Kinsale Capital Group, Inc.KNSL
Kinsale Capital Group, Inc. Segments Disclosure
Segment and underwriting information
The Company has one reportable segment, the Excess and Surplus Lines Insurance segment, which primarily offers commercial excess and surplus lines liability and property insurance products through its underwriting divisions in the United States. The Company reports operating and financial results in a single segment based on the Company's exclusive focus on property and casualty insurance in the excess and surplus lines market and the consolidated information used by the chief operating decision maker ("CODM") in evaluating the financial performance of its business and allocating resources.
The Company's CODM is the Chief Executive Officer. The CODM uses consolidated net income to allocate resources primarily during the annual budgeting process and uses that measure to assess performance by considering budget-to-actual variances and evaluating financial results. The measure of segment assets is reported on the consolidated balance sheets as total assets. The accounting policies used to prepare the segment reporting data are the same as those described in Note 1.
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Revenues: | ||||||||||||||||||||
| Net earned premiums | $ | 1,575,842 | $ | 1,350,470 | $ | 1,072,537 | ||||||||||||||
| Fee income | 40,714 | 34,118 | 27,026 | |||||||||||||||||
| Net investment income | 192,192 | 150,287 | 102,335 | |||||||||||||||||
| Change in fair value of equity securities | 58,836 | 43,367 | 15,277 | |||||||||||||||||
| Net realized investment gains | 4,390 | 6,831 | 6,040 | |||||||||||||||||
| Change in allowance for credit losses on investments | (2) | 526 | (187) | |||||||||||||||||
Other income (1) | 2,015 | 1,926 | 1,421 | |||||||||||||||||
| Total revenues | 1,873,987 | 1,587,525 | 1,224,449 | |||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Losses and loss adjustment expenses - current year | 923,160 | 785,036 | 631,407 | |||||||||||||||||
| Losses and loss adjustment expenses - catastrophes | 30,350 | 25,518 | 4,586 | |||||||||||||||||
| Losses and loss adjustment expenses - prior year development | (62,817) | (37,655) | (35,774) | |||||||||||||||||
| Net commissions incurred | 166,802 | 134,184 | 113,717 | |||||||||||||||||
| Salaries, employee benefits and bonus expense | 128,917 | 109,319 | 85,689 | |||||||||||||||||
| Credit loss expense - premiums receivable | 10,503 | 17,397 | 9,790 | |||||||||||||||||
Depreciation (2) | 4,777 | 4,686 | 2,655 | |||||||||||||||||
| Interest expense | 10,646 | 10,134 | 10,301 | |||||||||||||||||
Other segment items (3) | 27,347 | 24,190 | 18,061 | |||||||||||||||||
| Income tax expense | 130,688 | 99,873 | 75,924 | |||||||||||||||||
| Segment net income | 503,614 | 414,843 | 308,093 | |||||||||||||||||
| Reconciliation of profit or loss: | ||||||||||||||||||||
| Adjustments and reconciling items | — | — | — | |||||||||||||||||
| Consolidated net income | $ | 503,614 | $ | 414,843 | $ | 308,093 | ||||||||||||||
(1) Other income primarily includes income generated from the Company's real estate operations.
(2) Excludes depreciation expense allocated to loss adjustment expenses and investment expenses
(3) Other segment items primarily includes other general and administrative expenses such as technology costs, facility expenses and audit and inspection costs.
Gross written premiums by underwriting division are presented below:
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Commercial: | ||||||||||||||||||||
| Commercial Property | $ | 374,451 | $ | 456,170 | $ | 411,956 | ||||||||||||||
| Excess Casualty | 276,998 | 245,137 | 194,049 | |||||||||||||||||
| General Casualty | 207,888 | 169,162 | 118,745 | |||||||||||||||||
| Small Business Casualty | 202,412 | 195,593 | 174,080 | |||||||||||||||||
| Construction | 147,601 | 148,558 | 137,902 | |||||||||||||||||
| Small Business Property | 102,413 | 76,800 | 43,893 | |||||||||||||||||
| Allied Health | 96,982 | 83,058 | 67,808 | |||||||||||||||||
| Entertainment | 70,049 | 55,168 | 36,566 | |||||||||||||||||
| Products Liability | 67,883 | 67,035 | 61,786 | |||||||||||||||||
| Commercial Auto | 48,721 | 35,047 | 19,050 | |||||||||||||||||
| Energy | 46,102 | 42,710 | 38,637 | |||||||||||||||||
| Excess Professional | 41,453 | 32,633 | 24,033 | |||||||||||||||||
| Life Sciences | 35,284 | 36,252 | 41,379 | |||||||||||||||||
| Inland Marine | 33,525 | 27,184 | 18,669 | |||||||||||||||||
| Professional Liability | 33,091 | 35,104 | 36,087 | |||||||||||||||||
| Environmental | 31,559 | 30,372 | 25,938 | |||||||||||||||||
| Health Care | 25,821 | 23,179 | 20,378 | |||||||||||||||||
| Management Liability | 18,582 | 21,705 | 26,617 | |||||||||||||||||
| Public Entity | 18,121 | 20,047 | 20,027 | |||||||||||||||||
| Agribusiness - Casualty | 13,671 | 5,850 | 2,309 | |||||||||||||||||
| Aviation | 9,659 | 8,591 | 6,453 | |||||||||||||||||
| Agribusiness - Property | 8,669 | — | — | |||||||||||||||||
| Ocean Marine | 3,761 | 3,655 | 2,339 | |||||||||||||||||
| Product Recall | 2,686 | 2,397 | 1,637 | |||||||||||||||||
| Total commercial | 1,917,382 | 1,821,407 | 1,530,338 | |||||||||||||||||
| Personal: | ||||||||||||||||||||
| High Value Homeowners | 36,062 | 26,844 | 14,295 | |||||||||||||||||
| Personal Insurance | 23,727 | 22,090 | 24,182 | |||||||||||||||||
| Total personal | 59,789 | 48,934 | 38,477 | |||||||||||||||||
| Total | $ | 1,977,171 | $ | 1,870,341 | $ | 1,568,815 | ||||||||||||||
Certain prior year amounts are reclassified to conform to current year's divisions and the business underwritten within them.
Commercial Property underwrites first-party coverage on manufacturing facilities, government and municipal buildings, professional buildings, offices and general commercial properties, vacant properties, as well as entertainment and retail facilities.
Excess Casualty underwrites excess liability over risks that would fit within the general casualty, construction, products liability and small business casualty divisions. Coverage is written over the Company's primary liability policies as well as those of other insurers. This division also writes excess liability over primary commercial auto liability policies written by other carriers.
General Casualty underwrites general liability and liquor liability on hospitality, habitational and retail risks, among others, with similar premises liability loss exposures.
Small Business Casualty underwrites commercial general liability on smaller risks, generally businesses with revenues not exceeding $2.5 million, with an emphasis on artisan contractors and premises related exposures.
Construction underwrites commercial general liability coverage on contractors focusing on new residential construction, residential remodeling and renovation and commercial construction.
Small Business Property underwrites Commercial Property coverage for smaller properties, generally with total insured values not exceeding $5.0 million, including banks, daycare centers, strip malls, and greenhouses, among others.
Allied Health underwrites commercial general liability, professional liability and excess liability on allied health and social service risks including assisted living facilities, home health care agencies and outpatient medical facilities.
Entertainment underwrites commercial general liability for small-to-medium sized entertainment classes, including such classes as bowling alleys, campgrounds, escape rooms, fitness centers, museums and paintball facilities, among others.
Products Liability underwrites commercial general liability on manufacturers, distributors and importers of a wide array of consumer, commercial and industrial products.
Commercial Auto underwrites garage liability and excess auto coverages.
Energy underwrites commercial general liability, pollution liability, professional liability and excess liability on enterprises engaged in the business of energy production or distribution or mining including drillers, lease operators, contractors, product manufacturers and alternative energy.
Excess Professional underwrites excess coverage over an array of insurance products in Allied Health, Management Liability, Health Care and Professional Liability.
Life Sciences underwrites general liability, products liability and professional liability coverage for manufacturers, distributors and developers of dietary supplements, medical devices, pharmaceuticals, biologics, health and beauty products, durable medical equipment and clinical trials.
Inland Marine underwrites a variety of inland marine coverages including builders risk, contractors' equipment, transportation risks and mobile equipment.
Professional Liability underwrites small-to-medium sized non-medical professional liability risks. The classes of risks include accountants, architects and engineers, financial planners, insurance agents, lawyers, realtors and certain other professions.
Environmental underwrites commercial general liability, pollution liability and professional liability on a wide range of commercial risks where environmental exposures exist that are operational in nature or related to the premises.
Health Care underwrites medical professional liability for physicians, surgeons, dentists, chiropractors and podiatrists. Policies cover both individuals and small practice groups.
Management Liability underwrites directors and officers liability, employment practices liability and fiduciary liability coverage on a variety of commercial and government risks.
Public Entity underwrites law enforcement professional liability and school board liability.
Agribusiness Casualty underwrites general liability coverage for operations, manufacturers and land related to the agriculture industry.
Aviation underwrites general liability coverage for small-to-medium sized aviation-related businesses.
Agribusiness Property underwrites property and excess liability coverage for a wide variety of agricultural-related occupancies and equipment.
Ocean Marine underwrites marine cargo coverage for small-to-medium sized risks that transport goods and products in domestic inland waterways and certain U.S. coastal waters.
Product Recall underwrites recall expense and liability coverage for life sciences and general products sector consumable, commercial and consumer goods.
High Value Homeowners underwrites first party homeowners' coverage on homes valued above $1.0 million on a primary and excess basis.
Personal Insurance writes homeowners' coverage on manufactured homes with catastrophe exposure due to coastal location.
The Company does business with three unaffiliated insurance brokers that generated $371.2 million, $339.0 million and $231.2 million of gross written premiums for the year ended December 31, 2025, representing 18.8%, 17.1% and 11.7% of gross written premiums, respectively. No other broker generated 10.0% or more of the gross written premiums for the year ended December 31, 2025.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.