Kinsale Capital Group (KNSL) Investor presentation summary

Business overview and strategy

• Focuses exclusively on the U.S. excess and surplus (E&S) insurance market, targeting small accounts and hard-to-place risks.

• Maintains strict control over underwriting and claims, leveraging proprietary technology for cost efficiency.

• Employs a quantitative, analytics-driven approach to profitability and operational efficiency.

• Holds a strong balance sheet with growing float and investment income, aiming for long-term value and growth.

• Operates with a highly experienced management team, each with over a decade of industry expertise.

Market position and performance

• Only publicly traded pure-play E&S insurer, with 100% of premiums from surplus lines.

• Achieved a compounded annual gain of 40.8% and an overall gain of 2,421.4% since its 2016 IPO, outperforming the S&P 500.

• Book value per share reached $84.66, with a market capitalization of $9.1 billion as of December 2025.

• Maintains one of the lowest combined ratios among specialty insurer peers while delivering leading growth.

Financial highlights

• Gross written premiums grew to $1.98 billion in 2025, with an 11.9% CAGR for commercial lines from 2023–2025.

• Q4 2025 diluted earnings per share rose 28% to $5.99, and net operating earnings per share increased 25.8% to $5.81.

• Combined ratio for Q4 2025 was 71.7%, reflecting strong underwriting profitability.

• Operating return on equity averaged 26.4% in 2025, with net operating earnings of $453.7 million.

• Cash and invested assets reached $5.19 billion by year-end 2025.