Thu, Jul 25, 8:21 PM (44 days ago)
Kinsale Capital Group, Inc. reported strong financial performance for Q2 2024. Key highlights include: - **Revenue Growth**: Gross written premiums increased by 20.9% to $529.8 million, driven by higher submission activity and favorable pricing. Net written premiums grew by 17.9% to $430.2 million. - **Profitability**: Net income rose by 27.2% to $92.6 million, supported by a 23.6% increase in underwriting income to $76.1 million. The combined ratio was 77.7%, reflecting a slight increase from 76.7% in Q2 2023. - **Investment Performance**: Net investment income surged by 48.3% to $35.8 million due to higher investment balances and interest rates. The change in fair value of equity securities was $3.2 million. - **Expense Management**: The expense ratio remained stable at 21.1%, benefiting from higher ceding commissions. - **Future Outlook**: The company expects continued profitable growth, supported by strong underwriting discipline and favorable market conditions. Overall, Kinsale Capital Group demonstrated robust financial health with significant growth in premiums and investment income, maintaining strong profitability metrics.