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) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Gross written premiums | $764,373 | $1,102,092 | $1,568,815 | $1,870,341 | $1,977,171 |
| Net income | 152,659 | 159,114 | 308,093 | 414,843 | 503,614 |
| Net operating earnings (1) | 132,404 | 180,363 | 291,400 | 374,771 | 453,668 |
| Return on equity | 23.9% | 22.0% | 33.6% | 32.3% | 29.3% |
| Operating return on equity (1) | 20.8% | 25.0% | 31.8% | 29.2% | 26.4% |
| Loss ratio | 54.4% | 56.3% | 54.6% | 55.8% | 55.1% |
| Expense ratio | 23.2% | 22.2% | 20.8% | 20.8% | 20.8% |
| Combined ratio | 77.6% | 78.5% | 75.4% | 76.4% | 75.9% |
| Book value per share | $30.63 | $32.28 | $46.88 | $63.75 | $84.66 |
| Diluted net operating earnings per share (1) | 5.74 | 7.80 | 12.50 | 16.06 | 19.51 |
(1) Net operating earnings and operating return on equity are non-GAAP financial measures, please see Non-GAAP Reconciliation-Net Operating Earnings (pdf).