KNSLKinsale Capital Group, Inc.
Industry Insurance Updated 24 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$364 → $423
What the podcasts say
0 bullish · 1 bearish · 1 speaker · 1 showWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bearish
Promises vs. what happened
10 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| Technology gives a substantial cost advantage | Q3 '24 | held: 20.8% expense ratio against a 32.8% peer average — but 22.0% by Q3 '26 | Held |
| New products carry the growth | Q3 '24 | held, and tiny: agribusiness is 1.1% of premium against an $81.7m hole in property | Held |
| Keep growing profitably | Q3 '24 | profit yes, growth no: +18.8% a quarter to -4.8% in Q3 '26, the third fall in a row | Late |
| Best combination of high growth and low combined ratio | Q3 '24 | "high" was deleted; the three-year premium CAGR went 38.4% to 13.0% | Late |
| Float, cash flow and investment income keep growing | Q1 '25 | float +27% and investment income +17.5% in Q3 '26, but operating cash flow fell in 1H '26 | Late |
| Robust growth from a 2% market share | Q3 '24 | restated to 1.4% one deck later, then removed from the slide | Late |
| Still well-positioned for continued profitable growth | Q2 '26 | partly: Q3 '26 kept a 75.4% combined ratio, and premium fell 4.8% | Late |
| The only pure-play E&S investment | Q3 '24 | dropped: the slide was retitled and a new ticker added, with no reason given | Dropped |
| A progressively dislocated E&S market | Q3 '24 | missed: the largest division fell 18%, then 26.8% in Q3 '26, and "progressively" became "targeted areas" | Missed |
| The goal is exceptional profit and growth | Q3 '24 | missed: "and growth" was written out of the goal the quarter premium first fell | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
Small accountsOff page one Q2 '26
Profitable growthOff page one Q2 '26
FloatPage one since Q1 '25
Peer chartFirst seen Q3 '24
TechnologyPage one since Q3 '24
DislocationFirst seen Q3 '24
Share priceFirst seen Q3 '24
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Exclusive small-account E&S focus
“Kinsale Capital Group, Inc., founded in 2009, is a specialty insurance company focused exclusively on the excess and surplus lines market in the United States.”
Deck November 2024 Kinsale IR Presentation · p. 4 ·
Exclusive small-account E&S focus
“Kinsale Capital Group, Inc., founded in 2009, is a specialty insurance company focused exclusively on the excess and surplus lines market in the United States.”
Deck February 2025 Kinsale IR Presentation · p. 4 ·
Exclusive small-account E&S focus
“Kinsale Capital Group, Inc., founded in 2009, is a specialty insurance company focused exclusively on the excess and surplus lines market in the United States.”
Deck May 2025 Kinsale IR Presentation · p. 4 ·
Exclusive small-account E&S focus
“Kinsale Capital Group, Inc., founded in 2009, is a specialty insurance company focused exclusively on the excess and surplus lines market in the United States.”
Deck August 2025 Kinsale IR Presentation · p. 4 ·
Exclusive small-account E&S focus
“Kinsale Capital Group, Inc., founded in 2009, is a specialty insurance company focused exclusively on the excess and surplus lines market in the United States.”
Deck October 2025 Kinsale IR Presentation · p. 4 ·
Exclusive small-account E&S focus
“Kinsale Capital Group, Inc., founded in 2009, is a specialty insurance company focused exclusively on the excess and surplus lines market in the United States.”
Deck February 2026 Kinsale IR Presentation · p. 4 ·
Exclusive small-account E&S focus
“Kinsale Capital Group, Inc., founded in 2009, is a specialty insurance company focused exclusively on the excess and surplus lines market in the United States.”
Deck May 2026 Kinsale IR Presentation · p. 4 ·
Exclusive small-account E&S focus
“KINSALE OPERATES EXCLUSIVELY IN THE ATTRACTIVE E&S”
Deck August 2026 Kinsale IR Presentation · p. 10 ·
Profitable growth
“Well-positioned to generate strong returns and robust growth as we expand our 2% market share”
Deck November 2024 Kinsale IR Presentation · p. 4 ·
Profitable growth
“Well-positioned to generate strong returns and robust growth as we expand our 1.4% market share”
Deck February 2025 Kinsale IR Presentation · p. 4 ·
Profitable growth
“We believe Kinsale is well-positioned for continued profitable growth”
Deck May 2025 Kinsale IR Presentation · p. 16 ·
Profitable growth
“We believe Kinsale is well-positioned for continued profitable growth”
Deck August 2025 Kinsale IR Presentation · p. 16 ·
Profitable growth
“We believe Kinsale is well-positioned for continued profitable growth”
Deck October 2025 Kinsale IR Presentation · p. 16 ·
Profitable growth
“Our goal is to provide long-term value to our stockholders by generating exceptional profit and growth.”
Deck February 2026 Kinsale IR Presentation · p. 4 ·
Profitable growth
“Our goal is to provide long-term value to our stockholders by generating exceptional returns.”
Deck May 2026 Kinsale IR Presentation · p. 4 ·
Profitable growth
“KINSALE IS WELL-POSITIONED FOR CONTINUED PROFITABLE GROWTH”
Deck August 2026 Kinsale IR Presentation · p. 17 ·
Balance sheet, reserves and float
“Strong balance sheet and reserve position.”
Deck May 2025 Kinsale IR Presentation · p. 4 ·
Balance sheet, reserves and float
“Strong balance sheet and reserve position.”
Deck August 2025 Kinsale IR Presentation · p. 4 ·
Balance sheet, reserves and float
“Strong balance sheet and reserve position.”
Deck October 2025 Kinsale IR Presentation · p. 4 ·
Balance sheet, reserves and float
“Strong balance sheet and reserve position.”
Deck February 2026 Kinsale IR Presentation · p. 4 ·
Balance sheet, reserves and float
“Strong balance sheet and reserve position.”
Deck May 2026 Kinsale IR Presentation · p. 4 ·
Balance sheet, reserves and float
“Strong balance sheet and reserve position.”
Deck August 2026 Kinsale IR Presentation · p. 4 ·
Lowest combined ratio among peers
“ Best combination of high growth and low combined ratio among peers¹”
Deck November 2024 Kinsale IR Presentation · p. 8 ·
Lowest combined ratio among peers
“ Best combination of high growth and low combined ratio among peers¹”
Deck February 2025 Kinsale IR Presentation · p. 8 ·
Lowest combined ratio among peers
“ Best combination of high growth and low combined ratio among peers1”
Deck May 2025 Kinsale IR Presentation · p. 8 ·
Lowest combined ratio among peers
“ Best combination of growth and low combined ratio among peers1”
Deck August 2025 Kinsale IR Presentation · p. 8 ·
Lowest combined ratio among peers
“ Best combination of growth and low combined ratio among peers1”
Deck October 2025 Kinsale IR Presentation · p. 8 ·
Lowest combined ratio among peers
“ Best combination of growth and low combined ratio among peers1”
Deck February 2026 Kinsale IR Presentation · p. 8 ·
Lowest combined ratio among peers
“OUR COMBINED RATIO IS ONE OF THE LOWEST AMONGST OUR SPECIALTY”
Deck May 2026 Kinsale IR Presentation · p. 15 ·
Lowest combined ratio among peers
“ Best combination of growth and low combined ratio among peers1”
Deck August 2026 Kinsale IR Presentation · p. 9 ·
Technology and cost advantage
“Leverage our proprietary technology to operate with a substantial cost advantage over competitors”
Deck November 2024 Kinsale IR Presentation · p. 4 ·
Technology and cost advantage
“Leverage our proprietary technology to operate with a substantial cost advantage over competitors”
Deck February 2025 Kinsale IR Presentation · p. 4 ·
Technology and cost advantage
“Leverage our proprietary technology to operate with a substantial cost advantage over competitors”
Deck May 2025 Kinsale IR Presentation · p. 4 ·
Technology and cost advantage
“Leverage our proprietary technology to operate with a substantial cost advantage over competitors”
Deck August 2025 Kinsale IR Presentation · p. 4 ·
Technology and cost advantage
“Leverage our proprietary technology to operate with a substantial cost advantage over competitors”
Deck October 2025 Kinsale IR Presentation · p. 4 ·
Technology and cost advantage
“Leverage our proprietary technology to operate with a substantial cost advantage over competitors”
Deck February 2026 Kinsale IR Presentation · p. 4 ·
Technology and cost advantage
“Leverage our proprietary technology to operate with a substantial cost advantage over competitors”
Deck May 2026 Kinsale IR Presentation · p. 4 ·
Technology and cost advantage
“Leverage our proprietary technology to operate with a substantial cost advantage over competitors”
Deck August 2026 Kinsale IR Presentation · p. 4 ·
E&S market dislocation
“Kinsale is poised to benefit from the growing and progressively dislocated E&S market.”
Deck November 2024 Kinsale IR Presentation · p. 11 ·
E&S market dislocation
“Kinsale is poised to benefit from the growing and progressively dislocated E&S market.”
Deck February 2025 Kinsale IR Presentation · p. 11 ·
E&S market dislocation
“Kinsale is poised to benefit from the growing and progressively dislocated E&S market.”
Deck May 2025 Kinsale IR Presentation · p. 11 ·
E&S market dislocation
“Kinsale is poised to benefit from the growing and progressively dislocated E&S market.”
Deck August 2025 Kinsale IR Presentation · p. 11 ·
E&S market dislocation
“Kinsale is poised to benefit from the growing and progressively dislocated E&S market.”
Deck October 2025 Kinsale IR Presentation · p. 11 ·
E&S market dislocation
“Kinsale is poised to benefit from the growing and progressively dislocated E&S market.”
Deck February 2026 Kinsale IR Presentation · p. 11 ·
E&S market dislocation
“Kinsale is poised to benefit from the growing and progressively dislocated E&S market.”
Deck May 2026 Kinsale IR Presentation · p. 11 ·
E&S market dislocation
“Kinsale is poised to benefit from targeted areas of dislocation in the current E&S market.”
Deck August 2026 Kinsale IR Presentation · p. 12 ·
Shareholder returns vs the S&P 500
“Compounded Annual Gain ─ 2016-2023 51.2% 13.2%”
Deck November 2024 Kinsale IR Presentation · p. 7 ·
Shareholder returns vs the S&P 500
“Compounded Annual Gain ─ 2016-2024 49.7% 14.6%”
Deck February 2025 Kinsale IR Presentation · p. 7 ·
Shareholder returns vs the S&P 500
“Compounded Annual Gain ─ 2016-2024 49.7% 14.6%”
Deck October 2025 Kinsale IR Presentation · p. 7 ·
Shareholder returns vs the S&P 500
“Compounded Annual Gain — 2016-2025 40.8% 14.9%”
Deck August 2026 Kinsale IR Presentation · p. 8 ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- Small accounts
- On the overview slide of all eight decks, and the one claim nothing has contradicted. The "only publicly-traded, pure-play" title was replaced in Aug '26, with a new competitor's ticker added to the chart and no reason given.
- Profitable growth
- Growth left the overview slide in May '25 and the stated goal in May '26, the first quarter premium declined. The growth-drivers slide kept its title throughout — it is the only place the word survives.
- Float
- Appeared in May '25, replacing the market-share line, the quarter growth started slowing. Float +27% to $3,396.2m; operating cash flow fell, and in Aug '26 the slide title moved cash flow to the end.
- Peer chart
- Kinsale against eight peers on growth and combined ratio. "High" was deleted from "high growth" in Aug '25; the three-year premium CAGR shown went 38.4% to 25.6% to 13.0%, still the highest of the nine.
- Technology
- The claim that held. Expense ratio 20.8% against a peer average of 32.8% in the deck's own chart — 21.7% by Q2 '26 and 22.0% in Q3, because retention rose and ceding commissions fell.
- Dislocation
- The market was "growing and progressively dislocated" for seven decks. In Aug '26 it became "targeted areas of dislocation", the quarter gross premium fell 5.0% and the division that benefited most from dislocation fell 32.7%. The Oct '26 release names "heightened competition" in property: Commercial Property -26.8% in Q3.
- Share price
- A returns-against-the-S&P table in four decks, image-only in two of them. Aug '26 shows 2025 at (15.8)% against the index's 17.9% and adds a share-price chart — the first deck to show the share price.
- New
- Aug '26: net written premiums appear as a bullet for the first time, in the quarter gross fell 5.0% and net only 1.4%; gross investment return is added to the float chart.
- Quiet
- The market-share figure went after two decks, and the peer book-value and earnings-growth charts after one. No deck in the window shows an accident-year loss ratio, reserve development or a rate change.
Every quarterly report we’ve saved · 9
The press releases and shareholder letters behind this page.
- Q3 2026 release · 8-K 22 Oct 2026
- Q2 2026 release · 8-K 23 Jul 2026
- Q1 2026 release · 8-K 23 Apr 2026
- Q4 2025 release · 8-K 12 Feb 2026
- Q3 2025 release · 8-K 23 Oct 2025
- Q2 2025 release · 8-K 24 Jul 2025
- Q1 2025 release · 8-K 24 Apr 2025
- Q4 2024 release · 8-K 13 Feb 2025
- Q3 2024 release · 8-K 24 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 4% | · | · | 4% | · | · | 17% | · |
| Growth & sales | 17% | 45% | 15% | 21% | 38% | · | 44% | 28% |
| Pricing & margins | 8% | 21% | 12% | 29% | 25% | · | 22% | 33% |
| Guidance & outlook | 17% | 7% | 3% | 18% | · | · | 17% | 6% |
| Capacity & supply | · | 3% | 3% | · | · | · | · | · |
| Capital & financing | 12% | 14% | 6% | 7% | 8% | · | 17% | 6% |
| Competition | 29% | 10% | 12% | 14% | 29% | · | 39% | 6% |
| Products & technology | 4% | 14% | · | 4% | 4% | · | 6% | 6% |
| Macro & regulation | 4% | 3% | 15% | · | · | · | 6% | · |
| Other | 38% | 34% | 52% | 43% | 38% | 100% | 11% | 44% |
| Questions | 24 | 29 | 33 | 28 | 24 | 1 | 18 | 18 |
| How much the CEO talked | 94% | 74% | 85% | 86% | 68% | 69% | 84% | 44% |
Who’s in charge, who’s selling
read from the filings · 26 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · worsening
The bonus pool is struck after reserve releases, and the releases are accelerating
The proxy names actual underwriting profit as the measure "used to determine the bonus pool calculation under the annual cash incentive program" — $382.6m for 2025, struck after prior-year development. Favourable development went 2.79 points of net earned premium in 2024 to 3.99 in 2025 (+67% in dollars) to 4.62 in H1 '26, while gross premium growth went +12% to negative. Q2 '26's $19.4m release was the net of $22.6m taken from the 2021-25 years, "particularly in our shorter-tail lines", against an adverse charge in 2017-19 construction liability. 2025 bonuses paid at 181% of target for the chief executive.
Tier 2 · stable
Chairman, president and chief executive in one person, and the retired president votes on the board
Kehoe has run Kinsale since founding it in 2009, took the chairman's title in March 2024 and the president's in March 2026. The counterweight is a lead independent director of 79 who was himself chairman until 2024. Brian Haney was elected to the board six days after giving notice as president, retired as an officer in March 2026, and is paid $500,000 a year as a senior adviser while sitting as a director. Two of nine directors are therefore not independent. Against it: Kehoe owns 4.0% and the insiders 5.6%, the strongest alignment in this cluster.
Tier 2 · worsening
A 10-20% growth range was said on five consecutive calls and has not been said since
Kinsale guides nothing, but it did state a 10-20% gross-premium growth range "over the cycle" from Oct '24 to Oct '25. It appears on none of the three calls since, and nobody withdrew, re-based or replaced it; the actual rate went +5.7% to -0.5% to -5.0%. The executive who said it most often gave notice a week before the last call it was spoken on. The decks edited themselves the same quiet way: "2% market share" became 1.4% then vanished, "high" left "high growth", "exceptional profit and growth" became "exceptional returns".
Tier 2 · worsening
Five senior changes in twelve months, including both technology and actuarial
Oct '25: the president gives notice and the chief underwriting officer is promoted. Jan '26: a director will not stand and the board shrinks to nine. Mar '26: the president retires and the chief executive takes his title. Apr '26: the chief information officer retires effective the day she notifies the company, on a severance schedule running to March 2028, and the chief actuary of thirteen months takes technology as well. Every amber disclosure row since 2024 is an Item 5.02 — nine of them.
Tier 3 · stable
A 9.1% shareholder is paid to manage the float, and officers were exculpated
BlackRock holds 9.1% and "provides, on an arm's length basis, investment management services to the Company for which the Company incurred fees of approximately $2.9 million during 2025" — a float of $3,396.2m, up 27% in five quarters, with the equity share inside it up from 8% to 11.7%. Separately, the 2025 meeting approved a charter amendment exculpating officers with 12.3% against and the 2025 share plan with 11.5%, by far the largest dissents of either year.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Kehoe (Chairman, President, CEO)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 484.9K against | 227.8K against | 1.2% |
| Share (CNCG chair)A board seat. | 923.3K against | 569.2K against | 3.1% |
| Lippincott (lead independent)A board seat. | 335.6K against | 148.6K against | 0.8% |
| Haney (retired President)A board seat. | — | 146.6K against | 0.8% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 787.9K against | 436.9K against | 2.4% |
| Ratify KPMGThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 68.0K against | 49.9K against | 0.2% |
| Exculpation of officers (2025)Shielding executives from lawsuits. A change to the company's rulebook so that officers cannot be sued personally by shareholders for careless (not dishonest) decisions. Shareholders give up some of their power to hold executives to account; a no keeps it. | 2.30M against | — | 12.3% in 2025 |
| 2025 Omnibus Incentive PlanStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much. | 2.14M against | — | 11.5% in 2025 |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| All insiders | $13.0M | 16 sales by 5 of the 14 officers and directors |
| Of that, pre-planned | about a sixth | 17.4% under pre-set 10b5-1 plans |
| Bought | $1.1M | 15 purchases by two insiders — buying at all is rare on this board |