Kinsale Capital Group, Inc. · NYSE:KNSL
Kinsale Capital — Investor Presentation (March 2026)
25 slides from Kinsale Capital's investor presentation, March 2026
Slide 1: March 2026
March 2026
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 Diane Schnupp Mark Beachy Stuart Winston Salmaan Allibhai Founder, Chairman, Executive Vice President, Executive Vice President, Executive Vice President, Executive Vice President, Senior Vice President, President and Chief Chief Fina
Slide 6: Select Market Information
SELECT MARKET INFORMATION As of December 31, 2025 Ticker KNSL Exchange New York Stock Exchange Stock Price $391.12 Market Capitalization $9.1 billion Book Value $84.66 per share Debt to Total Capitalization Ratio 10.3% Full-time Employees 711 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 $16.00 per share. 7
Slide 8: Our Approach
OUR APPROACH Exclusive focus on the small-account E&S market Disciplined underwriting expertise across a broad spectrum of hard-to-place risks; no delegated underwriting authority Technology is a core competency, driving best-in-class expense ratio Use analytics to drive profitability and op
Slide 9: Kinsale Is the Only Publicly-Traded, Pure-Play E&S Investment Opportunity
KINSALE IS THE ONLY PUBLICLY-TRADED, PURE-PLAY E&S INVESTMENT OPPORTUNITY Leading public E&S players Our differentiating factors 2024 Surplus lines DWP as % of total direct and assumed written premiums¹ KNSL 100% GLBI 85% No delegated underwriting Low-cost business model JRVR 76% RLI 42% WRB 29% Con
Slide 10: E&S Market
E&S MARKET The E&S market has seen significant growth and generated better underwriting results than the broader P&C industry U.S. surplus lines direct written premiums ($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 2022-2024 25.6% 1.9% 19.2% 13.7% 9.4% 0.6% (6.6%) (19.9%) 4.6% NPW CAGR 1 2 Loss ratio Expense ratio 2022 – 2024 101.7% 98.0% 96.0% Average peer 95.1% combined ratio: 89.8% 91.7% 86
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 $3,113.6 $192.2 $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 $31.0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 20
Slide 18: Investment Portfolio as of December 31, 2025
INVESTMENT PORTFOLIO AS OF DECEMBER 31, 2025 $5.0 Billion Investment Portfolio as of December 31, 2025 Credit Quality – Fixed-Maturity Portfolio Asset Allocation – Total Investment Portfolio Below BBB & U.S. Treasuries/Short-term unrated Equities 0.1% 1.4% 12.6% Municipals BBB 2.6% 16.7% AAA 27.5% C
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% 20.8% 2021 2022 2023 2024 2025 Operating return on equity is net operating earnings expressed as a percentage of average beginning and ending stockholders’ equity during the period. Net operating earnings is a non-GAAP financial measure, please see
Slide 21: Q4 2025 Financial Update
Q4 2025 FINANCIAL UPDATE Diluted earnings per share increased by 28.0% to $5.99 Three months ended compared to the fourth quarter of 2024 December 31, (in $ millions) 2024 2025 Diluted operating earnings(1) per share increased by 25.8% to $5.81 compared to the fourth quarter of 2024 Gross writte
Slide 22: Selected Financial Data
SELECTED FINANCIAL DATA Year ended December 31, ($000’s) 2021 2022 2023 2024 2025 Operating Results: Gross written premiums $764,373 $1,102,092 $1,568,815 $1,870,341 $1,977,171 Underwriting income (1) 133,564 175,488 270,374 325,881 389,167 Net operating earnings (2) 132,404 180,363 291,400 374,771
Slide 23: Appendix
APPENDIX 23
Slide 24: Non-GAAP Reconciliation – Underwriting Income
NON-GAAP RECONCILIATION – UNDERWRITING INCOME Year ended December 31, ($000’s) 2021 2022 2023 2024 2025 Net income $152,659 $159,114 $308,093 $414,843 $503,614 Income tax expense 36,142 36,450 75,924 99,873 130,688 Income before income taxes 188,801 195,564 384,017 514,716 634,302 Net investment inc
Slide 25: Non-GAAP Reconciliation – Net Operating Earnings
NON-GAAP RECONCILIATION – NET OPERATING EARNINGS Year ended December 31, ($000’s) 2021 2022 2023 2024 2025 Net income $ 152,659 $ 159,114 $ 308,093 $ 414,843 $ 503,614 Adjustments: Change in the fair value of equity securities, before taxes (22,812) 27,723 (15,277) (43,367) (58,836) Income tax expen
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