Exhibit 99.1

Kinsale Capital Group Reports First Quarter 2024 Results

Richmond, VA, April 25, 2024 - Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $98.9 million, $4.24 per diluted share, for the first quarter of 2024 compared to $55.8 million, $2.40 per diluted share, for the first quarter of 2023. Net operating earnings(1) were $81.6 million, $3.50 per diluted share, for the first quarter of 2024 compared to $56.8 million, $2.44 per diluted share, for the first quarter of 2023.

Highlights for the quarter included:

•Diluted earnings per share increased by 76.7% to $4.24 compared to the first quarter of 2023

•Diluted operating earnings(1) per share increased by 43.4% to $3.50 compared to the first quarter of 2023

•Gross written premiums increased by 25.5% to $448.6 million compared to the first quarter of 2023

•Net investment income increased by 59.1% to $32.9 million compared to the first quarter of 2023

•Underwriting income(2) was $65.1 million in the first quarter of 2024, resulting in a combined ratio(5) of 79.5%

•Annualized operating return on equity(7) was 28.9% for the three months ended March 31, 2024

“Our business continues to generate best-in-class returns as we benefit from underwriting and technological competitive advantages and favorable E&S market conditions. We remain confident in our ability to deliver long-term value for stockholders as we execute our strategy to generate consistent and attractive underwriting profits while managing our capital prudently,” said Chairman and Chief Executive Officer, Michael P. Kehoe.

Results of Operations

Underwriting Results

Gross written premiums were $448.6 million for the first quarter of 2024 compared to $357.6 million for the first quarter of 2023, an increase of 25.5%. The increase in gross written premiums during the first quarter of 2024 over the same period last year reflected strong submission flow from brokers and a favorable pricing environment.

Underwriting income(2) was $65.1 million, resulting in a combined ratio(5) of 79.5%, for the first quarter of 2024 compared to $51.6 million and a combined ratio(5) of 78.8% for the first quarter of 2023. The increase in underwriting income(2) was primarily due to a combination of premium growth and lower net commissions. Loss(3) and expense(4) ratios were 58.8% and 20.7%, respectively, for the first quarter of 2024 compared to 57.1% and 21.7% for the first quarter of 2023. Results for the first quarter of 2024 and 2023 included net favorable development of loss reserves from prior accident years of $8.4 million, or 2.7 points, and $9.0 million, or 3.7 points, respectively.

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Summary of Operating Results

The Company’s operating results for the three months ended March 31, 2024 and 2023 are summarized as follows:

	Three Months Ended March 31,
	2024			2023
	($ in thousands)
Gross written premiums	$	448,644		$	357,588
Ceded written premiums	(97,590)			(58,558)
Net written premiums	$	351,054		$	299,030
Net earned premiums	$	309,518		$	237,158
Fee income	8,092			6,201
Losses and loss adjustment expenses	186,786			139,034
Underwriting, acquisition and insurance expenses	65,753			52,746
Underwriting income(2)	$	65,071		$	51,579
Loss ratio(3)	58.8		%	57.1		%
Expense ratio(4)	20.7		%	21.7		%
Combined ratio(5)	79.5		%	78.8		%
Annualized return on equity(6)	35.1		%	28.6		%
Annualized operating return on equity(7)	28.9		%	29.1		%

(1)     Net operating earnings is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.

(2)    Underwriting income is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.

(3)    Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income. Prior periods have been revised to conform to the current period's presentation.

(4)    Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income. Prior periods have been revised to conform to the current period's presentation.

(5)    The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding. Prior periods have been revised to conform to the current period's presentation.

(6)Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

(7)    Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

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The following tables summarize losses incurred for the current accident year and the development of prior accident years for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31, 2024				Three Months Ended March 31, 2023
	Losses and Loss Adjustment Expenses		% of Sum of Earned Premiums and Fee Income		Losses and Loss Adjustment Expenses		% of Sum of Earned Premiums and Fee Income
Loss ratio:	($ in thousands)
Current accident year	$	194,654	61.3	%	$	146,503	60.2	%
Current accident year - catastrophe losses	578		0.2	%	1,574		0.6	%
Effect of prior accident year development	(8,446)		(2.7)	%	(9,043)		(3.7)	%
Total	$	186,786	58.8	%	$	139,034	57.1	%

Investment Results

Net investment income was $32.9 million in the first quarter of 2024 compared to $20.7 million in the first quarter of 2023, an increase of 59.1%. These increases were driven by growth in the Company's investment portfolio generated largely from the investment of strong operating cash flows and higher interest rates relative to the prior year period. Net operating cash flows were $210.4 million in the first quarter of 2024 compared to $197.6 million in the first quarter of 2023, an increase of 6.5%. The Company’s investment portfolio had an annualized gross investment return(8) of 4.3% for the first quarter of 2024 compared to 3.7% for the same period last year. Funds are generally invested conservatively in high quality securities with an average credit quality of "AA-" and the weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 2.8 years at March 31, 2024 and December 31, 2023. Cash and invested assets totaled $3.3 billion at March 31, 2024 and $3.1 billion at December 31, 2023.

(8)Gross investment return is investment income from fixed-maturity and equity securities (and short-term investments, if any), before any deductions for fees and expenses, expressed as a percentage of average beginning and ending book values of those investments during the period.

Other

The effective tax rates for the three months ended March 31, 2024 and 2023 were 14.6% and 18.4%, respectively. In the first quarter of 2024 and 2023, the effective tax rates were lower than the federal statutory rate of 21% primarily due to the tax benefits from stock options exercised, stock-based compensation and tax-exempt investment income.

Stockholders' equity was $1.2 billion at March 31, 2024 compared to $1.1 billion at December 31, 2023. Book value per share was $50.31 at March 31, 2024 compared to $46.88 at December 31, 2023. Annualized operating return on equity(7) was 28.9% for the first quarter of 2024, a decrease from 29.1% for the first quarter of 2023. The decrease was due primarily to higher average stockholders' equity as a result of profitable growth offset in part by higher net operating earnings.

Beginning in the second quarter of 2023, the Company reclassified policy fees to fee income and modified the definition of the loss and expense ratios to include fee income in the denominator of each ratio. Historically, these fees were presented as a reduction to underwriting, acquisition and insurance expenses. The Company has reclassified prior periods' results to conform to the current period's presentation.

Non-GAAP Financial Measures

Net Operating Earnings

Net operating earnings is defined as net income excluding the effects of the change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance

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for credit losses on investments, after taxes. Management believes the exclusion of these items provides a useful comparison of the Company's underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.

For the three months ended March 31, 2024 and 2023, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:

	Three Months Ended March 31,
	2024			2023
	($ in thousands, except per share data)
Net operating earnings:
Net income	$	98,941		$	55,800
Adjustments:
Change in the fair value of equity securities, before taxes	(18,053)			(3,518)
Income tax expense (1)	3,791			739
Change in fair value of equity securities, after taxes	(14,262)			(2,779)
Net realized investment (gains) losses, before taxes	(3,866)			4,652
Income tax expense (benefit) (1)	812			(977)
Net realized investment (gains) losses, after taxes	(3,054)			3,675
Change in allowance for credit losses on investments, before taxes	(10)			81
Income tax expense (benefit) (1)	2			(17)
Change in allowance for credit losses on investments, after taxes	(8)			64
Net operating earnings	$	81,617		$	56,760
Diluted operating earnings per share:
Diluted earnings per share	$	4.24		$	2.40
Change in the fair value of equity securities, after taxes, per share	(0.61)			(0.12)
Net realized investment (gains) losses, after taxes, per share	(0.13)			0.16
Diluted operating earnings per share(2)	$	3.50		$	2.44
Operating return on equity:
Average equity(3)	$	1,128,901		$	780,590
Annualized return on equity(4)	35.1		%	28.6		%
Annualized operating return on equity(5)	28.9		%	29.1		%

(1) Income taxes on adjustments to reconcile net income to net operating earnings use a 21% effective tax rate.

(2) Diluted operating earnings per share may not add due to rounding.

(3)    Average equity is computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.

(4)Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

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(5)    Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

Underwriting Income

Underwriting income is defined as net income excluding net investment income, the change in the fair value of equity securities, net realized investment gains and losses, change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.

For the three months ended March 31, 2024 and 2023, net income reconciles to underwriting income as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Net income	$	98,941	$	55,800
Income tax expense	16,926		12,593
Income before income taxes	115,867		68,393
Net investment income	(32,933)		(20,695)
Change in the fair value of equity securities	(18,053)		(3,518)
Net realized investment (gains) losses	(3,866)		4,652
Change in allowance for credit losses on investments	(10)		81
Interest expense	2,422		2,570
Other expenses (6)	1,963		402
Other income	(319)		(306)
Underwriting income	$	65,071	$	51,579

(6)    Other expenses includes primarily corporate expenses not allocated to the Company's insurance operations.

Conference Call

Kinsale Capital Group will hold a conference call to discuss this press release on Friday, April 26, 2024 at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (800) 715-9871, conference ID# 7469751, or via the Internet by going to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website until the close of business on May 24, 2024.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions

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that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.

Contact

Kinsale Capital Group, Inc.

Bryan Petrucelli

Executive Vice President, Chief Financial Officer and Treasurer

804-289-1272

ir@kinsalecapitalgroup.com

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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Income and Comprehensive Income

	Three Months Ended March 31,
	2024		2023
Revenues	(in thousands, except per share data)
Gross written premiums	$	448,644	$	357,588
Ceded written premiums	(97,590)		(58,558)
Net written premiums	351,054		299,030
Change in unearned premiums	(41,536)		(61,872)
Net earned premiums	309,518		237,158
Fee income	8,092		6,201
Net investment income	32,933		20,695
Change in the fair value of equity securities	18,053		3,518
Net realized investment gains (losses)	3,866		(4,652)
Change in allowance for credit losses on investments	10		(81)
Other income	319		306
Total revenues	372,791		263,145
Expenses
Losses and loss adjustment expenses	186,786		139,034
Underwriting, acquisition and insurance expenses	65,753		52,746
Interest expense	2,422		2,570
Other expenses	1,963		402
Total expenses	256,924		194,752
Income before income taxes	115,867		68,393
Total income tax expense	16,926		12,593
Net income	98,941		55,800
Other comprehensive (loss) income
Change in net unrealized losses on available-for-sale investments, net of taxes	(9,940)		17,509
Total comprehensive income	$	89,001	$	73,309
Earnings per share:
Basic	$	4.28	$	2.43
Diluted	$	4.24	$	2.40
Weighted-average shares outstanding:
Basic	23,108		23,008
Diluted	23,335		23,290

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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

	March 31, 2024		December 31, 2023
Assets	(in thousands)
Investments:
Fixed-maturity securities at fair value	$	2,852,360	$	2,711,759
Equity securities at fair value	287,655		234,813
Real estate investments, net	15,032		14,791
Short-term investments	5,644		5,589
Total investments	3,160,691		2,966,952
Cash and cash equivalents	136,132		126,694
Investment income due and accrued	21,843		21,689
Premiums receivable, net	159,154		143,212
Reinsurance recoverables, net	272,215		247,836
Ceded unearned premiums	57,031		52,516
Deferred policy acquisition costs, net of ceding commissions	94,489		88,395
Intangible assets	3,538		3,538
Deferred income tax asset, net	56,100		55,699
Other assets	70,094		66,443
Total assets	$	4,031,287	$	3,772,974
Liabilities & Stockholders' Equity
Liabilities:
Reserves for unpaid losses and loss adjustment expenses	$	1,844,787	$	1,692,875
Unearned premiums	747,402		701,351
Payable to reinsurers	47,806		47,582
Accounts payable and accrued expenses	16,302		44,922
Debt	183,915		183,846
Other liabilities	20,106		15,566
Total liabilities	2,860,318		2,686,142
Stockholders' equity	1,170,969		1,086,832
Total liabilities and stockholders' equity	$	4,031,287	$	3,772,974

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