Kinsale Capital Group, Inc. reported net income of $138.6 million in the fourth quarter of 2025, compared with $109.1 million in the fourth quarter of 2024.
Net income for the final quarter of 2025 included an after-tax catastrophe loss of $2.3 million, compared with net income of $6.2 million for the fourth quarter of 2024.
Gross written premiums (GWP) increased 1.8% to $451.1 million in the quarter, compared with $443.3 million in the fourth quarter of 2024. However, GWP for the commercial real estate segment, Kinsale’s largest segment, fell 28.3% in Q4 2025 compared with the same period last year, reflecting lower rates and increased competition (including from standard carriers).
Net written premiums (NWP) increased 7.1% to $370.6 million in 4Q25, compared to $346.1 million in 4Q24, primarily due to higher GWP and an increase in the company’s reinsurance treaty retainers.
Kinsale reported 4Q25 underwriting revenue of $120.6 million and a combined ratio of 71.7%, compared to $97.9 million and a combined ratio of 73.4% in the same period last year. The increase was due to continued growth in the business, good development of loss reserves in previous accident years and reductions in catastrophe losses.
Additionally, the loss ratio and expense ratio for the quarter were 50.1% and 21.6%, respectively, compared with 52.3% and 21.1% for Q4 2024. Favorable development of reserves for previous accident years was $17 million in Q4 2025, primarily in the real estate business.
The 4Q25 loss rate included 0.7 percentage points of net catastrophe losses, while the 4Q24 loss rate included 2.2 percentage points of net catastrophe losses, primarily related to Hurricane Milton.
Finally, net operating income in 4Q25 was $134.6 million, compared to net operating income of $107.8 million in 4Q24.
Net investment income increased 24.9% from $41.9 million in Q4’24 to $52.3 million in Q4’25, primarily driven by portfolio growth generated by strong operating cash flow investments since December 31, 2024.
For the full year of 2025, net profit was $503.6 million, compared with $414.8 million in 2024. Net income includes after-tax catastrophe losses of $24 million and $20.2 million in 2025 and 2024, respectively.
The global warming potential for fiscal year 2025 is $2 billion, compared with $1.9 billion in 2024, an increase of 5.7%. However, as noted earlier, GWP for Kinsale’s largest segment, commercial real estate, fell 17.9% in 2025 compared with the prior year, reflecting lower rates and increased competition, including from standard carriers.
In 2024, NWP increased 9.4% to $1.6 billion, compared with $1.5 billion in 2024, due to the above-mentioned higher GWP and an increase in the company’s reinsurance treaty reserves.
Underwriting revenue in FY25 was $389.2 million and a combined ratio of 75.9%, compared to underwriting revenue of $325.9 million and a combined ratio of 76.4% in FY24, driven by business growth and favorable developments in prior accident year loss reserves, partially offset by higher catastrophe losses incurred during the year.
Loss and expense ratios in 2025 are 55.1% and 20.8%, respectively, compared with 55.8% and 20.6% in 2024. Favorable developments in provisions for previous accident years amounted to USD 62.8 million in 2025, mainly within the real estate business, compared to USD 37.7 million in 2024.
The 2025 loss rate includes 1.9 percentage points of net catastrophe losses, primarily related to the Palisades Fire, while the 2024 loss rate includes 1.8 percentage points, primarily related to hurricanes Milton, Helen and Francine and tornadoes in the Midwest.
Net operating income in 2025 was $453.7 million, compared with $374.8 million in 2024. Net investment income increased 27.9% to $192.2 million in 2025, compared with net investment income of $150.3 million in fiscal 2024, driven primarily by portfolio growth generated by investments in strong operating cash flow since December 31, 2024.
Michael P. Kehoe, Chairman and Chief Executive Officer of Kinsale Capital Group, commented, “We ended 2025 with another strong quarter, characterized by superior profitability driven by continued disciplined underwriting and technology-driven low costs in a highly competitive market. We continue to believe that the resiliency of our model positions us to deliver long-term value to shareholders throughout market cycles.”
