What changed in this filing

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Item 1. Business

2024-02-23 compared with 2023-02-24 · 100 added, 70 removed, 574 unchanged (23% of the section changed)

7 unchanged sentences

Using our proprietary technology platform and leveraging the expertise of our highly-experienced employees in our daily operations, we have built a company that is entrepreneurial and highly efficient.

We believe our systems and technology are at the digital forefront of the insurance industry and allow us to quickly collect and analyze data, thereby improving our ability to manage our business and reduce our response times for our customers.

We believe that we have differentiated ourselves from our competitors by effectively leveraging technology, vigilantly controlling expenses and maintaining control over our underwriting and claims operations.

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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 earnings and calculations using net operating earnings (e.g., operating return on equity).

The following table compares stockholder returns of Kinsale to those of the S&P 500.

Kinsale's Performance vs.

Annual Percentage Change (1)

Year Kinsale (2)

2016 113.5 4.2

2017 33.2 21.8

2018 24.1 (4.4)

2019 83.7 31.5

2020 97.3 18.4

2021 19.2 28.7

2022 10.2 (18.1)

2023 28.3 26.3

Compounded Annual Gain ─ 2016-2023 51.2 % 13.2 %

Overall Gain ─ 2016-2023 2,052.6 % 151.4 %

(1) Data for 2016 begins with Kinsale's initial public offering date of July 28, 2016 and assumes reinvestment of dividends.

(2) Returns are calculated from the initial public offering price of $16.00 per share.

We write a broad array of insurance coverages for risks that are unusual or hard to place in the standard insurance market.

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We target classes of business where our underwriters have extensive experience allowing us to compete effectively and earn attractive returns.

Our underwriters specialize in individual lines of business which allow them to develop in-depth knowledge and experience of the risks they underwrite.

Our underwriters specialize in individual lines of business which allows them to develop in-depth knowledge and experience of the risks they underwrite.

Our core client focus is small- to medium-sized accounts, which we believe are subject to less competition and have better pricing.

The average premium per policy written by us in 2023 was $15,200.

Excluding our personal lines insurance, which has a relatively low premium per policy written, the average premium per policy written was $14,700 in 2022.

Excluding our personal insurance division, which has a relatively low premium per policy written, the average premium per policy written was $16,400 in 2023.

We believe that our strategy, experience and expertise allow us to compete effectively in the E&S market and will enable us to generate attractive long-term stockholder value.

In 2023, the percentage breakdown of our gross written premiums was 67.3% casualty and 32.7% property.

Our commercial lines offerings include commercial property, small business casualty, construction, excess casualty, allied health, general casualty, products liability, life sciences, professional liability, energy, management liability, entertainment, environmental, health care, small property, public entity, inland marine, commercial auto, aviation, product recall and ocean marine.

We also write a small amount of homeowners insurance in the personal lines market, which in aggregate represented 2.8% of our gross written premiums in 2022 and is included within our personal insurance division.

Our commercial lines offerings include commercial property, excess casualty, small business casualty, construction, general casualty, allied health, products liability, small business property, life sciences, entertainment, energy, professional liability, management liability, environmental, excess professional, health care, public entity, commercial auto, inland marine, aviation, ocean marine, product recall, and railroad.

We also write homeowners' coverage in the personal lines market, which in aggregate represented 2.5% of our gross written premiums in 2023.

The following table provides a summary of gross premiums written by division for the years ended December 31, 2023, 2022 and 2021.

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Commercial Property $ 411,956 26.3 % $ 181,505 16.5 % $ 72,392 9.5 %

Small Business Casualty 149,366 13.6 % 112,553 14.7 % 85,046 15.4 %

Excess Casualty 194,049 12.4 % 147,485 13.4 % 108,487 14.2 %

Small Business Casualty 174,080 11.1 % 149,366 13.6 % 112,553 14.7 %

Construction 137,887 8.8 % 122,524 11.1 % 101,441 13.3 %

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Products Liability 61,786 3.9 % 60,374 5.5 % 55,070 7.2 %

Small Business Property 43,893 2.8 % 21,002 1.9 % 6,160 0.8 %

Life Sciences 41,379 2.6 % 41,346 3.7 % 40,487 5.3 %

Professional Liability 41,273 3.7 % 33,226 4.3 % 27,051 4.9 %

Energy 32,974 3.0 % 19,925 2.6 % 16,985 3.1 %

Entertainment 39,218 2.5 % 22,268 2.0 % 12,401 1.6 %

All other commercial lines 239,537 15.3 % 193,049 17.5 % 140,277 18.4 %

1 unchanged sentence

Personal Insurance 24,182 1.5 % 31,289 2.8 % 27,002 3.5 %

High Value Homeowners 14,295 1.0 % 3,261 0.3 % 121 — %

Total personal $ 38,477 2.5 % $ 34,550 3.1 % $ 27,123 3.5 %

Total gross written premiums $ 1,568,815 100.0 % $ 1,102,092 100.0 % $ 764,373 100.0 %

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The E&S, or non-admitted, market has historically operated at lower loss ratios and higher margins, and has grown direct premiums written more quickly than the standard, or admitted, market.

From 2001 to 2021, A.M.

to 2022, A.M.

Best Company's ("A.M.

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Technology is a core competency.

As an insurance company that was founded in 2009, we have the benefit of having built a proprietary technology platform that reflects the best practices our management team has learned from its extensive prior experience.

We operate on an integrated digital platform with a data warehouse that collects an array of statistical data.

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We are able to use the data that we collect to quickly analyze trends across all functions in our business.

Our customized proprietary system helps us to reduce the risk of administrative errors in our policy forms and include all of the necessary exclusions for the specified risk, and provides for the efficient and accurate handling of claims.

Additionally, our systems enable us to rapidly respond to brokers, allowing our underwriters to reply to the majority of submissions within 24 hours, a significant benefit to our brokers.

We believe that our technology platform will provide us with an enduring competitive advantage as it allows us to quickly respond to market opportunities, and will continue to scale as our business grows.

Our customized proprietary systems help us to reduce the risk of administrative errors in our policy forms and include all of the necessary exclusions for the specified risk, and provides for the efficient and accurate handling of claims.

Additionally, our systems enable us to rapidly respond to brokers, allowing our underwriters to reply to many of our submissions within 24 hours, a significant benefit to our brokers.

While our technology offers a competitive advantage, we also recognize that more modern technologies provide solutions for increased automation and efficiency;

as such, we continue to dedicate resources to maintain and improve our technology.

We believe that our approach to technological advancement will provide us with an enduring competitive advantage as it allows us to quickly respond to market opportunities, and will continue to scale as our business grows.

Significantly lower expense ratio than our competitors.

Expense management is ingrained in our business culture.

We believe that our proprietary technology platform coupled with our expense management allow us to process quotes, underwrite policies and operate with a substantial cost advantage over our direct competitors.

We believe that the combination of our proprietary technology platform and our expense management allows us to process quotes, underwrite policies and operate with a substantial cost advantage over our direct competitors.

In particular, our efficient platform allows us to provide a higher level of service to our brokers and to target smaller accounts which we believe are generally subject to less competition.

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As of December 31, 2023, our reserves for claims incurred but not reported were approximately 90.5% of our total net loss reserves.

Of the total open claims as of December 31, 2022, only 40.7% were open for accident years 2020 and prior.

Of the total open claims as of December 31, 2023, 16.1% were open for accident years 2019 and prior.

Entrepreneurial management team with a track record of success.

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We have organized our workflows, designed our systems and aligned our staff to provide superior service levels to brokers while achieving a level of efficiency that we believe provides us with a competitive advantage and helps contribute to our low expense ratio.

We believe that

automation also reduces human error in our underwriting, policy processing, accounting, collections, and claims adjusting processes.

We believe that automation also reduces human error in our underwriting, policy processing, accounting, collections, and claims adjusting processes.

Additionally, we are able to track quotes, monitor historical loss experience and reserve development, and measure other relevant metrics at a granular level of detail.

We believe that our technology is scalable and will allow us to maintain a low expense ratio as we continue to organically grow our business.

We believe that our technology approach is scalable and will allow us to maintain a low expense ratio as we continue to organically grow our business.

Maintain a strong balance sheet.

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We also sell policies through our wholly-owned broker, Aspera.

Aspera distributes 3.2% of Kinsale’s premiums, primarily personal lines, through independent brokers.

In 2023, Aspera distributed

1.9% of Kinsale’s premiums, primarily manufactured housing risks within our personal insurance division.

Kinsale does not grant its independent brokers any underwriting or claims authority.

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No other broker accounted for more than 10% of our gross written premiums in the year ended December 31, 2023.

It is important to us that we maintain excellent relationships with the group of brokers who present business to us.

It is important to us that we maintain excellent relationships with our brokers.

Commissions are an important part of that relationship, but brokers will also typically consider the ultimate price to the insured, and the service and expertise offered by the carrier when determining where to place their business.

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New York 66,489 4.2 % 42,427 3.9 % 31,495 4.1 %

Louisiana 49,970 3.2 % 30,981 2.8 % 14,507 1.9 %

Washington 46,507 3.0 % 40,546 3.7 % 31,167 4.1 %

Colorado 43,852 2.8 % 32,406 2.9 % 26,250 3.4 %

Louisiana 30,981 2.8 % 14,507 1.9 % 9,217 1.7 %

New Jersey 42,061 2.7 % 30,425 2.8 % 22,125 2.9 %

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We aim to issue quotes for the majority of new business submissions we receive.

For the year ended December 31, 2022, we received approximately 605,000 new business submissions, and of those submissions, we issued approximately 419,000 quotes for a new quote ratio of 69.3% and bound 43,000 policies for a new policy to new submission ratio of 7.1%.

For certain submissions, we preemptively offer additional quotes for additional coverage.

For example, if we receive a submission requesting primary coverage, we may also issue a quote for excess coverage.

These quotes are included in new business submissions.

For the year ended December 31, 2023, we processed approximately 735,000 new business submissions, and of those submissions, we issued approximately 489,000 quotes for a new quote ratio of 66.5% and bound 53,000 policies for a new policy to new submission ratio of 7.2%.

We are careful to establish terms that are suited to the risk and the pricing of our policies.

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Our information technology staff utilizes an agile methodology and cloud strategy to develop best-in-class software solutions and to attract and retain quality staff.

We have built a proprietary technology platform that reflects the best practices our management team has learned from its extensive prior experiences.

Our proprietary technology platform is comprised of multiple applications and services linked together in an integrated system.

We have built a proprietary technology platform that reflects the best practices our management team has learned from its extensive experience.

Our platform is comprised of multiple applications and services which comprise an integrated system.

Key applications and services supporting the core business were developed in-house.

We designed the architecture for our information systems in a fashion that would allow us to reduce our administrative costs and quickly provide us with useful information.

Our insurance company subsidiary operates in a digital environment, which eliminates the costs of printing, storing and handling thousands of documents each week.

Our insurance company subsidiary operates in a digital environment, which reduces the costs of printing, storing and handling thousands of documents each week.

Moreover, by maintaining electronic files on each account, we have been able to facilitate clear communication among personnel responsible for handling matters related to underwriting, servicing and claims as each has access to the necessary information regarding an account.

We use a browser-based platform approach to processing business.

When a broker makes a submission, the information is transferred into our browser-based underwriting system.

We use a browser-based platform approach to develop applications.

When a broker makes a submission, the information is processed through our browser-based intake and underwriting systems.

This eliminates costly data-entry steps in our underwriting process and permits the underwriter to focus on underwriting the account accurately and rapidly.

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The design of our data warehouse permits us to capture an array of statistical data, collected by the policy management systems at Kinsale.

The data warehouse is easily searchable, collects and labels information in a consistent format and contains most of the underwriting and claims information we collect at every level.

The data warehouse is easily searchable, collects and labels information in a consistent format and contains key underwriting and claims information we collect at every level.

The data warehouse permits us flexibility with regard to analyzing our business by segment or in the aggregate.

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Anticipated inflation is reflected implicitly in the reserving process through analysis of cost trends and the review of historical development.

We do not discount our reserves for unpaid losses and loss adjustment expenses to reflect estimated present value.

We do not discount our reserves to reflect the estimated present value.

However, our ultimate liability may be greater or less than current reserves and there is always the risk that reserves may prove inadequate.

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We measure exposure to these losses in terms of probable maximum loss ("PML"), which is an estimate of the amount of loss we would expect to meet or exceed once in a given number of years (referred to as the return period).

When managing our

catastrophe exposure, we focus on the 100-year and the 250-year return periods.

Our main catastrophe risk arises from hurricanes and we manage this exposure through:

When managing our catastrophe exposure, we focus on the 100-year and the 250-year return periods.

Our main catastrophe risk arises from hurricanes.

We manage catastrophe exposure through:

• careful and disciplined underwriting,

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In quota-share reinsurance, the reinsurer agrees to assume a specified percentage of the ceding company's losses arising out of a defined class of business in exchange for a corresponding percentage of premiums, net of a ceding commission.

In excess of loss reinsurance, the reinsurer agrees to assume all or a portion of the ceding company's losses, in excess of a specified amount.

In excess of loss reinsurance, the reinsurer agrees to assume all or a

portion of the ceding company's losses, in excess of a specified amount.

Under excess of loss reinsurance, the premium payable to the reinsurer is negotiated by the parties based on their assessment of the amount of risk being ceded to the reinsurer because the reinsurer does not share proportionately in the ceding company's losses.

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During each renewal cycle, there are a number of factors we consider when determining our reinsurance coverage, including (1) plans to change the underlying insurance coverage we offer, (2) trends in loss activity, (3) the level of our capital and surplus, (4) changes in our risk appetite and (5) the cost and availability of reinsurance coverage .

Effective with the June 1, 2022 renewal, we entered into a new commercial property quota-share reinsurance treaty in place of our previous property per-risk reinsurance treaty.

As previously discussed, when managing our catastrophe exposure, we focus on the 100-year and the 250-year return periods.

We mitigate our risk associated with natural catastrophes with respect to our property insurance business primarily by purchasing reinsurance from only highly-rated reinsurers.

We utilize a personal lines quota-share reinsurance treaty combined with a catastrophe reinsurance treaty as an efficient and cost-effective way to manage the total loss exposure on our property coverages.

We utilize a commercial lines quota-share reinsurance treaty combined with a catastrophe reinsurance treaty as an efficient and cost-effective way to manage the total loss exposure on our property coverages.

The following is a summary of our significant reinsurance programs as of December 31, 2023:

Line of Business Covered Company Policy Limit Reinsurance Coverage Company Retention

Property - commercial insurance (1) N/A 42.5% up to $93.3 million per catastrophe 57.5% of all commercial property losses

Property - personal insurance (2) N/A 50% up to $35.5 million per catastrophe 50% of all personal property losses

Property - commercial insurance (1) Up to $10.0 million per occurrence 50% up to $247.3 million per catastrophe

50% of commercial property losses

Property - catastrophe (2) N/A $127.5 million excess of $47.5 million $47.5 million per catastrophe

Primary casualty (3) Up to $10.0 million per occurrence $8.0 million excess of $2.0 million $2.0 million per occurrence

Excess casualty (5) Up to $10.0 million per occurrence

Variable quota share $2.0 million per occurrence except as described in note (5) below

(1) Our commercial property quota-share reinsurance reduces the financial impact of property losses on our commercial property, small property and inland marine policies.

Reinsurance is not applicable to any individual policy with a limit of $2.0 million or less.

(2) Our personal insurance quota share reinsurance reduces the financial impact of property losses on our personal insurance policies.

Excess casualty (4) Up to $10.0 million per occurrence Variable quota share $2.0 million per occurrence as described in note (4) below

(1) Our commercial property quota-share reinsurance reduces the financial impact of property losses on our commercial property, small business property and inland marine policies up to a loss recovery of $123.7 million for an event.

This reinsurance is not applicable to any individual policy with a limit of $2.0 million or less.

(2) Our property catastrophe reinsurance reduces the financial impact of a catastrophe event involving multiple claims and policyholders.

Our property catastrophe reinsurance includes a reinstatement provision which requires us to pay reinstatement premiums after a loss has occurred in order to preserve coverage.

Including the reinstatement provision, the maximum aggregate loss recovery limit is $150 million and is in addition to the per-occurrence coverage provided by our treaty coverages.

(4) Reinsurance is not applicable to any individual policy with a per-occurrence limit of $2.0 million or less.

Including the reinstatement of coverage, the maximum aggregate loss recovery limit is $255.0 million.

This coverage applies after the coverage provided by the commercial property quota-share treaty.

(3) This reinsurance is not applicable to any individual policy with a per-occurrence limit of $2.0 million or less.

(4) For casualty policies with a per-occurrence limit higher than $2.0 million, the ceding percentage varies such that the retention is always $2.0 million or less.

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SCOR Reinsurance Co.

Allied World Reinsurance Co.

General Reinsurance Corp.

Odyssey America Reinsurance Corp.

General Reinsurance Corporation A++ 23,417

Odyssey Reinsurance Co.

Hannover Rück SE A+ 16,561

Berkley Insurance Co.

Allied World Insurance Co.

Arch Reinsurance Co.

Berkley Insurance Co.

Arch Reinsurance Ltd.

Total for top ten reinsurers 233,739

All others 13,684

All others, net of allowance for credit losses 14,097

Total reinsurance recoverable $ 247,836

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Short-term investments, if any, are reported at amortized cost and include investments that are both readily convertible to known amounts of cash and have maturities of 12 months or less upon acquisition by us.

In December of 2022, we acquired real estate investment property adjacent to our current headquarters for $76.6 million.

In December of 2022, we acquired real estate adjacent to our current headquarters for $76.6 million.

Real estate and the related depreciable assets are carried at cost, net of accumulated depreciation.

During 2023, we sold a portion of our real estate investment for approximately $62.0 million and determined we will occupy a portion for future office space expansion.

The remaining $14.8 million represents the portion of such assets we held at December 31, 2023 for investment purposes.

Our cash and invested assets totaled $3.1 billion at December 31, 2023 and $2.2 billion at December 31, 2022, and are summarized as follows:

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Our investment policy does not permit us to own any interest only, principal only or residual tranches of RMBS.

At December 31, 2022 , our portfolio of fixed-maturity securities contained corporate bonds with a fair value of $832.9 million.

At December 31, 2023 , our portfolio of fixed-maturity securities contained corporate bonds with a fair value of $1.4 billion.

A summary of these securities by industry segment is shown below as of December 31, 2023 :

2 unchanged sentences

($ in thousands)

Financial $ 492,097 59.1 %

Industrials and other $ 745,128 53.7 %

Financial 559,075 40.3 %

Utilities 83,490 6.0 %

Total $ 1,387,693 100.0 %

Approximately 4.8% of our total cash and investments were invested in exchange traded funds ("ETFs"), which provide low-cost diversification.

At December 31, 2022, our ETF balance was comprised of the following funds:

Approximately 6.5% of our total cash and investments were invested in certain common stocks and exchange traded funds ("ETFs").

At December 31, 2023, our equity securities included the following:

December 31, 2023

Fund Fair Value % of Total

Equity securities Fair Value % of Total

($ in thousands)

Common stocks $ 95,340 47.3 %

Domestic stock market fund 86,144 42.7 %

7 unchanged sentences

Financial $ 31,782 95.8 %

Utilities 2,637 6.9 %

Industrials and other 755 2.3 %

Utilities 636 1.9 %

Total $ 33,173 100.0 %

6 unchanged sentences

Ratings for an insurance company are based on its ability to pay policyholder obligations and are not directed toward the protection of investors.

Today, our primary competitors in the E&S sector inc lude Arch Capital Group, Ltd., Argo Group International Holdings, Ltd., James River Group Holdings, Ltd., Lloyds of London, Markel Corporation, RLI Corp.

Today, our primary competitors in the E&S sector inc lude American International Group, Inc., Berkshire Hathaway Inc ., Fairfax Financial Holdings Limited, James River Group Holdings, Ltd., Lloyds of London, Markel Group Inc., RLI Corp.

Berkley Corporation.

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These laws also provide that all transactions among members of a holding company system must be fair and reasonable.

Transactions between insurance subsidiaries and their parents and affiliates generally must be disclosed to the state regulators, and notice to or prior

approval of the applicable state insurance regulator generally is required for any material or extraordinary transaction.

On December 9, 2020, the NAIC adopted the Group Capital Calculation (“GCC”) template and instructions, as well as corresponding amendments to NAIC model insurance holding company system laws.

Transactions between insurance

subsidiaries and their parents and affiliates generally must be disclosed to the state regulators, and notice to or prior approval of the applicable state insurance regulator generally is required for any material or extraordinary transaction.

On December 9, 2020, the NAIC initially adopted the Group Capital Calculation ("GCC") template and instructions, as well as corresponding amendments to NAIC model insurance holding company system laws.

The amendments require, subject to certain exemptions, that the ultimate controlling person of each insurance group file a GCC on an annual basis with such insurance group’s lead state commissioner.

In May of 2022, the Group Capital Calculation (E) Working Group subsequently adopted the 2022 GCC Instructions and Template.

The GCC uses a risk-based capital aggregation approach intended to provide regulators with an additional group supervisory tool.

As of October 5, 2023, twenty-seven (27) states have adopted the 2020 revisions to the Insurance Holding Company Act pertaining to Group Capital Calculation and Liquidity Stress Testing.

Arkansas has not yet adopted these revisions.

We are currently evaluating the potential impacts.

Changes of control

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Among other things, the NRRA establishes national uniform standards on how states may regulate and tax surplus lines insurance and sets national standards concerning the regulation of reinsurance.

In particular, the NRRA gives regulators in the home state of an insured exclusive authority to regulate and tax surplus lines insurance transactions, and regulators in a ceding insurer’s state of domicile the sole responsibility for regulating the balance sheet credit that the ceding insurer may take for reinsurance recoverables.

In particular, the NRRA gives regulators in the home state of an insured exclusive authority to regulate and tax surplus lines insurance

transactions, and regulators in a ceding insurer’s state of domicile the sole responsibility for regulating the balance sheet credit that the ceding insurer may take for reinsurance recoverables.

The Dodd-Frank Act also established the FIO in the U.S.

Department of the Treasury and vested the FIO with the authority to monitor all aspects of the insurance sector, monitor the extent to which traditionally underserved communities

and consumers have access to affordable non-health insurance products, and to represent the United States on prudential aspects of international insurance matters, including at the International Association of Insurance Supervisors (the "IAIS").

Department of the Treasury and vested the FIO with the authority to monitor all aspects of the insurance sector, monitor the extent to which traditionally underserved communities and consumers have access to affordable non-health insurance products, and to represent the United States on prudential aspects of international insurance matters, including at the International Association of Insurance Supervisors (the "IAIS").

In addition, the FIO serves as an advisory member of the Financial Stability Oversight Council, assists the secretary of the U.S.

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In order to attract and retain high-performing talent, we offer and maintain market-competitive compensation and benefit programs to all our employees.

Our compensation program includes base salary, performance-based bonuses and equity grants for certain management-level employees.

Our compensation program includes base salary, performance-based bonuses and equity grants for all management-level and select other employees.

The mix of these rewards varies depending on the employee’s role at the Company and our longstanding pay-for-performance philosophy.

While all of our employees are eligible to participate in the variable compensation elements of our program (annual cash bonus and equity awards), variable compensation becomes a larger portion of the total mix for employees at higher levels in the organization.

Our executives, who are responsible for the development and execution of our strategic and financial plans, have the largest portion of their compensation tied to equity-based incentives to ensure financial alignment with our stakeholders.

In addition to competitive compensation, we offer comprehensive and flexible benefit options to support the health and wellness needs of our employees including:

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Our employees have access to courses tailored to specific career paths, such as underwriting, claims, information technology, reinsurance, and other disciplines to build professional expertise.

We sponsor on-site education courses, such as the Chartered Property Casualty Underwriter (CPCU), that make professional development programs more accessible to our employees.

In addition, we offer tuition reimbursement programs to encourage employees to enhance their education, skills and knowledge for their continued growth.

Performance & Success

We offer an array of classes that were developed within Kinsale to all employees.

These classes support employees’ growth from the new employee/onboarding stage through senior manager development.

We also sponsor on-site education courses, such as the Chartered Property Casualty Underwriter (CPCU), that make professional development programs more accessible to our employees.

Performance and Success

We believe that performance management ensures our continued success through cultivating the right talent and skill sets and equipping our employees with the necessary tools and feedback.

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We believe in hiring the best talent and making our employment-related decisions without regard to race, color, religion, gender, sexual orientation, national origin, age, veteran status, disability, or other characteristics or activity that is protected by state or U.S.

We have an anti-nepotism policy in place to ensure fairness and business decisions are based on individual qualifications, skills, ability, and performance.

We have an anti-nepotism policy to ensure fairness and business decisions are based on individual qualifications, skills, ability, and performance.

We value the diverse perspectives, talent, and experience that our employees bring to our organization.

We believe the best business decisions are reached by listening to diverse views and opinions.

We are committed to fostering a diverse and inclusive work environment free from discrimination of any kind and one that supports the communities we serve.

We are committed to fostering a diverse and inclusive work environment free from discrimination of any kind.

Available Information

5 unchanged sentences

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 1. Business