Kinsale Capital Group, Inc. (NYSE:KNSL) Q2 2024 Earnings Conference Call July 26, 2024 9:00 AM ET
Company Participants
Michael Kehoe - Chairman, Chief Executive Officer
Bryan Petrucelli - Executive Vice President, Chief Financial Officer
Brian Haney - President, Chief Operating Officer
Conference Call Participants
Bill Carcache - Wolf Research
Michael Phillips - Oppenheimer
Mark Hughes - Truist
Andrew Anderson - Jefferies
Scott Heleniak - RBC Capital Markets
Pablo Singzon - JP Morgan
Mike Zaremski - BMO Capital Markets
Casey Alexander - Compass Point
Operator
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 first 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 Chairman and CEO, Mr. Michael Kehoe. Please go ahead, sir.
Michael Kehoe
Thank you. Good morning, everyone. Bryan Petrucelli, our CFO; and Brian Haney, our President and COO are both joining me on the call this morning.
In the second quarter, Kinsale’s operating earnings per share increased by 30.2%, and gross written premium grew by 20.9% over the second quarter of 2023. The company posted a combined ratio of 77.7% and a six-month operating return on equity of 28.8%.
Kinsale’s strategy of focusing on smaller accounts within the E&S market, maintaining absolute control over our underwriting, and using technology to manage costs to the lowest level in the industry is driving these results and allows us to both generate best-in-class returns and take market share from competitors at the same time.
It is this business strategy that gives us confidence in our prospects for both profitability and growth in the years ahead in all types of market environments. The overall E&S market in the second quarter was steady and consistent with conditions in the last few quarters.