Kinsale Capital : May 2026 Kinsale IR Presentation

Published: 2026-05-01 16:23:19 ET KNSL

Published on 05/01/2026 at 04:23 pm EDT

May 2026

Kinsale Capital Group, Inc., founded in 2009, is a specialty insurance company focused exclusively on the excess and surplus lines market in the United States.

Disciplined underwriting focused on small-account E&S market

Maintain absolute control over underwriting and claims management processes

Leverage our proprietary technology to operate with a substantial cost advantage over competitors

Employ a quantitative approach-using analytics to drive profitability and operational efficiency

Strong balance sheet and reserve position.

Growing float1 and investment income

Our goal is to provide long-term value to our stockholders by generating exceptional returns.

¹ Refer to page 17 for definition of float 4

Mark Beachy

Executive Vice President, Chief Claims Officer

30+ years experience

Former: Group General Counsel at The Travelers Indemnity Company from 2018 to 2020; Managing Counsel at Travelers from 2006 to 2018

Michael Kehoe

Bryan Petrucelli

Salmaan Allibhai

Founder, Chairman, President and Chief Executive Officer

30+ years experience

Former: President and Chief Executive Officer at James River Insurance from 2002 to 2008

Executive Vice President, Chief Financial Officer

30+ years experience

Former: Senior Manager in Ernst & Young's audit practice for over 13 years

Executive Vice President, Chief Analytics and Technology Officer

Stuart Winston

Executive Vice President, Chief Underwriting Officer

20+ years experience

Former: Senior Vice President, Chief Underwriting Officer at Kinsale from 2024 to October 2025; Senior Vice President, Underwriting from 2022 to 2024; Various positions of increasing responsibility at Kinsale from 2010

10+ years experience

Former: Senior Vice President, Chief Actuary at Kinsale from 2025 to 2026; Chief Actuary from 2021 to

2025; Actuary from 2016 to 2021; Actuarial Analyst at Willis Towers Watson from 2013 to 2016

As of March 31, 2026

Ticker

KNSL

Exchange

New York Stock Exchange

Stock Price

$341.66

Market Capitalization

$7.9 billion

Book Value

$85.31 per share

Debt to Total Capitalization Ratio

10.3%

Full-time Employees

701

Data for 2016 begins with Kinsale's initial public offering date of July 28, 2016 and assumes reinvestment of dividends.

Returns are calculated from the initial public offering price of $16.00 per share.

Exclusive focus on the small-account E&S market

Disciplined underwriting expertise across a broad spectrum of hard-to-place risks; no delegated underwriting authority

Technology is a core competency, driving best-in-class expense ratio

Use analytics to drive profitability and operational efficiency

Entrepreneurial business culture with a close alignment of owners' and employees' interests

Best combination of growth and low combined ratio among peers1

Strong balance sheet and reserve position; growing float2, cash flow and investment income

¹ Public companies comprising the peer group are set forth on Page 15; 2 Refer to page 17 for definition of float 8

KINSALE IS THE ONLY PUBLICLY-TRADED, PURE-PLAY E&S INVESTMENT OPPORTUNITY

Leading public E&S players Our differentiating factors

2025 Surplus lines DWP as % of

total direct and assumed written premiums¹

JRVR

KNSL

84%

79%

39%

29%

25%

24%

17%

100%

GLBI

No delegated underwriting

Low-cost business model

MKL

WRB

AXS

RLI

Contrarian underwriting Quantitative decision making

AIG

ACGL

BRK.

Rewarding the doers One location, in person

Source: S&P Capital IQ

¹ Statutory surplus lines direct and assumed premiums written as defined by S&P Capital IQ

The E&S market has seen significant growth and generated better underwriting results than the broader P&C industry

U.S. surplus lines direct written premiums ($bn)

$15.8 $25.6

$32.8 $33.0 $33.3 $38.7 $36.6 $34.4 $33.0 $31.7 $31.1 $34.8 $37.7 $40.2 $41.3 $42.4 $44.9

$49.9 $56.3 $66.1

$82.7

$98.5

$115.6

$129.8

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Net loss and LAE ratio - U.S. domestic professional surplus lines vs. P&C industry

88.4%

P&C Industry Surplus lines 1

Surplus lines average: 68.7%

81.5%

75.0%

75.3%

79.4%

80.4%

76.3%

76.4% 76.2%

81.2%

73.5%

77.1%

72.7%

73.6%

76.2%

65.4% 67.8%

75.9%

67.4%

69.0%

70.2%

68.3%

65.4%

73.3% 71.0%

71.4%

68.5%

72.5%

71.1%

76.0%

72.3% 72.1%

71.3%

74.3%

69.6%

71.0%

72.2%

69.3%

70.1%

70.0%

67.7%

62.5%

64.4%

61.7%

63.3%

57.8%

52.4%

57.7%

P&C industry average: 73.6%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: A.M. Best

¹ Represents domestic professional surplus lines (DPSL) as defined by A.M. Best

DISLOCATION IN THE E&S MARKET CREATES ADDITIONAL OPPORTUNITIES

Rank

Company

DPW ($mm)

Market Share

Lloyd's

20,821

16.0%

Berkshire Hathaway

8,428

6.5%

AIG

5,600

4.3%

Fairfax

4,394

3.4%

W. R. Berkley

4,048

3.1%

Markel

3,833

3.0%

Chubb

3,816

2.9%

Starr

2,969

2.3%

Nationwide

2,965

2.3%

Liberty Mutual

2,383

1.8%

1,870

1.4%

Other

68,693

53.0%

Total E&S DPW

$129,820

100.0%

2024 E&S market share by direct premiums written (DPW)1

E&S Market Share of P&C DPW 1

14%

12%

10%

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Kinsale is poised to benefit from the growing and progressively dislocated E&S market.

1Source: AM Best Market Segment Report 11

OUR UNDERWRITING EXPERTISE ACROSS

A BROAD SPECTRUM OF HARD-TO-PLACE RISKS

Broad appetite to underwrite a diverse set of risks across the E&S market, including some difficult risks

Personal 2

3.0%

Commercial Property

where we believe pricing may be attractive

Highly experienced underwriting team individually underwrites each risk to appropriately price and structure solutions for insureds

Utilize proprietary technology for efficient customer identification and attractive risk selection

Balance broad risk appetite by maintaining a diversified book of smaller accounts with strong pricing and well-defined coverages

Unlike many of our competitors, we do not extend

Other Commercial 1

16.3%

Commercial Auto 2.5%

Products Liability 3.4%

Entertainment 3.6%

Allied Health 4.9%

Small Business Property 5.2%

2025 GWP:

$2.0 bn

18.9%

Excess Casualty 14.0%

underwriting authority to brokers, agents, or other third parties

Construction 7.5%

Small Business Casualty 10.2%

General Casualty 10.5%

1 Includes Energy, Excess Professional, Life Sciences, Inland Marine, Professional Liability, Environmental, Health Care, Management Liability, Public Entity, Agribusiness - Casualty, Aviation, Agribusiness - Property, Ocean Marine, Product Recall

2 Includes High Value Homeowners and Personal Insurance

PRODUCT PORTFOLIO

We target classes of business where our underwriters have extensive experience allowing us to compete effectively and earn attractive returns

Gross written premiums by division1 Year Ended December 31, 2023-2025 (000's) 2025 2024 2023 CAGR

Commercial:

Commercial Property

$ 374,451

$ 456,170

$ 411,956

-4.7%

Excess Casualty

276,998

245,137

194,049

19.5%

General Casualty

207,888

169,162

118,745

32.3%

Small Business Casualty

202,412

195,593

174,080

7.8%

Construction

147,601

148,558

137,902

3.5%

Small Business Property

102,413

76,800

43,893

52.7%

Allied Health

96,982

83,058

67,808

19.6%

Entertainment

70,049

55,168

36,566

38.4%

Products Liability

67,883

67,035

61,786

4.8%

Commercial Auto

48,721

35,047

19,050

59.9%

Energy

46,102

42,710

38,637

9.2%

Excess Professional

41,453

32,633

24,033

31.3%

Life Sciences

35,284

36,252

41,379

-7.7%

Inland Marine

33,525

27,184

18,669

34.0%

Professional Liability

33,091

35,104

36,087

-4.2%

Environmental

31,559

30,372

25,938

10.3%

Health Care

25,821

23,179

20,378

12.6%

Management Liability

18,582

21,705

26,617

-16.4%

Public Entity

18,121

20,047

20,027

-4.9%

Agribusiness - Casualty

13,671

5,850

2,309

143.3%

Aviation

9,659

8,591

6,453

22.3%

Agribusiness - Property

8,669

n/a

Ocean Marine

3,761

3,655

2,339

26.8%

Product Recall

2,686

2,397

1,637

n/a

Total commercial

1,917,382

1,821,407

1,530,338

11.9%

Personal:

High Value Homeowners

36,062

26,844

14,295

58.8%

Personal Insurance

23,727

22,090

24,182

-0.9%

Total personal

59,789

48,934

38,477

24.7%

Total

$ 1,977,171 $

1,870,341 $

1,568,815

12.3%

1 Certain prior year amounts are reclassified to conform to current year's divisions and the business underwritten within them. 13

Key highlights

Proprietary platform design reflects the best practices our management team has learned from extensive prior experience

Integrated digital platform enables scale, reliability and performance throughout the organization, promoting clear communication, accurate customer data, and operational efficiency

Data warehouse systematically collects an array of statistical data throughout the underwriting process in order to inform future underwriting and business decisions

Systems architecture minimizes costly data-entry steps and permits the underwriter to focus on underwriting the account accurately and rapidly

No legacy software or duplicative systems allows more focus on innovation

Efficiency, accuracy, and speed in our systems enables a positive feedback loop across our team and creates a competitive advantage

We believe that our technology platform will provide us with an enduring competitive advantage as it allows us to quickly respond to market opportunities and will continue to scale as our business grows.

OUR COMBINED RATIO IS ONE OF THE LOWEST AMONGST OUR SPECIALTY INSURER PEERS WHILE ACHIEVING LEADING GROWTH AMONG PEERS

9.5%

(1.5%)

(9.5%)

1.9%

7.7%

6.6%

10.6%

5.1%

13.0%

2023-2025

NPW CAGR

2023 - 2025

Average peer combined ratio: 92.2%

2023 - 2025

Average peer expense ratio:

32.8%

2023 - 2025

Average peer loss ratio: 59.4%

55.2%

90.2%

96.3%

98.0%

94.0%

88.7%

85.5%

81.5%

75.9%

AMSF

ACGL

RLI

WRB

MKL

JRVR

GBLI

AXS

46.7%

53.4%

57.9%

61.2%

58.8%

74.2%

61.0%

61.8%

20.7%

28.1%

38.8%

30.8%

28.4%

32.8%

39.2%

29.4%

35.3%

103.6%

Source: S&P Capital IQ

1 Average of full year loss ratios from 2023 to 2025; 2 Average of full year expense ratios from 2023 to 2025

WE BELIEVE KINSALE IS WELL-POSITIONED FOR CONTINUED PROFITABLE GROWTH

Growth Drivers

Expand our presence in the E&S market

Focus on smaller accounts which we believe are subject to less competition

Maintain a contrarian risk appetite

Develop new product offerings where we have underwriting expertise

Leverage technology to drive efficiencies and improve service standards

Maintain a strong balance sheet to ensure a platform for future growth

LTM NPW / Statutory C&S 2

1.09x

1.12x

1.08x

0.97x

0.84x

0.83x

Gross written premiums ($mm)

Net operating earnings per share1

Book value per share

$1,977.2

$1,870.3

$1,568.8

$1,102.1

$764.4

$484.3 $482.0

$3.71

$5.11

$5.74

$7.80

$12.50

$16.06

$19.51

$85.31

$32.28

$30.63

$46.88

$63.75

$84.66

2021 2022 2023 2024 2025 1Q 25 1Q 26

2021 2022 2023 2024 2025 1Q 26

Source: Company filings; Note: 1 Net operating earnings is a non-GAAP financial measure. Please see Page 25: Non-GAAP reconciliation - Net Operating Earnings; 2 Represents Statutory Capital and Surplus ("C&S") of Kinsale Insurance Company.

Float1 ($mm)

Operating cash flows ($mm)

Net investment income ($mm)

$3,113.6

$3,258.3

$2,526.9

$1,914.8

$1,350.2

$993.1

$229.8

$248.9

$407.0

$557.8

$859.8

$976.3

$1,043.7

$43.8

$31.0

$51.3

$55.4

$102.3

$150.3

$192.2

2021 2022 2023 2024 2025 1Q 26

2021 2022 2023 2024 2025 1Q 25 1Q 26

Source: Company filings

1 Float is the sum of reserves for unpaid losses and loss adjustment expenses and unearned premiums less premiums and 17

fees receivable, reinsurance recoverables and deferred policy acquisition costs.

INVESTMENT PORTFOLIO AS OF March 31, 2026

$5.0 Billion Investment Portfolio as of March 31, 2026

Credit Quality - Fixed-Maturity Portfolio

Below BBB &

Asset Allocation - Total Investment Portfolio

Municipals

unrated 1.2%

Equities 12.8%

2.5%

BBB 15.8%

AAA 27.7%

CMBS 9.3%

A 20.2%

Average credit quality: AA-

$5.0 billion1

Corporates 34.2%

AA 35.1%

RMBS 29.9%

ABS 11.3%

Note: 1 Excludes real estate investments of $55.0 million 18

31.8%

29.2%

25.0%

26.4%

24.0%

20.8%

22.5%

2021 2022 2023 2024 2025 1Q 251 1Q 261

Operating return on equity is net operating earnings expressed as a percentage of average beginning and ending stockholders' equity during the period. 1 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. Net operating earnings is a non-GAAP financial measure, please see Page 25: Non-GAAP reconciliation - Net Operating Earnings.

Disclaimer

Kinsale Capital Group Inc. published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2026 at 20:22 UTC.