Kinsale (KNSL) Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Fri, April 24, 2026 astatine 11:33 AM CDT 25 min read

Image source: The Motley Fool.

Friday, April 24, 2026 astatine 9:00 a.m. ET

• Chief Executive Officer — Michael Kehoe

• Chief Financial Officer — Bryan Petrucelli

• Chief Underwriting Officer — Stuart Winston

• Chief Actuary and Head of Data and Analytics — Salmaan Allibhai

Need a punctuation from a Motley Fool analyst? Email [email protected]

Michael Kehoe: Thank you, operator, and bully morning, everyone. Today, I'm joined by Bryan Petrucelli, our Chief Financial Officer; Stuart Winston, our Chief Underwriting Officer; and Salmaan Allibhai, our Chief Actuary and Head of our Data and Analytics team. In the archetypal 4th 2026, Kinsale's diluted operating net per stock accrued by 37.7% implicit the archetypal 4th of 2025, generating an annualized operating instrumentality connected equity of 24%. Gross written premium was down 0.5%, but nett written premium grew by 5.6% for the 4th arsenic our concern lines with the slightest reinsurance information continued to amusement affirmative apical enactment growth. Kinsale's combined ratio was 77.4%.

E&S marketplace conditions successful the archetypal 4th continued to beryllium competitory with the level of contention and our maturation complaint varying from 1 marketplace conception to another. We added further disclosure to our 10-Q this 4th with gross written premium elaborate by underwriting division, archetypal 4th of 2026 and 2025. This quarterly disclosure complements the yearly disclosure of premium by underwriting part successful our 10-K and provides immoderate penetration into marketplace conditions and maturation prospects astatine a much granular level.

And continuing the inclination from the past fewer quarters, overmuch of the headwind to our maturation emanates from our ample commercialized spot division, wherever we constitute larger layered spot accounts and wherever determination is an abundance of contention and falling rates. Excluding the Commercial Property division, Kinsale's maturation successful gross written premium was 6% for the archetypal quarter. The concern thesis successful Kinsale has ever started with our disciplined underwriting and low-cost concern model. By maintaining power implicit our underwriting cognition and ne'er outsourcing it to 3rd parties, we thrust a much close and much profitable underwriting process portion offering our brokers the champion lawsuit work and the broadest hazard appetite successful the E&S market.

Likewise, our 17-year committedness to making exertion and analytics a halfway competency, allows america to run a smarter concern with a tremendous outgo vantage implicit each rival successful the market, nary exceptions. And successful this competitory play of the security cycle, the Kinsale exemplary continues to succeed. In the archetypal quarter, caller concern submissions were up 6%. New concern quotes were up 8% and caller concern hindrance orders were up 9%. We are seeing the largest headwind to maturation among larger accounts, peculiarly wrong our Commercial Property division. It's connected the larger premium accounts wherever the contention is astir intense. Hence, our continued absorption connected smaller transactions wherever margins proceed to beryllium robust.