# EDGAR Filing Document

**Accession Number:** 0001669162
**File Stem:** 0001669162-26-000012
**Filing Date:** 2026-2
**Character Count:** 33920
**Document Hash:** e460913b5c500a372efee9b106c27165
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001669162-26-000012.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001669162-26-000012

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260212

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kinsale Capital Group, Inc.
- **CENTRAL INDEX KEY:** 0001669162
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 980664337
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37848
- **FILM NUMBER:** 26626304

**BUSINESS ADDRESS:**
- **STREET 1:** 2025 STAPLES MILL ROAD
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23230
- **BUSINESS PHONE:** (804) 289-1300

**MAIL ADDRESS:**
- **STREET 1:** 2025 STAPLES MILL ROAD
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23230

?xml version='1.0' encoding='ASCII'? knsl-20260212

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): February 12, 2026** 

**KINSALE CAPITAL GROUP, INC.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37848** | **98-0664337** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**2025 Staples Mill Road**

**Richmond, Virginia 23230** 

(Address of principal executive offices, including zip code)

**(804) 289-1300** 

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | KNSL | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 &nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 12, 2026, Kinsale Capital Group, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

**&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release of the Company dated February 12, 2026](earningsrelease4q2025.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **Kinsale Capital Group, Inc.** |
| Dated: February 12, 2026 | By: | /s/ Bryan P. Petrucelli |
|  |  | Bryan P. Petrucelli |
|  |  | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

![kinsalecapitalgrouplogo1.jpg](kinsalecapitalgrouplogo1.jpg)

**Kinsale Capital Group, Inc. Reports 2025 Fourth Quarter and Year-End Results**

Richmond, VA, February 12, 2026 - Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $138.6 million, $5.99 per diluted share, for the fourth quarter of 2025 compared to $109.1 million, $4.68 per diluted share, for the fourth quarter of 2024. Net income was $503.6 million, $21.65 per diluted share, for the year ended December 31, 2025 compared to $414.8 million, $17.78 per diluted share, for the year ended December 31, 2024. Net income included after-tax catastrophe losses of $2.3 million in the fourth quarter of 2025 compared to $6.2 million in the fourth quarter of 2024. For the years ended December 31, 2025 and 2024, net income included after-tax catastrophe losses of $24.0 million and $20.2 million, respectively.

Net operating earnings<sup>(1)</sup> were $134.6 million, $5.81 per diluted share, for the fourth quarter of 2025 compared to $107.8 million, $4.62 per diluted share, for the fourth quarter of 2024. Net operating earnings<sup>(1)</sup> were $453.7 million, $19.51 per diluted share, for the year ended December 31, 2025 compared to $374.8 million, $16.06 per diluted share, for the year ended December 31, 2024.

Highlights for the fourth quarter of 2025 included:

&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share increased by 28.0% and diluted operating earnings<sup>(1)</sup> per share increased by 25.8% compared to the fourth quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Gross written premiums increased by 1.8% to $451.1 million and net written premiums increased by 7.1% to $370.6 million compared to the fourth quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income increased by 24.9% to $52.3 million compared to the fourth quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Underwriting income<sup>(2)</sup> was $120.6 million in the fourth quarter of 2025, resulting in a combined ratio<sup>(5)</sup> of 71.7%

Highlights for the full year of 2025 included:

&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share increased by 21.8% and diluted operating earnings<sup>(1)</sup> per share increased by 21.5% compared to the full year of 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Gross written premiums increased by 5.7% to $2.0 billion and net written premiums increased by 9.4% to $1.6 billion compared to the full year of 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income increased by 27.9% to $192.2 million compared to the full year of 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Underwriting income<sup>(2)</sup> was $389.2 million for the year ended December 31, 2025, resulting in a combined ratio<sup>(5)</sup> of 75.9%

&nbsp;&nbsp;&nbsp;&nbsp;• Operating return on equity<sup>(7)</sup> was 26.4% for the year ended December 31, 2025

"We delivered another strong quarter to close out 2025, marked by exceptional profitability resulting from continued disciplined underwriting and technology-enabled low costs in a competitive market. We remain confident that the resilience of our model positions us to deliver long-term value for our stockholders throughout the market cycle," said Chairman and Chief Executive Officer, Michael P. Kehoe.

**Results of Operations** 

*Underwriting Results*

Gross written premiums were $451.1 million for the fourth quarter of 2025 compared to $443.3 million for the fourth quarter of 2024, an increase of 1.8%. Gross written premiums were $2.0 billion for the year ended December 31, 2025 compared to $1.9 billion for the year ended December 31, 2024, an increase of 5.7%. Gross written premiums in the Commercial Property Division, the Company's largest division, declined 28.3% in the fourth quarter and 17.9% for the year ended December 31, 2025, compared to the prior-year periods, reflecting lower rates and increased competition, including from standard carriers.

------

Excluding the Commercial Property Division, gross written premiums increased 10.2% for the quarter and 13.3% for the full year compared to the prior-year periods, driven by continued strong submission flow across most divisions.

Net written premiums were $370.6 million for the fourth quarter of 2025 compared to $346.1 million for the fourth quarter of 2024, an increase of 7.1%. Net written premiums were $1.6 billion for the year ended December 31, 2025 compared to $1.5 billion for the year ended December 31, 2024, an increase of 9.4%. Growth in net written premiums during the fourth quarter and year ended December 31, 2025 over the prior-year periods was largely due to higher gross written premiums and an increase in the retention on the Company's reinsurance treaties.

Underwriting income<sup>(2)</sup> was $120.6 million, resulting in a combined ratio<sup>(5)</sup> of 71.7%, for the fourth quarter of 2025, compared to $97.9 million, and a combined ratio<sup>(5)</sup> of 73.4% for the same period last year. The increase in underwriting income<sup>(2)</sup> for the fourth quarter of 2025 was due to continued growth in the business, higher favorable development of loss reserves from prior accident years and lower catastrophe losses. Loss<sup>(3)</sup> and expense<sup>(4)</sup> ratios were 50.1% and 21.6%, respectively, for the fourth quarter of 2025 compared to 52.3% and 21.1% for the fourth quarter of 2024. Favorable development of reserves from prior accident years was $17.0 million, or 4.0 points, for the fourth quarter of 2025 primarily within property lines of business and $9.6 million, or 2.6 points, for the fourth quarter of 2024. The loss ratio for the fourth quarter of 2025 included 0.7 points of net catastrophe losses. The loss ratio for the fourth quarter of 2024 included 2.2 points of net catastrophe losses, primarily related to Hurricane Milton.

Underwriting income<sup>(2)</sup> was $389.2 million, resulting in a combined ratio<sup>(5)</sup> of 75.9%, for the year ended December 31, 2025, compared to $325.9 million, and a combined ratio<sup>(5)</sup> of 76.4% for the prior year. The increase in underwriting income<sup>(2)</sup> for the year ended December 31, 2025 was largely due to continued growth in the business and higher favorable development of loss reserves from prior accident years offset in part by higher catastrophe losses incurred during the year. Loss<sup>(3)</sup> and expense<sup>(4)</sup> ratios were 55.1% and 20.8%, respectively, for the year ended December 31, 2025 compared to 55.8% and 20.6%, respectively, for the year ended December 31, 2024. Favorable development of reserves from prior accident years was $62.8 million, or 3.9 points, for the year ended December 31, 2025 primarily within property lines of business and $37.7 million, or 2.7 points, for the year ended December 31, 2024. The loss ratio for the year ended December 31, 2025 included 1.9 points of net catastrophe losses primarily related to the Palisades Fire. The loss ratio for the year ended December 31, 2024 included 1.8 points of net catastrophe losses, primarily related to Hurricanes Milton, Helene and Francine and tornadoes in the Midwest.

------

*Summary of Operating Results*

The Company's operating results for the three months and years ended December 31, 2025 and 2024 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Gross written premiums | $451123 | $443281 | $1977171 | $1870341 |
| Ceded written premiums | (80571) | (97160) | (361154) | (392993) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | $370552 | $346121 | $1616017 | $1477348 |
| Net earned premiums | $415482 | $359739 | $1575842 | $1350470 |
| Fee income | 10059 | 8546 | 40714 | 34118 |
| Losses and loss adjustment expenses | 213196 | 192548 | 890693 | 772899 |
| Underwriting, acquisition and insurance expenses | 91764 | 77848 | 336696 | 285808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting income<sup>(2)</sup> | $120581 | $97889 | $389167 | $325881 |
| Loss ratio<sup>(3)</sup> | 50.1% | 52.3% | 55.1% | 55.8% |
| Expense ratio<sup>(4)</sup> | 21.6% | 21.1% | 20.8% | 20.6% |
| Combined ratio<sup>(5)</sup> | 71.7% | 73.4% | 75.9% | 76.4% |
| Annualized return on equity<sup>(6)</sup> | 29.0% | 29.9% | 29.3% | 32.3% |
| Annualized operating return on equity<sup>(7)</sup> | 28.2% | 29.6% | 26.4% | 29.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1) &nbsp;&nbsp;&nbsp;&nbsp;</sup>Net operating earnings is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Underwriting income is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(7)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized operating return on equity is net operating earnings (a non-GAAP financial measure) expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

------

The following tables summarize losses incurred for the current accident year and the development of prior accident years for the three months and years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31, 2025** | **Three Months Ended <br>December 31, 2025** | **Three Months Ended <br>December 31, 2024** | **Three Months Ended <br>December 31, 2024** |
| | **Losses and Loss Adjustment Expenses** | **% of Sum of Earned Premiums and Fee Income** | **Losses and Loss Adjustment Expenses** | **% of Sum of Earned Premiums and Fee Income** |
| Loss ratio: | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| &nbsp;&nbsp;&nbsp;Current accident year | $227309 | 53.4% | $194226 | 52.7% |
| &nbsp;&nbsp;Current accident year - catastrophe losses | 2851 | 0.7% | 7905 | 2.2% |
| &nbsp;&nbsp;&nbsp;Effect of prior accident year development | (16964) | (4.0)% | (9583) | (2.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $213196 | 50.1% | $192548 | 52.3% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2025** | **Year Ended<br> December 31, 2024** | **Year Ended<br> December 31, 2024** |
| | **Losses and Loss Adjustment Expenses** | **% of Sum of Earned Premiums and Fee Income** | **Losses and Loss Adjustment Expenses** | **% of Sum of Earned Premiums and Fee Income** |
| Loss ratio: | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| &nbsp;&nbsp;&nbsp;Current accident year | $923160 | 57.1% | $785036 | 56.7% |
| &nbsp;&nbsp;Current accident year - catastrophe losses | 30350 | 1.9% | 25518 | 1.8% |
| &nbsp;&nbsp;&nbsp;Effect of prior accident year development | (62817) | (3.9)% | (37655) | (2.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $890693 | 55.1% | $772899 | 55.8% |

---

*Investment Results*

Net investment income was $52.3 million in the fourth quarter of 2025 compared to $41.9 million in the fourth quarter of 2024, an increase of 24.9%. Net investment income was $192.2 million for the full year of 2025 compared to $150.3 million for the full year of 2024, an increase of 27.9%. These increases were driven by growth in the Company's investment portfolio generated primarily from the investment of strong operating cash flows since December 31, 2024. The Company's investment portfolio, excluding cash and cash equivalents, had a gross investment return<sup>(8)</sup> of 4.4% for both the years ended December 31, 2025 and 2024. Funds are generally invested conservatively in high quality securities, including government agency, asset- and mortgage-backed securities, and municipal and corporate bonds with an average credit quality of "AA-." The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.0 years and 3.0 years at December 31, 2025 and 2024, respectively. Cash and invested assets totaled $5.2 billion at December 31, 2025 compared to $4.1 billion at December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(8)</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Gross investment return is investment income from fixed-maturity and equity securities (and short-term investments, if any), before any deductions for fees and expenses, expressed as a percentage of average beginning and ending book values of those investments during the period.

*Capital Return to Stockholders*

During the fourth quarter of 2025, the Company repurchased 119,752 shares of its common stock in the open market at an average price of $417.52 per share for a total cost of $50.0 million, exhausting the initial $100 million share repurchase authorization. In December 2025, the Company announced a new $250 million share repurchase authorization.

------

In February 2026, the Company's Board of Directors declared a cash dividend of $0.25 per share of common stock, a 47.1% increase from the prior cash dividend, reflecting continued confidence in the Company's financial position and capital generation abilities.

The new share repurchase authorization and increased dividend return excess capital to stockholders while maintaining a conservative capital position for the Company's business.

*Other*

The effective tax rates for the years ended December 31, 2025 and 2024 were 20.6% and 19.4%, respectively. The effective tax rates were lower than the federal statutory rate primarily due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income. The effective tax rate was higher for the full year of 2025 compared to the full year of 2024 due primarily to a lower volume of stock option exercises.

Stockholders' equity was $2.0 billion at December 31, 2025, compared to $1.5 billion at December 31, 2024. Book value per share was $84.66 at December 31, 2025 compared to $63.75 at December 31, 2024. Operating return on equity was 26.4% for the full year of 2025, a decrease from 29.2% for the full year of 2024. The decrease was due primarily to higher average stockholders' equity as a result of profitable growth and an increase in the fair value of the Company's investment portfolio offset in part by share repurchases.

**Non-GAAP Financial Measures**

*Net Operating Earnings*

Net operating earnings is defined as net income excluding the effects of the change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and the change in allowance for credit losses on investments, after taxes. Management believes the exclusion of these items provides a useful comparison of the Company's underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.

------

For the three months and years ended December 31, 2025 and 2024, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **($ in thousands, except per share data)** | **($ in thousands, except per share data)** | **($ in thousands, except per share data)** | **($ in thousands, except per share data)** |
| **Net operating earnings:** |  |  |  |  |
| Net income | $138620 | $109094 | $503614 | $414843 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in the fair value of equity securities, before taxes | (3460) | (1496) | (58836) | (43367) |
| &nbsp;&nbsp;&nbsp;Income tax expense <sup>(1)</sup> | 727 | 314 | 12356 | 9107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of equity securities, after taxes | (2733) | (1182) | (46480) | (34260) |
| &nbsp;&nbsp;&nbsp;Net realized investment gains, before taxes | (1558) | (94) | (4390) | (6831) |
| &nbsp;&nbsp;&nbsp;Income tax expense <sup>(1)</sup> | 327 | 20 | 922 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized investment gains, after taxes | (1231) | (74) | (3468) | (5396) |
| &nbsp;&nbsp;&nbsp;Change in allowance for credit losses on investments, before taxes | (9) | (36) | 2 | (526) |
| &nbsp;&nbsp;&nbsp;Income tax expense <sup>(1)</sup> | 2 | 8 |  | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in allowance for credit losses on investments, after taxes | (7) | (28) | 2 | (416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating earnings | $134649 | $107810 | $453668 | $374771 |
| **Diluted operating earnings per share:** |  |  |  |  |
| Diluted earnings per share | $5.99 | $4.68 | $21.65 | $17.78 |
| Change in fair value of equity securities, after taxes, per share | (0.12) | (0.05) | (2.00) | (1.47) |
| Net realized investment gains, after taxes, per share | (0.05) |  | (0.15) | (0.23) |
| Change in allowance for credit losses on investments, after taxes, per share |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted operating earnings per share<sup>(2)</sup> | $5.81 | $4.62 | $19.51 | $16.06 |
| **Operating return on equity:** |  |  |  |  |
| Average equity<sup>(3)</sup> | $1912400 | $1459255 | $1721572 | $1285197 |
| Annualized return on equity<sup>(4)</sup> | 29.0% | 29.9% | 29.3% | 32.3% |
| Annualized operating return on equity<sup>(5)</sup> | 28.2% | 29.6% | 26.4% | 29.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Income taxes on adjustments to reconcile net income to net operating earnings use a 21% effective tax rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Diluted operating earnings per share may not add due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Average equity is computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

------

*Underwriting Income*

Underwriting income is defined as net income excluding net investment income, the change in the fair value of equity securities, net realized investment gains and losses, the change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.

For the three months and years ended December 31, 2025 and 2024, net income reconciles to underwriting income as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Net income | $138620 | $109094 | $503614 | $414843 |
| Income tax expense | 36204 | 29557 | 130688 | 99873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 174824 | 138651 | 634302 | 514716 |
| Net investment income | (52296) | (41863) | (192192) | (150287) |
| Change in fair value of equity securities | (3460) | (1496) | (58836) | (43367) |
| Net realized investment gains | (1558) | (94) | (4390) | (6831) |
| Change in allowance for credit losses on investments | (9) | (36) | 2 | (526) |
| Interest expense | 2982 | 2559 | 10646 | 10134 |
| Other expenses <sup>(6)</sup> | 505 | 517 | 1650 | 3968 |
| Other income | (407) | (349) | (2015) | (1926) |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting income | $120581 | $97889 | $389167 | $325881 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup> Other expenses includes primarily corporate expenses not allocated to the Company's insurance operations.

**Conference Call**

Kinsale Capital Group will hold a conference call to discuss this press release on Friday, February 13, 2026, at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (800) 715-9871, conference ID# 6520221, or via the Internet by going to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website.

**Forward-Looking Statements**

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions

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that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

**About Kinsale Capital Group, Inc.**

Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.

**Contact** 

Kinsale Capital Group, Inc.

Bryan Petrucelli

Executive Vice President, Chief Financial Officer and Treasurer

804-289-1272

ir@kinsalecapitalgroup.com

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 **KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES**

**Unaudited Consolidated Statements of Income and Comprehensive Income**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>December 31,** | **Three Months Ended <br>December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** |
| Gross written premiums | $451123 | $443281 | $1977171 | $1870341 |
| Ceded written premiums | (80571) | (97160) | (361154) | (392993) |
| &nbsp;&nbsp;&nbsp;Net written premiums | 370552 | 346121 | 1616017 | 1477348 |
| Change in unearned premiums | 44930 | 13618 | (40175) | (126878) |
| &nbsp;&nbsp;&nbsp;Net earned premiums | 415482 | 359739 | 1575842 | 1350470 |
| Fee income | 10059 | 8546 | 40714 | 34118 |
| Net investment income | 52296 | 41863 | 192192 | 150287 |
| Change in fair value of equity securities | 3460 | 1496 | 58836 | 43367 |
| Net realized investment gains | 1558 | 94 | 4390 | 6831 |
| Change in allowance for credit losses on investments | 9 | 36 | (2) | 526 |
| Other income | 407 | 349 | 2015 | 1926 |
| &nbsp;&nbsp;&nbsp;Total revenues | 483271 | 412123 | 1873987 | 1587525 |
| **Expenses** |  |  |  |  |
| Losses and loss adjustment expenses | 213196 | 192548 | 890693 | 772899 |
| Underwriting, acquisition and insurance expenses | 91764 | 77848 | 336696 | 285808 |
| Interest expense | 2982 | 2559 | 10646 | 10134 |
| Other expenses | 505 | 517 | 1650 | 3968 |
| &nbsp;&nbsp;&nbsp;Total expenses | 308447 | 273472 | 1239685 | 1072809 |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 174824 | 138651 | 634302 | 514716 |
| Income tax expense | 36204 | 29557 | 130688 | 99873 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | 138620 | 109094 | 503614 | 414843 |
| **Other comprehensive income (loss)** |  |  |  |  |
| Change in unrealized gains (losses) on available-for-sale investments, net of taxes | 5548 | (50455) | 66514 | (2589) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total comprehensive income** | $144168 | $58639 | $570128 | $412254 |
| **Earnings per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $6.01 | $4.71 | $21.76 | $17.92 |
| &nbsp;&nbsp;&nbsp;Diluted | $5.99 | $4.68 | $21.65 | $17.78 |
| **Weighted-average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 23056 | 23164 | 23140 | 23153 |
| &nbsp;&nbsp;&nbsp;Diluted | 23161 | 23330 | 23259 | 23332 |

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**KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES**

**Unaudited Condensed Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| | **(in thousands)** | **(in thousands)** |
| **Assets** | | |
| Investments: |  |  |
| &nbsp;&nbsp;Fixed-maturity securities at fair value | $4341450 | $3537563 |
| &nbsp;&nbsp;&nbsp;Equity securities at fair value | 626399 | 398359 |
| &nbsp;&nbsp;&nbsp;Real estate investments, net | 55236 | 15045 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 3864 | 3714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 5026949 | 3954681 |
| Cash and cash equivalents | 163361 | 113213 |
| Investment income due and accrued | 30971 | 27366 |
| Premiums receivable, net | 124593 | 140027 |
| Reinsurance recoverables, net | 394329 | 337891 |
| Ceded unearned premiums | 44506 | 52736 |
| Deferred policy acquisition costs, net of ceding commissions | 118737 | 109263 |
| Indefinite-lived intangible assets | 3538 | 3538 |
| Deferred income tax asset, net | 42191 | 60215 |
| Other assets | 94386 | 87774 |
| &nbsp;&nbsp;&nbsp;Total assets | $6043561 | $4886704 |
| **Liabilities & Stockholders' Equity** |  |  |
| Liabilities: |  |  |
| Reserves for unpaid losses and loss adjustment expenses | $2890870 | $2285668 |
| Unearned premiums | 860394 | 828449 |
| Payable to reinsurers | 34385 | 43959 |
| Accounts payable and accrued expenses | 66301 | 55159 |
| Debt | 224397 | 184122 |
| Other liabilities | 7631 | 5786 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 4083978 | 3403143 |
| Stockholders' equity | 1959583 | 1483561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $6043561 | $4886704 |

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