Kinsale Capital Group, Inc. · NYSE:KNSL
Kinsale Capital — Investor Presentation (August 2026)
26 slides from Kinsale Capital's investor presentation, August 2026
Slide 1: Kinsale Capital Group - August 2026
INSALE: PITAL GROUP
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 June 30, 2026 Ticker KNSL Exchange New York Stock Exchange Stock Price $329.81 Market Capitalization $7.5 billion Book Value $89.34 per share Debt to Total Capitalization Ratio 10.0% Full-time Employees 699 6
Slide 7: Kinsale Stock Price
KINSALE STOCK PRICE Logarithmic Scale Linear Scale 1000 600 500 Stock Price (log scale) ($) 100 400 Stock Price ($) 300 10 200 100 1 0 Source: S&P Capital IQ 7
Slide 8: Kinsale's Performance vs. the S&P 500
KINSALE’S PERFORMANCE VS. THE S&P 500 The following table compares stockholder returns of Kinsale to those of the S&P 500 Annual Percentage Change Year(1) Kinsale(2) S&P 500 2016 113.5 4.2 2017 33.2 21.8 2018 24.1 (4.4) 2019 83.7 31.5 2020 97.3 18.4 2021 19.2 28.7 2022 10.2 (18.1) 2023 28.3 26.3 202
Slide 9: Our Approach
OUR APPROACH Exclusive focus on the small-account E&S market Disciplined underwriting expertise across a broad spectrum of hard-to-place risks; no delegated underwriting authority Technology is a core competency, driving best-in-class expense ratio Use analytics to drive profitability and op
Slide 10: Kinsale Operates Exclusively in the Attractive E&S Segment of the P&C Market
KINSALE OPERATES EXCLUSIVELY IN THE ATTRACTIVE E&S SEGMENT OF THE P&C MARKET Public E&S players Our differentiating factors 2025 Surplus lines DWP as % of total direct and assumed written premiums¹ KNSL 100% ASIC 100% No delegated underwriting Low-cost business model JRVR 84% GLBI 79% RLI 39% Contra
Slide 11: E&S Market
E&S MARKET The E&S market has seen significant growth and generated better underwriting results than the broader P&C industry U.S. surplus lines direct written premiums ($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 $34
Slide 12: Dislocation in the E&S Market Creates Additional Opportunities
DISLOCATION IN THE E&S MARKET CREATES ADDITIONAL OPPORTUNITIES 2024 E&S market share by direct premiums written (DPW)1 E&S Market Share of P&C DPW 1 Rank Company DPW ($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 13: 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 14: 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 15: 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 16: 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 17: Kinsale Is Well-Positioned for Continued Profitable Growth
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 drive efficienc
Slide 18: Growing Float, Investment Income and Strong Cash Flow
GROWING FLOAT, INVESTMENT INCOME AND STRONG CASH FLOW Net investment income ($mm) / Float1 ($mm) Gross investment return2 (%) Operating cash flows ($mm) 2.5% 3.0% 4.0% 4.4% 4.4% 4.3% 4.5% $1,043.7 $3,396.2 $192.2 $976.3 $3,113.6 $859.8 $150.3 $2,526.9 $1,914.8 $111.2 $557.8 $102.3 $498.9 $490.8 $90.
Slide 19: Investment Portfolio
INVESTMENT PORTFOLIO $5.2 Billion Investment Portfolio as of June 30, 2026 Credit Quality – Fixed-Maturity Portfolio Asset Allocation – Total Investment Portfolio Below BBB & Municipals unrated Equities 1.9% 1.2% 14.7% BBB 15.0% AAA 29.0% CMBS 9.7% Corporates Average credit 32.8% A quality: AA- $5.2
Slide 20: Financial Results
FINANCIAL RESULTS 20
Slide 21: Operating Return on Equity
OPERATING RETURN ON EQUITY 31.8% 29.2% 25.0% 26.4% 24.7% 24.4% 20.8% 1 1 2021 2022 2023 2024 2025 1H 25 1H 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 22: Q2 2026 Financial Update
Q2 2026 FINANCIAL UPDATE Three months ended Diluted earnings per share increased by 34.0% to $7.72 June 30, compared to the second quarter of 2025 (in $ millions) 2025 2026 Diluted operating earnings(1) per share increased by 15.9% to Gross written premiums $ 555.5 $ 527.6 $5.54 compared to the
Slide 23: Selected Financial Data
SELECTED FINANCIAL DATA Six months ended Year ended December 31, June 30, ($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 $1,039,797 $1,009,626 Underwriting income (1) 133,564 175,488 270,374 325,881 389,167 1
Slide 24: Appendix
APPENDIX 24
Slide 25: Non-GAAP Reconciliation – Underwriting Income
NON-GAAP RECONCILIATION – UNDERWRITING INCOME Three months ended Six months ended Year ended December 31, June 30, June 30, ($000’s) 2021 2022 2023 2024 2025 2025 2026 2025 2026 Net income $152,659 $159,114 $308,093 $414,843 $503,614 $134,121 $175,874 $223,348 $288,428 Income tax expense 36,142 36,4
Slide 26: Non-GAAP Reconciliation – Net Operating Earnings
NON-GAAP RECONCILIATION – NET OPERATING EARNINGS Three months ended Six months ended Year ended December 31, June 30, June 30, ($000’s) 2021 2022 2023 2024 2025 2025 2026 2025 2026 Net income $152,659 $159,114 $308,093 $414,843 $503,614 $134,121 $175,874 $223,348 $288,428 Adjustments: Change in the
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