Kinsale Capital Group Inc

In the third quarter of 2026, Kinsale paid out only about 75 cents in claims and costs for every premium dollar it collected. Most insurers pay closer to 95 cents. That left 107.1 million dollars of profit from insurance alone, and core earnings per share climbed 9% to 5 dollars and 70 cents.

Kinsale's cash and investments grew to 5.5 billion dollars, up from 5.2 billion at the start of the year. That money earned 58.3 million dollars in the quarter, up 17.5% from a year ago, and management just moved part of it into higher-paying bonds to lift future income. Kinsale also bought back 100 million dollars of its own stock at an average price near 372 dollars.

Bigger insurers are crowding back into Kinsale's turf and competing hard on price. Premiums in the property divisions fell 19.3% this quarter, including a 26.8% drop in Commercial Property, which pulled total premiums written down 4.8% to 462.9 million dollars. Casualty, the bulk of the business, grew just 0.9%, so growth has clearly stalled for now.

Specialty insurance runs in cycles, and prices are softening right now. Reported net income fell to 98.1 million dollars from 141.6 million a year ago, partly because of a one-time 37.6 million dollar accounting hit from reshuffling investments, which did not change the company's net worth. Profits also got a 19.7 million dollar boost from older claims costing less than expected, and that cushion can shrink or reverse.