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Kinsale Capital’s 37.7% EPS Jump Meets A Softer E&S Pricing Cycle!

Kinsale Capital Group reported first quarter 2026 results marked by strong profitability and operational discipline amid a competitive Excess & Surplus (E&S) insurance market landscape. Diluted operating earnings per share rose 37.7% year-over-year, producing an annualized operating return on equity of 24%. Gross written premium (GWP) decreased slightly by 0.5%, yet net written premium (NWP) increased 5.6%, attributed to growth in less reinsured business lines. The company’s combined ratio stood at a notably low 77.4%, supported by favorable prior year loss reserve development and low catastrophe losses compared to the prior year. Kinsale’s performance reflected headwinds primarily from its large commercial property division, which experienced abundant competition and declining rates, causing pressure on growth in that segment. Excluding commercial property, GWP grew 6% in the quarter.