Kinsale Capital Group, Inc. (NYSE:KNSL) Q3 2024 Results Earnings Conference Call October 25, 2024 9:00 AM ET

Company Participants

Michael Kehoe - Chairman and Chief Executive Officer
Bryan Petrucelli - Executive Vice President and Chief Financial Officer
Brian Haney - President and Chief Operating Officer

Conference Call Participants

Bill Carcache - Wolfe Research
Daniel Cohen - BMO Capital Markets
Mark Hughes - Truist Securities
Andrew Anderson - Jefferies
Scott Heleniak - RBC Capital Markets
Rowland Mayor - Oppenheimer
Casey Alexander - Compass Point
Pablo Singzon - J.P. Morgan

Operator

Thank you for standing by. My name is Brianna and I will be your conference operator today. At this time, I'd like to welcome everyone to the Kinsale Capital Group, Inc. Third Quarter 2024 Earnings Conference Call. Please note that this call is being recorded. At this time, all participants are in a listen-only mode. [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 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 third quarter results.

Kinsale's management may also reference 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 Chairman and CEO, Mr. Michael Kehoe. Please go ahead, sir.

Michael Kehoe

Thank you, operator. And good morning, everyone. As usual, Bryan Petrucelli, our CFO, and Brian Haney, our President and COO, are joining me on the call this morning.

In the third quarter 2024, Kinsale's operating earnings per share increased 27% and gross written premium grew by 19% over the third quarter of 2023. For the quarter, the company posted a combined ratio of 75.7% and a nine-month annualized operating return on equity of 28.2%.

Kinsale's business strategy is the principal driver of these results, and we believe this strategy materially differentiates us from our competitors. We control our own underwriting absolutely, driving a more accurate process. We provide the best customer service and the broadest risk appetite in the E&S marketplace. We operate at an enormous expense advantage in a business where our customers care intensely about price. Our expertise in technology not only results in lower costs, but it also allows Kinsale to drive a highly quantitative approach to managing the business.