Q2 2024 Kinsale Capital Group Inc Earnings Call Transcript
Key Points
- Operating earnings per share increased by 30.2% year-over-year.
- Gross written premium grew by 20.9% over the second quarter of 2023.
- Combined ratio of 77.7% and a six-month operating return on equity of 28.8%.
- Conservative investment strategy with a focus on fixed income and gradual increase in common stock allocation.
- Strong growth in new business submission activity and positive overall rate changes across the book of business.
- Increased retention on excess casualty treaty from $2 million to $2.5 million, which could impact future loss ratios.
- Continued cautious approach to releasing reserves, potentially affecting short-term profitability.
- Exposure to natural catastrophe losses, although managed conservatively, remains a risk.
- Increased competition in the professional lines segment, leading to selective rate cuts.
- Inflation and expanding tort system pose ongoing challenges to maintaining favorable loss trends.
Good morning, and welcome, everyone to the second quarter 2024 Kinsale Capital Group, Inc. earnings conference call. Today's conference is being recorded. Before we get started, let me remind everyone that through the course of the teleconference, Kinsale's management may make comments that reflect their intentions, beliefs and expectations for the future.
As always, these forward-looking statements are subject to certain risk factors which could cause actual results to differ materially. These risk factors are listed in the company's various SEC filings, including the 2023 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 second quarter results.
Kinsale's 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 website at www
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