Kinsale Capital Group Reports Strong Q4 Earnings

Insurer emphasizes underwriting discipline, expense efficiency, and selective growth amid competitive excess and surplus market

Published on Feb. 13, 2026

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Kinsale Capital Group (NYSE:KNSL) executives highlighted the company's solid fourth-quarter 2025 financial results, including a 26% year-over-year increase in diluted operating earnings per share and a combined ratio of 71.7%. However, management noted headwinds from the competitive commercial property division, which has seen shrinking premiums. The insurer emphasized its focus on underwriting discipline, expense efficiency, and selective growth amid what it described as a challenging excess and surplus (E&S) market environment.

Why it matters

Kinsale's performance provides insights into the current state of the specialty insurance market, particularly the competitive dynamics and pricing pressures in the E&S segment. The company's ability to maintain profitability and grow selectively despite market challenges underscores its underwriting discipline and operational efficiency, which could make it an attractive investment option for investors.

The details

Kinsale reported a 26% year-over-year increase in diluted operating earnings per share and a combined ratio of 71.7% for the fourth quarter. However, the company's commercial property division, which focuses on larger, catastrophe-exposed accounts, was a drag on overall premium growth. Excluding this division, Kinsale generated gross written premium growth of 10.2% for the quarter and 13.3% for the full year. Management cited an 'influx from London, and some MGAs' into the large layered and shared property space as contributing to further deceleration in this segment, which is expected to continue into 2026.

  • Kinsale reported its fourth-quarter 2025 earnings on February 13, 2026.

The players

Kinsale Capital Group

A specialty property and casualty insurance company headquartered in Richmond, Virginia, that focuses on underwriting complex and underserved risks across the United States.

Michael Kehoe

Chairman and CEO of Kinsale Capital Group.

Bryan Petrucelli

Chief Financial Officer of Kinsale Capital Group.

Stuart Winston

Chief Underwriter of Kinsale Capital Group.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

Kinsale Capital Group's strong fourth-quarter performance, marked by disciplined underwriting, expense efficiency, and selective growth, positions the company well to navigate the competitive excess and surplus market. The insurer's focus on niche industries and ability to adapt to market conditions could make it an attractive investment option for investors seeking exposure to the specialty insurance sector.