Kinsale Capital Group, Inc. · NYSE:KNSL
Kinsale Capital — Investor Presentation (May 2026)
25 slides from Kinsale Capital's investor presentation, May 2026
Slide 1: May 2026
K | A IN SALE
Slide 2: Disclaimer
DISCLAIMER This presentation contains or incorporates by reference forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include any statement that does not directly relate to historical or current facts. These statements
Slide 3: Introduction to Kinsale
INTRODUCTION TO KINSALE 3
Slide 4: Overview
OVERVIEW Kinsale Capital Group, Inc., founded in 2009, is a specialty insurance company focused exclusively on the excess and surplus lines market in the United States. Disciplined Maintain Leverage our Employ a Strong balance underwriting absolute control proprietary quantitative sheet and focused
Slide 5: Highly-Experienced Management Team
HIGHLY-EXPERIENCED MANAGEMENT TEAM Michael Kehoe Bryan Petrucelli Mark Beachy Stuart Winston Salmaan Allibhai Founder, Chairman, President Executive Vice President, Chief Executive Vice President, Chief Executive Vice President, Chief Executive Vice President, Chief and Chief Executive Officer Finan
Slide 6: Select Market Information
SELECT MARKET INFORMATION As of March 31, 2026 Ticker KNSL Exchange New York Stock Exchange Stock Price $341.66 Market Capitalization $7.9 billion Book Value $85.31 per share Debt to Total Capitalization Ratio 10.3% Full-time Employees 701 6
Slide 7: Kinsale's Stock Performance vs. the S&P 500
KINSALE’S STOCK PERFORMANCE VS. THE S&P 500 (1) Data for 2016 begins with Kinsale's initial public offering date of July 28, 2016 and assumes reinvestment of dividends. (2) Returns are calculated from the initial public offering price of $16.00 per share. 7
Slide 8: Our Approach
OUR APPROACH Exclusive focus on the small-account E&S market Disciplined underwriting expertise across a broad spectrum of hard-to-place risks; no delegated underwriting authority Technology is a core competency, driving best-in-class expense ratio Use analytics to drive profitability and op
Slide 9: Kinsale Is the Only Publicly-Traded, Pure-Play E&S Investment Opportunity
KINSALE IS THE ONLY PUBLICLY-TRADED, PURE-PLAY E&S INVESTMENT OPPORTUNITY Leading public E&S players Our differentiating factors 2025 Surplus lines DWP as % of total direct and assumed written premiums¹ KNSL 100% JRVR 84% No delegated underwriting Low-cost business model GLBI 79% RLI 39% WRB 29% Con
Slide 10: E&S Market
E&S MARKET The E&S market has seen significant growth and generated better underwriting results than the broader P&C industry U.S. surplus lines direct written premiums ($bn) $129.8 $115.6 $98.5 $82.7 $66.1 $49.9 $56.3 $38.7 $40.2 $41.3 $42.4 $44.9 $32.8 $33.0 $33.3 $36.6 $34.4 $33.0 $31.7 $31.1 $34
Slide 11: Dislocation in the E&S Market Creates Additional Opportunities
DISLOCATION IN THE E&S MARKET CREATES ADDITIONAL OPPORTUNITIES 2024 E&S market share by direct premiums written (DPW)1 E&S Market Share of P&C DPW 1 Rank Company DPW ($mm) Market Share Lloyd’s 20,821 16.0% 14% 1 Berkshire Hathaway 8,428 6.5% 12% 2 AIG 5,600 4.3% 3 Fairfax 4,394 3.4% 10% 4 W. R. Berk
Slide 12: Our Underwriting Expertise Across a Broad Spectrum of Hard-to-Place Risks
OUR UNDERWRITING EXPERTISE ACROSS A BROAD SPECTRUM OF HARD-TO-PLACE RISKS Broad appetite to underwrite a diverse set of risks Personal 2 3.0% across the E&S market, including some difficult risks Commercial Property where we believe pricing may be attractive Other Commercial 1 18.9% 16.3% Highly
Slide 13: Product Portfolio
PRODUCT PORTFOLIO We target classes of business where our underwriters have extensive experience allowing us to compete effectively and earn attractive returns Gross written premiums by division 1 Year Ended December 31, 2023-2025 (000's) 2025 2024 2023 CAGR Commercial: Commercial Property $ 374,451
Slide 14: Technology Is a Core Competency
TECHNOLOGY IS A CORE COMPETENCY Key highlights Proprietary platform design reflects the best practices our management team has learned from extensive prior experience Integrated digital platform enables scale, reliability and performance throughout the organization, promoting clear communication
Slide 15: Our Combined Ratio Is One of the Lowest Amongst Specialty Insurer Peers
OUR COMBINED RATIO IS ONE OF THE LOWEST AMONGST OUR SPECIALTY INSURER PEERS WHILE ACHIEVING LEADING GROWTH AMONG PEERS 2023-2025 13.0% 5.1% 10.6% 6.6% 7.7% 1.9% (9.5%) (1.5%) 9.5% NPW CAGR 1 2 Loss ratio Expense ratio 103.6% 2023 – 2025 98.0% Average peer 96.3% 90.2% 94.0% combined ratio: 92.2% 88.7
Slide 16: Well-Positioned for Continued Profitable Growth
WE BELIEVE KINSALE IS WELL-POSITIONED FOR CONTINUED PROFITABLE GROWTH Growth Drivers Expand our presence in the E&S market Develop new product offerings where we have underwriting expertise Focus on smaller accounts which we believe are subject to less competition Leverage technology to driv
Slide 17: Growing Float, Cash Flow and Investment Income
GROWING FLOAT, CASH FLOW AND INVESTMENT INCOME Float1 ($mm) Operating cash flows ($mm) Net investment income ($mm) $1,043.7 $3,258.3 $192.2 $3,113.6 $976.3 $859.8 $2,526.9 $150.3 $1,914.8 $557.8 $102.3 $1,350.2 $407.0 $993.1 $51.3 $55.4 $229.8 $248.9 $43.8 $31.0 2021 2022 2023 2024 2025 1Q 26 2021 2
Slide 18: Investment Portfolio as of March 31, 2026
INVESTMENT PORTFOLIO AS OF March 31, 2026 $5.0 Billion Investment Portfolio as of March 31, 2026 Credit Quality – Fixed-Maturity Portfolio Asset Allocation – Total Investment Portfolio Below BBB & Municipals unrated Equities 2.5% 1.2% 12.8% BBB 15.8% AAA 27.7% CMBS 9.3% Average credit Corporates qua
Slide 19: Financial Results
FINANCIAL RESULTS 19
Slide 20: Operating Return on Equity
OPERATING RETURN ON EQUITY 31.8% 29.2% 25.0% 26.4% 24.0% 22.5% 20.8% 1 1 2021 2022 2023 2024 2025 1Q 25 1Q 26 Operating return on equity is net operating earnings expressed as a percentage of average beginning and ending stockholders’ equity during the period. 1 Annualized operating return on equity
Slide 21: Q1 2026 Financial Update
Q1 2026 FINANCIAL UPDATE Diluted earnings per share increased by 27.4% to $4.88 Three months ended compared to the first quarter of 2025 March 31, (in $ millions) 2025 2026 Diluted operating earnings(1) per share increased by 37.7% to $5.11 compared to the first quarter of 2025 Gross written pre
Slide 22: Selected Financial Data
SELECTED FINANCIAL DATA Three months ended Year ended December 31, March 31, ($000’s) 2021 2022 2023 2024 2025 2025 2026 Operating Results: Gross written premiums $764,373 $1,102,092 $1,568,815 $1,870,341 $1,977,171 $484,275 $482,018 Underwriting income (1) 133,564 175,488 270,374 325,881 389,167 67
Slide 23: Appendix
APPENDIX 23
Slide 24: Non-GAAP Reconciliation – Underwriting Income
NON-GAAP RECONCILIATION – UNDERWRITING INCOME Three months ended Year ended December 31, March 31, ($000’s) 2021 2022 2023 2024 2025 2025 2026 Net income $152,659 $159,114 $308,093 $414,843 $503,614 $89,227 $112,554 Income tax expense 36,142 36,450 75,924 99,873 130,688 23,084 27,106 Income before i
Slide 25: Non-GAAP Reconciliation – Net Operating Earnings
NON-GAAP RECONCILIATION – NET OPERATING EARNINGS Year ended December 31, Three months ended March 31, ($000’s) 2021 2022 2023 2024 2025 2025 2026 Net income $ 152,659 $ 159,114 $ 308,093 $ 414,843 $ 503,614 $ 89,227 $ 112,554 Adjustments: Change in the fair value of equity securities, before taxes (
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