Kinsale Capital Group, Inc. (NYSE:KNSL) Q3 2023 Earnings Conference Call October 27, 2023 9:00 AM ET
Company Participants
Michael Kehoe - President and CEO
Bryan Petrucelli - CFO
Brian Haney - COO
Conference Call Participants
Bill Carcache - Wolfe Research
Mark Hughes - Truist Securities
Casey Alexander - Compass Point Research
Andrew Andersen - Jefferies
Scott Heleniak - RBC Capital Markets
Pablo Singzon - JPMorgan
Michael Zaremski - BMO Capital Markets
Operator
Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today.
At this time, I would like to welcome everyone to the Third Quarter 2023 Kinsale Capital Group, Inc. Earnings Conference Call. [Operator Instructions]
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 2022 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 at 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, our CFO; and Brian Haney, our COO; and I will each make a few comments and then move on to any questions that you may have.
In the third quarter 2023, Kinsale's operating earnings per share increased by 103.6% and gross written premium grew by 33% over the third quarter 2022. For the quarter, the company posted a combined ratio of 74.8% and it posted an operating ROE of 32.1% for 9 months. The company's strategy of disciplined E&S underwriting and technology-enabled low costs drive these results and allows us to generate attractive returns and take market share from competitors at the same time. We believe these advantages have real durability to them, and consequently, we're optimistic about future prospects for both profitability and growth.