Kinsale Capital Group Inc. (NYSE:KNSL) Q3 2022 Earnings Conference Call October 28, 2022 9:00 AM ET

Company Participants

Michael Kehoe - President, Chief Executive Officer

Bryan Petrucelli - Executive Vice President, Chief Financial Officer

Brian Haney - Executive Vice President, Chief Operating Officer

Conference Call Participants

Mark Hughes - Truist Securities

Casey Alexander - Compass Point

Pablo Singzon - JP Morgan

Scott Heleniak - RBC Capital Markets

Operator

Hello and thank you for standing by. My name is Regina and I will be your conference Operator today.

At this time, I would like to welcome everyone to Kinsale Capital Group Incorporated’s third quarter 2022 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. To withdraw your question, press star, one again.

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 risks factors that could cause actual results to differ materially. These risk factors are listed in the company’s various SEC filings, including the 2021 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 third 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 on the company’s website at www.kinsalecapitalgroup.com.

I will now turn the conference over to Kinsale’s President and CEO, Mr. Michael Kehoe. Please go ahead sir.

Michael Kehoe

Thank you Operator and good morning everyone. Bryan Petrucelli, Kinsale’s CFO, and Brian Haney, Kinsale’s COO are joining me this morning. Our third quarter conference call will follow our usual format. Each of us will make a few comments and then we’ll move onto any questions you may have.

Kinsale’s operating earnings for the third quarter of 2022 increased by 3.3% over the same quarter in 2021. Gross written premium was up 44% for the quarter. The company posted an 83.6% combined ratio for the quarter and an 80% combined ratio for the nine months. The annualized operating ROE for the first nine months of the year was 24.3%.