What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2021-02-25 compared with 2020-03-02 · 35 added, 9 removed, 98 unchanged (31% of the section changed)

17 unchanged sentences

Such returns are based on historical results and are not indicative of future performance.

July 28, 2016

December 31, 2016

December 31, 2017

December 31, 2018

December 31, 2019

July 28, 2016 December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020

Kinsale Capital Group, Inc.

$ 100.00 $ 186.12 $ 247.91 $ 307.63 $ 565.00 $ 1,114.63

Nasdaq Composite Index $ 100.00 $ 105.01 $ 136.14 $ 132.27 $ 180.80 $ 262.02

6 unchanged sentences

Year Ended December 31,

2020 2019 2018 2017 2016

($ in thousands, except for per share data)

1 unchanged sentence

Ceded written premiums (1)

(74,595) (47,633) (39,924) (33,719) (21,214)

Net written premiums $ 478,219 $ 342,061 $ 235,614 $ 189,472 $ 167,264

2 unchanged sentences

Net investment gains (losses) (2)

20,388 12,748 (6,274) 151 176

Other income 634 26 12 3 136

Total revenues 459,886 315,888 222,114 186,776 141,615

Losses and loss adjustment expenses (1)

263,802 169,563 128,041 103,680 70,961

Underwriting, acquisition and insurance expenses (1)

94,296 70,217 53,425 44,146 28,551

Other expenses 1,375 57 168 429 2,567

2 unchanged sentences

Income tax expense (3)

11,994 12,735 6,693 13,620 13,369

Net income $ 88,419 $ 63,316 $ 33,787 $ 24,901 $ 26,167

Underwriting income (4)

$ 54,656 $ 43,201 $ 31,222 $ 28,227 $ 34,304

Per common share data:

Basic earnings per share:

Common stock $ 3.96 $ 2.94 $ 1.60 $ 1.19 $ 0.57

Class A common stock (5)

1 unchanged sentence

Diluted earnings per share:

Common stock $ 3.87 $ 2.86 $ 1.56 $ 1.16 $ 0.56

Class A common stock (5)

2 unchanged sentences

At December 31,

2020 2019 2018 2017 2016

($ in thousands)

2 unchanged sentences

Premiums receivable, net 48,641 34,483 24,253 19,787 16,984

Reinsurance recoverables (1)

Reinsurance recoverables, net (1)

93,215 72,574 56,788 49,593 70,317

Ceded unearned premiums (1)

24,265 16,118 16,072 13,858 13,512

Intangible assets 3,538 3,538 3,538 3,538 3,538

Total assets 1,546,896 1,090,550 773,063 667,849 614,389

Reserves for unpaid losses and loss adjustment expenses 636,013 460,058 369,152 315,717 264,801

1 unchanged sentence

Funds held for reinsurers (1)

— — — — 36,497

Debt 42,570 16,744 — — —

Total liabilities 970,658 684,670 509,077 429,660 404,175

1 unchanged sentence

Tangible stockholders' equity (6)

$ 573,443 $ 403,085 $ 261,191 $ 235,394 $ 207,914

Debt to total capitalization ratio (7)

6.9 % 4.1 % — % — % — %

Statutory capital and surplus (8)

$ 476,066 $ 348,811 $ 233,500 $ 213,833 $ 193,387

Year Ended December 31,

2020 2019 2018 2017 2016

Underwriting and other ratios:

Loss ratio (9)

63.9 % 59.9 % 60.2 % 58.9 % 53.0 %

Expense ratio (10)

22.8 % 24.8 % 25.1 % 25.1 % 21.3 %

Combined ratio (11)

86.7 % 84.7 % 85.3 % 84.0 % 74.3 %

Adjusted loss ratio (12)

NA NA NA NA 50.0 %

Adjusted expense ratio (12)

NA NA NA NA 26.8 %

Adjusted combined ratio (12)

NA NA NA NA 76.8 %

Return on equity (13)

18.0 % 18.9 % 13.5 % 11.1 % 16.2 %

Operating return on equity (14)

14.7 % 15.9 % 15.4 % 11.9 % 16.1 %

(1) Prior to our IPO in 2016, a significant amount of our business was reinsured through our multi-line quota-share reinsurance treaty ("MLQS") with third-party reinsurers.

10 unchanged sentences

See "Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Financial Condition" for a reconciliation of stockholders’ equity to tangible stockholders’ equity.

(7) The ratio, expressed as a percentage, of total indebtedness for borrowed money, including financing leases, to the sum of total indebtedness for borrowed money, including financing leases, and stockholders’ equity.

(7) The debt to total capitalization ratio is the ratio, expressed as a percentage, of total indebtedness for borrowed money, including financing leases, to the sum of total indebtedness for borrowed money, including financing leases if any, and stockholders’ equity.

(8) Statutory and surplus capital is the excess of assets over liabilities for our insurance subsidiary, as determined in accordance with statutory accounting principles prescribed by the NAIC.

9 unchanged sentences

(13) Return on equity represents net income expressed as a percentage of average beginning and ending stockholders’ equity during the period.

(14) Operating return on equity is net operating earnings expressed as a percentage of average beginning and ending stockholders’ equity during the period.

See "Management’s Discussion and Analysis of Financial Condition and Results of Operations — Reconciliation of Non-GAAP Financial Measures" for a reconciliation of net income to net operating income.

(14) Operating return on equity is net operating earnings expressed as a percentage of average beginning and ending stockholders’ equity during the period and is a non-GAAP financial measure.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity