Core Viewpoint - The article emphasizes the importance of identifying potential high-growth investment opportunities, particularly in small- and mid-cap companies, through thorough fundamental analysis of their business models, financials, and valuations [1]. Group 1: Investment Focus - The company specializes in early-commercial-stage life sciences, insurers, homebuilders, and select consumer-facing businesses, indicating a targeted investment strategy [1]. Group 2: Analyst's Position - The analyst holds a beneficial long position in KNSL shares, indicating confidence in the company's future performance [2]. - The analyst also owns shares of Chubb, suggesting a diversified investment approach within the insurance sector [2].

Core Viewpoint - Kinsale Capital Group has faced competitive headwinds impacting its growth, leading to poor stock performance recently [1] Group 1: Company Performance - The stock has not been a strong performer lately, indicating challenges in the market [1] - Despite the current performance issues, there is a long-term holding perspective for the shares [1] Group 2: Market Conditions - Competitive pressures are identified as a significant factor affecting the company's growth trajectory [1]

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] Investment Focus - The company has diversified its investments across various sectors including banking, telecommunications, logistics, and hotels, indicating a strategic approach to portfolio management [1] - The entry into the US market in 2020 reflects a growing interest in international investment opportunities, particularly in sectors like banks, hotels, and shipping [1] Market Trends - The popularity of insurance companies in the Philippines since 2014 suggests a shift in investment preferences among local investors, moving towards more diversified financial products [1] - The trend of using platforms like Seeking Alpha for analysis indicates a growing reliance on data-driven investment strategies among investors in both the ASEAN and US markets [1]

Core Viewpoint - Investors in the Insurance - Property and Casualty sector should consider RenaissanceRe (RNR) and Kinsale Capital Group, Inc. (KNSL) for potential value opportunities, with RNR currently presenting a better value option based on various financial metrics [1]. Group 1: Zacks Rank and Earnings Outlook - RNR has a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while KNSL has a Zacks Rank of 3 (Hold) [3]. - The Zacks Rank system emphasizes companies with improving earnings outlooks, suggesting that RNR is likely to see a greater improvement in its earnings estimates compared to KNSL [3]. Group 2: Valuation Metrics - RNR has a forward P/E ratio of 7.88, significantly lower than KNSL's forward P/E of 17.73, indicating that RNR may be undervalued [5]. - RNR's PEG ratio is 0.68, which is more favorable compared to KNSL's PEG ratio of 1.50, suggesting better expected earnings growth relative to its price [5]. - RNR's P/B ratio stands at 1.26, while KNSL's P/B ratio is 4.28, further supporting RNR's valuation advantage [6]. Group 3: Value Grades - RNR has been assigned a Value grade of A, reflecting its strong earnings outlook and favorable valuation metrics, whereas KNSL has a Value grade of C [6]. - The combination of RNR's solid earnings outlook and superior valuation figures positions it as the better value option in comparison to KNSL [6].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number 001-37848 KINSALE CAPITAL GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 98-0664337 (State or ot ...

Core Insights - Kinsale Capital Group, Inc. reported a net income of $138.6 million for Q4 2025, an increase from $109.1 million in Q4 2024 [1] - The company experienced a rise in net written premiums (NWP) by 7.1% to $370.6 million in Q4 2025, driven by higher gross written premiums (GWP) and increased retention on reinsurance treaties [3] - For the full year 2025, net income reached $503.6 million, up from $414.8 million in 2024, with GWP increasing by 5.7% to $2 billion [7][8] Financial Performance - Q4 2025 gross written premiums rose by 1.8% to $451.1 million, although GWP in the Commercial Property Division declined by 28.3% due to lower rates and increased competition [2] - Underwriting income for Q4 2025 was $120.6 million, with a combined ratio of 71.7%, improving from $97.9 million and 73.4% in Q4 2024 [4] - The loss and expense ratios for Q4 2025 were 50.1% and 21.6%, respectively, compared to 52.3% and 21.1% in Q4 2024 [5] Investment Income - Net investment income for Q4 2025 increased by 24.9% to $52.3 million, driven by growth in the investment portfolio [6] - For the full year 2025, net investment income rose by 27.9% to $192.2 million compared to $150.3 million in 2024 [11] Management Commentary - The CEO of Kinsale Capital Group highlighted the strong quarter and exceptional profitability attributed to disciplined underwriting and technology-enabled cost efficiencies in a competitive market [12]

Core Insights - Kinsale Capital Group reported a strong financial performance with net income and net operating earnings increasing by 27% and 25% year-over-year, respectively [1] - The company emphasized underwriting discipline and expense efficiency while navigating a competitive excess and surplus market [3] - The combined ratio for the quarter was reported at 71.7%, with a full-year operating return on equity (ROE) of 26% [2][6] Financial Performance - Diluted operating earnings per share rose by 26% year-over-year, while gross and net written premiums increased by 1.8% and 7.1%, respectively [2][6] - Book value per share increased by 33% since year-end 2024, and float grew by 23% [2][4] - The company reported a 20.8% expense ratio for the full year, slightly up from 20.6% in 2024 [12] Growth Areas and Challenges - The commercial property division was identified as a primary growth drag due to increased competition, particularly from new entrants in the market [5][6] - Excluding the commercial property division, Kinsale achieved gross written premium growth of 10.2% for the quarter [7] - The company anticipates stabilization in the commercial property segment over the next few quarters despite current competitive pressures [7] Market Conditions - Competitive intensity varies across underwriting groups, with soft pricing observed in Directors and Officers (D&O) insurance and heightened competition in large shared and layered commercial property [8][11] - Kinsale experienced growth in other property lines, including small business property and agribusiness property [8][9] Investment and Capital Management - Kinsale announced a $250 million share repurchase authorization and increased its quarterly dividend to $0.25 from $0.17 [4][14] - Net investment income increased by 24.9% in the fourth quarter, driven by strong operating cash flows [13] Technology and Innovation - The company is focusing on technology as a core competency, with a push for AI adoption across the organization [15][16] - Kinsale is methodically rolling out new products, with a notable example being the small business property division, which has grown significantly over the past five years [17][18]

Core Insights - Kinsale Capital Group, Inc. (KNSL) reported fourth-quarter 2025 net operating earnings of $5.81 per share, exceeding the Zacks Consensus Estimate by 9.6% and reflecting a year-over-year increase of 25.8% [1][8] - Operating revenues rose 17.3% year over year to $483.3 million, surpassing the Zacks Consensus Estimate by 2.5% [1][2] Financial Performance - Gross written premiums increased by 1.8% year over year to $451.1 million, while net written premiums climbed 7.1% to $370.6 million [5] - Net investment income grew by 24.9% year over year to $52.3 million, although it fell short of the Zacks Consensus Estimate by 0.7% [5] - Total expenses rose 12.8% year over year to $308.4 million, driven by increased losses and other operational costs [6] - Underwriting income reached $120.6 million, up 23.2% year over year, significantly exceeding model estimates by 22.8% [6] Operational Metrics - The combined ratio improved by 170 basis points year over year to 71.7, better than the Zacks Consensus Estimate of 75.2 [7] - The loss ratio improved by 220 basis points to 50.1, indicating lower catastrophe losses and favorable reserve development, while the expense ratio deteriorated by 50 basis points to 21.6 [7] Full-Year Highlights - For the full year 2025, KNSL's net operating earnings were $19.51 per share, surpassing the Zacks Consensus Estimate by 3% and reflecting a year-over-year increase of 21.5% [9] - Operating revenues for the full year rose 18% year over year to approximately $1.9 billion, exceeding the Zacks Consensus Estimate by 0.5% [9] - The full-year combined ratio was 75.9, an improvement of 50 basis points year over year [9] Financial Position - Kinsale Capital ended Q4 2025 with cash and cash equivalents of $163.4 million, a 44.3% increase from the end of 2024 [10] - Stockholders' equity increased by 32.1% year over year to approximately $2 billion, with book value per share rising to $84.66, up 32.8% from the previous year [10] Capital Management - In Q4 2025, KNSL repurchased $50 million of its shares, fully utilizing the initial $100 million share repurchase authorization, and announced a new $250 million share repurchase program [11] - A cash dividend of 25 cents per share was declared in February 2026, marking a 47.1% increase from the previous level [11]

Financial Data and Key Metrics Changes - Kinsale's diluted operating earnings per share increased by 26% in Q4 2025 compared to Q4 2024 [4] - Gross written premium grew by 1.8% and net written premium increased by 7.1% year-over-year [4][9] - The company posted a combined ratio of 71.7% for the quarter, with a full-year operating ROE of 26% [4] - Book value per share increased by 33% since year-end 2024, and float increased by 23% [4] Business Line Data and Key Metrics Changes - The commercial property division experienced a decline, impacting overall growth, while excluding this division, gross written premium grew by 10.2% for the quarter and 13.3% for the year [5] - The expense ratio was under 21%, significantly lower than many competitors, which tend to run in the mid-30s or higher [6] - New business submission growth, excluding unsolicited submissions, was up 6% for the quarter, with most divisions seeing submission growth [12][14] Market Data and Key Metrics Changes - The E&S market conditions remained competitive, with varying levels of competition across different segments [4] - Pricing trends showed a combined decrease of 2.7% according to the Amwins Index, with some property lines experiencing opportunities for meaningful rate increases [15] - Casualty lines remained strong, with growth led by commercial auto, agribusiness casualty, and general casualty divisions [12] Company Strategy and Development Direction - Kinsale aims to maintain a disciplined underwriting approach while leveraging its low-cost business model to generate best-in-class returns [5][6] - The company is focusing on technology and analytics, including the integration of AI to enhance decision-making and profitability [7][8] - A $250 million buyback authorization was announced, alongside an increase in the quarterly dividend to $0.25 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate strong returns despite competitive pressures, particularly in the commercial property division [5][16] - The company anticipates stabilization in the commercial property market after a period of intense competition [21] - Management highlighted the importance of maintaining conservative loss reserves and a strong balance sheet [46] Other Important Information - Kinsale's net investment income increased by 24.9% in Q4 2025 compared to the previous year [10] - The company is expanding its homeowner insurance offerings, with a focus on high-value homes and a gradual rollout strategy [100][110] Q&A Session Summary Question: Concerns about the decline in commercial property - Management noted that the decline was due to increased competition and an influx from London, causing deceleration in growth [20] Question: Future outlook for commercial property - Management indicated that stabilization is expected in the coming quarters, despite current competitive pressures [21] Question: Business retention ratios and market dynamics - Renewal retention is in the low 70% range, with no significant movement away from the E&S market [31] Question: Impact of competition on premium growth - Management characterized the slowdown in growth as primarily due to increased competition, with some slight declines in submission flows [119] Question: AI integration in operations - AI is being used to automate tasks and improve analytics, with a focus on enhancing underwriting and risk segmentation [65] Question: Home insurance market opportunities - The company is expanding its homeowner insurance offerings, focusing on both standard and non-standard policies [112]

Financial Data and Key Metrics Changes - In Q4 2025, the company's diluted operating earnings per share increased by 26% compared to Q4 2024 [4] - Gross written premium grew by 1.8% and net written premium grew by 7.1% year-over-year [4][9] - The combined ratio for the quarter was 71.7%, with a full-year operating ROE of 26% [4][9] - Book value per share increased by 33% since year-end 2024, and float increased by 23% [4] Business Line Data and Key Metrics Changes - The commercial property division experienced a decline, impacting overall growth, while excluding this division, gross written premium grew by 10.2% for the quarter and 13.3% for the year [5] - The expense ratio was under 21%, significantly lower than many competitors, which tend to run in the mid-30s or higher [6] - New business submission growth, excluding unsolicited submissions, was up 6% for the quarter, with most divisions seeing submission growth [12][14] Market Data and Key Metrics Changes - The E&S market conditions remained competitive, with varying levels of competition across different segments [4][12] - Pricing trends showed a combined decrease of 2.7% according to the Amwins Index, with some property lines experiencing opportunities for meaningful rate increases [15] - The company noted a decline in new business submissions in the commercial property division, while other divisions continued to see growth [12][14] Company Strategy and Development Direction - The company emphasized maintaining underwriting discipline and leveraging its low-cost business model to generate best-in-class returns [5][6] - A significant focus on technology and analytics, including the integration of AI into operations, was highlighted as a core competency [7][8] - The company plans to return excess capital to shareholders through a $250 million buyback authorization and an increase in quarterly dividends [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate growth and returns despite competitive pressures, particularly in the commercial property segment [5][16] - The company anticipates stabilization in the commercial property market after a period of intense competition [21] - Management acknowledged the dynamic nature of the marketplace, with ongoing vigilance regarding claims and litigation activity [62] Other Important Information - The company is expanding its homeowner insurance offerings and is optimistic about growth in this area [100][111] - The company is actively considering adjustments to its reinsurance retentions to retain more premium economics [119] Q&A Session Summary Question: Concerns about the decline in commercial property - Management noted that the decline was due to increased competition and an influx from London, which caused deceleration in growth [20] Question: Future outlook for commercial property - Management indicated that stabilization is expected in the coming quarters, despite current competitive pressures [21] Question: Business retention ratios and market dynamics - Renewal retention is in the low 70% range, with no significant movement away from the E&S market observed [31] Question: Impact of competition on premium growth - Management characterized the slowdown in premium growth as primarily a function of increased competition [120] Question: AI integration in operations - AI is being used to automate tasks and improve decision-making, with a focus on underwriting and analytics [64] Question: Growth opportunities in new products - New products are being rolled out methodically, contributing to growth over time [72] Question: Home insurance market dynamics - The company is expanding its homeowner insurance offerings and is optimistic about capturing market share [100][111]