Kinsale Capital Group (KNSL) Q3 2026 Earnings Report
MX:KNSL Q3 2026 EPS Results
- Actual EPS
- MXN 106.38
- Consensus EPS
- MXN 95.33
- Beat/Miss
- Beat by +MXN 11.05
- One Year Ago EPS
- MXN 97.23
MX:KNSL Q3 2026 Revenue Results
- Actual Revenue
- MXN 8.49B
- Expected Revenue
- MXN 7.49B
- Beat/Miss
- Beat by +MXN 996.06M
- YoY Revenue Growth
- -8.58%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/22/2026
- Time
- After Close
- Conference Call
- Thursday, October 22, 2026
Kinsale Capital Group's next earnings date is estimated for February 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was broadly positive: operating earnings, ROE, underwriting profitability, investment income, capital returns, technology, and submission activity were strong, while management emphasized disciplined growth and pricing. The principal challenges were declining written premium, a soft and highly competitive E&S market, pressure in Commercial Property and large accounts, a GAAP earnings decline caused by investment repositioning, and competition in personal lines. Management characterized the premium decline as a temporary mix shift and remained confident in the company's operating model.
Management expects the most recent CAT activity impact on results to be immaterial; the average premium per policy was $10.7 thousand through Q3 and will “probably remain pretty steady but it will trend maybe slightly downward as competition picks up,” while commercial property reductions are “hopefully” expected to moderate. At this time, $100 million is expected to be a good quarterly run rate for repurchases, with the company planning to be opportunistic otherwise and intending that run rate for the remainder of its repurchase authorization; fixed-income repositioning is expected to add $5.5 million to $6 million annually. The company continues to target a 20% return on equity or better, expects its expense ratio to “drift downward over time, not up,” plans to roll out an additional 5 or 6 new offerings, and expects the temporary drop off in written premium to “correct near term on its own” and return to “a modest growth hopefully in the near term.”
- Operating Earnings and Return on Equity GrowthThird-quarter 2026 diluted operating earnings per share increased 9.4% year over year. Annualized operating ROE was 25.6% through nine months, while annualized GAAP ROE was 26.6%.
- Strong Underwriting PerformanceThe quarterly combined ratio was 75.4%, compared with 74.9% in the third quarter of 2025. The loss ratio improved to 53.4% from 53.9%, largely driven by higher favorable prior-year development.
- Growing Submission, Quote, and Bind ActivityDespite lower written premium, submissions, quotes, and bind orders grew in the mid-single-digit range. Overall new business submissions increased 6% in the quarter, and excluding Commercial Property, submissions increased 10%; more than half of the divisions recorded double-digit submission growth.
- Growth in Selected Insurance DivisionsAgribusiness, commercial auto, entertainment, ocean marine, and environmental each experienced double-digit growth during the quarter. Management also identified favorable underwriting conditions in excess casualty, allied health, products liability, health care, energy, and agribusiness property.
- Disciplined Small and Medium Account StrategyManagement said the book shifted somewhat from larger to smaller accounts as competition increased. The company stated that this supports maintaining best-in-class margins and that it will focus on small to medium enterprise business rather than pursue accounts where the economics do not make sense.
- Technology and Analytics AdvantageKinsale operates a proprietary core enterprise system built by its own engineers, analysts, and developers, with 17 years of company data in one database and no legacy software applications. Management said the technology and analytics platform supports lower costs, faster customer service, improved risk segmentation and pricing, and underwriting and pricing algorithms it considers superior to others in the E&S industry.
- Broad Adoption of Artificial IntelligenceEvery associate has an enterprise license for two leading frontier models and their agentic tools. The company uses more than 100 agents and skills across submissions, underwriting, analytics, claims intake, correspondence, and software development; management also said AI has improved processing speed, productivity, analytics, and delivery of new functionality.
- Capital Returns Through Share RepurchasesKinsale repurchased 269,000 shares in the third quarter for an aggregate cost of $100 million, representing just under 80% of quarterly net operating earnings. The company expects $100 million to be a good quarterly run rate for the remainder of its repurchase authorization and plans to be opportunistic otherwise.
- Dividend Growth and Conservative LeverageThe company's dividend, while described as modest, has increased at a 17.5% compound annual growth rate since the 2016 IPO. Debt to total capitalization was approximately 10%, and management said leverage could be used in the future to generate higher returns on equity if additional capital is needed.
- Improved Investment Income and Portfolio RepositioningNet investment income increased 17.5% to $58.3 million due to a higher invested asset base and higher interest rates. Float increased to $3.5 billion at September 30 from $3.1 billion at year-end 2025; new money yields were averaging north of 5%. The company reinvested approximately $100 million in higher-conviction equities and replaced approximately $130 million of bonds yielding less than 2% with bonds yielding more than 5.5%, expected to provide approximately $5.5 million to $6 million of annual net investment pickup.
- Operational Expense EfficiencyThe other underwriting component of the expense ratio was 10.2%, flat year over year, while management said the company's technology-driven automation is expected to cause its low expense ratio to drift downward over time. The company finished the quarter with a 22% GAAP expense ratio.
- Higher Reinsurance Retention to Preserve EconomicsThe retention ratio increased to 86.2% in the third quarter from 83.3% in the third quarter of the prior year. Management described the higher retention as an intentional trade to retain more underwriting margin and float to generate investment income.
- Product and Distribution ExpansionKinsale appointed 12 new wholesale brokers to its platform and 124 new retail brokers to Aspera during the quarter. The company expected to finish the year by rolling out an additional five or six new offerings, ranging from small package policies to digital health, hull, and P&I products.
- Strong Pricing Discipline and Targeted ReturnsManagement said all product lines are managed to a 20% ROE or greater, with pricing models translating the return target into loss-ratio targets for division managers. The company said it adjusts rates selectively and writes business only when it believes margins are compelling.
- Favorable Current Loss Experience and Reserve DisciplineManagement stated that losses were coming in below expected across the business and that the company continues to reserve cautiously and conservatively. Favorable prior-year development of 4.5% was disproportionately associated with shorter-tail property and claims-made lines.
- Personal Lines Growth InitiativesAlthough personal insurance is a small part of the business, management said it is increasing distribution and marketing, appointing new brokers, and working on system enhancements. The company expects personal lines to become more material to its longer-term growth prospects.
MX:KNSL Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 18, 2027 | 2026 (Q4) | 106.47- | 108.43 | ― | ― |
| Oct 22, 2026 | 2026 (Q3) | 95.33106.38 | 97.23 | 9.40% (+9.14) | |
| Jul 23, 2026 | 2026 (Q2) | 95.33103.39 | 89.21 | 15.90% (+14.18) | |
| Apr 23, 2026 | 2026 (Q1) | 86.8795.37 | 69.24 | 37.74% (+26.13) | |
| Feb 12, 2026 | 2025 (Q4) | 98.39108.43 | 86.22 | 25.76% (+22.21) | |
| Oct 23, 2025 | 2025 (Q3) | 89.8697.23 | 78.38 | 24.05% (+18.85) | |
| Jul 24, 2025 | 2025 (Q2) | 82.2189.21 | 69.98 | 27.47% (+19.22) | |
| Apr 24, 2025 | 2025 (Q1) | 60.3469.24 | 76.7 | -9.73% (-7.47) | |
| Feb 13, 2025 | 2024 (Q4) | 82.3686.22 | 72.22 | 19.38% (+14.00) | |
| Oct 24, 2024 | 2024 (Q3) | 67.6178.38 | 61.77 | 26.89% (+16.61) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
