
Net written$430,236 $365,041 $781,290 $664,071 
Premiums earned:
Direct$430,535 $326,697 $833,127 $620,233 
Ceded(98,074)(69,651)(191,148)(126,029)
Net earned$332,461 $257,046 $641,979 $494,204 
The following table summarizes ceded losses and loss adjustment expenses for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Ceded incurred losses and loss adjustment expenses$40,944 $25,981 $70,205 $61,990 
The following table presents reinsurance recoverables on paid and unpaid losses as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
(in thousands)
Reinsurance recoverables on paid losses$9,723 $6,479 
Reinsurance recoverables on unpaid losses, net292,369 241,357 
Reinsurance recoverables, net$302,092 $247,836 
v3.24.2
Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Note Purchase and Private Shelf Agreement
On July 22, 2022, the Company entered into a Note Purchase and Private Shelf Agreement (as subsequently amended, the "Note Purchase Agreement") with PGIM, Inc. ("Prudential") and the purchasers of the Series A and Series B Senior Notes (as defined below). The Note Purchase Agreement provides for issuance of senior promissory notes with an aggregate principal amount of up to $200.0 million through September 18, 2026.
Pursuant to the Note Purchase Agreement, on July 22, 2022, the Company issued $125.0 million aggregate principal amount of 5.15% Series A Senior Notes Due July 22, 2034 (collectively, the "Series A Notes”), and on September
18, 2023, the Company issued a $50.0 million aggregate principal amount 6.21% Series B Senior Note ("Series B Note") due July 22, 2034.
The Series A and B Notes are senior unsecured obligations of the Company and rank pari passu with the Company’s Amended and Restated Credit Agreement.
Principal payments on the Series A Notes are required annually beginning on July 22, 2030 in equal installments of $25.0 million through July 22, 2034.
Principal payments on the Series B Note are required annually beginning on July 22, 2030 in equal installments of $10.0 million through July 22, 2034.
Credit Agreement
On July 22, 2022, the Company entered into an Amended and Restated Credit Agreement, with JPMorgan Chase Bank, N.A., as administrative agent and as issuing bank, Truist Bank, as syndication agent, and the lenders party thereto (collectively, the "Lenders"). The Amended and Restated Credit Agreement provides the Company with a $100.0 million senior unsecured revolving credit facility (the "Credit Facility"), with the option to increase the aggregate commitment by $30.0 million. The Company is required to pay a Commitment Fee Rate (as defined therein) of 0.25% on the average daily amount of the Available Revolving Commitment (as defined therein). Borrowings under the Amended and Restated Credit Agreement may be used for general corporate purposes (which may include, without limitation, to fund future growth, to finance working capital needs, to fund capital expenditures, and to refinance, redeem or repay indebtedness).
The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%. For the six months ended June 30, 2024, the annual weighted-average interest rate of borrowings under the Credit Facility was 7.07%.
The following table presents the Company's outstanding debt as of June 30, 2024 and December 31, 2023:

IssuanceMaturitiesJune 30,
2024		December 31, 2023
(in thousands)
Credit FacilityVarious7/22/2027$11,000 $11,000 
5.15% Series A Notes
7/22/20227/22/2034125,000 125,000 
6.21% Series B Note
9/18/20237/22/203450,000 50,000 
Less: Unamortized debt issuance costs(2,016)(2,154)
Total debt$183,984 $183,846 
Both the Note Purchase Agreement and the Amended and Restated Credit Agreement contain representations and affirmative and negative covenants, including financial covenants customary for agreements of this type, as well as customary events of default provisions. As of June 30, 2024, the Company was in compliance with all of its financial covenants under both the Note Purchase Agreement and the Credit Facility.
v3.24.2
Other Comprehensive (Loss) Income
 6 Months Ended
Jun. 30, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Other Comprehensive Income Other Comprehensive (Loss) Income
The following table summarizes the components of other comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Unrealized (losses) gains on fixed-maturity securities arising during the period, before income taxes$(6,892)$(18,236)$(19,476)$2,934 
Income tax benefit (expense)1,447 3,830 4,090 (616)
Unrealized (losses) gains arising during the period, net of income taxes(5,445)(14,406)(15,386)2,318 
Less reclassification adjustment:
Net realized losses on fixed-maturity securities, before income taxes(207)(404)(218)(1,316)
Income tax benefit 44 85 46 276 
Reclassification adjustment included in net income(163)(319)(172)(1,040)
Change in allowance for credit losses on investments, before income taxes476 25 486 (56)
Income tax (expense) benefit (100)(5)(102)12 
Reclassification adjustment included in net income376 20 384 (44)
Other comprehensive (loss) income$(5,658)$(14,107)$(15,598)$3,402 
The sale or credit loss of an available-for-sale fixed-maturity security results in amounts being reclassified from accumulated other comprehensive (loss) income to realized gains or losses in current period earnings. The related tax effect of the reclassification adjustment is recorded in income tax expense in current period earnings. See Note 2 for additional information.
v3.24.2
Commitment and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure Contingencies
Contingencies arise in the normal conduct of the Company’s operations and are not expected to have a material effect on the Company’s financial condition or results of operations. However, adverse outcomes are possible and could negatively affect the Company’s financial condition and results of operations.
In June 2019, Marie Hughes, as authorized administrator for the estate of George Hughes, filed a wrongful death claim against Venetian Hills Apartments, LLC ("Venetian Hills") in DeKalb County in Georgia state court. On December 20, 2023, the jury awarded a verdict to the plaintiff of $140.0 million.
Venetian Hills was a policyholder of a $1.0 million general liability policy issued by Kinsale Insurance. The Company believes exclusions in the policy apply to the claim and intends to defend any action related to this proceeding vigorously. The Company expects to appeal the verdict at the conclusion of post trial motions and does not expect a resolution as to the Company’s liability, if any, with respect to this matter in the foreseeable future, and potentially for multiple years.
The Company does not believe this legal proceeding will have a material adverse effect on its results of operations or business. The Company believes adequate provision has been made in its consolidated financial statements and its existing reserves account for liabilities to the Company relating to claims such as this legal proceeding.
Legal Matters and Contingencies
In June 2019, Marie Hughes, as authorized administrator for the estate of George Hughes, filed a wrongful death claim against Venetian Hills Apartments, LLC ("Venetian Hills") in DeKalb County in Georgia state court. On December 20, 2023, the jury awarded a verdict to the plaintiff of $140.0 million.
Venetian Hills was a policyholder of a $1.0 million general liability policy issued by Kinsale Insurance. The Company believes exclusions in the policy apply to the claim and intends to defend any action related to this proceeding vigorously. The Company expects to appeal the verdict at the conclusion of post trial motions and does not expect a resolution as to the Company’s liability, if any, with respect to this matter in the foreseeable future, and potentially for multiple years.
The Company does not believe this legal proceeding will have a material adverse effect on its results of operations or business. The Company believes adequate provision has been made in its consolidated financial statements and its existing reserves account for liabilities to the Company relating to claims such as this legal proceeding
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure            
Net income $ 92,579 $ 98,941 $ 72,791 $ 55,800 $ 191,520 $ 128,591
v3.24.2
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
Securities Trading Plans of Directors and Executive Officers
Transactions in our securities by our non-employee directors and executive officers are required to be made in accordance with our Policy on the Prevention of Insider Trading and Selective Disclosure (the "Insider Trading Policy"), which, among other things, requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading Policy permits our non-employee directors and executive officers to enter into trading plans designed to comply with Rule 10b5-1.
During the second quarter of 2024, none of our non-employee directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading plan or adopted, modified or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
v3.24.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of presentation
The unaudited condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its subsidiaries ("the Company") included in the Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All significant intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.
Use of Estimates
Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy
Prospective accounting pronouncements
ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which expands reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of a segment's profit or loss. The ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning one year later. Early adoption is permitted and the amendments must be applied retrospectively to all prior periods presented. The Company does not expect the adoption of this guidance to materially affect the consolidated financial statements, and the Company is currently evaluating the effect the guidance will have on its disclosures.
v3.24.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Investments [Abstract]  
Available-for-sale Investments
The following tables summarize the available-for-sale investments at June 30, 2024 and December 31, 2023:
June 30, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$15,151 $— $(710)$— $14,441 
Obligations of states, municipalities and political subdivisions
173,760 25 (21,947)— 151,838 
Corporate and other securities1,762,577 1,617 (59,390)(67)1,704,737 
Asset-backed securities699,739 1,571 (2,697)— 698,613 
Residential mortgage-backed securities
460,923 614 (55,954)— 405,583 
Commercial mortgage-backed securities102,542 134 (5,170)— 97,506 
Total fixed-maturity investments$3,214,692 $3,961 $(145,868)$(67)$3,072,718 

December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$28,003 $57 $(806)$— $27,254 
Obligations of states, municipalities and political subdivisions
191,080 212 (20,248)— 171,044 
Corporate and other securities1,437,468 5,532 (54,755)(552)1,387,693 
Asset-backed securities641,700 2,833 (2,773)— 641,760 
Residential mortgage-backed securities
463,904 1,732 (48,530)— 417,106 
Commercial mortgage-backed securities72,308 11 (5,416)(1)66,902 
Total fixed-maturity investments$2,834,463 $10,377 $(132,528)$(553)$2,711,759 
Debt Securities, Available-for-Sale, Allowance for Credit Loss The following table presents changes in the allowance for expected credit losses on available-for-sale securities for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Beginning balance$543 $447 $553 $366 
Increase to allowance from securities for which credit losses were not previously recorded— — — — 
Reduction from securities sold during the period(479)(12)(479)(12)
Net (decrease) increase from securities that had an allowance at the beginning of the period3 (13)(7)68 
Ending balance$67 $422 $67 $422 
Available-for-sale Securities in an Unrealized Loss Position
The following tables summarize gross unrealized losses and estimated fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position:
June 30, 2024
Less than 12 Months12 Months or LongerTotal
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of the U.S. government agencies$549 $(1)$13,893 $(709)$14,442 $(710)
Obligations of states, municipalities and political subdivisions
14,753 (164)133,181 (21,783)147,934 (21,947)
Corporate and other securities
649,409 (3,640)724,778 (55,750)1,374,187 (59,390)
Asset-backed securities216,615 (731)141,705 (1,966)358,320 (2,697)
Residential mortgage-backed securities
105,217 (1,286)248,896 (54,668)354,113 (55,954)
Commercial mortgage-backed securities19,746 (110)56,994 (5,060)76,740 (5,170)
Total fixed-maturity investments$1,006,289 $(5,932)$1,319,447 $(139,936)$2,325,736 $(145,868)
December 31, 2023
Less than 12 Months
12 Months or Longer
Total
Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses
(in thousands)
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$— $— $15,484 $(806)$15,484 $(806)
Obligations of states, municipalities and political subdivisions
20,886 (221)121,911 (20,027)142,797 (20,248)
Corporate and other securities
246,355 (1,444)651,525 (53,311)897,880 (54,755)
Asset-backed securities142,287 (872)217,401 (1,901)359,688 (2,773)
Residential mortgage-backed securities
26,158 (49)268,891 (48,481)295,049 (48,530)
Commercial mortgage-backed securities8,775 (55)56,731 (5,361)65,506 (5,416)
Total fixed-maturity investments$444,461 $(2,641)$1,331,943 $(129,887)$1,776,404 $(132,528)
Contractual Maturities of Available-for-sale Fixed Maturity Securities
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at June 30, 2024 are summarized, by contractual maturity, as follows:
June 30, 2024
AmortizedEstimated
CostFair Value
(in thousands)
Due in one year or less$296,969 $295,225 
Due after one year through five years1,087,876 1,067,641 
Due after five years through ten years350,584 333,550 
Due after ten years216,059 174,600 
Asset-backed securities699,739 698,613 
Residential mortgage-backed securities460,923 405,583 
Commercial mortgage-backed securities102,542 97,506 
Total fixed-maturity securities $3,214,692 $3,072,718 
Schedule of Real Estate Properties
Real estate investments represents directly owned property held for investment purposes and consisted of land with a carrying value of $15.0 million and $14.8 million at June 30, 2024 and December 31, 2023, respectively. There was no accumulated depreciation on real estate investments at June 30, 2024 and December 31, 2023.
Net Investment Income
The following table presents the components of net investment income for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Interest:
Taxable bonds$34,471 $20,924 $65,862 $39,028 
Tax exempt municipal bonds395 546 834 1,182 
Cash equivalents and short-term investments568 866 1,111 1,579 
Dividends on equity securities1,461 1,278 2,837 2,421 
Real estate investment income— 1,356 153 2,714 
Gross investment income36,895 24,970 70,797 46,924 
Investment expenses(1,048)(798)(2,017)(2,057)
Net investment income$35,847 $24,172 $68,780 $44,867 

There was no depreciation expense related to real estate investments for the three and six months ended June 30, 2024 or three months ended June 30, 2023 as the Company sold the related assets during 2023. Investment expenses included depreciation expense related to real estate investments of $0.5 million for the six months ended June 30, 2023.
Realized Gain (Loss) on Investments
The following table presents realized investment gains and losses for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Fixed-maturity securities:
Realized gains$846 $1,338 $941 $1,737 
Realized losses(933)(958)(1,039)(2,217)
Net realized (losses) gains from fixed-maturity securities(87)380 (98)(480)
Equity securities:
Realized gains3,390 1,611 7,271 1,626 
Realized losses(424)(687)(424)(4,487)
Net realized gains (losses) from equity securities2,966 924 6,847 (2,861)
Realized gains (losses) from the sales of short-term investments1 (13)1 (20)
Realized loss on sale of real estate investments(1)— (5)— 
Net realized investment gains (losses)$2,879 $1,291 $6,745 $(3,361)
The net realized gains or losses on sales of equity securities represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) in the consolidated statement of income consists of two components: (1) the reversal of the gain or loss recognized in previous periods on equity securities sold and (2) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.
v3.24.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Assets Measured at Fair Value on a Recurring Basis
The following tables present the balances of assets measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, by level within the fair value hierarchy:
June 30, 2024
Level 1Level 2Level 3Total
(in thousands)
Assets
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies$14,441 $— $— $14,441 
Obligations of states, municipalities and political subdivisions
— 151,838 — 151,838 
Corporate and other securities— 1,704,737 — 1,704,737 
Asset-backed securities— 698,613 — 698,613 
Residential mortgage-backed securities— 405,583 — 405,583 
Commercial mortgage-backed securities— 97,506 — 97,506 
Total fixed-maturity securities14,441 3,058,277 — 3,072,718 
Equity securities:
Exchange traded funds119,612 — — 119,612 
Non-redeemable preferred stock— 28,964 — 28,964 
Common stocks168,906 — — 168,906 
Total equity securities288,518 28,964 — 317,482 
Short-term investments3,627 3,281 — 6,908 
Total$306,586 $3,090,522 $— $3,397,108 
December 31, 2023
Level 1Level 2Level 3Total
(in thousands)
Assets
Fixed maturities:
U.S. Treasury securities and obligations of U.S. government agencies
$22,235 $5,019 $— $27,254 
Obligations of states, municipalities and political subdivisions
— 171,044 — 171,044 
Corporate and other securities— 1,387,693 — 1,387,693 
Asset-backed securities— 641,760 — 641,760 
Residential mortgage-backed securities— 417,106 — 417,106 
Commercial mortgage-backed securities— 66,902 — 66,902 
Total fixed-maturity securities22,235 2,689,524 — 2,711,759 
Equity securities:
Exchange traded funds106,300 — — 106,300 
Non-redeemable preferred stock— 33,173 — 33,173 
Common stocks95,340 — — 95,340 
Total equity securities201,640 33,173 — 234,813 
Short-term investments1,862 3,727 — 5,589 
Total$225,737 $2,726,424 $— $2,952,161 
v3.24.2
Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2024
Credit Loss [Abstract]  
Premium Receivable, Allowance for Credit Loss The following table presents the change in the allowance for credit losses for premiums receivable for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Beginning balance$15,482 $10,127 $13,383 $8,067 
Current period change for estimated uncollectible premiums6,079 2,711 10,342 5,118 
Write-offs of uncollectible premiums receivable(335)(671)(2,499)(1,018)
Ending balance$21,226 $12,167 $21,226 $12,167 
v3.24.2
Deferred Policy Acquisition Costs (Tables)
 6 Months Ended
Jun. 30, 2024
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Deferred Policy Acquisition Costs
The following table presents the amounts of policy acquisition costs deferred and amortized for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Balance, beginning of period$94,489 $69,444 $88,395 $61,594 
Policy acquisition costs deferred:
Direct commissions77,818 63,279 143,373 114,643 
Ceding commissions(29,869)(21,171)(58,315)(38,549)
Other underwriting and policy acquisition costs3,512 3,242 6,653 5,888 
Policy acquisition costs deferred51,461 45,350 91,711 81,982 
Amortization of net policy acquisition costs
(36,592)(29,468)(70,748)(58,250)
Balance, end of period$109,358 $85,326 $109,358 $85,326 
v3.24.2
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2024
Property and Equipment [Abstract]  
Property and Equipment
Property and equipment are included in "other assets" in the accompanying consolidated balance sheets and consist of the following:
June 30, 2024December 31, 2023
(in thousands)
Building$37,190 $37,181 
Parking deck5,072 5,072 
Land3,068 3,068 
Equipment4,250 3,958 
Software17,597 15,375 
Furniture and fixtures3,093 3,065 
Land improvements474 474 
Leasehold improvements153 153 
Construction in progress - building11,145 6,623 
Property and equipment82,042 74,969 
Accumulated depreciation(13,878)(11,565)
Total property and equipment, net$68,164 $63,404 
v3.24.2
Underwriting, Acquisition and Insurance Expenses (Tables)
 6 Months Ended
Jun. 30, 2024
Underwriting, Acquisition and Insurance Expenses [Abstract]  
Underwriting, acquisition and insurance expenses
Underwriting, acquisition and insurance expenses for the three and six months ended June 30, 2024 and 2023 consist of the following:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Underwriting, acquisition and insurance expenses incurred:
Direct commissions$62,764 $46,977 $121,130 $90,146 
Ceding commissions(29,359)(19,927)(56,186)(36,486)
Other underwriting expenses38,663 28,423 72,877 54,559 
Total$72,068 $55,473 $137,821 $108,219 
v3.24.2
Stock-based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Activity
A summary of restricted stock activity under the 2016 Incentive Plan for the six months ended June 30, 2024 is as follows:
Six Months Ended
June 30, 2024
Number of SharesWeighted Average Grant Date Fair Value per Share
Non-vested outstanding at the beginning of the period107,822 $250.86 
Granted47,689 $502.43 
Vested(41,502)$231.05 
Forfeited(1,139)$272.22 
Non-vested outstanding at the end of the period112,870 $365.35 
Stock Options Activity
A summary of option activity as of June 30, 2024, and changes during the period then ended is presented below:
Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Years of Contractual TermAggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2024201,560 $16.00 
Granted— — 
Forfeited— — 
Exercised(72,013)16.00 
Outstanding at June 30, 2024
129,547 $16.00 2.1$47,839 
Exercisable at June 30, 2024
129,547 $16.00 2.1$47,839 
v3.24.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share
The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands, except per share data)
Net income$92,579 $72,791 $191,520 $128,591 
Weighted average common shares outstanding - basic23,165 23,040 23,137 23,024 
Effect of potential dilutive securities:
Conversion of stock options130 217 150 225 
Conversion of restricted stock34 44 45 44 
Weighted average common shares outstanding - diluted23,329 23,301 23,332 23,293 
Earnings per common share:
Basic$4.00 $3.16 $8.28 $5.59 
Diluted$3.97 $3.12 $8.21 $5.52 
v3.24.2
Reserves for Unpaid Losses and Loss Adjustment Expenses (Tables)
 6 Months Ended
Jun. 30, 2024
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]  
Schedule of Unpaid Losses and Loss Adjustment Expenses
The following table presents a reconciliation of consolidated beginning and ending reserves for unpaid losses and loss adjustment expenses:
June 30,
20242023
(in thousands)
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year
$1,692,875 $1,238,402 
Less: reinsurance recoverable on unpaid losses
241,357 177,039 
Net reserves for unpaid losses and loss adjustment expenses, beginning of year
1,451,518 1,061,363 
Incurred losses and loss adjustment expenses:
Current year398,058 305,536 
Prior years(17,947)(19,460)
Total net losses and loss adjustment expenses incurred380,111 286,076 
Payments:
Current year8,114 8,058 
Prior years102,829 92,055 
Total payments110,943 100,113 
Net reserves for unpaid losses and loss adjustment expenses, end of period
1,720,686 1,247,326 
Reinsurance recoverable on unpaid losses292,369 208,408 
Gross reserves for unpaid losses and loss adjustment expenses, end of period
$2,013,055 $1,455,734 
v3.24.2
Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2024
Reinsurance Disclosures [Abstract]  
Effects of Reinsurance
The following table summarizes the effect of reinsurance on premiums written and earned for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Premiums written:
Direct$529,770 $438,222 $978,414 $795,810 
Ceded(99,534)(73,181)(197,124)(131,739)
Net written$430,236 $365,041 $781,290 $664,071 
Premiums earned:
Direct$430,535 $326,697 $833,127 $620,233 
Ceded(98,074)(69,651)(191,148)(126,029)
Net earned$332,461 $257,046 $641,979 $494,204 
Effects of Reinsurance on Losses
The following table summarizes ceded losses and loss adjustment expenses for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Ceded incurred losses and loss adjustment expenses$40,944 $25,981 $70,205 $61,990 
Reinsurance Recoverables
The following table presents reinsurance recoverables on paid and unpaid losses as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
(in thousands)
Reinsurance recoverables on paid losses$9,723 $6,479 
Reinsurance recoverables on unpaid losses, net292,369 241,357 
Reinsurance recoverables, net$302,092 $247,836 
v3.24.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The following table presents the Company's outstanding debt as of June 30, 2024 and December 31, 2023:

IssuanceMaturitiesJune 30,
2024		December 31, 2023
(in thousands)
Credit FacilityVarious7/22/2027$11,000 $11,000 
5.15% Series A Notes
7/22/20227/22/2034125,000 125,000 
6.21% Series B Note
9/18/20237/22/203450,000 50,000 
Less: Unamortized debt issuance costs(2,016)(2,154)
Total debt$183,984 $183,846 
v3.24.2
Other Comprehensive (Loss) Income (Tables)
 6 Months Ended
Jun. 30, 2024
Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Comprehensive Income (Loss)
The following table summarizes the components of other comprehensive (loss) income for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in thousands)
Unrealized (losses) gains on fixed-maturity securities arising during the period, before income taxes$(6,892)$(18,236)$(19,476)$2,934 
Income tax benefit (expense)1,447 3,830 4,090 (616)
Unrealized (losses) gains arising during the period, net of income taxes(5,445)(14,406)(15,386)2,318 
Less reclassification adjustment:
Net realized losses on fixed-maturity securities, before income taxes(207)(404)(218)(1,316)
Income tax benefit 44 85 46 276 
Reclassification adjustment included in net income(163)(319)(172)(1,040)
Change in allowance for credit losses on investments, before income taxes476 25 486 (56)
Income tax (expense) benefit (100)(5)(102)12 
Reclassification adjustment included in net income376 20 384 (44)
Other comprehensive (loss) income$(5,658)$(14,107)$(15,598)$3,402 
v3.24.2
Investments Investments (Available for Sale) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]            
Total fixed maturities, Amortized Cost $ 3,214,692   $ 2,834,463      
Gross Unrealized Holding Gains 3,961   10,377      
Gross Unrealized Holding Losses 145,868   132,528      
Allowance for Credit Losses (67) $ (543) (553) $ (422) $ (447) $ (366)
Estimated Fair Value 3,072,718   2,711,759      
U.S. Treasury securities and obligations of U.S. government agencies            
Debt Securities, Available-for-sale [Line Items]            
Total fixed maturities, Amortized Cost 15,151   28,003      
Gross Unrealized Holding Gains 0   57      
Gross Unrealized Holding Losses 710   806      
Allowance for Credit Losses 0   0      
Estimated Fair Value 14,441   27,254      
Obligations of states, municipalities and political subdivisions            
Debt Securities, Available-for-sale [Line Items]            
Total fixed maturities, Amortized Cost 173,760   191,080      
Gross Unrealized Holding Gains 25   212      
Gross Unrealized Holding Losses 21,947   20,248      
Allowance for Credit Losses 0   0      
Estimated Fair Value 151,838   171,044      
Corporate and other securities            
Debt Securities, Available-for-sale [Line Items]            
Total fixed maturities, Amortized Cost 1,762,577   1,437,468      
Gross Unrealized Holding Gains 1,617   5,532      
Gross Unrealized Holding Losses 59,390   54,755      
Allowance for Credit Losses (67)   (552)      
Estimated Fair Value 1,704,737   1,387,693      
Asset-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Total fixed maturities, Amortized Cost 699,739   641,700      
Gross Unrealized Holding Gains 1,571   2,833      
Gross Unrealized Holding Losses 2,697   2,773      
Allowance for Credit Losses 0   0      
Estimated Fair Value 698,613   641,760      
Residential mortgage-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Total fixed maturities, Amortized Cost 460,923   463,904      
Gross Unrealized Holding Gains 614   1,732      
Gross Unrealized Holding Losses 55,954   48,530      
Allowance for Credit Losses 0   0      
Estimated Fair Value 405,583   417,106      
Commercial mortgage-backed securities            
Debt Securities, Available-for-sale [Line Items]            
Total fixed maturities, Amortized Cost 102,542   72,308      
Gross Unrealized Holding Gains 134   11      
Gross Unrealized Holding Losses 5,170   5,416      
Allowance for Credit Losses 0   (1)      
Estimated Fair Value $ 97,506   $ 66,902      
v3.24.2
Investments Available-for-Sale Securities in a Loss Position (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
security
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-sale [Line Items]          
Less than 12 Months, Estimated Fair Value $ 1,006,289   $ 1,006,289   $ 444,461
Less than 12 months, gross unrealized holding losses 5,932   5,932   2,641
12 Months or Longer, Estimated Fair Value 1,319,447   1,319,447   1,331,943
12 Months or Longer, Gross Unrealized Holding Losses 139,936   139,936   129,887
Total Estimated Fair Value 2,325,736   2,325,736   1,776,404
Total Gross Unrealized Holding Losses 145,868   145,868   132,528
Beginning balance 543 $ 447 553 $ 366  
Increase to allowance from securities for which credit losses were not previously recorded 0 0 0 0  
Reduction from securities sold during the period (479) (12) (479) (12)  
Net increase (decrease) from securities that had an allowance at the beginning of the period 3 (13) (7) 68  
Ending balance 67 $ 422 $ 67 $ 422  
Debt Securities Available For Sale Allowance For Credit Loss Number Of Securities | security     3    
U.S. Treasury securities and obligations of U.S. government agencies          
Debt Securities, Available-for-sale [Line Items]          
Less than 12 Months, Estimated Fair Value 549   $ 549   0
Less than 12 months, gross unrealized holding losses 1   1   0
12 Months or Longer, Estimated Fair Value 13,893   13,893   15,484
12 Months or Longer, Gross Unrealized Holding Losses 709   709   806
Total Estimated Fair Value 14,442   14,442   15,484
Total Gross Unrealized Holding Losses 710   710   806
Beginning balance     0    
Ending balance 0   0    
Obligations of states, municipalities and political subdivisions [Member]          
Debt Securities, Available-for-sale [Line Items]          
Less than 12 Months, Estimated Fair Value 14,753   14,753   20,886
Less than 12 months, gross unrealized holding losses 164   164   221
12 Months or Longer, Estimated Fair Value 133,181   133,181   121,911
12 Months or Longer, Gross Unrealized Holding Losses 21,783   21,783   20,027
Total Estimated Fair Value 147,934   147,934   142,797
Total Gross Unrealized Holding Losses 21,947   21,947   20,248
Beginning balance     0    
Ending balance 0   0    
Corporate and other securities [Member]          
Debt Securities, Available-for-sale [Line Items]          
Less than 12 Months, Estimated Fair Value 649,409   649,409   246,355
Less than 12 months, gross unrealized holding losses 3,640   3,640   1,444
12 Months or Longer, Estimated Fair Value 724,778   724,778   651,525
12 Months or Longer, Gross Unrealized Holding Losses 55,750   55,750   53,311
Total Estimated Fair Value 1,374,187   1,374,187   897,880
Total Gross Unrealized Holding Losses 59,390   59,390   54,755
Beginning balance     552    
Ending balance 67   67    
Asset-backed securities [Member]          
Debt Securities, Available-for-sale [Line Items]          
Less than 12 Months, Estimated Fair Value 216,615   216,615   142,287
Less than 12 months, gross unrealized holding losses 731   731   872
12 Months or Longer, Estimated Fair Value 141,705   141,705   217,401
12 Months or Longer, Gross Unrealized Holding Losses 1,966   1,966   1,901
Total Estimated Fair Value 358,320   358,320   359,688
Total Gross Unrealized Holding Losses 2,697   2,697   2,773
Beginning balance     0    
Ending balance 0   0    
Residential mortgage-backed securities [Member]          
Debt Securities, Available-for-sale [Line Items]          
Less than 12 Months, Estimated Fair Value 105,217   105,217   26,158
Less than 12 months, gross unrealized holding losses 1,286   1,286   49
12 Months or Longer, Estimated Fair Value 248,896   248,896   268,891
12 Months or Longer, Gross Unrealized Holding Losses 54,668   54,668   48,481
Total Estimated Fair Value 354,113   354,113   295,049
Total Gross Unrealized Holding Losses 55,954   55,954   48,530
Beginning balance     0    
Ending balance 0   0    
Commercial mortgage-backed securities          
Debt Securities, Available-for-sale [Line Items]          
Less than 12 Months, Estimated Fair Value 19,746   19,746   8,775
Less than 12 months, gross unrealized holding losses 110   110   55
12 Months or Longer, Estimated Fair Value 56,994   56,994   56,731
12 Months or Longer, Gross Unrealized Holding Losses 5,060   5,060   5,361
Total Estimated Fair Value 76,740   76,740   65,506
Total Gross Unrealized Holding Losses 5,170   5,170   $ 5,416
Beginning balance     1    
Ending balance $ 0   $ 0    
v3.24.2
Investments Available-for-Sale Securities in a Loss Position Narrative (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Rate
Dec. 31, 2023
USD ($)
Debt Securities, Available-for-sale [Line Items]    
Number of available-for-sale securities in unrealized loss positions 1,253  
Total Estimated Fair Value $ 2,325,736 $ 1,776,404
Gross Unrealized Losses $ 145,868 $ 132,528
Number of available-for-sale securities in unrealized loss positions, greater than one year 789  
Fixed maturities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, percentage of securities with ratings of A minus or better | Rate 79.40%  
v3.24.2
Investments Contractual Maturities of Available-for-Sale Fixed Maturity Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Amortized Cost    
Due in one year or less, Amortized Cost $ 296,969  
Due after one year through five years, Amortized Cost 1,087,876  
Due after five years through ten years, Amortized Cost 350,584  
Due after ten years, Amortized Cost 216,059  
Total fixed maturities, Amortized Cost 3,214,692 $ 2,834,463
Estimated Fair Value    
Due in one year or less, Estimated Fair Value 295,225  
Due after one year through five years, Estimated Fair Value 1,067,641  
Due after five years through ten years, Estimated Fair Value 333,550  
Due after ten years, Estimated Fair Value 174,600  
Estimated Fair Value 3,072,718 2,711,759
Asset-backed securities [Member]    
Amortized Cost    
Without single maturity date, Amortized Cost 699,739  
Total fixed maturities, Amortized Cost 699,739 641,700
Estimated Fair Value    
Without single maturity date, Estimated Fair Value 698,613  
Estimated Fair Value 698,613 641,760
Residential mortgage-backed securities [Member]    
Amortized Cost    
Without single maturity date, Amortized Cost 460,923  
Total fixed maturities, Amortized Cost 460,923 463,904
Estimated Fair Value    
Without single maturity date, Estimated Fair Value 405,583  
Estimated Fair Value 405,583 417,106
Commercial mortgage-backed securities    
Amortized Cost    
Without single maturity date, Amortized Cost 102,542  
Total fixed maturities, Amortized Cost 102,542 72,308
Estimated Fair Value    
Without single maturity date, Estimated Fair Value 97,506  
Estimated Fair Value $ 97,506 $ 66,902
v3.24.2
Investments Net Investment Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest Income (Expense), Net [Abstract]        
Taxable bonds $ 34,471 $ 20,924 $ 65,862 $ 39,028
Tax exempt municipal bonds 395 546 834 1,182
Cash equivalents and short-term investments 568 866 1,111 1,579
Dividends on equity securities 1,461 1,278 2,837 2,421
Gross Investment Income, Operating 36,895 24,970 70,797 46,924
Investment Income, Investment Expense 1,048 798 2,017 2,057
Net investment income 35,847 24,172 68,780 44,867
Real Estate Investment        
Interest Income (Expense), Net [Abstract]        
Gross Investment Income, Operating 0 1,356 153 2,714
Investment Income, Investment Expense $ 0 $ 0 $ 0 $ 500
v3.24.2
Investments Realized Gains (Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Debt and Equity Securities, Realized Gain (Loss) [Abstract]        
Realized gains, fixed-maturity securities $ 846 $ 1,338 $ 941 $ 1,737
Realized losses, fixed-maturity securities (933) (958) (1,039) (2,217)
Net realized (losses) gains from fixed-maturity securities (87) 380 (98) (480)
Realized gains, equity securities 3,390 1,611 7,271 1,626
Realized losses, equity securities (424) (687) (424) (4,487)
Net realized gains (losses) from equity securities 2,966 924 6,847 (2,861)
Realized gains (losses) from the sales of short-term investments 1 (13) 1 (20)
Gains (Losses) on Sales of Investment Real Estate (1) 0 (5) 0
Net realized investment gains (losses) $ 2,879 $ 1,291 $ 6,745 $ (3,361)
v3.24.2
Investments Unrealized Gains (Losses) on Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Change in net unrealized gains (losses) on fixed-maturity securities $ (7.2) $ (17.8) $ (19.7) $ 4.4
v3.24.2
Investments Investment Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Assets on deposit with state regulatory authorities $ 3.5 $ 5.8
Payable for investments purchased $ 16.7 $ 12.3
v3.24.2
Investments (Details), Real Estate - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Real Estate Properties [Line Items]          
Land $ 15,000   $ 15,000   $ 14,800
Real Estate Investment Property, Accumulated Depreciation 0   0   $ 0
Gains (Losses) on Sales of Investment Real Estate (1) $ 0 (5) $ 0  
Investment Income, Investment Expense 1,048 798 2,017 2,057  
Real Estate Investment          
Real Estate Properties [Line Items]          
Investment Income, Investment Expense $ 0 $ 0 $ 0 $ 500  
v3.24.2
Fair Value Measurements - Fair Value Hierarchy (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value $ 3,072,718 $ 2,711,759
U.S. Treasury securities and obligations of U.S. government agencies    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 14,441 27,254
Obligations of states, municipalities and political subdivisions [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 151,838 171,044
Corporate and other securities [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 1,704,737 1,387,693
Asset-backed securities [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 698,613 641,760
Residential mortgage-backed securities [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 405,583 417,106
Commercial mortgage-backed securities    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 97,506 66,902
Recurring    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 3,397,108 2,952,161
Recurring | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 306,586 225,737
Recurring | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 3,090,522 2,726,424
Recurring | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 0 0
Recurring | Fixed maturities [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 3,072,718 2,711,759
Recurring | Fixed maturities [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 14,441 22,235
Recurring | Fixed maturities [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 3,058,277 2,689,524
Recurring | Fixed maturities [Member] | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | U.S. Treasury securities and obligations of U.S. government agencies    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 14,441 27,254
Recurring | U.S. Treasury securities and obligations of U.S. government agencies | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 14,441 22,235
Recurring | U.S. Treasury securities and obligations of U.S. government agencies | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 5,019
Recurring | U.S. Treasury securities and obligations of U.S. government agencies | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Obligations of states, municipalities and political subdivisions [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 151,838 171,044
Recurring | Obligations of states, municipalities and political subdivisions [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Obligations of states, municipalities and political subdivisions [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 151,838 171,044
Recurring | Obligations of states, municipalities and political subdivisions [Member] | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Corporate and other securities [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 1,704,737 1,387,693
Recurring | Corporate and other securities [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Corporate and other securities [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 1,704,737 1,387,693
Recurring | Corporate and other securities [Member] | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Asset-backed securities [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 698,613 641,760
Recurring | Asset-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Asset-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 698,613 641,760
Recurring | Asset-backed securities [Member] | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Residential mortgage-backed securities [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 405,583 417,106
Recurring | Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Residential mortgage-backed securities [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 405,583 417,106
Recurring | Residential mortgage-backed securities [Member] | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Commercial mortgage-backed securities    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 97,506 66,902
Recurring | Commercial mortgage-backed securities | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Commercial mortgage-backed securities | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 97,506 66,902
Recurring | Commercial mortgage-backed securities | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Estimated Fair Value 0 0
Recurring | Equity securities [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 317,482 234,813
Recurring | Equity securities [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 288,518 201,640
Recurring | Equity securities [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 28,964 33,173
Recurring | Equity securities [Member] | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 0 0
Recurring | Exchange traded funds [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 119,612 106,300
Recurring | Exchange traded funds [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 119,612 106,300
Recurring | Exchange traded funds [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 0 0
Recurring | Exchange traded funds [Member] | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 0 0
Recurring | Nonredeemable preferred stock [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 28,964 33,173
Recurring | Nonredeemable preferred stock [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 0 0
Recurring | Nonredeemable preferred stock [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 28,964 33,173
Recurring | Nonredeemable preferred stock [Member] | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 0 0
Recurring | Common Stock [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 168,906 95,340
Recurring | Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 168,906 95,340
Recurring | Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 0 0
Recurring | Common Stock [Member] | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 0 0
Recurring | Short-term Investments    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 6,908 5,589
Recurring | Short-term Investments | Fair Value, Inputs, Level 1 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 3,627 1,862
Recurring | Short-term Investments | Fair Value, Inputs, Level 2 [Member]    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value 3,281 3,727
Recurring | Short-term Investments | Level 3    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Fair value $ 0 $ 0
v3.24.2
Fair Value Measures and Disclosures Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and Cash Equivalents, Fair Value Disclosure $ 32,600 $ 11,800
Nonrecurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value 0 0
Liabilities measured at fair value 0 0
Reported Value Measurement | Senior Notes    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Long-Term Debt, Fair Value 175,000 175,000
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 [Member] | Senior Notes    
Fair Value of Investments Measured on Recurring Basis [Line Items]    
Long-Term Debt, Fair Value $ 168,300 $ 171,600
v3.24.2
Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Credit Loss [Abstract]        
Beginning Balance $ 15,482 $ 10,127 $ 13,383 $ 8,067
Current period change for estimated uncollectible premiums 6,079 2,711 10,342 5,118
Write-offs of uncollectible premiums receivable (335) (671) (2,499) (1,018)
Ending Balance $ 21,226 $ 12,167 $ 21,226 $ 12,167
v3.24.2
Deferred Policy Acquisition Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]        
Balance, beginning of period $ 94,489 $ 69,444 $ 88,395 $ 61,594
Policy acquisition costs deferred:        
Direct commissions deferred 77,818 63,279 143,373 114,643
Ceding commissions deferred (29,869) (21,171) (58,315) (38,549)
Other underwriting and policy acquisition costs 3,512 3,242 6,653 5,888
Policy acquisition costs deferred 51,461 45,350 91,711 81,982
Amortization of net policy acquisition costs (36,592) (29,468) (70,748) (58,250)
Balance, end of period $ 109,358 $ 85,326 $ 109,358 $ 85,326
v3.24.2
Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross $ 82,042 $ 74,969
Accumulated Depreciation (13,878) (11,565)
Property, Plant and Equipment, Net 68,164 63,404
Building    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 37,190 37,181
Parking    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 5,072 5,072
Land    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 3,068 3,068
Equipment    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 4,250 3,958
Software Development    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 17,597 15,375
Furniture and Fixtures    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 3,093 3,065
Land Improvements    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 474 474
Leasehold Improvements    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross 153 153
Construction in Progress    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Gross $ 11,145 $ 6,623
v3.24.2
Underwriting, Acquisition and Insurance Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Underwriting, Acquisition and Insurance Expenses [Abstract]        
Gross commissions $ 62,764 $ 46,977 $ 121,130 $ 90,146
Ceding commissions (29,359) (19,927) (56,186) (36,486)
Other operating expenses 38,663 28,423 72,877 54,559
Underwriting, acquisition, and insurance expenses 72,068 55,473 137,821 108,219
Salaries, bonuses and employee benefits $ 26,000 $ 20,600 $ 50,700 $ 39,900
v3.24.2
Stock-based Compensation Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation expense $ 7.2 $ 4.5
Maximum [Member] | 2016 Omnibus Incentive Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares available for issuance 2,073,832  
v3.24.2
Stock-based Compensation Narrative - Restricted Stock Awards (Details) - Restricted stock [Member] - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average grant date fair value $ 502.43 $ 313.35
Fair value of restricted stock awards vested $ 19.8 $ 12.6
Unrecognized stock-based compensation expense $ 36.0  
Compensation cost not yet recognized, period 2 years 7 months 6 days  
Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 1 year  
Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 4 years  
v3.24.2
Stock-based Compensation Restrictive Stock Awards (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Nonvested Restricted Stock, Weighted Average Grant Date Fair Value [Abstract]        
Restricted shares withheld for taxes (shares) 2,916 6,816    
Restricted stock [Member]        
Nonvested Restricted Stock, Number of Shares [Roll Forward]        
Nonvested outstanding at the beginning of the period, shares     107,822  
Granted, shares     47,689  
Vested, shares     (41,502)  
Forfeited, shares     (1,139)  
Nonvested outstanding at the end of the period, shares 112,870   112,870  
Nonvested Restricted Stock, Weighted Average Grant Date Fair Value [Abstract]        
Nonvested outstanding at the beginning of the period     $ 250.86  
Granted     502.43 $ 313.35
Vested     231.05  
Forfeited     272.22  
Nonvested outstanding at the end of the period $ 365.35   $ 365.35  
Restricted shares withheld for taxes (shares)     14,234  
v3.24.2
Stock-based Compensation Narrative - Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Jul. 27, 2016
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic value of options exercised   $ 33.0 $ 10.6
Weighted average exercise price, granted   $ 0  
Stock option [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average exercise price, granted $ 16.00    
Weighted average grant date fair value $ 2.71    
Contractual term 10 years    
Vesting period 4 years    
v3.24.2
Stock-based Compensation Stock Options (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jul. 27, 2016
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Outstanding beginning of period, shares   201,560
Granted, shares   0
Forfeited, shares   0
Exercised, shares   (72,013)
Outstanding end of period, shares   129,547
Exercisable, shares   129,547
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]    
Outstanding beginning of period   $ 16.00
Granted   0
Forfeited   0
Exercised   16.00
Outstanding end of period   16.00
Exercisable end of period   $ 16.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Outstanding, weighted average remaining contractual term   2 years 1 month 6 days
Exercisable, weighted average remaining contractual term   2 years 1 month 6 days
Outstanding, aggregate intrinsic value   $ 47,839
Exercisable, aggregate intrinsic value   $ 47,839
Stock option [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Granted, shares 1,036,916  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]    
Granted $ 16.00  
v3.24.2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share, [Line Items]            
Net income $ 92,579 $ 98,941 $ 72,791 $ 55,800 $ 191,520 $ 128,591
Weighted Average Number of Shares Outstanding, Basic [Abstract]            
Weighted average shares outstanding - basic 23,165   23,040   23,137 23,024
Weighted Average Number of Shares Outstanding, Diluted [Abstract]            
Weighted average shares outstanding - diluted 23,329   23,301   23,332 23,293
Earnings Per Share, Basic [Abstract]            
Earnings per share - basic $ 4.00   $ 3.16   $ 8.28 $ 5.59
Earnings Per Share, Diluted [Abstract]            
Earnings per share - diluted $ 3.97   $ 3.12   $ 8.21 $ 5.52
Stock option [Member]            
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]            
Dilutive effect of shares issued under stock compensation arrangements 130   217   150 225
Restricted stock [Member]            
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]            
Dilutive effect of shares issued under stock compensation arrangements 34   44   45 44
v3.24.2
Earnings Per Share Narrative (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restricted stock [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities 44,000 0 44,000 47,000
v3.24.2
Income Taxes (Details)
 6 Months Ended
Jun. 30, 2024
Rate
Jun. 30, 2023
Rate
Income Tax Disclosure [Abstract]    
Effective tax rate 17.30% 18.90%
Federal statutory income tax rate 21.00% 21.00%
v3.24.2
Reserves for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]        
Gross reserves for unpaid losses and loss adjustment expenses, beginning of year $ 1,692,875 $ 1,238,402    
Reinsurance recoverable on unpaid losses 292,369 208,408 $ 241,357 $ 177,039
Net reserves for unpaid losses and loss adjustment expenses, beginning of year 1,451,518 1,061,363    
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]        
Current year 398,058 305,536    
Prior years (17,947) (19,460)    
Total net losses and loss adjustment expenses incurred 380,111 286,076    
Payments:        
Current year 8,114 8,058    
Prior years 102,829 92,055    
Total payments 110,943 100,113    
Net reserves for unpaid losses and loss adjustment expenses, end of period 1,720,686 1,247,326    
Reinsurance recoverable on unpaid losses 292,369 208,408 $ 241,357 $ 177,039
Gross reserves for unpaid losses and loss adjustment expenses, end of period $ 2,013,055 $ 1,455,734    
v3.24.2
Reserves for Unpaid Losses and Loss Adjustment Expenses Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Claims Development [Line Items]    
Adverse (Favorable) development on prior year loss reserves $ (17,947) $ (19,460)
Current year 398,058 305,536
Accident Years 2021 and 2022    
Claims Development [Line Items]    
Adverse (Favorable) development on prior year loss reserves   $ (27,100)
Short Duration Insurance Contract Accident Years 2021 through 2022    
Claims Development [Line Items]    
Adverse (Favorable) development on prior year loss reserves $ (30,700)  
v3.24.2
Reinsurance (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Premiums Written, Net [Abstract]            
Premiums written - direct $ 529,770 $ 438,222 $ 978,414 $ 795,810    
Premiums written - ceded (99,534) (73,181) (197,124) (131,739)    
Net written premiums 430,236 365,041 781,290 664,071    
Premiums Earned, Net [Abstract]            
Premiums earned - direct 430,535 326,697 833,127 620,233    
Premiums earned - ceded (98,074) (69,651) (191,148) (126,029)    
Net earned premiums 332,461 257,046 641,979 494,204    
Ceded incurred losses and loss adjustment expenses 40,944 25,981 70,205 61,990    
Reinsurance recoverables on paid losses 9,723   9,723   $ 6,479  
Reinsurance recoverable on unpaid losses 292,369 $ 208,408 292,369 $ 208,408 241,357 $ 177,039
Reinsurance recoverables, net $ 302,092   $ 302,092   $ 247,836  
v3.24.2
Debt (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Debt Issuance Costs, Net $ (2,016) $ (2,154)
Debt 183,984 183,846
Senior Notes    
Debt Instrument [Line Items]    
Debt instrument borrowing capacity $ 200,000  
Line of Credit    
Debt Instrument [Line Items]    
Maturity Date Jul. 22, 2027  
Current Borrowing Capacity $ 100,000  
Credit Facility Accordion Feature $ 30,000  
Line of Credit Facility, Commitment Fee Percentage 0.25%  
Interest Rate Description The loans under the Amended and Restated Credit Agreement bear interest, at the Company's option, at a rate equal to the Adjusted Term SOFR Rate (as defined therein) plus 1.625% or the Alternate Base Rate (as defined therein) plus 0.625%.  
Credit facility $ 11,000 11,000
Weighted Average Interest Rate 7.07%  
2034 Series A Notes | Senior Notes    
Debt Instrument [Line Items]    
Debt Instrument, Issuance Date Jul. 22, 2022  
Debt Instrument, Face Amount $ 125,000 125,000
Debt Instrument, Interest Rate, Stated Percentage 5.15%  
Debt Instrument, Maturity Date Jul. 22, 2034  
Debt Instrument, Date of First Required Payment Jul. 22, 2030  
Debt Instrument, Periodic Payment, Principal $ 25,000  
2034 Series B Notes | Senior Notes    
Debt Instrument [Line Items]    
Debt Instrument, Issuance Date Sep. 18, 2023  
Debt Instrument, Face Amount $ 50,000 $ 50,000
Debt Instrument, Interest Rate, Stated Percentage 6.21%  
Debt Instrument, Maturity Date Jul. 22, 2034  
Debt Instrument, Date of First Required Payment Jul. 22, 2030  
Debt Instrument, Periodic Payment, Principal $ 10,000  
v3.24.2
Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]            
Unrealized (losses) gains on fixed-maturity securities arising during the period, before income taxes $ (6,892)   $ (18,236)   $ (19,476) $ 2,934
Income tax benefit (expense) 1,447   3,830   4,090 (616)
Unrealized (losses) gains arising during the period, net of income taxes (5,445)   (14,406)   (15,386) 2,318
Less reclassification adjustment [Abstract]            
Net realized losses on fixed-maturity securities, before income taxes (207)   (404)   (218) (1,316)
Income tax benefit 44   85   46 276
Reclassification adjustment included in net income (163)   (319)   (172) (1,040)
Change in allowance for credit losses on investments, before income taxes 476   25   486 (56)
Income tax (expense) benefit (100)   (5)   (102) 12
Reclassification adjustment included in net income 376   20   384 (44)
Other comprehensive (loss) income $ (5,658) $ (9,940) $ (14,107) $ 17,509 $ (15,598) $ 3,402
v3.24.2
Label Element Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 126,694,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 156,274,000
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