Kinsale Capital Group, Inc. 2025 Annual Report: Key Investor Highlights

Overview and Business Strategy

Kinsale Capital Group, Inc. is a property and casualty insurance company specializing in the excess and surplus lines (“E&S”) market in the United States. The company operates nationwide, including all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, primarily through a network of independent insurance brokers. Kinsale leverages its experienced management team (average over 30 years in the industry) and proprietary technology to underwrite hard-to-place risks quickly and efficiently, which distinguishes it from competitors. The company emphasizes vigilant expense control, technology utilization, and maintaining direct control over underwriting and claims operations.

Financial Performance Highlights

• Premium Growth: Kinsale reported \$2.0 billion in gross written premiums for the year ended December 31, 2025, marking a 5.7% increase from the prior year.
• Profitability: The company achieved a Return on Equity (ROE) of 29.3% and a combined ratio of 75.9% for 2025, underscoring strong underwriting discipline. Operating return on equity (non-GAAP) was 26.4%.
• Stock Performance: Kinsale’s compounded annual gain from 2016 to 2025 was 40.8% versus 14.9% for the S&P 500. The overall gain since IPO (July 28, 2016) is 2,421.4% compared to 270.5% for the S&P 500.
• Market Capitalization: The aggregate market value of shares held by non-affiliates as of June 30, 2025 was approximately \$9.98 billion.
• Shares Outstanding: As of February 13, 2026, Kinsale had 23,153,066 common shares outstanding.

Recent Events and Potential Price-Sensitive Information

• Catastrophe Losses:

  In January 2025, a series of wildfires began in Southern California. Kinsale is currently evaluating the impact and estimates pre-tax catastrophe losses of approximately \$25 million, net of reinsurance, to be reflected in the first quarter of 2025. These estimates are subject to change due to the ongoing nature and complexity of the events and claims. This event could materially impact near-term earnings and may influence the share price depending on the ultimate loss figures.

• Regulatory and Compliance:

  Kinsale remains subject to extensive regulation. Any changes in regulatory environment or compliance failures could adversely affect its financial condition and results of operations.

• Forward-Looking Statements and Risks:

  Management highlighted several risks that may affect future results, including:

  • Potential inadequacy of loss reserves
  • Uncertainty in catastrophe modeling
  • Availability and pricing of reinsurance
  • Adverse economic factors (recession, inflation, unemployment)
  • Impact of climate change and severe weather events
  • Declines in financial strength ratings
  • Key personnel retention and recruitment
  • Reliance on select brokers
  • Intense competition and changing market conditions in E&S lines
  • Litigation risk and investment portfolio performance
  • Liquidity risks and credit agreement covenants

  These factors are material to shareholder value and may impact the company’s stock price if realized.

Corporate and Regulatory Details

• Listing: Kinsale Capital Group common stock trades on the New York Stock Exchange under the ticker symbol KNSL.
• SEC Filings: Kinsale is a “Large Accelerated Filer” and is not an emerging growth company or smaller reporting company.
• Internal Controls: The company’s management assessment of internal controls over financial reporting was attested to by its registered public accounting firm.
• Proxy Statement: Portions of the 2026 proxy statement will be incorporated by reference into Part III of the Annual Report.

Conclusion

Kinsale’s 2025 annual report confirms the company’s continued growth, strong profitability, and leadership in the E&S insurance market. The estimated catastrophe losses from the California wildfires in early 2025 represent the most significant near-term risk and could affect quarterly results and share price. Investors should monitor updates regarding these losses, as well as broader risk factors cited by management. The company’s stock continues to outperform the broader market, and its disciplined underwriting and operational strategies position it well for future growth, subject to the risks outlined above.

Disclaimer: This article is intended for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Forward-looking statements are subject to risks and uncertainties. Investors should review the full SEC filings and consult with their financial advisor before making investment decisions.

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