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 ...

Kinsale Capital Group, Inc. has reported net income of $138.6 million for the fourth quarter of 2025, compared to $109.1 million in Q4’24.Net income for the final quarter of 2025 included after-tax catastrophe losses of $2.3 million, compared to $6.2 million in Q4’24.The quarter saw gross written premiums (GWP) rise by 1.8% to $451.1 million compared to $443.3 million in Q4’24. However, GWP in the Commercial Property Division, Kinsale’s largest division, declined 28.3% in Q4’25, compared to the prior-year p ...

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]

Key Takeaways KNSL Q4 net operating EPS rose 25.8% to $5.81, beating estimates by 9.6%.Kinsale Capital's underwriting income jumped 23.2% as combined ratio improved to 71.7.KNSL ended 2025 with $163.4M in cash, launched a $250M buyback and raised dividend 47.1%.Kinsale Capital Group, Inc. (KNSL) delivered fourth-quarter 2025 net operating earnings of $5.81 per share, which outpaced the Zacks Consensus Estimate by 9.6%. The bottom line increased 25.8% year over year.Operating revenues increased 17.3% year ov ...

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]

Financial Data and Key Metrics Changes - Kinsale's diluted operating earnings per share increased by 26% in Q4 2025 compared to Q4 2024 [3] - Gross written premium grew by 1.8% and net written premium increased by 7.1% year-over-year [3][9] - The company posted a combined ratio of 71.7% for the quarter, with a full-year operating ROE of 26% [3][9] - Book value per share increased by 33% since year-end 2024, and float grew by 23% [3] 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 [4] - The expense ratio was under 21%, significantly lower than many competitors, which tend to be in the mid-30s or higher [5] - New business submission growth, excluding unsolicited submissions, was up 6% for the quarter, with most divisions seeing submission growth [12] Market Data and Key Metrics Changes - The level of competition in the E&S market varies by underwriting group, with some areas experiencing more competitive pressure than others [12] - Pricing trends showed a decrease of 2.7% according to the Amwins Index, with large commercial property placements under significant rate pressure [13] - Casualty lines, including commercial auto and agribusiness casualty, remained strong areas of growth [12] Company Strategy and Development Direction - Kinsale's strategy focuses on maintaining a low-cost business model and disciplined underwriting to generate best-in-class returns [4][5] - The company is investing in technology and analytics, including AI, to enhance decision-making and profitability [6][7] - Kinsale 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 company's ability to generate growth and returns despite competitive pressures, particularly in the commercial property sector [4][14] - The company anticipates stabilization in the commercial property division after a period of intense competition [20] - Management highlighted the importance of maintaining underwriting discipline in a competitive environment [5][40] Other Important Information - Kinsale's net investment income increased by 24.9% in Q4 2025 compared to the previous year, driven by strong operating cash flows [10] - The company is expanding its homeowner insurance offerings, with a focus on high-value homes and a gradual rollout strategy [68][70] Q&A Session Summary Question: What caused the decline in commercial property this quarter? - Management noted an influx from London and some MGAs in the large layered and shared space, leading to deceleration in growth [19] Question: What are the expectations for commercial property in the foreseeable future? - Management indicated that the market ebbs and flows, but stabilization is expected after a couple of quarters [20] Question: What is the retention ratio for renewals? - Renewal retention is in the very low 70% range and has remained steady [30] Question: How much of the deceleration in growth is due to commercial property? - The decline is primarily due to increased competition in the commercial property division, which was previously the largest division [34] Question: What is the outlook for casualty lines? - Casualty lines are experiencing mixed pricing trends, with some areas seeing strong price increases while others are under pressure [38] Question: How is AI being integrated into the business? - AI is being used to automate tasks, improve customer service, and enhance risk segmentation and pricing [62][64] Question: What is the growth potential for new products? - New products are expected to contribute to growth, but the rollout is methodical and takes time to become meaningful [71] Question: Is there an opportunity to increase reinsurance retentions? - Management is actively considering adjustments to reinsurance retentions to manage volatility [116]

For the quarter ended December 2025, Kinsale Capital Group, Inc. (KNSL) reported revenue of $483.27 million, up 17.3% over the same period last year. EPS came in at $5.81, compared to $4.62 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $471.61 million, representing a surprise of +2.47%. The company delivered an EPS surprise of +9.59%, with the consensus EPS estimate being $5.30.While investors scrutinize revenue and earnings changes year-over-year and how they comp ...

分组1 - Kinsale Capital Group, Inc. reported quarterly earnings of $5.81 per share, exceeding the Zacks Consensus Estimate of $5.3 per share, and up from $4.62 per share a year ago, representing an earnings surprise of +9.59% [1] - The company achieved revenues of $483.27 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.47%, and an increase from $412.12 million year-over-year [2] - Kinsale Capital Group has outperformed the S&P 500, with shares increasing about 3.7% since the beginning of the year compared to the S&P 500's gain of 1.4% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $4.79, with expected revenues of $483.46 million, and for the current fiscal year, the consensus EPS estimate is $20.50 on $2 billion in revenues [7] - The Zacks Industry Rank for Insurance - Property and Casualty is currently in the bottom 38% of over 250 Zacks industries, indicating that the industry outlook may impact stock performance [8] - Kinsale Capital Group holds a Zacks Rank 3 (Hold), suggesting that the stock is expected to perform in line with the market in the near future [6]

Financial Performance - Net income for Q4 2025 was $138.6 million, or $5.99 per diluted share, up from $109.1 million, or $4.68 per diluted share in Q4 2024, representing a 27.0% increase[1] - For the full year 2025, net income reached $503.6 million, or $21.65 per diluted share, compared to $414.8 million, or $17.78 per diluted share in 2024, marking a 21.4% increase[1] - Net income for the year ended December 31, 2025, was $503.614 million, compared to $414.843 million in 2024, a 21% increase[18] - Basic earnings per share for Q4 2025 were $6.01, an increase of 27.7% from $4.71 in Q4 2024[26] - Diluted operating earnings per share increased to $19.51 for the year ended December 31, 2025, from $16.06 in 2024, a growth of 21%[18] Premiums and Revenues - Gross written premiums for Q4 2025 were $451.1 million, a 1.8% increase from $443.3 million in Q4 2024; for the full year, gross written premiums were $2.0 billion, up 5.7% from $1.9 billion in 2024[4] - Net written premiums increased by 7.1% to $370.6 million in Q4 2025, and by 9.4% to $1.6 billion for the full year 2025 compared to 2024[7] - Net earned premiums increased to $415.5 million in Q4 2025, up 15.5% from $359.7 million in Q4 2024[26] - Total revenues for the year ended December 31, 2025, were $1.87 billion, a 17.9% increase compared to $1.59 billion in 2024[26] Underwriting and Investment Income - Underwriting income for Q4 2025 was $120.6 million with a combined ratio of 71.7%, improving from $97.9 million and a combined ratio of 73.4% in Q4 2024[8] - Underwriting income for the year ended December 31, 2025, was $389.167 million, up from $325.881 million in 2024, reflecting a 19% increase[20] - Net investment income rose by 24.9% to $52.3 million in Q4 2025, and by 27.9% to $192.2 million for the full year 2025 compared to 2024[12] - The company reported net investment income of $52.3 million in Q4 2025, a 25% increase from $41.9 million in Q4 2024[26] Shareholder Returns and Equity - The company repurchased 119,752 shares at an average price of $417.52 per share for a total cost of $50.0 million in Q4 2025, completing the initial $100 million repurchase authorization[13] - A new share repurchase authorization of $250 million was announced in December 2025, reflecting the company's commitment to returning capital to shareholders[14] - A cash dividend of $0.25 per share was declared in February 2026, a 47.1% increase from the previous dividend, indicating confidence in the company's financial position[14] - Stockholders' equity increased to $2.0 billion as of December 31, 2025, up from $1.5 billion a year earlier[16] - Stockholders' equity grew to $1.96 billion as of December 31, 2025, up 32.1% from $1.48 billion in 2024[28] - Average stockholders' equity for 2025 was $1.721572 billion, compared to $1.285197 billion in 2024, indicating a significant growth in equity[18] Assets and Liabilities - Total assets as of December 31, 2025, amounted to $6.04 billion, up from $4.89 billion in 2024, reflecting a 23.6% growth[28] - Total liabilities increased to $4.08 billion in 2025, up from $3.40 billion in 2024, marking a 20.1% increase[28] - Reserves for unpaid losses and loss adjustment expenses increased to $2.89 billion, compared to $2.29 billion in the previous year, a rise of 26.5%[28] Tax and Financial Outlook - The effective tax rate for 2025 was 20.6%, up from 19.4% in 2024, primarily due to lower stock option exercises[15] - Operating return on equity for 2025 was 26.4%, down from 29.2% in 2024[16] - Forward-looking statements indicate potential risks including adverse economic factors and performance of the investment portfolio[22] Upcoming Events - The company plans to discuss its financial results in a conference call on February 13, 2026[21]