Kinsale Capital Group Inc

Kinsale Capital Group is a property and casualty insurer that works only in the U.S. excess and surplus lines (E&S) market. E&S insurers take on hard-to-place risks that standard insurers often avoid, such as new industries, high-risk operations and companies with poor claims records. Kinsale sells in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, mostly through independent brokers. It targets small and mid-sized accounts; its average premium per policy was $13,400 in 2025.

Like most insurers, it earns money by collecting premiums, paying claims and investing the cash in between. Its own underwriters price each policy, and it handles all claims in-house. In the year ended December 31, 2025, gross written premiums (the total value of policies sold) rose 5.7% to $2.0 billion. Its combined ratio, claims plus expenses as a share of premiums earned, was 75.9%; below 100% means an underwriting profit.

In 2025, casualty (liability) coverage made up 70.7% of gross written premiums and property 29.3%. Commercial lines were 97.0%, with homeowners coverage the rest. The largest divisions were commercial property at 18.9%, down from 24.4% in 2024, excess casualty at 14.0%, general casualty at 10.5% and small business casualty at 10.2%. The 10-K gives no regional split, and Kinsale relies on a select group of brokers.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $454.8M, down 8.6% from a year earlier, and net income was $98.1M (-30.7%).
• For fiscal 2025, revenue was $1.87B (+18.0% year over year; +32.4% a year from FY2020 to FY2025) with a 26.9% net margin.

• Over FY2021–FY2025: $100.0M in buybacks and $64.6M in dividends.
• At least 8 consecutive annual increases: every fiscal year in the SEC data (FY2017–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +13.6% a year over 5 years (FY2020–FY2025).
• Dividends took 3.1% of earnings and 1.6% of free cash flow in the latest fiscal year.
• Shares outstanding changed -1.4% from Oct 22, 2021 to Oct 16, 2026.

Rank among 1514 US companies

Market value at each year end

Kinsale Capital Group’s market value went from $713.1M at the end of 2016 to $8.07B on Oct 28, 2026, about 11.3 times as much; since the end of 2025 it is down 11%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($100K) and 11 sales ($10.7M), 6 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in KNSL

1. Pricing risks other insurers avoid. Kinsale deliberately insures risks many competitors decline. If its underwriters (staff who assess and price risks) misprice them, or rely on inaccurate or incomplete information about an account, claims could outrun the premiums charged.
2. Claim reserves could prove too low. Reserves are Kinsale's estimates of claims it still owes. As of December 31, 2025, 84.2% of net casualty reserves related to occurrence-based policies, where claims can surface years later. Shortfalls would reduce profit and equity.
3. Rising lawsuit and jury award costs. Casualty coverage was 70.7% of 2025 premiums. More lawsuits, bigger jury awards, outside funding of lawsuits, or courts applying new liability theories retroactively could push claim costs above estimates or weaken policy exclusions.
4. A cyclical, highly competitive market. Kinsale says its business is cyclical and competition is intense. When insurers compete hard for business, prices soften and standard insurers may take back E&S accounts, which could slow growth and squeeze margins.
5. Catastrophes and climate change. Property coverage was 29.3% of 2025 premiums. Severe weather and other catastrophes can cause large losses, the models used to estimate worst-case losses are uncertain, and climate change may make such events more costly.
6. Reliance on brokers and key leaders. Kinsale sells mainly through a select group of independent brokers, and those relationships may not last. It also depends on founder and CEO Michael Kehoe and other experienced executives.

• Oct 22, 2026 Executive or board change; Other company announcement
• Oct 22, 2026 Quarterly results released
• Jul 23, 2026 Quarterly results released
• May 21, 2026 Shareholder vote results
• May 5, 2026 Executive or board change
• Apr 29, 2026 Executive or board change; Other company announcement
• Apr 23, 2026 Quarterly results released
• Feb 12, 2026 Quarterly results released
• Feb 4, 2026 Executive or board change
• Jan 8, 2026 Investor presentation or announcement

Kinsale pays a small dividend. The regular dividend rose from $0.36 a share in 2020 to $0.68 in 2025, about 13.6% a year, with at least eight straight annual increases. It used just 3.1% of 2025 earnings and 1.6% of free cash flow (cash generated after business spending), though an insurer's cash flow includes premiums held for future claims. At a 0.26% yield as of October 28, 2026, it provides little income. Kinsale also bought back about $90 million of its own shares in 2025, up from $10 million in 2024.

In the COVID crash the shares fell 36% in March 2020 but recovered within about 1.7 months. During the 2022 bear market they gained 20.2% as the broad market fell. In the three years to October 28, 2026, they fell as much as 46.8% from a peak. Kinsale went public in July 2016, after the 2008 crisis. A single stock carries more risk than a diversified fund.