# EDGAR Filing Document

**Accession Number:** 0001669162
**File Stem:** 0001669162-26-000025
**Filing Date:** 2026-4
**Character Count:** 27489
**Document Hash:** 994370e3c15a686ed510d8cf861f6a43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001669162-26-000025.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0001669162-26-000025

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260423

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**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:** 26888762

**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-20260423

**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): April 23, 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:

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

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

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

☐&nbsp;&nbsp;&nbsp;&nbsp;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. ☐

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

On April 23, 2026, Kinsale Capital Group, Inc. (the "Company") issued a press release announcing its financial results for the three months ended March 31, 2026. 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 April 23, 2026](earningsrelease1q2026.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: April 23, 2026 | By: | /s/ Bryan P. Petrucelli |
|  |  | Bryan P. Petrucelli |
|  |  | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

![kinsalecapitalgrouplogoa.jpg](kinsalecapitalgrouplogoa.jpg)

**Kinsale Capital Group Reports First Quarter 2026 Results**

Richmond, VA, April 23, 2026 - Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $112.6 million, $4.88 per diluted share, for the first quarter of 2026 compared to $89.2 million, $3.83 per diluted share, for the first quarter of 2025. Net income included after-tax catastrophe losses of $1.3 million in the first quarter of 2026 and $17.8 million in the first quarter of 2025. Net operating earnings<sup>(1)</sup> were $117.8 million, $5.11 per diluted share, for the first quarter of 2026 compared to $86.4 million, $3.71 per diluted share, for the first quarter of 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** | **% Change** |
| Diluted earnings per share | $4.88 | $3.83 | 27.4% |
| Diluted operating earnings per share<sup>(1)</sup> | $5.11 | $3.71 | 37.7% |

---

Highlights for the quarter included:

&nbsp;&nbsp;&nbsp;&nbsp;• Gross written premiums decreased by 0.5% to $482.0 million

&nbsp;&nbsp;&nbsp;&nbsp;• Net written premiums increased by 5.6% to $403.3 million

&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income increased by 26.5% to $55.4 million

&nbsp;&nbsp;&nbsp;&nbsp;• Underwriting income<sup>(2)</sup> was $94.5 million, resulting in a combined ratio<sup>(5)</sup> of 77.4%

&nbsp;&nbsp;&nbsp;&nbsp;• Annualized operating return on equity<sup>(7)</sup> was 24.0% for the three months ended March 31, 2026

"Our first quarter results demonstrate exceptional profitability," said Chairman, President and Chief Executive Officer, Michael P. Kehoe. "We have confidence in our strategy of underwriting discipline and maintaining structurally low costs. Particularly in a competitive market, we remain focused on delivering long-term stockholder value throughout the market cycle by generating consistent and attractive underwriting profits while managing our capital prudently."

**Results of Operations**

*Underwriting Results*

Gross written premiums were $482.0 million for the first quarter of 2026 compared to $484.3 million for the first quarter of 2025, a decrease of 0.5%. The decrease in gross written premiums was primarily due to a 28.3% decline in the Commercial Property Division, one of the Company's largest divisions, driven by continued rate decreases from heightened competition, including from standard carriers. Excluding the Commercial Property Division, gross written premiums increased 6.0% compared to the prior-year period, reflecting continued strong submission flow across most divisions.

Net written premiums were $403.3 million for the first quarter of 2026 compared to $381.7 million for the first quarter of 2025, an increase of 5.6%. The increase in net written premiums was primarily due to an increase in retention on the Company's reinsurance treaties effective with the June 2025 renewal.

Underwriting income<sup>(2)</sup> was $94.5 million, resulting in a combined ratio<sup>(5)</sup> of 77.4% for the first quarter of 2026, compared to $67.5 million and a combined ratio<sup>(5)</sup> of 82.1% for the same period last year. The increase in underwriting income<sup>(2)</sup> was largely due to growth in net earned premiums, lower catastrophe losses and higher favorable development of loss reserves from prior accident years.

Loss<sup>(3)</sup> and expense<sup>(4)</sup> ratios were 56.3% and 21.1%, respectively, for the first quarter of 2026 compared to 62.1% and 20.0% for the first quarter of 2025. Results for the first quarter of 2026 and 2025 included net

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favorable development of loss reserves from prior accident years of $18.7 million, or 4.5 points, and $14.6 million, or 3.9 points, respectively. The loss ratio for the first quarter of 2026 included 0.4 points of net catastrophe losses. The loss ratio for the first quarter of 2025 included 6.0 points of net catastrophe losses, primarily related to the Palisades Fire. The increase in the expense ratio to 21.1% in the first quarter of 2026 from 20.0% in the first quarter of 2025 was primarily due to lower ceding commissions as a result of higher retention on the Company's reinsurance treaties. The economic effect of lower ceding commissions was more than offset by the retention of incremental underwriting margin and higher investment income.

*Summary of Operating Results*

The Company's operating results for the three months ended March 31, 2026 and 2025 are summarized as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **($ in thousands)** | **($ in thousands)** |
| Gross written premiums | $482018 | $484275 |
| Ceded written premiums | (78756) | (102570) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net written premiums | $403262 | $381705 |
| Net earned premiums | $406859 | $365790 |
| Fee income | 10995 | 9559 |
| Losses and loss adjustment expenses | 235119 | 232976 |
| Underwriting, acquisition and insurance expenses | 88234 | 74912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting income<sup>(2)</sup> | $94501 | $67461 |
| Loss ratio<sup>(3)</sup> | 56.3% | 62.1% |
| Expense ratio<sup>(4)</sup> | 21.1% | 20.0% |
| Combined ratio<sup>(5)</sup> | 77.4% | 82.1% |
| Annualized return on equity<sup>(6)</sup> | 22.9% | 23.3% |
| Annualized operating return on equity<sup>(7)</sup> | 24.0% | 22.5% |

---

&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 expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.

------

The following table summarizes losses incurred for the current accident year and the development of prior accident years for the three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br>March 31, 2026** | **Three Months Ended <br>March 31, 2026** | **Three Months Ended <br>March 31, 2025** | **Three Months Ended <br>March 31, 2025** |
| | **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 | $252188 | 60.4% | $225047 | 60.0% |
| &nbsp;&nbsp;Current accident year - catastrophe losses | 1636 | 0.4% | 22578 | 6.0% |
| &nbsp;&nbsp;&nbsp;Effect of prior accident year development | (18705) | (4.5)% | (14649) | (3.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $235119 | 56.3% | $232976 | 62.1% |

---

*Investment Results*

Net investment income was $55.4 million in the first quarter of 2026 compared to $43.8 million in the first quarter of 2025, an increase of 26.5%. This increase was driven by growth in the Company's investment portfolio generated largely from the investment of strong operating cash flows. The Company's investment portfolio had an annualized gross investment return<sup>(8)</sup> of 4.5% and 4.3% for the first quarter of 2026 and 2025, respectively. Funds are generally invested conservatively in high-quality securities with an average credit quality of "AA-" and the weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.1 years and 4.0 years at March 31, 2026 and December 31, 2025, respectively. Cash and invested assets totaled $5.3 billion at March 31, 2026 and $5.2 billion at December 31, 2025.

&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 first quarter of 2026, the Company repurchased 166,042 shares of its common stock in the open market at an average price of $376.41 per share for a total cost of $62.5 million. At March 31, 2026, the Company had $187.5 million of capacity remaining under its share repurchase program.

During the first quarter of 2026, the Company declared and paid a cash dividend of $0.25 per share of common stock for a total distribution of $5.7 million.

*Other*

The effective tax rates for the three months ended March 31, 2026 and March 31, 2025 were 19.4% and 20.6%, respectively. In the first quarter of 2026 and 2025, the effective tax rates were lower than the federal statutory rate of 21% primarily due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income.

Stockholders' equity was $2.0 billion at both March 31, 2026 and December 31, 2025. Book value per share was $85.31 at March 31, 2026 compared to $84.66 at December 31, 2025. Annualized operating return on equity<sup>(7)</sup> was 24.0% for the first three months of 2026, an increase from 22.5% for the first three months of 2025. The increase was due primarily to higher profitability compared to the prior-year period offset in part by higher average stockholders' equity.

------

**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 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 ended March 31, 2026 and 2025, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **($ in thousands, except per share data)** | **($ in thousands, except per share data)** |
| **Net operating earnings:** |  |  |
| Net income | $112554 | $89227 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Change in the fair value of equity securities, before taxes | 8356 | (3038) |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense <sup>(1)</sup> | (1755) | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of equity securities, after taxes | 6601 | (2400) |
| &nbsp;&nbsp;&nbsp;Net realized investment gains, before taxes | (1719) | (537) |
| &nbsp;&nbsp;&nbsp;Income tax expense <sup>(1)</sup> | 361 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized investment gains, after taxes | (1358) | (424) |
| &nbsp;&nbsp;&nbsp;Change in allowance for credit losses on investments, before taxes | 27 | 20 |
| &nbsp;&nbsp;&nbsp;Income tax benefit <sup>(1)</sup> | (6) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in allowance for credit losses on investments, after taxes | 21 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating earnings | $117818 | $86419 |
| **Diluted operating earnings per share:** |  |  |
| Diluted earnings per share | $4.88 | $3.83 |
| Change in the fair value of equity securities, after taxes, per share | 0.29 | (0.10) |
| Net realized investment gains, after taxes, per share | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted operating earnings per share<sup>(2)</sup> | $5.11 | $3.71 |
| **Operating return on equity:** |  |  |
| Average equity<sup>(3)</sup> | $1963465 | $1533268 |
| Annualized return on equity<sup>(4)</sup> | 22.9% | 23.3% |
| Annualized operating return on equity<sup>(5)</sup> | 24.0% | 22.5% |

---

&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.

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&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, 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 ended March 31, 2026 and 2025, net income reconciles to underwriting income as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| | **(in thousands)** | **(in thousands)** |
| Net income | $112554 | $89227 |
| Income tax expense | 27106 | 23084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 139660 | 112311 |
| Net investment income | (55423) | (43819) |
| Change in the fair value of equity securities | 8356 | (3038) |
| Net realized investment gains | (1719) | (537) |
| Change in allowance for credit losses on investments | 27 | 20 |
| Interest expense | 3167 | 2538 |
| Other expenses <sup>(6)</sup> | 529 | 660 |
| Other income | (96) | (674) |
| &nbsp;&nbsp;&nbsp;&nbsp;Underwriting income | $94501 | $67461 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)&nbsp;&nbsp;&nbsp;&nbsp;</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, April 24, 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

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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 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 March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Revenues** | **(in thousands, except per share data)** | **(in thousands, except per share data)** |
| Gross written premiums | $482018 | $484275 |
| Ceded written premiums | (78756) | (102570) |
| &nbsp;&nbsp;&nbsp;Net written premiums | 403262 | 381705 |
| Change in unearned premiums | 3597 | (15915) |
| &nbsp;&nbsp;&nbsp;Net earned premiums | 406859 | 365790 |
| Fee income | 10995 | 9559 |
| Net investment income | 55423 | 43819 |
| Change in the fair value of equity securities | (8356) | 3038 |
| Net realized investment gains | 1719 | 537 |
| Change in allowance for credit losses on investments | (27) | (20) |
| Other income | 96 | 674 |
| &nbsp;&nbsp;&nbsp;Total revenues | 466709 | 423397 |
| **Expenses** |  |  |
| Losses and loss adjustment expenses | 235119 | 232976 |
| Underwriting, acquisition and insurance expenses | 88234 | 74912 |
| Interest expense | 3167 | 2538 |
| Other expenses | 529 | 660 |
| &nbsp;&nbsp;&nbsp;Total expenses | 327049 | 311086 |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 139660 | 112311 |
| Total income tax expense | 27106 | 23084 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | 112554 | 89227 |
| **Other comprehensive income (loss)** |  |  |
| Change in net unrealized losses on available-for-sale investments, net of taxes | (34913) | 26382 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total comprehensive income** | $77641 | $115609 |
| **Earnings per share:** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $4.90 | $3.85 |
| &nbsp;&nbsp;&nbsp;Diluted | $4.88 | $3.83 |
| **Weighted-average shares outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 22975 | 23170 |
| &nbsp;&nbsp;&nbsp;Diluted | 23057 | 23313 |

---

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

**Unaudited Condensed Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | **(in thousands)** | **(in thousands)** |
| Investments: |  |  |
| &nbsp;&nbsp;Fixed-maturity securities at fair value | $4402650 | $4341450 |
| &nbsp;&nbsp;&nbsp;Equity securities at fair value | 644541 | 626399 |
| &nbsp;&nbsp;&nbsp;Real estate investments, net | 54952 | 55236 |
| &nbsp;&nbsp;&nbsp;Short-term investments |  | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 5102143 | 5026949 |
| Cash and cash equivalents | 223263 | 163361 |
| Investment income due and accrued | 29999 | 30971 |
| Premiums receivable, net | 128574 | 124593 |
| Reinsurance recoverables, net | 413242 | 394329 |
| Ceded unearned premiums | 43866 | 44506 |
| Deferred policy acquisition costs, net of ceding commissions | 119165 | 118737 |
| Intangible assets | 3538 | 3538 |
| Deferred income tax asset, net | 53725 | 42191 |
| Other assets | 97955 | 94386 |
| &nbsp;&nbsp;&nbsp;Total assets | $6215470 | $6043561 |
| **Liabilities & Stockholders' Equity** |  |  |
| Liabilities: |  |  |
| Reserves for unpaid losses and loss adjustment expenses | $3063156 | $2890870 |
| Unearned premiums | 856157 | 860394 |
| Payable to reinsurers | 33454 | 34385 |
| Accounts payable and accrued expenses | 22354 | 66301 |
| Debt | 224466 | 224397 |
| Other liabilities | 48537 | 7631 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 4248124 | 4083978 |
| Stockholders' equity | 1967346 | 1959583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $6215470 | $6043561 |

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<br>