Kinsale Capital Group, Inc. has announced its financial results for the third quarter of 2026, reporting a net income of $98.1 million, down from the $141.6 million in the same period the year prior.
Q3 2026 net income included after-tax catastrophe losses of $1.7 million, slightly up from the $1.0 million reported in Q3 2025.
For the first nine months of 2026, net income reached $386.6 million, with catastrophe losses of $7.2 million. This compares to the $365.0 million reported for the first nine months of 2025, which also included $21.7 million in catastrophe losses.
The company explained that its net income for Q3 2026 reflects a $37.6 million pre-tax realised loss from selling fixed-maturity securities, a step taken as part of a strategic portfolio repositioning to enhance long-term yields.
Gross written premiums (GWP) decreased by 4.8% to $462.9 million, and net written premiums decreased by 1.5% to $399.1 million in Q3 2026. GWP was $1,472.5 million for the first nine months of 2026 compared to $1,526.0 million for the first nine months of 2025, a decrease of 3.5%.
According to Kinsale, the decrease in GWP was primarily due to heightened competition in the company’s property divisions, where premiums declined 19.3% and 18.7% in both Q3 and first 9M of 2026, respectively, including declines of 26.8% and 29.8% in the Commercial Property Division.
GWP in the Company’s casualty business increased 0.9% for Q3 2026 and 3.0% for the first 9M of 2026 compared to the prior-year periods, primarily due to an increase in bound accounts offset in part by a change in business mix towards smaller accounts.
Net earned premiums increased by 3.0% to $423.5 million in Q3 2026, while net investment income increased by 17.5% to $58.3 million.
Q3 2026 saw an underwriting income of $107.1 million, which resulted in a combined ratio of 75.4%, compared to $105.7 million and a combined ratio of 74.9% for the same period last year.
Kinsale attributed the higher underwriting income primarily to higher net earned premium volume and increased favourable prior-year loss reserve development, though these gains were partially offset by reduced ceding commissions following higher retention levels on its reinsurance treaties.
Loss and expense ratios were 53.4% and 22.0%, respectively, for Q3 2026 compared to 53.9% and 21.0% for Q3 2025.
For the first 9M 2026, underwriting income reached $307.0 million, resulting in a combined ratio of 76.1%, an increase compared to the $268.6 million in underwriting income reported for the 9M 2025, which also saw a combined ratio of 77.5%.
The increase in underwriting income was largely due to growth in net earned premiums, lower catastrophe losses and higher favourable development of loss reserves from prior accident years.
Loss and expense ratios were 54.5% and 21.6%, respectively, for the first 9M 2026 compared to 56.9% and 20.6% for the same period the year prior. The loss ratio for the first nine months of 2025 included 2.3 points of net catastrophe losses, primarily related to the Palisades Fire.
“Our underwriting results this quarter demonstrate discipline in a competitive market,” said Chairman, President and Chief Executive Officer, Michael P. Kehoe. “We continue to produce exceptional underwriting margins and strong investment income which allows us to return capital to stockholders. Disciplined underwriting and technology-enabled low costs remain the foundation of our strategy to create long-term value for our stockholders.”
