Kinsale Capital Group, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with gross written premiums reaching $1.87 billion, a 19.2% increase from $1.57 billion in 2023. The company’s net income also rose to $414.8 million, up 34.6% from $308.1 million in the previous year. This growth was attributed to a combination of increased submission activity from brokers and a favorable pricing environment, despite facing higher catastrophe losses during the year.
The company’s underwriting income increased by 20.5% to $325.9 million, driven by continued business growth, although the combined ratio slightly worsened to 76.4% from 75.4% in 2023. The loss ratio for the year was reported at 55.8%, up from 54.6% in the prior year, primarily due to increased catastrophe losses, including significant claims related to Hurricanes Milton, Helene, and Francine. The average premium per policy written was $15,100, a slight decrease from $15,200 in 2023.
Kinsale has also made strategic advancements, including the expansion of its underwriting divisions, which saw notable increases in gross written premiums across various lines of business. The company’s focus on the excess and surplus lines market has allowed it to maintain a competitive edge, with a market share of approximately 1.6% in a sector valued at $115.6 billion. As of December 31, 2024, Kinsale employed 674 individuals, reflecting a commitment to maintaining a skilled workforce to support its growth.
Looking ahead, Kinsale anticipates continued growth opportunities within the E&S market, supported by its proprietary technology platform that enhances operational efficiency and underwriting capabilities. The company has also authorized a share repurchase program of up to $100 million, indicating confidence in its financial position and commitment to returning value to shareholders. However, management remains cautious of potential market fluctuations and regulatory changes that could impact future performance.
About Kinsale Capital Group, Inc.
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