Kinsale Capital Group Reports Strong Q4 Earnings

Specialty insurer emphasizes underwriting discipline, expense efficiency, and selective growth amid competitive E&S market

Published on Feb. 14, 2026

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Kinsale Capital Group (NYSE:KNSL) reported a 26% year-over-year increase in diluted operating earnings per share for the fourth quarter of 2025, along with 1.8% growth in gross written premium and 7.1% growth in net written premium. The company's combined ratio for the quarter was 71.7%, and its full-year operating return on equity was 26%. Management highlighted the company's focus on underwriting discipline, expense efficiency, and selective growth in a competitive excess and surplus (E&S) market.

Why it matters

Kinsale's strong financial performance and disciplined approach to underwriting and operations demonstrate its ability to navigate a challenging market environment. As a specialty insurer, Kinsale's results provide insights into trends and competitive dynamics in the E&S insurance segment, which is an important part of the broader property and casualty insurance industry.

The details

Kinsale's Q4 2025 results were driven by a 26% increase in diluted operating earnings per share, 1.8% growth in gross written premium, and 7.1% growth in net written premium. The company reported a combined ratio of 71.7% for the quarter, which included 4 points of net favorable prior-year loss reserve development and less than 1 point of catastrophe losses. Management attributed the primary drag on overall growth to the company's commercial property division, which operates in a highly competitive segment of the market. Excluding the commercial property division, Kinsale generated 10.2% gross written premium growth for the quarter and 13.3% for the full year.

  • Kinsale reported its Q4 2025 earnings on February 14, 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

CFO of Kinsale Capital Group.

Stuart Winston

Chief Underwriter at 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)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.