Companies · KNSL
Kinsale Capital
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Latest analysis
Updated Jul 24, 2026
Kinsale Q2 2026: 75.5% combined ratio, 15.9% operating EPS growth despite E&S market softening
Kinsale delivered a 75.5% combined ratio and 15.9% operating EPS growth in Q2 2026 despite a competitive E&S market, with net earned premium up 8.9% and investment income rising 19.9%. The company is strategically shrinking its commercial property division—where pricing competition is most intense—while growing 3.7% ex-property and leaning into higher-margin segments like excess casualty, entertainment, and environmental. Management's confidence rests on three pillars: disciplined underwriting grounded in 17 years of proprietary data, a no-legacy-systems technology platform driving AI-enabled productivity gains, and a cost advantage that allows profitable growth even in soft markets. Buyback authorization expanded by $250M to $337M total.
Tone: bullishRevenue
$1.9B
KNSL 10-K · FY 2025
Employees
720
Revenue FY2024
$1.6B
Founded
2009
Profile
KNSL 10-K Item 1 · Feb 20, 2026Kinsale Capital Group is a specialty property and casualty insurance company focused exclusively on the U.S. excess and surplus lines market. The company writes hard-to-place risks across commercial and personal lines through a network of independent brokers, competing on technology efficiency and underwriting discipline rather than price. Its single operating segment — Excess and Surplus Lines Insurance — generated $2.0 billion in gross written premiums in 2025.
Read filing description ↓ Collapse description ↑
Kinsale is a property and casualty insurance company that focuses exclusively on the excess and surplus lines ('E&S') market in the U.S., where we can use our underwriting expertise to write coverages for hard-to-place risks. We sell these insurance products in all 50 states, the District of Columbia, the Commonwealth of Puerto Rico and the U.S. Virgin Islands primarily through a network of independent insurance brokers. Our experienced and cohesive management team has an average of over 30 years of relevant experience. Our goal is to deliver long-term value for our stockholders by growing our business and generating attractive returns. We seek to accomplish this by generating consistent and attractive underwriting profits while managing our capital prudently. Using our proprietary technology platform and leveraging the expertise of our highly-experienced employees in our daily operations, we have built a company that is entrepreneurial and highly efficient. We believe our systems and technology are at the digital forefront of the insurance industry and allow us to quickly collect and analyze data, thereby improving our ability to manage our business and reduce our response times to our customers. We believe that we have differentiated ourselves from our competitors by effectively leveraging technology, vigilantly controlling expenses and maintaining control over our underwriting and claims operations. We target classes of business where our underwriters have extensive experience allowing us to compete effectively and earn attractive returns. Our core client focus is small- to medium-sized accounts, which we believe are subject to less competition and have better pricing.
Primary products
- Commercial Property
- Excess Casualty
- General Casualty
- Small Business Casualty
- Construction
- Small Business Property
Business segments
End markets
Geographies
Named customers
For the year ended December 31, 2025, our largest brokers were RSG Specialty, LLC, which produced $371.2 million, or 18.8%, of our gross written premiums, AmWINS Brokerage, which produced $339.0 million, or 17.1% of our gross written premiums and CRC Commercial Solutions, which produced $231.2 million, or 11.7%, of our gross written premiums. No other broker accounted for more than 10% of our gross written premiums in the year ended December 31, 2025.
Named competitors
“Today, our primary competitors in the E&S sector include American International Group, Inc., Berkshire Hathaway Inc., Chubb Limited, Fairfax Financial Holdings Limited, Lloyds of London, Markel Group Inc., RLI Corp. and W. R. Berkley Corporation.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from approximately $1.59 billion in 2024 to approximately $1.87 billion in 2025, driven by growth in net earned premiums and a significant increase in net investment income and change in fair value of equity securities.
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