Q3 2025 Kinsale Capital Group Inc Earnings Call Transcript
Key Points
- Kinsale Capital Group Inc (KNSL) reported a 24% increase in operating earnings per share for the third quarter of 2025.
- Gross written premium grew by 8.4% over the third quarter of 2024, with a combined ratio of 74.9%.
- The company's book value per share increased by 25.8% since the year-end 2024, and its float increased by 20%.
- Net investment income increased by 25.1% in the third quarter over last year due to growth in the investment portfolio.
- Kinsale's disciplined underwriting and low-cost business model continue to provide a competitive advantage in the E&S market.
- The Commercial Property division's premium dropped by 8% in the third quarter, although this was an improvement from a 17% drop in the second quarter.
- The expense ratio increased to 21% in the third quarter from 19.6% last year, due to lower ceding commissions.
- Submission growth slowed to 6% for the quarter, down from 9% in the first quarter, driven by the Commercial Property division.
- The underlying loss ratio increased slightly, attributed to normal variability, but it indicates some pressure.
- The E&S market remains competitive, with more competitors entering, including MGAs and fronting companies.
Good morning, and welcome to Kinsale Capital Group's third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.
Before we get started, let me remind everyone that through the course of the teleconference, Kinsale's management may make comments that reflect their intentions, beliefs and expectations for the future. As always, these forward-looking statements are subject to certain risk factors, which could cause actual results to differ materially.
These risk factors are listed in the company's various SEC filings, including the 2024 annual report on Form 10-K, which should be reviewed carefully. The company has furnished a Form 8-K with the Securities and Exchange Commission that contains the press release announcing its third quarter results.
Kinsale's management may also reference certain non-GAAP financial measures in the call today. A reconciliation of GAAP to these measures can be found in the press release, which is available at the company's website at
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