Kinsale Capital Group has reported a net income of $27.1 million for the second quarter of 2022, compared to a net income of $35.6 million from the second quarter of 2021.
The company also reported a net income of $58.9 million for 1H22, compared to $67.7 million from 1H21.
At the same time, the specialty insurance groups net operating earnings for the quarter were $44.4 million, a 51% increase compared to $29.4 million from Q2 21. Additionally, net operating earnings for 1H22 were $82.1 million, a major increase compared to $54.9 million from 1H21.
The company also saw a huge increase in gross written premiums (GWP) for the quarter. GWP for Q2 22 was $277 million, a 43% increase compared to $194.1 million from Q2 21.
The company stated that the increase in GWP during both the second quarter and first half of 2022 over the same periods last year reflected strong submission flow from brokers and a favourable pricing environment.
Furthermore, underwriting income for the quarter was $44.1 million, resulting in a combined ratio of 76.8%, for Q2 22, compared to $28.7 million and a combined ratio of 79.2% from the same period last year.
The increase in underwriting income quarter-over-quarter was due to a combination of premium growth and favourable rate increases from a strong underwriting environment and lower levels of relative reported losses and operating expenses.
Underwriting income for 1H22 was $81.7 million, which resulted in a combined ratio of 77.8%, compared to $53.3 million and a combined ratio of 79.5% from 1H21.
Meanwhile, net investment income was $10.6 million for the quarter, compared to $7.4 million from the same period last year, resulting in an increase of 42.6%. Net investment income was $19.7 million for 1H22, compared to $14.4 million for 1H21, resulting in an increase of 37.0%.
President and Chief Executive Officer, Michael P. Kehoe, commented: “Our business continues to perform at high level with 43% premium growth for the second quarter over the same period last year and a combined ratio of just under 77%. These results reflect the combination of a superior business model and favorable E&S market conditions. Looking ahead, we remain confident in our ability to create shareholder value through best-in-class underwriting and technology driven low costs.”
