Slides
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October 2025
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Disclaimer 2 This presentation contains or incorporates by reference forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that does not directly relate to historical or current facts. These statements may discuss, among other things, Kinsale's future financial performance, business prospects and strategy, anticipated financial position, liquidity and capital, dividends and general market and industry conditions. You can identify forward-looking statements by words such as “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “outlook,” “future,” “will,” “would,” “should,” “could,” “may,” “can have” and similar terms. Forward-looking statements are based on management’s current expectations and assumptions about future events, which are subject to uncertainties, risks and changes in circumstances that are difficult to predict. These statements are only predictions and are not guarantees of future performance. Forward-looking statements speak only as of the date on which they are made. Except as expressly required under federal securities laws or the rules and regulations of the SEC, Kinsale does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to Kinsale are expressly qualified by these cautionary statements. To supplement Kinsale’s consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and to better reflect period-over- period comparisons, Kinsale uses non-GAAP financial measures of performance and financial position that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results but are provided to improve overall understanding of Kinsale’s current financial performance and its prospects for the future. Kinsale believes the non-GAAP financial results provide useful information to both management and investors regarding certain additional financial and business trends relating to financial condition and operating results. In addition, management uses these measures, along with GAAP information, for reviewing financial results and evaluating its historical operating performance. The non-GAAP adjustments for all periods presented are based upon information and assumptions available as of the date of this presentation. The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non- GAAP information used by other companies. For further discussion of the limitations of these non-GAAP financial measures and the reconciliations to the most directly comparable GAAP financial measures, see the Appendix to this presentation.
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INTRODUCTION TO KINSALE 3
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Overview 4 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 profit and growth. ¹ Refer to page 17 for definition of float
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Highly-Experienced Management Team 5 Founder, Chairman and Chief Executive Officer 30+ years experience Former: President and Chief Executive Officer at James River Insurance from 2002 to 2008 President and Chief Operating Officer 30+ years experience Former: Chief Actuary of James River Insurance from 2002 to 2009 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 Information Officer 30+ years experience Former: Principal Consultant Impact Makers, Inc. from 2016 to 2019; Chief Information Officer Capital Center, LLC from 2012 to 2016 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 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 Senior Vice President, Chief Actuary 10+ years experience Former: Actuary for Kinsale from 2016 to 2021; Actuarial Analyst at Willis Towers Watson from 2013 to 2016 Michael Kehoe Brian Haney Bryan Petrucelli Diane Schnupp Mark Beachy Stuart Winston Salmaan Allibhai
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Select Market Information 6 As of September 30, 2025 Ticker KNSL Exchange New York Stock Exchange Stock Price $425.26 Market Capitalization $9.9 billion Book Value $80.19 per share Debt to Total Capitalization Ratio 9.7% Full-time Employees 707
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Kinsale’s Stock Performance vs. the S&P 500 7 Year Kinsale (2) S&P 500 2016 113.5% 4.2% 2017 33.2 21.8 2018 24.1 (4.4) 2019 83.7 31.5 2020 97.3 18.4 2021 19.2 28.7 2022 10.2 (18.1) 2023 28.3 26.3 2024 39.1 25.0 Compounded Annual Gain ─ 2016-2024 49.7% 14.6% Overall Gain ─ 2016-2024 2,893.5% 214.3% Annual Percentage Change (1) (1) Data for 2016 begins with Kinsale's initial public offering date of July 28, 2016 and assumes reinvestment of dividends. (2) Returns are calculated from the initial public offering price of $16.00 per share.
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8 Our Approach ¹ Public companies comprising the peer group are set forth on Page 15; 2 Refer to page 17 for definition of float 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
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9 Kinsale is the only publicly-traded, pure-play E&S investment opportunity 8% 9% 16% 24% 25% 29% 42% 76% 85% 100% ACGL BRK.A AIG AXS MKL WRB RLI JRVR GLBI KNSL 2024 Surplus lines DWP as % of total direct and assumed written premiums¹ Leading public E&S players Our differentiating factors Source: S&P Capital IQ ¹ Statutory surplus lines direct and assumed premiums written as defined by S&P Capital IQ Rewarding the doers No delegated underwriting One location, in person Contrarian underwriting Low-cost business model Quantitative decision making
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$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 $129.8 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 E&S Market 88.4% 81.5% 75.0% 73.5% 75.3% 65.4% 67.8% 77.1% 72.7% 73.6% 79.4% 74.3% 67.4% 69.0% 69.3% 72.2% 76.0% 71.4% 71.0% 70.1% 72.5% 76.4% 76.2% 71.1% 81.2% 72.3% 72.1% 71.3% 69.6% 57.8% 52.4% 68.3% 65.4% 71.0% 75.9% 80.4% 62.5% 57.7% 70.2% 76.2% 76.3% 73.3% 68.5% 70.0% 67.7% 64.4% 61.7% 63.3% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 P&C Industry Surplus lines Surplus lines average: 68.7% P&C industry average: 73.6% The E&S market has seen significant growth and generated better underwriting results than the broader P&C industry U.S. surplus lines direct written premiums ($bn) Net loss and LAE ratio – U.S. domestic professional surplus lines vs. P&C industry 1 Source: A.M. Best ¹ Represents domestic professional surplus lines (DPSL) as defined by A.M. Best 10
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11 Dislocation in the E&S market creates additional opportunities 2024 E&S market share by direct premiums written (DPW)1 1Source: AM Best Market Segment Report Kinsale is poised to benefit from the growing and progressively dislocated E&S market. E&S Market Share of P&C DPW 1 0% 2% 4% 6% 8% 10% 12% 14% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Rank Company DPW ($mm) Market Share Lloyd’s 20,821 16.0% 1 Berkshire Hathaway 8,428 6.5% 2 AIG 5,600 4.3% 3 Fairfax 4,394 3.4% 4 W. R. Berkley 4,048 3.1% 5 Markel 3,833 3.0% 6 Chubb 3,816 2.9% 7 Starr 2,969 2.3% 8 Nationwide 2,965 2.3% 9 Liberty Mutual 2,383 1.8% 14 1,870 1.4% Other 68,693 53.0% Total E&S DPW $129,820 100.0%
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Our underwriting expertise across a broad spectrum of hard-to-place risks 12 Commercial Property 24.4% Excess Casualty 13.1% Small Business Casualty 10.5%General Casualty 9.0% Construction 7.9% Allied Health 4.5% Small Business Property 4.1% Products Liability 3.6% Entertainment 3.1% Energy 2.3% Other Commercial 14.9% Personal 2.6% 2 2024 GWP: $1.9 bn 1 Includes Life Sciences, Commercial Auto, Professional Liability, Excess Professional, Environmental, Inland Marine, Health Care, Management Liability, Public Entity, Aviation, Ocean Marine, Agribusiness, Product Recall and Railroad 2 Includes High Value Homeowners and Personal Insurance 1 Broad appetite to underwrite a diverse set of risks across the E&S market, including some difficult risks where we believe pricing may be attractive Highly experienced underwriting team individually underwrites each risk to appropriately price and structure solutions for insureds Utilize proprietary technology for efficient customer identification and attractive risk selection Balance broad risk appetite by maintaining a diversified book of smaller accounts with strong pricing and well-defined coverages Unlike many of our competitors, we do not extend underwriting authority to brokers, agents, or other third parties
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Product Portfolio 13 We target classes of business where our underwriters have extensive experience allowing us to compete effectively and earn attractive returns Gross written premiums by division 2022-2024 (000's) 2024 2023 2022 CAGR Commercial: Commercial Property 456,170$ 411,956$ 181,505$ 58.5% Excess Casualty 245,137 194,049 147,485 28.9% Small Business Casualty 195,593 174,080 149,366 14.4% General Casualty 169,162 118,745 69,784 55.7% Construction 148,333 137,887 122,524 10.0% Allied Health 83,058 67,808 58,839 18.8% Small Business Property 76,800 43,893 21,002 91.2% Products Liability 67,035 61,786 60,374 5.4% Entertainment 58,506 39,218 22,268 62.1% Energy 42,710 38,637 32,217 15.1% Life Sciences 36,252 41,379 41,346 -6.4% Commercial Auto 35,047 19,050 5,950 142.7% Professional Liability 34,841 35,743 30,313 7.2% Excess Professional 32,633 24,033 22,826 19.6% Environmental 30,372 25,938 19,455 24.9% Inland Marine 27,184 18,669 14,396 37.4% Health Care 23,179 20,378 16,916 17.1% Management Liability 21,705 26,617 28,856 -13.3% Public Entity 20,047 20,028 15,512 13.7% Aviation 8,591 6,453 4,424 39.4% Ocean Marine 3,655 2,339 765 118.6% Agribusiness 2,755 - - n/a Product Recall 2,397 1,637 1,419 30.0% Railroad 225 15 - n/a Total commercial 1,821,407 1,530,338 1,067,542 30.6% Personal: High Value Homeowners 26,844 14,295 3,261 186.9% Personal Insurance 22,090 24,182 31,289 -16.0% Total personal 48,934 38,477 34,550 19.0% Total 1,870,341$ 1,568,815$ 1,102,092$ 30.3% Year Ended December 31,
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14 Technology is a core competency 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 Key highlights 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.
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15 Our combined ratio is one of the lowest amongst our specialty insurer peers while achieving leading growth among peers 76.8% 86.1% 81.1% 85.8% 89.8% 95.1% 101.7% 98.0% 96.0% 55.6% 56.6% 52.4% 46.7% 61.5% 60.9% 74.5% 59.1% 63.0% 21.2% 29.5% 28.7% 39.1% 28.3% 34.2% 27.2% 38.9% 33.0% AMSF ACGL RLI WRB MKL JRVR GBLI AXS Loss ratio Expense ratio 2022 – 2024 Average peer loss ratio: 59.3% 2022 – 2024 Average peer combined ratio: 91.7% 2022 – 2024 Average peer expense ratio: 32.4% 2022-2024 NPW CAGR 1.9% 19.2% 13.7% 9.4% 0.6% (19.9%)(6.6%) 4.6%25.6% Source: S&P Capital IQ 1 Average of full year loss ratios from 2022 to 2024; 2 Average of full year expense ratios from 2022 to 2024 1 2
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Growth Drivers $3.16 $5.74 $7.80 $12.50 $16.06 $11.44 $13.70 2020 2021 2022 2023 2024 Sep-24 Sep-25 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 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. $25.32 $30.63 $32.28 $46.88 $63.75 $80.19 2020 2021 2022 2023 2024 3Q 25 We believe Kinsale is well-positioned for continued profitable growth Net operating earnings per share1 Book value per share 1.00x 1.09x 1.12x 1.08x 16 0.97x LTM NPW / Statutory C&S 2 $552.8 $764.4 $1,102.1 $1,568.8 $1,870.3 $1,427.1 $1,526.0 2020 2021 2022 2023 2024 Sep-24 Sep-25 Gross written premiums ($mm) 0.87x
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$280.0 $407.0 $557.8 $859.8 $976.3 $763.3 $802.3 2020 2021 2022 2023 2024 Sep-24 Sep-25 $26.1 $31.0 $51.3 $102.3 $150.3 $108.4 $139.9 2020 2021 2022 2023 2024 Sep-24 Sep-25 Operating cash flows ($mm) Net investment income ($mm) 17 $723.2 $993.1 $1,350.2 $1,914.8 $2,526.9 $3,035.1 2020 2021 2022 2023 2024 3Q 25 Float1 ($mm) Source: Company filings 1 Float is the sum of reserves for unpaid losses and loss adjustment expenses and unearned premiums less premiums and fees receivable, reinsurance recoverables and deferred policy acquisition costs. Growing float, cash flow and investment income
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18 Investment Portfolio as of September 30, 2025 AAA 30.5% AA 25.6% A 24.6% BBB 17.8% Below BBB & unrated 1.5% Credit Quality – Fixed-Maturity Portfolio Average credit quality: AA- U.S. Treasuries/Short-term 0.4% Municipals 2.8% Corporates 40.7% ABS 14.9% RMBS 21.0% CMBS 8.2% Equities 12.0% Asset Allocation – Total Investment Portfolio 4.8 billion1 $4.8 Billion Investment Portfolio as of September 30, 2025 Note: 1 Excludes real estate investments of $15.0 million
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FINANCIAL RESULTS 19
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20 Operating Return on Equity 14.7% 20.8% 25.0% 31.8% 29.2% 28.2% 25.4% 2020 2021 2022 2023 2024 9/30/2024 9/30/2025 Operating return on equity is net operating earnings expressed as a percentage of average beginning and ending stockholders’ equity dur ing the period. Net operating earnings is a non-GAAP financial measure, please see Page 25: Non- GAAP reconciliation – Net Operating Earnings.
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21 Three months ended September 30, (in $ millions) 2024 2025 Gross written premiums $ 448.6 $ 486.3 Net earned premiums 348.8 411.0 Underwriting income(2) 86.9 105.7 Loss ratio 56.1% 53.9% Expense ratio 19.6% 21.0% Combined ratio 75.7% 74.9% Net income $ 114.2 $ 141.6 Net operating earnings(1) 97.9 121.2 Total stockholders' equity 1,434.9 1,865.2 Annualized operating return on equity(3) 29.1% 27.0% Diluted earnings per share increased by 24.3% to $6.09 compared to the third quarter of 2024 Diluted operating earnings(1) per share increased by 24.0% to $5.21 compared to the third quarter of 2024 Gross written premiums increased by 8.4% to $486.3 million compared to the third quarter of 2024 Net investment income increased by 25.1% to $49.6 million compared to the third quarter of 2024 Underwriting income (2) was $105.7 million in the third quarter of 2025, resulting in a combined ratio of 74.9% Q3 2025 Financial Update 1 Net operating earnings is a non-GAAP financial measure, please see Page 25: Non -GAAP reconciliation – Net Operating Earnings; 2 Underwriting income is a non-GAAP financial measure, please see Page 24: Non- GAAP reconciliation – Underwriting Income; 3 Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholder s’ equity during the period.
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22 Selected Financial Data 1 Underwriting income is a non-GAAP financial measure, please see Page 24: Non -GAAP reconciliation – Underwriting Income; 2 Net operating earnings is a non-GAAP financial measure, please see Page 25: Non- GAAP reconciliation – Net Operating Earnings; 3 Operating return on equity is net operating earnings expressed on as a percentage of average beginning and ending stockholders’ equity during the period. Year ended December 31, Nine months ended September 30, ($000’s) 2020 2021 2022 2023 2024 2024 2025 Operating Results: Gross written premiums $552,814 $764,373 $1,102,092 $1,568,815 $1,870,341 $1,427,060 $1,526,048 Underwriting income (1) 54,656 133,564 175,488 270,374 325,881 227,992 268,586 Net operating earnings (2) 72,313 132,404 180,363 291,400 374,771 266,962 319,019 Annualized return on equity 18.0% 23.9% 22.0% 33.6% 32.3% 32.3% 29.1% Annualized operating return on equity (3) 14.7% 20.8% 25.0% 31.8% 29.2% 28.2% 25.4% Loss ratio 62.6% 54.4% 56.3% 54.6% 55.8% 57.1% 56.9% Expense ratio 24.4% 23.2% 22.2% 20.8% 20.6% 20.5% 20.6% Combined ratio 87.0% 77.6% 78.5% 75.4% 76.4% 77.6% 77.5% Financial Position: Cash and invested assets $1,288,555 $1,685,717 $2,186,569 $3,093,646 $4,067,894 $3,959,400 $4,938,500 Stockholders' equity 576,238 699,335 745,449 1,086,832 1,483,561 1,434,949 1,865,217 Book value per share 25.32 30.63 32.28 46.88 63.75 61.62 80.19
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APPENDIX 23
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24 Non-GAAP Reconciliation – Underwriting Income 1 Other expenses are comprised of corporate expenses not allocated to the Company’s insurance operations. Year ended December 31, Three months ended September 30, Nine months ended September 30, ($000’s) 2020 2021 2022 2023 2024 2024 2025 2024 2025 Net income $88,419 $152,659 $159,114 $308,093 $414,843 $114,229 $141,646 $305,749 $364,994 Income tax expense 11,994 36,142 36,450 75,924 99,873 30,169 37,232 70,316 94,484 Income before income taxes 100,413 188,801 195,564 384,017 514,716 144,398 178,878 376,065 459,478 Net investment income (26,110) (31,048) (51,282) (102,335) (150,287) (39,644) (49,604) (108,424) (139,896) Change in the fair value of equity securities (16,855) (22,812) 27,723 (15,277) (43,367) (20,659) (23,717) (41,871) (55,376) Net realized investment (gains) losses (3,533) (2,828) (1,191) (6,040) (6,831) 8 (2,159) (6,737) (2,832) Change in allowance for credit losses on investments - - 366 187 (526) (4) (4) (490) 11 Interest expense 168 994 4,284 10,301 10,134 2,589 2,569 7,575 7,664 Other expenses (1) 1,207 669 721 942 3,968 692 473 3,451 1,145 Other income (634) (212) (697) (1,421) (1,926) (518) (764) (1,577) (1,608) Underwriting income $54,656 $133,564 $175,488 $270,374 $325,881 $86,862 $105,672 $227,992 $268,586
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Non-GAAP Reconciliation – Net Operating Earnings 1 Income taxes on adjustments to reconcile net income to net operating earnings use an effective tax rate of 21% ; 2 Diluted operating earnings per share may not add due to rounding; 3 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 25 Year ended December 31, Three months ended September 30, Nine months ended September 30, ($000’s) 2020 2021 2022 2023 2024 2024 2025 2024 2025 Net income $ 88,419 $ 152,659 $ 159,114 $ 308,093 $ 414,843 $ 114,229 $ 141,646 $ 305,749 $ 364,994 Adjustments: Change in the fair value of equity securities, before taxes (16,855) (22,812) 27,723 (15,277) (43,367) (20,659) (23,717) (41,871) (55,376) Income tax expense (benefit) (1) 3,540 4,791 (5,822) 3,208 9,107 4,338 4,981 8,793 11,629 Change in the fair value of equity securities, after taxes (13,315) (18,021) 21,901 (12,069) (34,260) (16,321) (18,736) (33,078) (43,747) Net realized investment (gains), before taxes (3,533) (2,828) (1,191) (6,040) (6,831) 8 (2,159) (6,737) (2,832) Income tax expense (1) 742 594 250 1,268 1,435 (2) 453 1,415 595 Net realized investment (gains), after taxes (2,791) (2,234) (941) (4,772) (5,396) 6 (1,706) (5,322) (2,237) Change in allowance for credit losses on investments, before taxes - - 366 187 (526) (4) (4) (490) 11 Income tax (benefit) expense (1) - - (77) (39) 110 1 1 103 (2) Change in allowance for credit losses on investments, after taxes - - 289 148 (416) (3) (3) (387) 9 Net operating earnings $ 72,313 $ 132,404 $ 180,363 $ 291,400 $ 374,771 $ 97,911 $ 121,201 $ 266,962 $ 319,019 Diluted operating earnings per share: Diluted earnings per share $ 3.87 $ 6.62 $ 6.88 $ 13.22 $ 17.78 $ 4.90 $ 6.09 $ 13.10 $ 15.67 Change in the fair value of equity securities, after taxes, per share (0.58) (0.78) 0.95 (0.52) (1.47) (0.70) (0.81) (1.42) (1.88) Net realized investment (gains), after taxes, per share (0.12) (0.10) (0.04) (0.20) (0.23) - (0.07) (0.23) (0.10) Change in allowance for credit losses on investments, after taxes, per share - - 0.01 0.01 (0.02) - - (0.02) - Diluted operating earnings per share (2) $ 3.16 $ 5.74 $ 7.80 $ 12.50 $ 16.06 $ 4.20 $ 5.21 $ 11.44 $ 13.70 Average stockholders' equity $ 491,059 $ 637,787 $ 722,392 $ 916,141 $ 1,285,197 $ 1,346,076 $ 1,793,895 $ 1,260,891 $ 1,674,389 Annualized operating return on equity (3) 14.7% 20.8% 25.0% 31.8% 29.2% 29.1% 27.0% 28.2% 25.4%