Our Business

Kinsale Capital Group, Inc. is a specialty insurance group focused exclusively on the excess and surplus lines market in the United States. We use our underwriting expertise to offer terms on hard-to-place risks. Our goal is to provide long-term value to our stockholders by generating exceptional profit and growth. Kinsale seeks to accomplish our goal by producing consistent underwriting profits, steady investment returns along with sound capital management. Kinsale Capital Group, Inc. is designed to be highly entrepreneurial and efficient. We differentiate ourselves from our competitors by effectively leveraging technology, vigorous expense management and by maintaining control over our claims and underwriting processes.

Our Results

Summary Financial Data

($000)201920202021 20222023
Gross written premiums$389,694$552,814$764,373$1,102,092$1,568,815
Net income63,31688,419152,659159,114308,093
Net operating earnings (1)53,24572,313132,404180,363291,400
Return on equity18.9%18.0%23.9%22.0%33.6%
Operating return on equity (1)15.9%14.7%20.8%25.0%31.8%
Loss ratio (2)58.7%62.6% 54.4%56.3%54.6%
Expense ratio (2)26.3%24.4% 23.2%22.2%20.8%
Combined ratio (2)85.0%87.0%77.6%78.5%75.4%
Book value per share$18.28$25.32$30.63$32.28$46.88

(1) Net operating earnings and operating return on equity are non-GAAP financial measures, please see Non-GAAP Reconciliation-Net Operating Earnings (pdf).

(2) Starting in the period ended June 30, 2023, the Company reclassified policy fees to fee income. Historically, these fees were presented as a reduction to underwriting, acquisition and insurance expenses. The Company modified the definition of the loss and expense ratios to include fee income in the denominator of each ratio. The Company reclassified prior periods’ results to conform to the current period’s presentation.