Kinsale Capital Group, Inc. reported underwriting revenue of $94.5 million and a combined ratio of 77.4% in the first quarter of 2026, compared to $67.5 million and 82.1% in the first quarter of 2025.
The increase in underwriting revenue was driven by an increase in net premiums earned of $407 million compared to $366 million in the first quarter of 2025, lower catastrophe losses, and favorable developments in loss reserves from previous accident years.
Gross written premiums (GWP) fell 0.5% to US$482 million in Q1’26 compared to US$484.3 million in Q1’25. The decline was driven by a 28.3% decline in Kinsale’s largest segment, commercial property, as rates continued to fall due to increased competition, including from standard carriers.
The airline highlighted that excluding this segment, GWP was up 6% on the same period last year, reflecting continued strong submission traffic across most segments.
Meanwhile, net written premiums were $403.3 million in 1Q26, an increase of 5.6% compared to $381.7 million in 1Q25, driven by increased retention of the company’s reinsurance treaties effective upon renewal in June 2025.
In the first quarter of 2026, the loss ratio and expense ratio were 56.3% and 21.1%, respectively, compared with 62.1% and 20%, respectively, in the first quarter of 2025.
Net catastrophe losses added 0.4 percentage points to the 1Q26 loss rate, while the 1Q25 loss rate included 6.0 percentage points of net catastrophe losses, primarily related to the Palisades Fire. After-tax catastrophe losses reached $1.3 million in 1Q26 compared to $17.8 million in 1Q25.
Kinsale explained that the results for Q1’26 and Q1’25 included net favorable developments in prior accident year loss reserves of $18.7 million and $14.6 million, respectively.
At the same time, the expense ratio increased to 21.1% in the first quarter of 2026, mainly due to the higher retention rate of the company’s reinsurance treaties and lower reinsurance commissions.
Kinsale’s net profit increased to $112.6 million in 1Q26, compared with $89.2 million in 1Q25.
Net operating income for the quarter was $117.8 million, compared with net operating income of $86.4 million in the first quarter of 2025. Net investment income increased 26.5% to $55.4 million, compared with $43.8 million in the first quarter of 2025, driven by strong operating cash flow.
Kinsale Chairman, President and Chief Executive Officer Michael P. Kehoe commented: “Our first quarter results demonstrate superior profitability. We are confident in our underwriting discipline and strategy to maintain structural low costs.
“Especially in a highly competitive market, we remain focused on delivering long-term shareholder value throughout market cycles, generating sustained and attractive underwriting profits while prudently managing capital.”
