Companies · KNSL
Kinsale Capital
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Latest analysis
Updated Oct 23, 2026
Kinsale posts 75.4% combined ratio in Q3 2026 as gross written premium declines 4.8% amid E&S softening, while AI-driven tech advantage and disciplined small-account pivot sustain 25.6% annualized operating ROE.
Kinsale's Q3 2026 results demonstrate that underwriting discipline and technology-driven cost efficiency are functioning as designed in a soft E&S cycle: the combined ratio held at 75.4% and operating EPS grew 9.4% despite a 4.8% gross written premium contraction driven almost entirely by deliberate retreat from large commercial property accounts facing irrational competition. The company is executing a deliberate pivot toward smaller, higher-margin accounts — submissions, quotes, and bind orders all grew mid-single digits — while deploying over 100 AI agents across underwriting, claims, and policy operations to widen its expense ratio lead. Management signaled $100 million per quarter as the buyback run rate for the remainder of the repurchase authorization, reflecting confidence that excess capital generation continues even in this lower-growth phase.
Tone: cautiousRevenue
$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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