−Removed: Kinsale is a property and casualty insurance company that focuses exclusively on the excess and surplus lines ("E&S") market in the U.S., where we can use our underwriting expertise to write coverages for hard-to-place, small business risks and personal lines risks.
−Removed: We market and sell these insurance products in all 50 states, the District of Columbia, the Commonwealth of Puerto Rico and the U.S.
+Added: Kinsale is a property and casualty insurance company that focuses exclusively on the excess and surplus lines ("E&S") market in the U.S., where we can use our underwriting expertise to write coverages for hard-to-place risks.
+Added: We sell these 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.
Our experienced and cohesive management team has an average of over 30 years of relevant experience.
−Removed: Many of our employees and members of our management team have also worked together for decades at other E&S insurance companies.
Our goal is to deliver long-term value for our stockholders by growing our business and generating attractive returns.
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2023 28.3 26.3
+Added: 2024 39.1 25.0
Compounded Annual Gain ─ 2016-2024 49.7 % 14.6 %
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In 2024, the percentage breakdown of our gross written premiums was 67.4% casualty and 32.6% property.
−Removed: 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.
−Removed: We also write homeowners' coverage in the personal lines market, which in aggregate represented 2.5% of our gross written premiums in 2023.
+Added: Our commercial lines offerings and homeowner's coverage in the personal lines market represented 97.4% and 2.6% of our gross written premiums, respectively.
The following table provides a summary of gross premiums written by division for the years ended December 31, 2024, 2023 and 2022.
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Small Business Casualty 195,593 10.5 % 174,080 11.1 % 149,366 13.6 %
−Removed: Construction 137,887 8.8 % 122,524 11.1 % 101,441 13.3 %
General Casualty 169,162 9.0 % 118,745 7.6 % 69,784 6.3 %
+Added: Construction 148,333 7.9 % 137,887 8.8 % 122,524 11.1 %
Allied Health 83,058 4.5 % 67,808 4.3 % 58,839 5.4 %
−Removed: Products Liability 61,786 3.9 % 60,374 5.5 % 55,070 7.2 %
Small Business Property 76,800 4.1 % 43,893 2.8 % 21,002 1.9 %
−Removed: Life Sciences 41,379 2.6 % 41,346 3.7 % 40,487 5.3 %
+Added: Products Liability 67,035 3.6 % 61,786 3.9 % 60,374 5.5 %
Entertainment 58,506 3.1 % 39,218 2.5 % 22,268 2.0 %
+Added: Energy 42,710 2.3 % 38,637 2.5 % 32,217 2.9 %
All other commercial lines 278,903 14.9 % 242,279 15.4 % 202,178 18.3 %
Total commercial 1,821,407 97.4 % 1,530,338 97.6 % 1,067,542 96.9 %
−Removed: Personal Insurance 24,182 1.5 % 31,289 2.8 % 27,002 3.5 %
High Value Homeowners 26,844 1.4 % 14,295 0.9 % 3,261 0.3 %
+Added: Personal Insurance 22,090 1.2 % 24,182 1.5 % 31,289 2.8 %
Total personal $ 48,934 2.6 % $ 38,477 2.4 % $ 34,550 3.1 %
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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.
−Removed: to 2022, A.M.
+Added: From 2001 to 2023, A.M.
Best Company's ("A.M.
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Technology is a core competency.
−Removed: 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 experience.
+Added: As an insurance company that was founded in 2009, we have the benefit of having built, and continuing to enhance, a proprietary technology platform that reflects the best practices our management team has learned from its extensive experience.
We operate on an integrated digital platform with a data warehouse that collects an array of statistical data.
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("Kinsale Real Estate"), as a wholly-owned subsidiary domiciled in Delaware, in order to acquire and hold real estate.
−Removed: On December 3, 2018, we incorporated 2001 Maywill, LLC, as a wholly-owned subsidiary of Kinsale Real Estate, domiciled in Delaware, in order to hold our corporate headquarters.
−Removed: On September 8, 2022, we incorporated 2000 Maywill, LLC, as a wholly-owned subsidiary of Kinsale Real Estate, domiciled in Delaware, in order to acquire and hold real estate investment property.
+Added: On December 3, 2018, we formed 2001 Maywill, LLC, as a wholly-owned subsidiary of Kinsale Real Estate, domiciled in Delaware, in order to hold our corporate headquarters.
+Added: On September 8, 2022, we formed 2000 Maywill, LLC, as a wholly-owned subsidiary of Kinsale Real Estate, domiciled in Delaware, in order to acquire and hold real estate investment property.
Marketing and Distribution
−Removed: We market our products through a broad group of independent insurance brokers that we believe can produce reasonable volumes of business for us.
+Added: We market our products through a broad group of independent brokers.
We also sell policies through our wholly-owned broker, Aspera.
−Removed: In 2023, Aspera distributed
−Removed: 1.9% of Kinsale’s premiums, primarily manufactured housing risks within our personal insurance division.
+Added: In 2024, Aspera distributed 1.3% 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.
We select our brokers based on management's review of the experience, knowledge and business plan of each broker.
−Removed: While many of our brokers have more than one office, we evaluate each office as if it were a separate brokerage and may appoint some but not all offices owned by a broker for specialized lines of business.
+Added: Many of our brokers have more than one office, and we may appoint some but not all offices owned by a broker.
We seek brokers with business plans that are consistent with our strategy and underwriting objectives.
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As an E&S company, we use our freedom of rate and form assertively in order to appropriately underwrite risks that have already been rejected by standard carriers constrained by approved forms and filed rates.
−Removed: We attempt to craft policies that offer affordable protection to insureds by tailoring coverages in ways that make potential losses more predictable and reduce claims costs.
−Removed: For example, our "defense inside the limits" clause, which we applied to more than 99.8% of our professional liability premiums written in 2023, means that funds we expend defending an insured against a claim are counted against the total policy limit.
−Removed: We believe we do not have any material exposure to claims from asbestos, lead paint, silica, mold or nuclear, biological or chemical terrorism.
+Added: We endeavor to craft policies that offer affordable and appropriate protection to address our insureds' exposures while also constructing coverage such that potential losses are more predictable and claims cost can be best managed.
Our claims department consisted of approximately 90 claims professionals who had an average of 9 years of claims experience in the industry as of December 31, 2024.
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and monitoring the number of claims handled by each claims examiner.
−Removed: This method ensures that two or more members of the department participate in the decision-making process when appropriate;
+Added: This method ensures that two or more members of the department participate in the decision-making process when
our claim examiners recognize and address key issues;
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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.
−Removed: We use a browser-based platform approach to develop applications.
−Removed: When a broker makes a submission, the information is processed through our browser-based intake and underwriting systems.
+Added: We use a web-based platform approach to develop applications.
+Added: When a broker submits a request for insurance, the information is processed through our web-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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Catastrophe Risk Management
−Removed: We use sophisticated computer models to analyze the risk of severe losses from natural catastrophes.
+Added: We use stochastic models to analyze the risk of severe losses from natural catastrophes.
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).
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For instance, these guidelines limit the exposed property values within a specified geographic radius, which in turn limits the gross and net PML.
−Removed: In addition to our aggregate risk management guidelines, we write policies using limits tactically in order to minimize exposure to large losses.
−Removed: While specific limits change over time as our risk appetite changes due to growth, the majority of our business is concentrated to property coverages with policy limits of $5.0 million and lower.
+Added: In addition to our aggregate risk management guidelines, we tactically write policies using limits in order to minimize exposure to large losses.
+Added: While specific limits change over time as our risk appetite changes due to growth, the majority of our property business is written with policy limits of $5.0 million and lower.
Our insurance policies are also generally written for one year and repriced annually to reflect changing exposures, including changes in frequency and severity of weather-related claims.
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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.
−Removed: In excess of loss reinsurance, the reinsurer agrees to assume all or a
−Removed: portion of the ceding company's losses, in excess of a specified amount.
+Added: 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 .
−Removed: As previously discussed, when managing our catastrophe exposure, we focus on the 100-year and the 250-year return periods.
+Added: As previously discussed, when managing our catastrophe exposure, we generally 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.
2 unchanged sentences
Line of Business Covered Company Policy Limit Reinsurance Coverage Company Retention
−Removed: Property - commercial insurance (1) Up to $10.0 million per occurrence 50% up to $247.3 million per catastrophe
+Added: Property (1) Up to $10.0 million per occurrence 50% up to $379.8 million per catastrophe
50% of commercial property losses
2 unchanged sentences
Excess casualty (4) Up to $10.0 million per occurrence Variable quota share $2.5 million per occurrence as described in note (4) below
−Removed: (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.
+Added: (1) Our property quota-share reinsurance reduces the financial impact of property losses on our commercial property, small business property, high value homeowners and inland marine policies up to a loss recovery of $189.9 million for an event.
This reinsurance is not applicable to any individual policy with a limit of $2.0 million or less.
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(3) This reinsurance is not applicable to any individual policy with a per-occurrence limit of $2.0 million or less.
−Removed: (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.
+Added: (4) For excess casualty policies with a per-occurrence limit higher than $2.5 million, the ceding percentage varies such that the retention is always $2.5 million or less.
For example, for a $5.0 million limit excess policy, our retention would be 50%, whereas for a $10.0 million limit excess policy, our retention would be 25%.
−Removed: For policies for which we also write an underlying primary limit, the retention on the primary and excess policy combined would not exceed $2.0 million.
+Added: For policies for which we also write an underlying primary limit, the combined retention on the primary and excess policies would not exceed $2.5 million.
+Added: This reinsurance is not applicable to any individual policy with a per-occurrence limit of $2.5 million or less.
Reinsurance contracts do not relieve us from our obligations to policyholders.
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At December 31, 2024, we recorded an allowance for credit losses of $0.9 million related to our reinsurance balances.
−Removed: As of December 31, 2023, we have never had a write-off for uncollectible reinsurance.
We had reinsurance recoverables on unpaid losses of $323.1 million at December 31, 2024, and recoverables on paid losses of $14.8 million at December 31, 2024.
4 unchanged sentences
Munich Reinsurance America, Inc.
+Added: General Reinsurance Corporation A++ 37,561
Swiss Reinsurance America Corp.
SCOR Reinsurance Co.
−Removed: General Reinsurance Corporation A++ 23,417
−Removed: Odyssey Reinsurance Co.
Hannover Rück SE A+ 20,476
−Removed: Allied World Insurance Co.
+Added: Odyssey Reinsurance Co.
Arch Reinsurance Co.
−Removed: Berkley Insurance Co.
+Added: Allied World Insurance Co.
Arch Reinsurance Ltd.
+Added: Berkley Insurance Co.
Total for top ten reinsurers 299,744
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Domestic stock market fund 129,731 34.9 %
−Removed: Dividend yield equity fund 20,156 10.0 %
Total $ 371,926 100.0 %
6 unchanged sentences
Industrials and other 851 3.2 %
−Removed: Utilities 636 1.9 %
Total $ 26,433 100.0 %
10 unchanged sentences
We are regulated by insurance regulatory authorities in the states in which we conduct business.
−Removed: State insurance laws and regulations generally are designed to protect the interests of policyholders, consumers and claimants rather than
−Removed: stockholders or other investors.
−Removed: The nature and extent of state regulation varies by jurisdiction, and state insurance regulators generally have broad administrative power relating to, among other matters, setting capital and surplus requirements, licensing of insurers and agents, establishing standards for reserve adequacy, prescribing statutory accounting methods, determining the form and content of statutory financial reports, regulating certain transactions with affiliates and prescribing types and amounts of investments insurers may hold.
+Added: State insurance laws and regulations generally are designed to protect the interests of policyholders, consumers and claimants rather than stockholders or other investors.
+Added: The nature and extent of state regulation varies by jurisdiction, and state insurance regulators generally have broad administrative power relating to, among other matters, setting capital and surplus requirements, licensing of insurers and agents, establishing standards for reserve adequacy, prescribing statutory
+Added: accounting methods, determining the form and content of statutory financial reports, regulating certain transactions with affiliates and prescribing types and amounts of investments insurers may hold.
Regulation of insurance companies constantly changes as governmental agencies and legislatures react to real or perceived issues.
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These laws also provide that all transactions among members of a holding company system must be fair and reasonable.
−Removed: Transactions between insurance
−Removed: 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.
+Added: 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.
−Removed: 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.
+Added: The amendments require,
+Added: 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.
−Removed: 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.
+Added: As of October 31, 2024, thirty-five (35) 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.
20 unchanged sentences
Kinsale Insurance is subject to state laws which require diversification of our investment portfolios and limits on the amount of our investments in certain categories.
−Removed: Failure to comply with these laws and regulations would cause non-conforming investments to be treated as non-admitted assets in the states in which we are licensed to sell insurance policies for purposes of measuring statutory surplus and, in some instances, would require us to sell those investments.
+Added: Failure to comply with these laws and regulations would cause non-conforming investments to be treated as non-admitted assets in the states in which we are licensed to sell insurance policies for purposes of measuring statutory surplus and, in some instances, would require us to dispose of those investments.
Restrictions on cancellation, non-renewal or withdrawal
Many states have laws and regulations that limit the ability of an insurance company licensed by that state to exit a market.
−Removed: Some states prohibit an insurer from withdrawing from one or more lines of business in the state except pursuant to a plan approved by the state insurance regulator, which may disapprove a plan that may lead to market disruption.
+Added: Some states prohibit an insurer from withdrawing from one or more lines of business in the state except pursuant
+Added: to a plan approved by the state insurance regulator, which may disapprove a plan that may lead to market disruption.
Some state statutes may explicitly or by interpretation apply these restrictions to insurers operating on a surplus lines basis.
13 unchanged sentences
On October 24, 2017, the NAIC adopted its Insurance Data Security Model Law, intended to serve as model legislation for states to enact in order to govern cybersecurity and data protection practices of insurers, insurance agents, and other licensed entities registered under state insurance laws (Arkansas has not yet adopted this model legislation).
−Removed: The New York State Department of Financial Services ("DFS") issued regulations governing cybersecurity requirements for financial services companies, which became effective on March 1, 2017, and requires insurance companies, among others, regulated in New York to assess their specific cyber risk profiles and design cyber security programs to address such risks.
+Added: The New York State Department of Financial Services ("DFS") issued regulations governing cybersecurity requirements for financial services companies, which became effective on March 1, 2017, and, as currently amended, require insurance companies, among others, regulated in New York to assess their specific cyber risk profiles and design cyber security programs to address such risks.
We annually file our program compliance certifications pertaining to the DFS cybersecurity requirements in New York.
6 unchanged sentences
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.
−Removed: In particular, the NRRA gives regulators in the home state of an insured exclusive authority to regulate and tax surplus lines insurance
−Removed: 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.
+Added: 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.
3 unchanged sentences
Department of the Treasury on important national and international insurance matters.
−Removed: In addition, the FIO has the ability to recommend to the Financial Stability Oversight Council the designation of an insurer as "systemically significant" and therefore subject to regulation by the Federal Reserve as a bank holding company.
+Added: In addition, the FIO has the ability to recommend to the Financial Stability Oversight Council the designation of an insurer as "systemically important" and therefore subject to regulation and oversight by the Federal Reserve Board in a manner similar to a bank holding company also subject to designation.
In limited circumstances, the FIO can declare a state insurance law or regulation "preempted," but this can be done only after extensive consultation with state insurance regulators, the Office of the U.S.
28 unchanged sentences
Unfair claims practices
−Removed: Generally, insurance companies, adjusting companies and individual claims adjusters are prohibited by state statutes from engaging in unfair claims practices on a flagrant basis or with such frequency to indicate a general business practice.
+Added: Generally, insurance companies, adjusting companies and individual claims adjusters are prohibited by state statutes from engaging in unfair claims practices.
Unfair claims practices include, but are not limited to, misrepresenting pertinent facts or insurance policy provisions;
82 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.