Kinsale Capital Group, Inc. has reported net income of $138.6 million for the fourth quarter of 2025, compared to $109.1 million in Q4’24.
Net income for the final quarter of 2025 included after-tax catastrophe losses of $2.3 million, compared to $6.2 million in Q4’24.
The quarter saw gross written premiums (GWP) rise by 1.8% to $451.1 million compared to $443.3 million in Q4’24. However, GWP in the Commercial Property Division, Kinsale’s largest division, declined 28.3% in Q4’25, compared to the prior-year periods, reflecting lower rates and increased competition, including from standard carriers.
For Q4’25, net written premiums (NWP) rose by 7.1% to $370.6 million compared to $346.1 million in Q4’24, driven largely by higher GWP and an increase in the retention on the company’s reinsurance treaties.
Kinsale reported an underwriting income of $120.6 million, with a combined ratio of 71.7% for Q4’25, compared to $97.9 million and 73.4% for the same period last year. The increase was due to continued business growth, higher favourable development of loss reserves from prior accident years, and lower catastrophe losses.
Additionally, for this quarter, loss and expense ratios were 50.1% and 21.6%, respectively, compared to 52.3% and 21.1% in Q4’24. Favourable development of reserves from prior accident years was $17 million in Q4’25, primarily within the property lines of business.
The loss ratio for Q4’25 included 0.7 points of net catastrophe losses, while the Q4’24 loss ratio included 2.2 points of net catastrophe losses, primarily related to Hurricane Milton.
Finally, the net operating earnings for Q4’25 were $134.6 million, compared to $107.8 million in Q4’24.
Net investment income rose by 24.9% to $52.3 million in Q4’25 compared to $41.9 million in Q4’24, driven by growth in the investment portfolio generated primarily from the investment of strong operating cash flows since December 31, 2024.
For the full year 2025, net income was $503.6 million, compared to $414.8 million in 2024. In 2025 and 2024, net income included after-tax catastrophe losses of $24 million and $20.2 million, respectively.
For FY’25, GWP were $2 billion compared to $1.9 billion for 2024, an increase of 5.7%. However, GWP in the Commercial Property Division, Kinsale’s largest division, declined by 17.9% for 2025, compared to the prior-year periods, as said before, reflecting lower rates and increased competition, including from standard carriers.
For 2024, NWP rose by 9.4% to $1.6 billion, compared to $1.5 billion for 2024, driven by the aforementioned higher GWP and an increase in the retention on the company’s reinsurance treaties.
FY’25 underwriting income was $389.2 million, with a combined ratio of 75.9%, compared to $325.9 million and 76.4% for FY’24, driven by business growth and higher favourable development of loss reserves from prior accident years, offset in part by higher catastrophe losses incurred during the year.
The 2025 loss and expense ratios were 55.1% and 20.8%, respectively, compared to 55.8% and 20.6%, respectively, for 2024. In 2025, favourable development of reserves from prior accident years was $62.8 million, mostly within the property lines of business and $37.7 million in 2024.
The 2025 loss ratio included 1.9 points of net catastrophe losses primarily related to the Palisades Fire, while in 2024 it included 1.8 points, primarily related to Hurricanes Milton, Helene and Francine and tornadoes in the Midwest.
The net operating earnings for 2025 were $453.7 million, compared to $374.8 million in 2024. The net investment income for 2025 rose by 27.9% to $192.2 million compared to $150.3 million for FY’24, driven by growth in the investment portfolio generated primarily from the investment of strong operating cash flows since December 31, 2024.
Michael P. Kehoe, Chairman and Chief Executive Officer, Kinsale Capital Group, commented, “We delivered another strong quarter to close out 2025, marked by exceptional profitability resulting from continued disciplined underwriting and technology-enabled low costs in a competitive market. We remain confident that the resilience of our model positions us to deliver long-term value for our stockholders throughout the market cycle.”
