Kinsale Capital reports $98.9m net income in Q1’24 results

Kinsale Capital Group has reported a net income of $98.9 million for the first-quarter of 2024, an improvement compared to $55.8 million for the first-quarter of 2023.

The firm also saw a significant 25.5% increase in gross written premiums (GWP) in Q1’24, totalling $448.6 million compared to $357.6 million for the first-quarter of 2023.

This surge in GWP is credited to robust submission flow from brokers and a favourable pricing environment.

The company’s underwriting income was $65.1 million, resulting in a combined ratio of 79.5%. This is a slight increase compared to Q1’23, which saw an underwriting income of $51.6 million, although a stronger combined ratio of 78.8%.

The increase in underwriting income was primarily due to a combination of premium growth and lower net commissions.

Loss and expense ratios for Q1 2024 were 58.8% and 20.7%, respectively, compared to 57.1% and 21.7% for the same period in 2023. While loss ratios experienced a slight uptick, expense ratios showed a slight decline.

The loss ratio came down as catastrophe loss fell to $578,000 in Q1’24 from $1.6 million in Q1’23.

Additionally, there was a net favourable development of loss reserves from prior accident years amounting to $8.4 million, or 2.7 points.

Furthermore, net investment income surged by 59.1% in Q1’24 to $32.9 million, compared to $20.7 million in Q1’23.

This increase was propelled by portfolio growth, driven by strong operating cash flows and higher interest rates relative to the prior year.

Michael Kehoe, Chairman and Chief Executive Officer of Kinsale Capital Group, commented, “Our business continues to generate best-in-class returns as we benefit from underwriting and technological competitive advantages and favourable E&S market conditions.

“We remain confident in our ability to deliver long-term value for stockholders as we execute our strategy to generate consistent and attractive underwriting profits while managing our capital prudently.”

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