Kinsale Capital Group, Inc.

of this conference call 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 2024 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 second 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 chairman and CEO, Mr. Michael Kehoe. Please go ahead, sir.

Thank you, operator, and good morning, everyone. Brian Petrucelli, our CFO, and Brian Haney, our president and COO, are both joining me on the call this morning. In the second quarter, 2025, Kinsale's operating earnings per share increased by 27.5%. and gross written premium grew by 4.9% over the second quarter of 2024. For the quarter, the company posted a combined ratio of 75.8% and a six-month operating return on equity of 24.7%. Our book value per share increased by 16% since the year end 2024. In both hard markets and soft, Can sales differentiated strategy and execution allow us to drive both profit and growth? We focus on small E&S accounts. We maintain absolute control over our underwriting. We provide exceptional customer service and offer the broadest risk appetite in the business. We have advanced technology and no legacy software, a strong emphasis on data and analytics, and by far we have the lowest costs in the industry. This strategy and the skill and experience of our almost 700 full-time employees give us confidence in our prospects for both profitability and growth in the years ahead in all types of market environments. The E&S market in the second quarter was consistent with the first quarter. Overall, it is a competitive market with the level of competition varying quite a bit from one industry segment to another. Our commercial property division saw premium drop by 16.8% in the second quarter due to high levels of competition and rate declines. Absent this division, Kinsale's premium grew by 14.3% in the second quarter. Brian Haney will offer some more in-depth commentary on the market here in a moment. We renewed our reinsurance program on June 1st. Given the strong returns we have generated for our reinsurers over many years, the overall program was slightly more favorable for consale upon renewal. Some of the modest changes in the program include a $3 million retention on our casualty treaty, up from a $2.5 million retention on the expiring. On our property quota share, Contract, the seating commission we received from reinsurers increased slightly, reflecting favorable historical results, and our retention increased to 60% from 50% on the expiring program. On the catastrophe excess of loss treaty, we increased our retention from $60 million to 75 and purchased some additional limit at the top of the tower. As we have stated many times over the years, we endeavor to post loss reserves with some measure of conservatism so that they are more likely to develop favorably than unfavorably over time. Our 16-year track record bears out our commitment to cautious reserving and building a strong balance sheet. At a time when there are substantial questions around the reserve adequacy of the broader P&C industry, it's important for investors in Kinsale to know that our loss reserves have never been more conservatively stated than they are right now. And with that, I'll turn the call over to Brian Petruccelli.

Thanks, Mike. Again, just another strong quarter with net income and net operating earnings increasing by 44.9% and 27.4% respectively. The 75.8% combined ratio for the quarter included 3.9 points from net favorable prior year loss reserve development compared to 2.8 points last year, with less than a point in CAT losses this year compared to one point in Q2 of 2024. As Mike mentioned, we continue to take a cautious approach to releasing reserves. We produced a 20.7% expense ratio in the second quarter compared to 21.1% last year. The expense ratio continues to benefit from seeding commissions generated on the company's casualty and commercial property quota share reinsurance agreements, and from the company's intense focus on managing expenses on a daily basis. On the investment side, net investment income increased by 29.6% in the second quarter over last year as a result of continued growth in the investment portfolio generated from strong operating cash flows. Kin sales float, mostly unpaid losses and unearned premium, grew to $2.9 billion at June 30 of this year, up from $2.5 billion at the end of 2024. Annualized gross return was 4.3% for the first half of the year and consistent with last year. Other than the modest increase in the allocation to common stock that we mentioned last quarter, we haven't made any significant changes to our investment strategy and continue to monitor inflation, interest rates, and related Fed policy commentary and will adjust as circumstances change. New money yields are averaging in the low to mid 5% range with an average duration of 3.1 years. And lastly, diluted operating earnings per share continues to improve and was $4.78 per share for the quarter compared to $3.75 per share for the second quarter of 2024. And with that, I'll pass it over to Brian Hanning.