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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

Breaking News: Kinsale Capital Group Inc reported Q1 earnings that beat estimates on April 27 2026. The company's EPS jumped 37.7% due to strong premiums and underwriting gains. Despite higher expenses and a dip in gross premiums the company showed a positive performance. Revenues increased year over year. KNSL has been receiving positive analyst reviews. Recently a buy recommendation was given by an analyst. The company shows potential for growth due to its strong underwriting and premium gains. Expenses were higher in the quarter.

1.c. Company Highlights

2. Kinsale Q1 2026: Earnings Surge Amid Competitive Landscape

In the first quarter of 2026, Kinsale Insurance delivered a robust financial performance, reporting diluted operating earnings per share of $5.11—up 37.7% from the same period last year—and an operating return on equity of 24%. Net written premiums rose 5.6% to $X million, while the combined ratio improved to 77.4%, supported by a 4.5‑point favorable reserve development. The company’s operating margin expanded, and cash flow from operations grew 8% year‑over‑year, reflecting stronger underwriting and investment returns.

Publication Date: Apr -26

📋 Highlights
  • Strong Earnings Growth:: Diluted operating EPS surged 37.7% YoY (Q1 2026 vs. Q1 2025) with a 24% annualized operating ROE.
  • Net Premium Expansion:: Net written premium grew 5.6% despite a 0.5% decline in gross written premium, driven by disciplined underwriting.
  • Investment Performance:: Net investment income rose 26.5% YoY, with float increasing to $3.3 billion, reflecting strong portfolio returns.
  • Expense Efficiency:: Expense ratio at 21.1% (vs. 20% last year), leveraging low-cost operations to maintain profitability under competitive pricing.

Underwriting Performance

The core underwriting engine remained resilient; new business submissions increased 6%, quotes 8%, and bind orders 9%, underscoring healthy demand. Gross written premium dipped 0.5%, largely due to a contraction in the Commercial Property division, yet net written premium still grew, evidencing effective pricing and risk selection. The combined ratio of 77.4% indicates sound underwriting profitability, and the expense ratio climbed modestly to 21.1% from 20% last year.

Investment Income and Float

Investment income surged 26.5% YoY, bolstered by a float expansion to $3.3 billion. This growth in investment cash flows has helped offset underwriting headwinds and supports the firm’s low‑cost business model. The company’s disciplined investment strategy has maintained a healthy free cash flow yield of 12.74% and an ROIC of 10.84%.

Reinsurance and Risk Management

Management reiterated its annual review of reinsurance retentions, emphasizing cost considerations ahead of the 6/1 renewal. The firm’s proactive reinsurance strategy aims to balance risk exposure while preserving capital efficiency, contributing to a stable combined ratio and reinforcing the company’s commitment to profitability over aggressive growth.

Growth Drivers and Market Position

Kinsale is leveraging technology and analytics to differentiate itself, particularly in smaller accounts where it enjoys attractive growth rates. The company is expanding broker relationships and deepening penetration with existing partners, positioning itself to capture market share in a competitive environment. While the Commercial Property division faces headwinds, the firm’s focus on low‑cost operations and a strong underwriting model keeps it poised for sustained top‑line expansion.

Valuation Outlook

At a P/E of 15.05 and a P/B of 4.03, Kinsale trades near the upper end of its peer group, reflecting market confidence in its disciplined underwriting and technology advantage. With a dividend yield of 0.22% and an EV/EBITDA of 11.73, the stock offers a balanced risk‑return profile for value investors seeking exposure to a financially sound insurer. The company’s target ROE in the low‑20s aligns with its cost advantage, suggesting upside potential as it continues to prioritize profitability while pursuing incremental growth.

3. NewsRoom

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A Look at Kinsale Capital Group Inc (KNSL) After 3.7% Decline -- GF Value $574.91 vs Price $311.74

May -01

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Kinsale Capital Group Announces Realignment of Analytics and Technology Groups

Apr -29

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KNSL Q1 Estimates Beat on Strong Underwriting, Revenues Rise Y/Y

Apr -27

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HB Wealth Management LLC Purchases 2,249 Shares of Kinsale Capital Group, Inc. $KNSL

Apr -26

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Kinsale Capital Group, Inc. (KNSL) Q1 2026 Earnings Call Transcript

Apr -24

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Breakfast News: Intel CEO Tan Touts Rosy AI Future

Apr -24

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Kinsale Capital Group (KNSL) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Apr -23

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Kinsale Capital Group, Inc. (KNSL) Q1 Earnings and Revenues Surpass Estimates

Apr -23

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

311.74$

Current Price

311.74$

Potential

-0.00%

Expected Cash-Flows