Kinsale Capital’s net income increased 44.8% to $134m in Q2’25

Kinsale Capital Group, Inc. reported a net income of $134.1 million for the second quarter of 2025, which includes after-tax catastrophe losses of $2.9 million, up 44.8% from $92.6 million in the same quarter a year earlier, which included $2.7 million in after-tax catastrophe losses.

For the first half of 2025, net income rose to $223.3 million, from $191.5 million in H1’24. After-tax catastrophe losses for the period totalled $20.8 million, significantly higher than $3.2 million in the prior-year period—driven primarily by the Palisades Fire in Q1.

Net operating earnings reached $111.4 million in Q2’25, up from $87.4 million in Q2’24.

For H1’25, net operating earnings totalled $197.8 million, compared to $169.1 million in H1’24.

Gross written premiums (GWP) rose 4.9% year over year in Q2 to $555.5 million, up from $529.8 million.

In H1’25, GWP increased 6.3% to $1 billion, compared to $978.4 million in the same period last year.

Within Commercial Property—Kinsale’s largest division—GWP declined 16.8% in the second quarter and 17.5% for the first half of 2025. The company attributed the decline to lower rates and increased competition, including from standard carriers.

Excluding the Commercial Property division, GWP grew 14.3% in Q2 and 15.5% in H1, driven by continued strong submission flow across most divisions.

Underwriting income for the quarter was $95.5 million, compared to $76.1 million in Q2’24, resulting in a combined ratio of 75.8%, improved from 77.7% the year prior. The increase was driven by business growth and more favourable development of loss reserves from prior accident years.

The Q2 combined ratio consisted of a loss ratio of 55.1% and an expense ratio of 20.7%, versus 56.6% and 21.1%, respectively, in Q2’24. Results for the second quarter of 2025 and 2024 included net favorable development of loss reserves from prior accident years of $15.4 million (3.9 points) and $9.5 million (2.8 points), respectively.

In H1’25, underwriting income totalled $162.9 million, up from $141.1 million in H1’24. The combined ratio was 78.8%, compared to 78.6% the prior year, with a loss ratio of 58.5% and expense ratio of 20.3%, versus 57.7% and 20.9%, respectively. Results for the first half of 2025 and 2024 included net favourable development of loss reserves from prior accident years of $30.1 million (3.9 points) and $17.9 million (2.7 points), respectively. The H1’25 loss ratio also included 3.4 points of net catastrophe losses, primarily related to the Palisades Fire.

Net investment income rose 29.6% in the quarter to $46.5 million, compared to $35.8 million in Q2’24.

In H1’25, net investment income increased 31.3% to $90.3 million, up from $68.8 million a year earlier.

Kinsale attributed these increases to growth in its investment portfolio, generated largely from the investment of strong operating cash flows.

Michael P. Kehoe, Chairman and CEO of Kinsale, said, “In the second quarter our business produced record per share net income and net operating earnings as we continue to execute our strategy of disciplined underwriting and technology-enabled expense management. Moving forward, we have confidence in our ability to continue generating long-term value for stockholders throughout the market cycle.”

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