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Here are 1-3 brief analogies to describe Kinsale Capital (KNSL):

• Kinsale is like the "Chubb for the most unique and hard-to-insure commercial risks."
• Kinsale is the "Progressive for specialized business insurance," using data and tech for risks standard insurers avoid.

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• Commercial Property Insurance: Protects businesses from financial losses due to damage or loss of physical assets, such as buildings, equipment, and inventory, caused by specified perils.
• Commercial General Liability Insurance: Covers businesses against claims of bodily injury or property damage to third parties arising from their operations, premises, products, or completed operations.
• Professional Liability Insurance (E&O): Provides coverage for professionals against claims of negligence, errors, or omissions in the performance of their professional services.
• Inland Marine Insurance: Covers specialized property risks, particularly goods in transit, unique equipment, and other mobile property not covered by standard property insurance.
• Environmental Insurance: Offers coverage for liabilities and costs associated with pollution events, including cleanup, bodily injury, and property damage.
• Small Business Insurance: Tailored insurance solutions for small to medium-sized businesses, often combining aspects of property, liability, and other coverages into a single policy.
• Casualty Insurance: A broad category including various types of liability coverage beyond general liability, such as umbrella liability, that protects against large or unusual risks.

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Kinsale Capital (KNSL) - Major Customers

Kinsale Capital Group, Inc. (KNSL) operates as a specialty insurance company, focusing on the Excess and Surplus Lines (E&S) market. In this business model, Kinsale Capital does not sell its insurance policies directly to individuals or directly to the end-insured businesses.

Instead, Kinsale's insurance products are primarily distributed through a network of independent wholesale insurance brokers. These brokers act as intermediaries, connecting businesses and individuals that have unique, complex, or hard-to-place risks with specialty insurers like Kinsale.

Due to the nature of the E&S market and Kinsale's distribution strategy, the company works with a large number of these wholesale brokers across the United States. It is characteristic for E&S insurers to have a broad and diversified network of such brokers rather than relying on a few dominant ones. As such, Kinsale Capital does not publicly disclose specific "major customer" companies (i.e., individual wholesale brokers) that represent a material portion of its revenue, nor are there any public companies that would be identified as singular "major customers" with corresponding stock symbols.

Therefore, while Kinsale sells primarily to other companies (the wholesale insurance brokers), no specific major customer companies can be identified or listed with their symbols as per typical financial reporting standards for an insurer operating in this distribution model.

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Michael P. Kehoe, Chairman of the Board and Chief Executive Officer

Mr. Kehoe has served as Chairman of the Board and Chief Executive Officer since March 2024. Prior to this, he was President and Chief Executive Officer from June 2009 to March 2024. Mr. Kehoe is the founder of Kinsale Capital Group Inc., which began operations in March 2010. Before founding Kinsale, he served as President and Chief Executive Officer at James River Insurance Company from 2002 to 2008, a company he was involved in starting as a development stage company. He also held various senior positions at Colony Insurance Company from 1994 to 2002, concluding as Vice President of Brokerage Underwriting. Mr. Kehoe earned a B.A. in Economics from Hampden-Sydney College and a J.D. from the University of Richmond School of Law.

Bryan P. Petrucelli, Executive Vice President, Chief Financial Officer and Treasurer

Mr. Petrucelli has served as Executive Vice President, Chief Financial Officer and Treasurer since March 2020. He previously held the roles of Senior Vice President, Chief Financial Officer and Treasurer from 2015 to 2020, and Vice President of Finance from 2009. Before joining Kinsale Capital Group, Mr. Petrucelli was a Senior Manager in Ernst & Young's audit practice, accumulating over 13 years of experience serving clients in the insurance industry. He also worked as a Senior Premium Auditor at Travelers Insurance from April 1989 to December 1995. Mr. Petrucelli received a B.B.A. in Finance from James Madison University and a Post-Baccalaureate Certificate in Accounting from Virginia Commonwealth University. He is a Certified Public Accountant.

Brian D. Haney, President and Chief Operating Officer

Mr. Haney has served as President and Chief Operating Officer since March 2024, and as a director since October 2025. Prior to that, he was Executive Vice President and Chief Operating Officer. He served as Senior Vice President and Chief Operating Officer from 2015 to 2020 and as Chief Actuary from 2009 to 2015. Before joining Kinsale Capital Group in 2009, Mr. Haney was the Chief Actuary of James River Insurance Company and previously served as Chief Actuary of Colony Insurance Company. He also held positions as a business manager at Capital One Financial Corporation and an actuarial associate at GEICO. Mr. Haney is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries. He earned a B.A. in Mathematics and Economics from the University of Virginia.

Stuart P. Winston, Executive Vice President and Chief Underwriting Officer

Mr. Winston has served as Executive Vice President and Chief Underwriting Officer since October 2025. He joined Kinsale Capital Group in 2010 and held roles of increasing responsibility, including Senior Vice President, Underwriting in 2022. Prior to joining the Company, he held various underwriting positions at James River Insurance Company. Mr. Winston earned a B.A. in Managerial Economics from Hampden-Sydney College and holds Associate in Reinsurance (ARe) and Chartered Property Casualty Underwriter (CPCU) designations from The Institutes.

Diane D. Schnupp, Executive Vice President and Chief Information Officer

Ms. Schnupp has served as Executive Vice President and Chief Information Officer since March 2021. She joined Kinsale Capital Group in May 2019 and previously served as Senior Vice President and Chief Information Officer. Prior to joining the Company, Ms. Schnupp was Principal Consultant at Impact Makers, Inc., a management and technology consulting firm, from July 2016 to May 2019. Before that, she served as Chief Information Officer and Vice President of Capital Center, LLC, a licensed mortgage and real estate broker in Virginia, from October 2012 to June 2016.

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Key Risks to Kinsale Capital (KNSL):

1. Cyclical Nature of the Excess and Surplus (E&S) Insurance Market: Kinsale Capital operates exclusively in the E&S market, which is characterized by cyclical patterns that can be more pronounced than in the standard insurance market. This cyclicality can significantly impact the company's financial performance, growth, and profitability.
2. Investment Portfolio Performance and Market Risks: A substantial portion of Kinsale's results of operations depends on the performance of its investment portfolio. This portfolio is subject to general economic conditions and market risks, particularly changes in interest rates and equity prices, which can adversely affect financial results.
3. Intense Competition: Kinsale faces significant competition from both established insurers and new entrants within the E&S market. This competitive landscape can lead to pressure on premium rates and potentially result in a loss of market share.

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• The U.S. excess and surplus lines (E&S) market reached $76 billion in direct statutory premiums written in 2021. This segment accounted for 8% of the total property/casualty insurance business in the United States.
• More broadly, the global specialty insurance market is projected to grow to $279 billion by 2031, with a compound annual growth rate (CAGR) of 10.6%. Kinsale Capital targets specific customer needs and niches within this expanding market.

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Kinsale Capital Group (KNSL) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic factors within its specialized insurance market.

The key drivers include:

1. Continued Expansion and Market Share Gains in the Excess & Surplus (E&S) Market: Kinsale Capital Group's core strategy focuses on the U.S. excess and surplus lines market, which is characterized by hard-to-place and complex risks that standard insurers often avoid. The company's disciplined underwriting and low-cost business model are expected to enable it to continue gaining market share from competitors and capitalize on the ongoing expansion of this specialized market.
2. Growth in Targeted Product Lines and New Offerings: Kinsale Capital Group has demonstrated strong performance in specific divisions such as small property, entertainment, general casualty, high-value homeowners, and commercial auto. The company is also expanding into new E&S segments, including agribusiness and select homeowners markets, through new business submissions and innovative product launches. These efforts broaden Kinsale's addressable market and contribute to future premium growth.
3. Increased Net Investment Income: The company generates substantial investment income from its growing "float" (unpaid losses and unearned premiums). Driven by strong operating cash flows and favorable interest rates, Kinsale's investment portfolio is expanding, leading to higher net investment income. New money yields have been averaging in the low to mid-5% range, further boosting returns from investments.
4. Disciplined Underwriting and Operational Efficiency: While not a direct revenue stream, Kinsale's consistent focus on disciplined underwriting and technology-driven cost efficiency allows it to maintain a competitive advantage with a low combined ratio. This operational excellence enables the company to generate strong underwriting profits, take market share, and reinvest capital, thereby indirectly fueling top-line growth.

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Share Repurchases

• Kinsale Capital repurchased 45,627 shares of its common stock for $20.0 million during the third quarter of 2025.
• In the second quarter of 2025, the company repurchased 23,309 shares of its common stock for $10.0 million.
• As of August 2025, $70 million remained authorized under a $100 million share buyback program approved in October 2024.

Share Issuance

• As of February 14, 2025, Kinsale Capital had 23,277,395 common shares outstanding.
• During the first half of 2025, 73,276 shares were issued under a stock-based compensation plan, totaling approximately $235 thousand.

Inbound Investments

• In the third quarter of 2023, Kinsale Capital secured an additional $50 million in fixed-rate debt, designated as capital for the insurance company level.

Outbound Investments

• Kinsale Capital's long-term investments grew to $3.982 billion in 2024, a 33.24% increase from $2.989 billion in 2023.
• Long-term investments in 2023 were $2.989 billion, a 46.16% increase from $2.045 billion in 2022.

Capital Expenditures

• The company plans to begin renovations on a largely-vacant building and expects to occupy it within two years, as mentioned in the third quarter 2023 earnings call.
• Proceeds from a real estate sale were used to reduce the revolving credit facility, indirectly impacting capital available for property-related investments.