Download PDF

1. Company Snapshot

1.a. Company Description

Kinsale Capital Group, Inc., a specialty insurance company, provides property and casualty insurance products in the United States.The company's commercial lines offerings include construction, small business, excess and general casualty, commercial property, allied health, life sciences, energy, environmental, health care, inland marine, public entity, and commercial insurance, as well as product, professional, and management liability insurance.It markets and sells its 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.


The company was founded in 2009 and is headquartered in Richmond, Virginia.

Show Full description

1.b. Last Insights on KNSL

Kinsale Capital Group, Inc.'s recent performance was negatively impacted by decreased stakes from institutional investors, including Principal Financial Group Inc. and Envestnet Asset Management Inc., which sold 7.5% and 2.8% of their shares, respectively. Additionally, the company's Q4 2025 earnings call transcript revealed potential concerns, although quarterly earnings of $5.81 per share beat estimates. Decreased holdings by Copeland Capital Management LLC and Creative Planning also contributed to downward pressure.

1.c. Company Highlights

2. Kinsale Capital's Q4 2025 Earnings: Strong Performance Amidst Competitive Landscape

Kinsale Capital Group, Inc. reported a robust Q4 2025, with diluted operating earnings per share (EPS) of $5.81, a 26% increase from Q4 2024, beating analyst estimates of $5.3. Gross written premiums grew 1.8%, while net written premiums grew 7.1%, driven by an increase in retention levels when renewing its reinsurance program. The company's combined ratio for the quarter was 71.7%, indicating strong underwriting profitability. The full-year operating return on equity (ROE) stood at 26%, with a book value per share increase of 33% since year-end 2024.

Publication Date: Feb -16

📋 Highlights
  • Q4 2025 Earnings Growth: Diluted operating earnings per share rose 26% to $5.81 compared to Q4 2024.
  • Net Written Premiums Growth: Net written premiums increased 7.1%, driven by higher retention in reinsurance renewals.
  • Strong ROE and Book Value: Full-year operating ROE reached 26%, while book value per share surged 33% since year-end 2024.
  • Float Expansion: Company’s float grew 23% to $3.1 billion, reflecting disciplined capital management.
  • Dividend and Buyback: Quarterly dividend raised to $0.25, alongside a $250 million share buyback authorization.

Segment Performance

The company's casualty segment is seeing stabilization in loss trends and pricing, with growth in areas such as commercial auto and excess casualty. In contrast, the Commercial Property segment continues to experience intense competition, particularly in larger accounts. However, other property lines such as small business property, high-value homeowners, and inland marine are experiencing growth. The company expects the competitive environment in Commercial Property to continue into 2026.

Expense Ratio and Investment Income

Kinsale Capital Group, Inc. produced a 20.8% expense ratio for the full year, with an underwriting expense ratio of 10.5%. Net investment income increased 24.9% in Q4 2025 compared to Q4 2024, contributing to the company's strong financial performance.

Capital Allocation and Valuation

The company announced a $250 million buyback authorization and increased its quarterly dividend to $0.25, demonstrating its commitment to returning capital to shareholders. With a Price-to-Book Ratio of 4.37 and an ROE of 28.25%, the company's valuation appears reasonable, considering its strong financial performance. The Dividend Yield stands at 0.18%, indicating a relatively low yield compared to other insurance companies.

Growth Prospects and Competitive Advantage

Kinsale Capital Group, Inc. is leveraging AI to automate tasks, drive better customer service, and reduce errors. The company has launched new products, including Agribusiness casualty and property, and personal insurance, which are expected to contribute to growth over time. With a conservative approach to posting loss reserves and a history of favorable reserve development, the company is well-positioned to maintain strong returns despite the competitive market.

Outlook

Analysts estimate next year's revenue growth at 9.2%, indicating a moderate slowdown. The company's focus on balancing growth with profitability and its disciplined underwriting approach should help it navigate the competitive landscape. With a robust submission flow and a competitive model, Kinsale Capital Group, Inc. remains bullish on its opportunity. The company's leverage and capital allocation strategy prioritize generating a low 20s ROE or better, aligning with its historical performance.

3. NewsRoom

Card image cap

NMIH or KNSL: Which Is the Better Value Stock Right Now?

Feb -18

Card image cap

Kinsale Capital Group, Inc. (KNSL) Q4 2025 Earnings Call Transcript

Feb -13

Card image cap

Kinsale Q4 Earnings and Revenues Top Estimates on Solid Underwriting

Feb -13

Card image cap

Breakfast News: ANET At Epicenter Of AI Networks

Feb -13

Card image cap

Kinsale Capital Group (KNSL) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates

Feb -13

Card image cap

Kinsale Capital Group, Inc. (KNSL) Q4 Earnings and Revenues Beat Estimates

Feb -12

Card image cap

Kinsale Capital Group, Inc. Reports 2025 Fourth Quarter and Year-End Results

Feb -12

Card image cap

What Analyst Projections for Key Metrics Reveal About Kinsale Capital Group (KNSL) Q4 Earnings

Feb -09

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.87%)

6. Segments

Commercial - Commercial Property

Expected Growth: 15%

Kinsale Capital Group's Commercial Property segment growth is driven by increasing demand for specialty insurance products, expansion into new markets, and strategic partnerships. Additionally, a favorable regulatory environment, rising property values, and growing awareness of risk management among businesses contribute to the 15% growth rate.

Commercial - Excess Casualty

Expected Growth: 14%

Kinsale Capital Group's Commercial - Excess Casualty segment growth of 14% is driven by increasing demand for specialty insurance products, expansion into new markets, and strategic underwriting decisions. Additionally, the company's focus on niche markets, such as small to medium-sized businesses, and its ability to offer tailored coverage solutions have contributed to its growth.

Commercial - Small Business Casualty

Expected Growth: 13%

Kinsale Capital Group's Commercial - Small Business Casualty segment growth of 13% is driven by increasing demand for workers' compensation and general liability insurance among small businesses, expansion into new geographic markets, and strategic partnerships with insurance brokers and agents, as well as favorable market conditions and a strong underwriting discipline.

Commercial - Construction

Expected Growth: 17%

Kinsale Capital Group's Commercial - Construction segment growth of 17% is driven by increasing demand for construction projects, favorable regulatory environment, and expansion into new geographic markets. Additionally, the company's focus on niche markets, such as environmental and excess liability, has contributed to its growth. Furthermore, strategic acquisitions and investments in technology have enhanced operational efficiency and improved underwriting capabilities.

Commercial - General Casualty

Expected Growth: 16%

Kinsale Capital Group's Commercial - General Casualty segment growth of 16% is driven by increasing demand for specialty insurance products, expansion into new markets, and a strong underwriting discipline. Additionally, the company's data-driven approach to risk selection and pricing, as well as its ability to capitalize on market dislocations, contribute to its above-average growth rate.

Commercial - Allied Health

Expected Growth: 15%

Strong demand for allied health services, driven by an aging population and increasing healthcare needs, fuels 15% growth in Commercial - Allied Health segment. Additionally, Kinsale Capital Group's strategic expansion into new markets, investments in digital platforms, and focus on niche specialties contribute to this growth.

Commercial - Product Liability

Expected Growth: 14%

Kinsale Capital Group's Commercial - Product Liability segment growth of 14% is driven by increasing demand for liability coverage from manufacturers and distributors, expansion into new markets, and a rise in claims frequency and severity. Additionally, the company's specialized underwriting expertise and risk management services contribute to its growth in this segment.

Commercial - Small Business Property

Expected Growth: 13%

Strong demand for small business property insurance, increasing entrepreneurship, and a growing need for customized coverage solutions drive Kinsale Capital Group's 13% growth in commercial small business property segment. Additionally, the company's specialized underwriting expertise, expanded distribution channels, and favorable regulatory environment contribute to its success.

Commercial - Life Sciences

Expected Growth: 18%

Kinsale Capital Group's Commercial - Life Sciences segment growth of 18% is driven by increasing demand for specialty insurance products, expansion into new markets, and strategic partnerships with life sciences companies. Additionally, the segment benefits from a favorable regulatory environment, growing biotech industry, and rising need for risk management solutions.

Commercial - Entertainment

Expected Growth: 15%

Kinsale Capital Group's Commercial - Entertainment segment growth of 15% is driven by increasing demand for specialty insurance products, expansion into new markets, and strategic partnerships. Additionally, the rise of live events and experiential entertainment has led to higher premiums, while the company's expertise in underwriting and risk management has enabled it to capitalize on emerging opportunities.

Commercial - Energy

Expected Growth: 17%

Kinsale Capital Group's Commercial - Energy segment growth of 17% is driven by increasing demand for energy-related insurance products, expansion into new markets, and strategic partnerships with energy companies. Additionally, the rise of renewable energy sources and infrastructure development projects contribute to the segment's growth.

Commercial - Professional Liability

Expected Growth: 16%

Kinsale Capital Group's Commercial - Professional Liability segment growth of 16% is driven by increasing demand for liability insurance among professionals, expansion into new markets, and strategic partnerships. Additionally, the company's specialized underwriting expertise and tailored product offerings have contributed to its growth. Furthermore, a favorable regulatory environment and rising awareness of professional liability risks have also supported the segment's growth.

Commercial - Management Liability

Expected Growth: 15%

Kinsale Capital Group's Commercial - Management Liability segment growth of 15% is driven by increasing demand for directors and officers liability insurance, growth in the number of initial public offerings, and expansion into new markets. Additionally, the company's specialized underwriting expertise and strong relationships with brokers and agents contribute to its market share gains.

Commercial - Environmental

Expected Growth: 14%

Kinsale Capital Group's Commercial-Environmental segment growth of 14% is driven by increasing demand for environmental insurance products, expansion into new markets, and strategic partnerships. Additionally, growing regulatory requirements and rising environmental awareness among businesses contribute to the segment's growth.

Personal - Personal Insurance

Expected Growth: 12%

Kinsale Capital Group's Personal Insurance segment growth of 12% is driven by increasing demand for personal insurance products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and customer experience has led to improved retention rates and increased premiums. Furthermore, a favorable regulatory environment and low interest rates have also contributed to the segment's growth.

Commercial - Excess Professional

Expected Growth: 16%

Kinsale Capital Group's Commercial - Excess Professional segment growth of 16% is driven by increasing demand for specialty insurance products, expansion into new markets, and strategic underwriting initiatives. Additionally, the company's disciplined risk selection, effective claims management, and favorable reserve development contribute to the segment's growth.

Commercial - Health Care

Expected Growth: 17%

Kinsale Capital Group's Commercial - Health Care segment growth of 17% is driven by increasing demand for medical professional liability insurance, expansion into new markets, and a growing need for workers' compensation coverage. Additionally, the company's specialized underwriting expertise and strong relationships with healthcare providers contribute to its growth in this segment.

Commercial - Public Entity

Expected Growth: 15%

Kinsale Capital Group's Commercial - Public Entity segment growth of 15% is driven by increasing demand for specialty insurance products, expansion into new markets, and strategic partnerships. Additionally, a strong underwriting discipline and effective risk management practices contribute to the segment's growth. Furthermore, the company's focus on digitalization and technology enhancements also support its growth momentum.

Commercial - Commercial Auto

Expected Growth: 14%

Kinsale Capital Group's Commercial Auto segment growth of 14% is driven by increasing demand for specialty insurance products, expansion into new geographic markets, and a strong underwriting discipline. Additionally, the company's data-driven approach to risk selection and pricing, as well as its ability to attract and retain experienced underwriters, contribute to its growth momentum.

Commercial - Inland Marine

Expected Growth: 13%

Kinsale Capital Group's Commercial - Inland Marine segment growth of 13% is driven by increasing demand for specialized insurance products, expansion into new geographic markets, and strategic partnerships. Additionally, a rise in e-commerce and transportation activities has led to a growing need for inland marine insurance, further fueling growth.

Personal - High Value Homeowners

Expected Growth: 11%

High-value homeowners from Kinsale Capital Group, Inc. exhibit 11% growth driven by increasing property values, low interest rates, and a growing affluent population seeking premium insurance products. Additionally, Kinsale's specialized underwriting and risk assessment capabilities attract high-net-worth individuals seeking tailored coverage for their luxury homes and valuable assets.

Commercial - Aviation

Expected Growth: 16%

Kinsale Capital Group's Commercial - Aviation segment growth of 16% is driven by increasing demand for aviation insurance, expansion of drone usage, and rising aircraft values. Additionally, the company's specialized underwriting expertise, strategic partnerships, and favorable regulatory environment contribute to its growth momentum.

Commercial - Ocean Marine

Expected Growth: 15%

Kinsale Capital Group's Commercial - Ocean Marine segment growth of 15% is driven by increasing global trade, rising demand for cargo insurance, and growing importance of supply chain risk management. Additionally, the company's specialized underwriting expertise, expanded distribution channels, and favorable regulatory environment contribute to its growth momentum.

Commercial - Product Retail

Expected Growth: 14%

Kinsale Capital Group's Commercial - Product Retail segment growth of 14% is driven by increasing demand for specialty insurance products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on digitalization and data analytics has improved underwriting efficiency, enabling it to capture market share and drive premium growth.

Commercial - Railroad

Expected Growth: 13%

Kinsale Capital Group's Commercial - Railroad segment growth of 13% is driven by increasing demand for rail transportation, rising freight volumes, and growing need for specialized insurance coverage. Additionally, the company's expansion into new markets, strategic partnerships, and investments in digital capabilities have contributed to its growth momentum.

7. Detailed Products

Excess and Surplus Lines

Kinsale Capital Group, Inc. offers excess and surplus lines insurance products that cater to unique and hard-to-place risks, providing coverage for unusual or high-risk exposures.

Commercial Auto

Kinsale Capital Group, Inc. offers commercial auto insurance products that provide coverage for business vehicles, including liability, physical damage, and cargo coverage.

General Liability

Kinsale Capital Group, Inc. offers general liability insurance products that provide coverage for business owners against claims of bodily injury, property damage, and personal injury.

Professional Liability

Kinsale Capital Group, Inc. offers professional liability insurance products that provide coverage for professionals against claims of negligence, errors, and omissions.

Workers' Compensation

Kinsale Capital Group, Inc. offers workers' compensation insurance products that provide coverage for employees who are injured on the job.

8. Kinsale Capital Group, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Kinsale Capital Group, Inc. operates in the insurance industry, which has a moderate threat of substitutes. While there are alternative insurance providers, the company's specialized offerings and strong brand reputation mitigate the threat.

Bargaining Power Of Customers

Kinsale Capital Group, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's specialized insurance products and strong relationships with brokers and agents further reduce customer bargaining power.

Bargaining Power Of Suppliers

Kinsale Capital Group, Inc. has a diversified supplier base, which reduces the bargaining power of individual suppliers. The company's strong financial position and long-term relationships with suppliers also mitigate the bargaining power of suppliers.

Threat Of New Entrants

The insurance industry has high barriers to entry, including regulatory hurdles and significant capital requirements. Additionally, Kinsale Capital Group, Inc.'s strong brand reputation and established distribution networks make it difficult for new entrants to gain traction.

Intensity Of Rivalry

The insurance industry is highly competitive, with many established players competing for market share. Kinsale Capital Group, Inc. faces intense competition from larger, more diversified insurers, as well as specialized niche players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 14.47%
Debt Cost 6.98%
Equity Weight 85.53%
Equity Cost 8.84%
WACC 8.57%
Leverage 16.92%

11. Quality Control: Kinsale Capital Group, Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Hanover Insurance

A-Score: 6.8/10

Value: 7.2

Growth: 4.8

Quality: 6.7

Yield: 4.0

Momentum: 8.5

Volatility: 9.7

1-Year Total Return ->

Stock-Card
RLI

A-Score: 6.6/10

Value: 5.5

Growth: 6.9

Quality: 8.4

Yield: 8.0

Momentum: 1.5

Volatility: 9.3

1-Year Total Return ->

Stock-Card
Loews

A-Score: 6.1/10

Value: 6.3

Growth: 6.7

Quality: 5.3

Yield: 0.0

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

Stock-Card
Selective Insurance

A-Score: 5.3/10

Value: 7.7

Growth: 6.0

Quality: 6.8

Yield: 3.0

Momentum: 1.5

Volatility: 7.0

1-Year Total Return ->

Stock-Card
Kinsale Capital Group

A-Score: 5.2/10

Value: 4.1

Growth: 9.7

Quality: 8.8

Yield: 0.0

Momentum: 3.0

Volatility: 5.7

1-Year Total Return ->

Stock-Card
Kemper

A-Score: 4.8/10

Value: 7.8

Growth: 3.7

Quality: 6.2

Yield: 5.0

Momentum: 1.0

Volatility: 5.3

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

372.76$

Current Price

372.76$

Potential

-0.00%

Expected Cash-Flows