Kinsale Capital Group (KNSL) Investor presentation summary

Business model and market

• Exclusive focus on the U.S. excess and surplus lines market, with disciplined underwriting of small accounts, no delegated underwriting authority, and proprietary technology supporting efficiency.

• 2024 E&S direct premiums written totaled $129.8bn; market share was 1.4%.

• U.S. surplus lines premiums grew at an 11.6% CAGR from 2011–2024, versus 5.9% for the broader P&C market.

• Underwriting approach combines broad appetite for hard-to-place risks with individual risk selection, diversified smaller accounts, and well-defined coverage.

Portfolio and growth

• 2025 gross written premiums were $1.977bn, with a 12.3% CAGR from 2023–2025; commercial premiums totaled $1.917bn.

• 2023–2025 product growth included small business property at a 52.7% CAGR, commercial auto at 59.9%, and general casualty at 32.3%.

• Growth priorities include expanding E&S presence, targeting smaller accounts, developing products within underwriting expertise, and using technology to improve efficiency and service.

• 2023–2025 average combined ratio was 75.9% versus a 92.2% peer average; average expense ratio was 20.7% versus 32.8% for peers.

Financial performance

• Q2 2026 diluted EPS increased 34.0% YoY to $7.72; diluted operating EPS rose 15.9% to $5.54.

• Q2 2026 gross written premiums declined 5.0% YoY to $527.6m and net written premiums declined 1.4% to $452.5m; net investment income rose 19.9% to $55.7m.

• Q2 2026 underwriting income was $105.4m, with a 75.5% combined ratio; loss and expense ratios were 53.8% and 21.7%, respectively.

• H1 2026 net operating earnings were $244.0m versus $197.8m in H1 2025; diluted operating EPS was $10.64 versus $8.49.