Exhibit 99.1
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Kinsale Capital Group Reports Second Quarter 2026 Results
Richmond, VA, July 23, 2026 - Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $175.9 million, $7.72 per diluted share, for the second quarter of 2026 compared to $134.1 million, $5.76 per diluted share, for the second quarter of 2025. Net income was $288.4 million, $12.58 per diluted share, for the first half of 2026 compared to $223.3 million, $9.59 per diluted share, for the first half of 2025. Net income included after-tax catastrophe losses of $4.2 million in the second quarter of 2026 and $2.9 million in the second quarter of 2025. Net income included after-tax catastrophe losses of $5.5 million in the first half of 2026 and $20.8 million in the first half of 2025.
Net operating earnings(1) were $126.2 million, $5.54 per diluted share, for the second quarter of 2026 compared to $111.4 million, $4.78 per diluted share, for the second quarter of 2025. Net operating earnings(1) were $244.0 million, $10.64 per diluted share, for the first half of 2026 compared to $197.8 million, $8.49 per diluted share, for the first half of 2025.
Three Months Ended June 30,
20262025% Change
Diluted earnings per share$7.72 $5.76 34.0 %
Diluted operating earnings per share(1)
$5.54 $4.78 15.9 %
Six Months Ended June 30,
20262025% Change
Diluted earnings per share$12.58 $9.59 31.2 %
Diluted operating earnings per share(1)
$10.64 $8.49 25.3 %
Highlights for the quarter included:
•Gross written premiums decreased by 5.0% to $527.6 million, and net written premiums decreased by 1.4% to $452.5 million
•Net earned premiums increased by 8.9% to $417.6 million
•Net investment income increased by 19.9% to $55.7 million
•Underwriting income(2) was $105.4 million, resulting in a combined ratio(5) of 75.5%
•Annualized return on equity(6) was 28.9% for the six months ended June 30, 2026
•Annualized operating return on equity(7) was 24.4% for the six months ended June 30, 2026

"We delivered another quarter of exceptional financial results," said Chairman, President and Chief Executive Officer, Michael P. Kehoe. "Our business continues to generate consistent and growing underwriting profits and investment income. We are generating significant operating cash flows resulting in excess capital and are pleased to report an additional share repurchase authorization of $250 million. Our focus remains on delivering sustainable long-term value creation for stockholders as we execute our strategy of disciplined underwriting and technology-enabled low costs."






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Results of Operations
Underwriting Results
Gross written premiums were $527.6 million for the second quarter of 2026 compared to $555.5 million for the second quarter of 2025, a decrease of 5.0%. Gross written premiums were $1,009.6 million for the first half of 2026 compared to $1,039.8 million for the first half of 2025, a decrease of 2.9%. The decrease in gross written premiums was primarily due to heightened competition in the Commercial Property Division where premiums declined 32.7% and 30.9% in the second quarter and first half of 2026, respectively. Excluding the Commercial Property Division, gross written premiums increased 3.7% for the second quarter of 2026 and 4.8% for the first half of 2026 compared to the prior-year periods, reflecting continued strong submission flow across most divisions and an increase in bound accounts offset in part by lower average premium per policy as a result of heightened competition.
Underwriting income(2) was $105.4 million, resulting in a combined ratio(5) of 75.5% for the second quarter of 2026, compared to $95.5 million and a combined ratio(5) of 75.8% for the second quarter of 2025. The increase in underwriting income(2) was largely due to growth in net earned premiums and higher favorable development of loss reserves from prior accident years offset in part by lower ceding commissions as a result of increased retention on the Company's reinsurance treaties. Loss(3) and expense(4) ratios were 53.8% and 21.7%, respectively, for the second quarter of 2026 compared to 55.1% and 20.7% for the second quarter of 2025.
Underwriting income(2) was $199.9 million, resulting in a combined ratio(5) of 76.4% for the first half of 2026 compared to $162.9 million and a combined ratio(5) of 78.8% for the first half of 2025. The increase in underwriting income(2) was largely due to growth in net earned premiums, lower catastrophe losses and higher favorable development of loss reserves from prior accident years. Loss(3) and expense(4) ratios were 55.0% and 21.4%, respectively, for the first half of 2026 compared to 58.5% and 20.3% for the first half of 2025. The loss ratio for the first half of 2025 included 3.4 points of net catastrophe losses, primarily related to the Palisades Fire.
The increase in the expense ratio for both the second quarter and first half of 2026 compared to the prior-year periods was primarily due to lower ceding commissions as a result of higher retention on the Company’s reinsurance treaties. The economic effect of lower ceding commissions was more than offset by the retention of incremental underwriting margin and higher investment income.






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Summary of Operating Results
The Company’s operating results for the three and six months ended June 30, 2026 and 2025 are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
($ in thousands)
Gross written premiums$527,608 $555,522 $1,009,626 $1,039,797 
Ceded written premiums(75,125)(96,822)(153,881)(199,392)
Net written premiums$452,483 $458,700 $855,745 $840,405 
Net earned premiums $417,597 $383,613 $824,456 $749,403 
Fee income 11,941 10,796 22,936 20,355 
Losses and loss adjustment expenses230,922 217,359 466,041 450,335 
Underwriting, acquisition and insurance expenses
93,171 81,597 181,405 156,509 
Underwriting income(2)
$105,445 $95,453 $199,946 $162,914 
Loss ratio(3)
53.8 %55.1 %55.0 %58.5 %
Expense ratio(4)
21.7 %20.7 %21.4 %20.3 %
Combined ratio(5)
75.5 %75.8 %76.4 %78.8 %
Annualized return on equity(6)
35.2 %32.5 %28.9 %27.9 %
Annualized operating return on equity(7)
25.2 %27.0 %24.4 %24.7 %
(1)     Net operating earnings is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.
(2)    Underwriting income is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.
(3)    Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income.
(4)    Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income.
(5)    The combined ratio is the sum of the loss ratio and expense ratio as presented. Calculations of each component may not add due to rounding.
(6)    Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.
(7)    Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.







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The following table summarizes losses incurred for the current accident year and the development of prior accident years for the three and six months ended June 30, 2026 and 2025:

Three Months Ended
June 30, 2026		Three Months Ended
June 30, 2025
Losses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee IncomeLosses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee Income
Loss ratio:($ in thousands)
Current accident year$244,963 57.0 %$229,100 58.1 %
Current accident year - catastrophe losses
5,353 1.3 %3,705 0.9 %
Effect of prior accident year development(19,394)(4.5)%(15,446)(3.9)%
Total$230,922 53.8 %$217,359 55.1 %

Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2025
Losses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee IncomeLosses and Loss Adjustment Expenses% of Sum of Earned Premiums and Fee Income
Loss ratio:($ in thousands)
Current accident year$497,151 58.7 %$454,147 59.0 %
Current accident year - catastrophe losses
6,989 0.8 %26,283 3.4 %
Effect of prior accident year development(38,099)(4.5)%(30,095)(3.9)%
Total$466,041 55.0 %$450,335 58.5 %

Investment Results
Net investment income was $55.7 million in the second quarter of 2026 compared to $46.5 million in the second quarter of 2025, an increase of 19.9%. Net investment income was $111.2 million in the first half of 2026 compared to $90.3 million in the first half of 2025, an increase of 23.1%. These increases were driven by growth in the Company's investment portfolio generated largely from the investment of strong operating cash flows. The Company’s investment portfolio had an annualized gross investment return(8) of 4.5% and 4.3% for the first half of 2026 and 2025, respectively. Funds are generally invested conservatively in high-quality securities with an average credit quality of "AA-" and the weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.3 years and 4.0 years at June 30, 2026 and December 31, 2025, respectively. Cash and invested assets totaled $5.5 billion at June 30, 2026 and $5.2 billion at December 31, 2025.
(8)    Gross investment return is investment income from fixed-maturity and equity securities (and short-term investments, if any), before any deductions for fees and expenses, expressed as a percentage of average beginning and ending book values of those investments during the period.
Capital Return to Stockholders
During the second quarter of 2026, the Company repurchased 321,055 shares of its common stock in the open market at an average price of $311.47 per share for a total cost of $100.0 million. In July 2026, the Company's Board of Directors approved an additional $250 million share repurchase authorization, bringing the remaining capacity to $337.5 million under the share repurchase program.
During the second quarter of 2026, the Company declared and paid a cash dividend of $0.25 per share of common stock for a total distribution of $5.7 million.






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Other
The effective tax rates for the six months ended June 30, 2026 and June 30, 2025 were 19.8% and 20.4%, respectively. In the first half of 2026 and 2025, the effective tax rates were lower than the federal statutory rate of 21% primarily due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income.
Stockholders' equity was $2.0 billion at both June 30, 2026 and December 31, 2025. Book value per share was $89.34 at June 30, 2026 compared to $84.66 at December 31, 2025. Annualized operating return on equity(7) was 24.4% for the first half of 2026, a decrease from 24.7% for the first half of 2025. The decrease was due primarily to higher average stockholders' equity offset in part by higher profitability compared to the prior-year period.
Non-GAAP Financial Measures
Net Operating Earnings
Net operating earnings is defined as net income excluding the effects of the change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Management believes the exclusion of these items provides a useful comparison of the Company's underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.






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For the three and six months ended June 30, 2026 and 2025, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
($ in thousands, except per share data)
Net operating earnings:
Net income$175,874 $134,121 $288,428 $223,348 
Adjustments:
Change in the fair value of equity securities, before taxes(56,196)(28,621)(47,840)(31,659)
Income tax expense (1)
11,801 6,010 10,046 6,648 
Change in fair value of equity securities, after taxes(44,395)(22,611)(37,794)(25,011)
Net realized investment gains, before taxes(6,729)(136)(8,448)(673)
Income tax expense (1)
1,413 29 1,774 141 
Net realized investment gains, after taxes(5,316)(107)(6,674)(532)
Change in allowance for credit losses on investments, before taxes— (5)27 15 
Income tax (benefit) expense (1)
— 1 (6)(3)
Change in allowance for credit losses on investments, after taxes— (4)21 12 
Net operating earnings$126,163 $111,399 $243,981 $197,817 
Diluted operating earnings per share:
Diluted earnings per share$7.72 $5.76 $12.58 $9.59 
Change in the fair value of equity securities, after taxes, per share(1.95)(0.97)(1.65)(1.07)
Net realized investment gains, after taxes, per share(0.23)— (0.29)(0.02)
Diluted operating earnings per share(2)
$5.54 $4.78 $10.64 $8.49 
Operating return on equity:
Average equity(3)
$2,001,230 $1,652,774 $1,997,349 $1,603,067 
Annualized return on equity(4)
35.2 %32.5 %28.9 %27.9 %
Annualized operating return on equity(5)
25.2 %27.0 %24.4 %24.7 %
(1)     Income taxes on adjustments to reconcile net income to net operating earnings use a 21% effective tax rate.
(2)     Diluted operating earnings per share may not add due to rounding.
(3)    Average equity is computed by adding the total stockholders' equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.
(4)    Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.
(5)    Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders' equity during the period.






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Underwriting Income
Underwriting income is defined as net income excluding net investment income, the change in the fair value of equity securities, net realized investment gains and losses, change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.
For the three and six months ended June 30, 2026 and 2025, net income reconciles to underwriting income as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Net income$175,874 $134,121 $288,428 $223,348 
Income tax expense 43,930 34,168 71,036 57,252 
Income before income taxes219,804 168,289 359,464 280,600 
Net investment income(55,740)(46,473)(111,163)(90,292)
Change in the fair value of equity securities
(56,196)(28,621)(47,840)(31,659)
Net realized investment gains(6,729)(136)(8,448)(673)
Change in allowance for credit losses on investments— (5)27 15 
Interest expense3,323 2,557 6,490 5,095 
Other expenses (6)
1,299 12 1,828 672 
Other income(316)(170)(412)(844)
Underwriting income$105,445 $95,453 $199,946 $162,914 
(6)    Other expenses includes primarily corporate expenses not allocated to the Company's insurance operations.

Conference Call
Kinsale Capital Group will hold a conference call to discuss this press release on Friday, July 24, 2026 at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (833) 461-5787, conference ID# 761838118, or via the Internet by going to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website.

Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of






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this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About Kinsale Capital Group, Inc.
Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.
Contact
Kinsale Capital Group, Inc.
Bryan Petrucelli
Executive Vice President, Chief Financial Officer and Treasurer
804-289-1272
ir@kinsalecapitalgroup.com






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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income and Comprehensive Income

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues(in thousands, except per share data)
Gross written premiums$527,608 $555,522 $1,009,626 $1,039,797 
Ceded written premiums(75,125)(96,822)(153,881)(199,392)
Net written premiums452,483 458,700 855,745 840,405 
Change in unearned premiums(34,886)(75,087)(31,289)(91,002)
Net earned premiums417,597 383,613 824,456 749,403 
Fee income 11,941 10,796 22,936 20,355 
Net investment income55,740 46,473 111,163 90,292 
Change in the fair value of equity securities56,196 28,621 47,840 31,659 
Net realized investment gains6,729 136 8,448 673 
Change in allowance for credit losses on investments— 5 (27)(15)
Other income316 170 412 844 
Total revenues548,519 469,814 1,015,228 893,211 
Expenses
Losses and loss adjustment expenses230,922 217,359 466,041 450,335 
Underwriting, acquisition and insurance expenses93,171 81,597 181,405 156,509 
Interest expense3,323 2,557 6,490 5,095 
Other expenses1,299 12 1,828 672 
Total expenses328,715 301,525 655,764 612,611 
Income before income taxes219,804 168,289 359,464 280,600 
Total income tax expense43,930 34,168 71,036 57,252 
Net income175,874 134,121 288,428 223,348 
Other comprehensive income (loss)
Change in net unrealized losses on available-for-sale investments, net of taxes(8,611)14,453 (43,524)40,835 
Total comprehensive income$167,263 $148,574 $244,904 $264,183 
Earnings per share:
Basic$7.73 $5.79 $12.61 $9.64 
Diluted$7.72 $5.76 $12.58 $9.59 
Weighted-average shares outstanding:
Basic22,758 23,175 22,867 23,172 
Diluted22,785 23,291 22,921 23,301 






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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets

June 30, 2026December 31, 2025
Assets(in thousands)
Investments:
Fixed-maturity securities at fair value
$4,470,546 $4,341,450 
Equity securities at fair value773,118 626,399 
Real estate investments, net54,668 55,236 
Short-term investments— 3,864 
Total investments5,298,332 5,026,949 
Cash and cash equivalents210,511 163,361 
Investment income due and accrued33,486 30,971 
Premiums receivable, net148,047 124,593 
Reinsurance recoverables, net415,096 394,329 
Ceded unearned premiums44,398 44,506 
Deferred policy acquisition costs, net of ceding commissions
124,743 118,737 
Intangible assets3,538 3,538 
Deferred income tax asset, net46,297 42,191 
Other assets104,382 94,386 
Total assets$6,428,830 $6,043,561 
Liabilities & Stockholders' Equity
Liabilities:
Reserves for unpaid losses and loss adjustment expenses$3,192,552 $2,890,870 
Unearned premiums891,575 860,394 
Payable to reinsurers32,437 34,385 
Accounts payable and accrued expenses36,526 66,301 
Debt224,535 224,397 
Other liabilities16,091 7,631 
Total liabilities4,393,716 4,083,978 
Stockholders' equity2,035,114 1,959,583 
Total liabilities and stockholders' equity$6,428,830 $6,043,561 







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