By Mia MacGregor

Feb 13 - (The Insurer) - Kinsale Capital Group has reported a combined ratio of 73.4 percent for the fourth quarter of 2024, up from 72.1 percent a year earlier, with gross written premiums rising 12.2 percent to $443.3mn.

Net operating earnings were $107.8mn, or $4.62 per diluted share, for Q4 2024, compared to $90.3mn, $3.87 per diluted share in Q4 2023, beating the consensus estimate of 13 analysts of $4.34 per share, as compiled by MarketWatch.

Underwriting income was $97.9mn in Q4 2024, compared to $84.8mn in the same period last year.

• Combined ratio of 73.4% in Q4 2024, up from 72.1 in Q4 2023.

• GWP increased 12.2% to $443.3mn in Q4 2024.

• Net operating earnings of $107.8mn ($4.62 per diluted share) exceeded estimates.

• UW income rose to $97.9mn in Q4 2024 up from $84.8mn in Q4 2023.

• Kinsale estimates Q1 2025 pre-tax catastrophe losses of $25mn from CA wildfires.

The Richmond-based company noted that the increase in underwriting income was due primarily to continued growth in the business, offset in part by higher catastrophe losses.

Loss and expense ratios stood at 52.3 percent and 21.1 percent, respectively, versus 52.2 percent and 19.9 percent a year earlier.

Favorable reserve development from prior accident years was $9.6mn (2.6 points) in Q4 2024, compared to $7.2mn (2.3 points) in Q4 2023.

The loss ratio included 2.2 points of net catastrophe losses, which the company noted was mainly from Hurricane Milton.

For the full year, Kinsale Capital reported a combined ratio of 76.4 percent. Gross written premiums rose 19.2 percent to $1.9bn.

Net operating earnings were $374.8mn, or $16.06 per diluted share, up from $291.4mn, or $12.50 per diluted share, in 2023.

Underwriting income for the full year climbed to $325.9mn from $270.4mn the year prior.

Additionally, the company stated that it is assessing the impact of the Southern California wildfires and estimates pre-tax catastrophe losses of approximately $25mn, net of reinsurance, for Q1 2025.

Kinsale Capital noted that these estimates remain subject to change due to the ongoing nature of these events and the complexity of the claims.

"Our fourth quarter performance concluded another year of profitable growth resulting from disciplined underwriting and technology-enabled low costs,” said chairman and chief executive officer, Michael Kehoe.

“We remain confident in our ability to deliver long-term value for stockholders through a continued focus on executing our model irrespective of market cycles," Kehoe added.