Kinsale Capital Group, Inc. (KNSL) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

listed in the company's various SEC filings, including the 2024 annual report on Form 10-K, which should be reviewed carefully. The company has furnished a Form 8-K with the Securities and Exchange Commission that contains the press release announcing its first quarter results. Kin Sales Management may also reference certain non-GAAP financial measures in the call today. A reconciliation of GAAP to these measures can be found in the press release, which is available at the company's websites. at www.kinsalecapitalgroup.com. I will now turn the conference over to Kinsale's Chairman and CEO, Mr. Michael Kehoe. Please go ahead, sir. Thank you, Operator, and good morning, everyone. Brian Petrucelli, our CFO, and Brian Haney, our President and COO, are both joining me this morning for the call. We will each make a few comments and then take any questions you may have. In the first quarter of 2025, Kinsale's operating earnings per share increased by 6% and gross written premium grew by 8% over the first quarter of 2024. For the quarter, the company posted a combined ratio of 82% and an annualized operating return on equity of 22.5%. These results reflect strong profitability in our business generated from our disciplined underwriting and low-cost model, even with a significant catastrophe event occurring in the quarter. The Palisades wildfire loss that we estimated in February at 45 million is now estimated to be about 41 million gross and 22 million net of reinsurance. All these numbers are pre-tax. As a reminder, Kinsale has a considerable presence in the natural catastrophe market, but we operate with a conservative risk management approach to balance the margin in the business with its inherent volatility. We use a disciplined underwriting model, a robust reinsurance p...