Kinsale Capital’s net income rises 24% to $141.6m in Q3’25

Kinsale Capital Group, Inc. reported a net income of $141.6 million for the third quarter of 2025, an increase of 24% compared to $114.2 million for the same period a year earlier.

Net income included after-tax catastrophe losses of $1 million, compared to $10.8 million in Q3’24.

In Q3’25, net operating earnings amounted to $121.2 million, up from $97.9 million in Q3’24.

Gross written premiums (GWP) increased 8.4% to $486.3 million from $448.6 million.

GWP in the Commercial Property Division, Kinsale’s largest segment, declined 7.9% in Q3’25 due to lower rates and increased competition, including from standard carriers. Excluding the Commercial Property Division, GWP grew 12.3%, driven by continued strong submission flow across most divisions.

Net written premiums rose 15.8% to $405.1 million from $349.9 million.

Underwriting income for the quarter was $105.7 million, up from $86.9 million, resulting in a combined ratio of 74.9%, compared to a combined ratio of 75.7% for the same period last year.

Kinsale attributed the increase in underwriting income to continued business growth, lower catastrophe losses, and higher favourable development of loss reserves from prior accident years.

Loss and expense ratios were 53.9% and 21.0%, respectively, in Q3’25, compared to 56.1% and 19.6% in Q3’24.

Net investment income increased 25.1% to $49.6 million from $39.6 million, driven by growth in Kinsale’s investment portfolio generated largely from the investment of strong operating cash flows.

Michael P. Kehoe, Chairman and CEO of Kinsale, said, “Our business continues to produce strong results across the market cycle as we execute our model of disciplined underwriting and technology-enabled expense management. We remain confident in our strategy and our ability to deliver long-term value to our shareholders.”