Kinsale Capital Group, Inc. has recently released its 10-K report for the fiscal year ended December 31, 2024. As a specialty insurance company, Kinsale focuses exclusively on the Excess and Surplus (E&S) lines market in the United States, providing property and casualty insurance products for hard-to-place, small* to medium-sized business risks and personal lines risks. The company markets and sells its 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.
In the year ended December 31, 2024, Kinsale reported gross written premiums of $1.87 billion, a significant increase of 19.2% from the previous year. The net written premiums also saw a substantial rise, reaching $1.48 billion, marking a 16.8% increase from the prior year. Net earned premiums for the year amounted to $1.35 billion, reflecting a notable surge of 25.9% from the previous year.
The company's underwriting income for the year ended December 31, 2024, stood at $325.9 million, representing a 20.5% increase from the prior year. Kinsale reported net income of $414.8 million for the year, a substantial 34.6% increase from the previous year. The company also achieved a return on equity of 32.3% for the year ended December 31, 2024.
Kinsale's gross written premiums were primarily driven by higher submission activity from brokers and a favorable, yet increasingly competitive, pricing environment. The company's average premium per policy written was $15,100 in 2024, with notable increases in gross written premiums across various underwriting divisions, including General Casualty, Excess Casualty, Small Business Casualty, Commercial Property, and Construction.
As a result of these announcements, the company's shares have moved -2.9% on the market, and are now trading at a price of $428.53. For the full picture, make sure to review Kinsale Capital's 10-K report.
