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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.

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1.b. Last Insights on KNSL

Kinsale Capital Group faced negative drivers, including increasing pressure on margins due to inflation. According to recent reports, the company navigates a cooling insurance sector, but its attractive valuation and robust earnings growth prospects are notable. A recent SEC filing revealed that Davenport & Co LLC sold 15,100 shares, an estimated $6.84 million trade. Despite this, KNSL consistently beats earnings estimates, driven by strong underwriting margins and reserve releases. Its Q3 2025 earnings call highlighted double-digit EPS growth projected into FY 2027.

1.c. Company Highlights

2. Kinsale Capital's Robust Q3 2025 Earnings: A Closer Look

Kinsale Capital Group reported a strong third quarter 2025, with operating earnings per share increasing by 24% to $5.21, surpassing analyst estimates of $4.79. Gross written premium grew by 8.4% compared to the third quarter 2024. The company's combined ratio stood at 74.9%, indicating robust underwriting profitability. The book value per share increased by 25.8% since the year-end 2024, driven by the company's disciplined underwriting and low-cost business model. The float grew to $3 billion at September 30.

Publication Date: Oct -27

📋 Highlights
  • Operating Earnings Growth:: 24% increase in operating earnings per share and 8.4% gross written premium growth in Q3 2025.
  • Combined Ratio Performance:: 74.9% combined ratio with 25.4% 9-month operating return on equity and $3 billion in float at Q3 end.
  • Management Transition:: Brian Haney retired as COO, joined Board as Senior Adviser; Stuart Winston promoted to EVP and CUO.
  • Technology Advancements:: Enterprise system progress and AI-driven automation to enhance productivity and underwriting efficiency.
  • Casualty Growth Shift:: Casualty growth rate normalized to high single digits from prior 40% extraordinary growth, citing cost advantages over peers.

Underwriting Performance and Market Outlook

Brian Haney, Senior Adviser and former President and COO, commented on the E&S market, stating that while it remains competitive, the rate of decline in Commercial Property rates has abated. He highlighted the company's growth prospects and its durable competitive advantage, which allows it to take market share from higher expense competitors. The company's Casualty business growth rate has moderated to high single digits, down from an extraordinary 40% rate, driven by its business strategy and cost advantage.

Technology Innovation and Implementation

Michael Kehoe, Chairman and CEO, noted that Kinsale has made significant progress in building its own enterprise system and enhancing its product line. The company is leveraging AI tools to drive automation in its business process, which is expected to drive productivity gains and reduce expenses over time.

Valuation and Growth Prospects

With a Price-to-Book Ratio (P/B) of 5.24, the market is pricing in a premium for Kinsale's strong underwriting profitability and growth prospects. Analysts estimate revenue growth at 10.3% for the next year. The company's Return on Equity (ROE) stands at 28.5%, indicating a strong ability to generate returns for shareholders. The current valuation multiples suggest that the market has a positive outlook on the company's future performance.

Risk Factors and Concerns

The company highlighted concerns around alternative capital entering the market, potentially leading to irrational price structures in 2026. However, Kinsale's disciplined underwriting and focus on profitability are expected to help navigate this challenging environment. The company's reinsurance retention could increase again in the next couple of years, providing further flexibility in its business model.

3. NewsRoom

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Kinsale Capital Group: A Great Business For A Fair Price

Dec -02

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Creative Planning Sells 396 Shares of Kinsale Capital Group, Inc. $KNSL

Nov -27

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KNSL Lags Industry, Trades at Premium: Time to Hold the Stock?

Nov -18

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Why I Keep Buying These 10 Incredible Growth Stocks

Nov -17

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Connor Clark & Lunn Investment Management Ltd. Purchases 1,244 Shares of Kinsale Capital Group, Inc. $KNSL

Nov -17

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Aviva PLC Sells 351 Shares of Kinsale Capital Group, Inc. $KNSL

Nov -14

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AXS vs. KNSL: Which Stock Is the Better Value Option?

Nov -13

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Governor Youngkin Joins Ribbon Cutting to Celebrate Completion of Kinsale Center Phase 1

Nov -12

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: 7.3

Growth: 4.8

Quality: 6.6

Yield: 4.0

Momentum: 8.5

Volatility: 9.3

1-Year Total Return ->

Stock-Card
RLI

A-Score: 6.5/10

Value: 6.0

Growth: 6.9

Quality: 8.2

Yield: 7.0

Momentum: 1.5

Volatility: 9.3

1-Year Total Return ->

Stock-Card
Loews

A-Score: 6.1/10

Value: 6.2

Growth: 6.8

Quality: 5.3

Yield: 0.0

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

Stock-Card
Kemper

A-Score: 5.5/10

Value: 8.5

Growth: 3.7

Quality: 7.5

Yield: 5.0

Momentum: 2.5

Volatility: 5.7

1-Year Total Return ->

Stock-Card
Selective Insurance

A-Score: 5.4/10

Value: 7.7

Growth: 6.0

Quality: 6.9

Yield: 3.0

Momentum: 2.0

Volatility: 7.0

1-Year Total Return ->

Stock-Card
Kinsale Capital Group

A-Score: 5.2/10

Value: 4.1

Growth: 9.8

Quality: 8.6

Yield: 0.0

Momentum: 3.0

Volatility: 6.0

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

355.38$

Current Price

355.38$

Potential

-0.00%

Expected Cash-Flows