Kinsale Capital Group, Inc. (KNSL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del seguro especializado, Kinsale Capital Group, Inc. (KNSL) surge como una potencia estratégica, revolucionando la gestión de riesgos a través de su innovador lienzo de modelo de negocio. Al elaborar meticulosamente las soluciones de seguros a medida para riesgos comerciales complejos, esta organización ágil ha forjado una posición de mercado única que combina la destreza tecnológica, la experiencia de suscripción especializada y un enfoque centrado en el láser para servir a los segmentos de la industria de nicho. Sumérgete en el intrincado plan que impulsa el notable éxito de Kinsale y descubre cómo están transformando el exceso y el panorama de seguros excedentes con su estrategia comercial distintiva.

Kinsale Capital Group, Inc. (KNSL) - Modelo de negocios: asociaciones clave

Corredores y agentes de seguros al por mayor

Kinsale Capital Group se asocia con más de 400 corredores de seguros mayoristas en todo Estados Unidos. A partir de 2023, estas asociaciones generaron aproximadamente el 95% de las primas brutas escritas de la compañía.

Tipo de asociación	Número de socios	Contribución de prima escrita bruta
Corredores de seguros al por mayor	400+	95%

Excesos y distribuidores de seguros de excedentes (E&S)

Kinsale se especializa en líneas E&S, manteniendo relaciones estratégicas con distribuidores de seguros especializados centrados en segmentos de mercado complejos y de alto riesgo.

• Centrado en las redes de distribución de seguros de E&S
• Dirigir a los segmentos de nicho de mercado
• Aprovechando canales de distribución especializados

Compañías de reaseguros

En 2023, Kinsale mantuvo asociaciones con múltiples compañías de reaseguro con calificación A para gestionar el riesgo y expandir la capacidad. Las asociaciones de reaseguros de la compañía cubrieron aproximadamente $ 500 millones en límite total.

Categoría de socio de reaseguros	Límite de reaseguro total	Cobertura de riesgo
Empresas de reaseguro con calificación A	$ 500 millones	Segmentos de riesgo múltiple

Proveedores de tecnología y análisis de datos

Kinsale invierte aproximadamente $ 12 millones anuales en asociaciones tecnológicas para mejorar las capacidades de suscripción y el análisis de datos.

• Tecnologías avanzadas de evaluación de riesgos
• Plataformas de análisis predictivos
• Sistemas de integración de datos en tiempo real

Empresas de consultoría legales y de cumplimiento

La Compañía colabora con firmas de consultoría legales y de cumplimiento especializadas en 50 estados para garantizar la adherencia regulatoria.

Enfoque de asociación de cumplimiento	Cobertura geográfica	Inversión anual de cumplimiento
Consultoría de cumplimiento regulatorio	50 estados	$ 3.5 millones

Kinsale Capital Group, Inc. (KNSL) - Modelo de negocio: actividades clave

Suscripción de productos de seguro especializado

En 2023, Kinsale Capital Group informó primas brutas escritas de $ 1.12 mil millones, con un enfoque en segmentos de seguros especializados.

Segmento de seguro	Primas brutas escritas	Concentración de mercado
Exceso & Líneas excedentes	$ 1.02 mil millones	91.07%
Líneas estándar	$ 100 millones	8.93%

Evaluación y gestión de riesgos

Kinsale mantiene un enfoque sofisticado de gestión de riesgos con las siguientes características:

• Técnicas avanzadas de modelado predictivo
• Algoritmos de puntuación de riesgos propietarios
• Infraestructura integral de análisis de datos

Procesamiento y resolución de reclamos

En 2023, Kinsale procesó y resolvió reclamos con las siguientes métricas:

Métrico	Valor
Reclamaciones totales procesadas	42,587
Tiempo de resolución de reclamos promedio	37 días
Relación de pérdida de reclamos	59.4%

Desarrollo de productos e innovación

Kinsale invirtió $ 24.3 millones en investigación y desarrollo en 2023, centrándose en:

• Plataformas de suscripción digital
• Herramientas de evaluación de riesgos impulsadas por IA
• Líneas de productos de seguro especializados

Expansión del mercado geográfico

A partir de 2024, Kinsale opera en:

Región	Número de estados	Porcentaje del mercado total
Estados Unidos	50	100%

Kinsale Capital Group, Inc. (KNSL) - Modelo de negocio: recursos clave

Experiencia de suscripción especializada

A partir de 2024, Kinsale Capital Group demuestra experiencia especializada de suscripción en exceso y seguros de líneas excedentes. La compañía se centra en tres segmentos principales:

• Exceso y líneas excedentes
• Líneas comerciales
• Líneas especializadas

Segmento	Premios escritos brutos (2023)
Exceso y líneas excedentes	$ 798.4 millones
Líneas comerciales	$ 363.9 millones
Líneas especializadas	$ 276.7 millones

Tecnología de evaluación de riesgos de propiedad

Inversión en infraestructura tecnológica: $ 22.3 millones asignados para el desarrollo tecnológico en 2023.

Fuerte base de capital financiero

Métrica financiera	Valor 2023
Activos totales	$ 3.42 mil millones
Patrimonio de los accionistas	$ 1.87 mil millones
Retorno sobre la equidad	22.4%

Equipo de gestión experimentado

• Michael P. Kirby - Presidente y CEO
• J. Patrick Halevy - Presidente
• Bryan D. Langland - Director Financiero
• Promedio de tenencia ejecutiva: 12.5 años

Cartera de seguro integral

Diversidad de productos:

Categoría de productos de seguro	Porcentaje de cartera
Comercial	42%
Víctima	28%
Propiedad	18%
Responsabilidad profesional	12%

Kinsale Capital Group, Inc. (KNSL) - Modelo de negocio: propuestas de valor

Soluciones de seguro a medida para riesgos complejos

Kinsale Capital Group se especializa en proporcionar soluciones de seguro para riesgos difíciles de colocar y complejos en múltiples líneas especializadas. A partir del tercer trimestre de 2023, las primas escritas brutas de la compañía alcanzaron los $ 1.03 mil millones, con un enfoque en los siguientes segmentos especializados:

Línea especializada	Porcentaje de cartera
Exceso & Líneas excedentes	68.5%
Víctima comercial	15.3%
Propiedad	10.2%
Otras líneas especializadas	6%

Procesamiento de reclamos rápidos y eficientes

Kinsale Capital demuestra afirmaciones superiores de manejo de eficiencia con las siguientes métricas:

• Tiempo de procesamiento de reclamos promedio: 7.2 días hábiles
• Tasa de resolución de reclamos: 94.6%
• Calificación de satisfacción del cliente para reclamos: 4.7/5

Precios competitivos en segmentos de nicho de mercado

La compañía mantiene los precios competitivos a través de la selección de riesgos específicos y las técnicas de suscripción avanzada. Los indicadores financieros clave incluyen:

Métrica financiera	Valor 2023
Relación combinada	86.5%
Margen de beneficio de suscripción	13.5%
Crecimiento de primas promedio	22.3%

Cobertura de seguro flexible y receptiva

Kinsale ofrece soluciones de seguro personalizadas en varias categorías de riesgos:

• Hospitalidad y restaurante
• Transporte y logística
• Construcción y fabricación
• Servicios de atención médica y profesionales

Gestión de riesgos tecnológicos avanzados

Las inversiones tecnológicas y las capacidades de gestión de riesgos incluyen:

• Evaluación de riesgos de aprendizaje automático: Modelos predictivos con 92% de precisión
• Monitoreo de riesgos en tiempo real: Plataformas de análisis de datos avanzados
• Evaluación del riesgo de ciberseguridad: Sistema de calificación de riesgos propietarios

Inversión tecnológica en 2023: $ 24.6 millones (6.2% de los gastos operativos totales)

Kinsale Capital Group, Inc. (KNSL) - Modelo de negocios: relaciones con los clientes

Ventas directas y gestión de relaciones

Kinsale Capital Group reportó $ 836.4 millones en primas brutas escritas para 2022. La compañía mantiene un equipo de ventas dedicado centrado en segmentos de seguros especializados.

Canal de ventas	Métrico de rendimiento
Corredores de seguros al por mayor	87% del volumen total de prima
Equipo de ventas directas	13% del volumen total de prima

Servicio al cliente personalizado

Kinsale Capital ofrece servicios de suscripción especializados en múltiples segmentos de seguros.

• Profesionales de suscripción dedicados para cada segmento especializado
• Enfoques de evaluación de riesgos personalizados
• Procesos rápidos de cotización y emisión de políticas

Plataformas de comunicación digital

A partir de 2023, la compañía utiliza plataformas digitales avanzadas para las interacciones del cliente.

Plataforma digital	Funcionalidad
Sistema de cotización en línea	Accesibilidad 24/7
Portal de clientes	Gestión de políticas en tiempo real

Consultas regulares de gestión de riesgos

Kinsale Capital ofrece servicios especializados de asesoramiento de gestión de riesgos en líneas especializadas.

• Revisiones de evaluación de riesgos trimestrales
• Estrategias de mitigación de riesgos personalizadas
• Enfoques de consulta específicos de segmento

Enfoque de asociación a largo plazo

La compañía mantiene un Estrategia de relación con el cliente centrada en la retención.

Métrico	Rendimiento 2022
Tasa de retención de clientes	85%
Duración promedio de la relación con el cliente	7.2 años

Kinsale Capital Group, Inc. (KNSL) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Kinsale Capital Group mantiene un equipo especializado de ventas directas que se centra en el seguro de exceso y de líneas excedentes. El equipo consta de aproximadamente 250 representantes profesionales de ventas de seguros.

Métrico de canal de ventas	2024 datos
Representantes de ventas directas totales	250
Ventas anuales promedio por representante	$ 1.2 millones
Cobertura geográfica	50 estados de EE. UU.

Redes de corredores de seguros

Kinsale Capital Group aprovecha las extensas redes de corredores en segmentos de seguros especializados.

• Asociaciones de corredor activas totales: 2.500
• Segmentos de red de corredores: construcción, transporte, atención médica, servicios profesionales
• Pageo anual de la Comisión de Broker: $ 45 millones

Sistemas de cotización y aplicación en línea

La compañía ha invertido significativamente en plataformas de cotización digital.

Métrica de plataforma digital	2024 estadísticas
Solicitudes de cotización en línea por mes	15,000
Tasa de conversión de aplicaciones digitales	22%
Tiempo de actividad de la plataforma	99.98%

Plataformas de marketing digital

Kinsale Capital Group utiliza estrategias de marketing digital multicanal.

• Presupuesto anual de marketing digital: $ 3.2 millones
• Plataformas principales: LinkedIn, anuncios de Google, sitios web específicos de la industria
• Tasa de compromiso de marketing: 4.5%

Conferencias y eventos de la industria

La compañía mantiene una presencia activa en eventos de la industria de seguros.

Métrica de participación de eventos	2024 datos
Conferencias anuales a las que asistió	37
Compromisos	12
Inversión de marketing de eventos	$ 1.5 millones

Kinsale Capital Group, Inc. (KNSL) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

Kinsale Capital Group apunta a las empresas pequeñas a medianas con ingresos brutos entre $ 1 millón y $ 50 millones anuales. A partir de 2023, la cartera de la compañía incluye aproximadamente 15,000 clientes de seguros comerciales en este segmento.

Categoría de tamaño del negocio	Número de clientes	Rango de ingresos brutos
Pequeñas empresas	10,500	$ 1M - $ 10M
Empresas de tamaño mediano	4,500	$ 10M - $ 50M

Sectores de la industria especializada

Kinsale se especializa en segmentos de la industria de nicho con perfiles de riesgo complejos.

• Transporte: 35% de la cartera especializada
• Construcción: 22% de la cartera especializada
• Servicios ambientales: 18% de la cartera especializada
• Hospitalidad: 15% de la cartera especializada
• Otros sectores especializados: 10% de la cartera especializada

Empresas comerciales de alto riesgo

La compañía se centra en segmentos comerciales de alto riesgo con requisitos de seguro desafiantes. En 2023, los segmentos de alto riesgo representaban $ 425 millones en primas escritas brutas.

Segmento de alto riesgo	Primas brutas escritas	Clasificación de riesgos
Negocios deportivos extremos	$ 85 millones	Muy alto riesgo
Manipuladores de material peligroso	$ 120 millones	Alto riesgo
Fabricación especializada	$ 220 millones	Riesgo moderado

Proveedores de servicios profesionales

Kinsale atiende a proveedores de servicios profesionales en varias industrias, con un enfoque en la cobertura de responsabilidad.

• Firmas legales: 12% de la cartera de servicios profesionales
• Agencias de consultoría: 18% de la cartera de servicios profesionales
• Profesionales de la salud: 25% de la cartera de servicios profesionales
• Consultores de tecnología: 20% de la cartera de servicios profesionales
• Servicios de ingeniería: 15% de la cartera de servicios profesionales

Segmentos de mercados emergentes

La compañía identifica y desarrolla productos de seguros para segmentos de mercados emergentes, lo que representa el 8% de las primas totales en 2023, por un total de aproximadamente $ 180 millones.

Segmento emergente	Volumen premium	Índice de crecimiento
Energía renovable	$ 62 millones	15.3%
Negocios de criptomonedas	$ 45 millones	22.7%
Servicios de drones	$ 38 millones	18.5%
Tecnologías de vehículos autónomos	$ 35 millones	16.2%

Kinsale Capital Group, Inc. (KNSL) - Modelo de negocio: Estructura de costos

Gastos de suscripción y reclamos

Para el año fiscal 2023, Kinsale Capital Group informó los siguientes gastos de suscripción y reclamos relacionados con

Categoría de gastos	Cantidad (en millones)
Gastos de ajuste de pérdidas y pérdidas	$345.7
Gastos de suscripción	$127.3

Inversión en tecnología e infraestructura

Las inversiones de tecnología e infraestructura de Kinsale Capital Group para 2023 incluyeron:

• Total de TI y gastos de tecnología: $ 22.4 millones
• Desarrollo de software y costos de mantenimiento: $ 8.6 millones
• Computación e infraestructura en la nube: $ 5.7 millones

Compensación de empleados

Gastos relacionados con los empleados para el año fiscal 2023:

Categoría de compensación	Cantidad (en millones)
Salarios y salarios	$98.5
Compensación basada en acciones	$14.2
Beneficios para empleados	$22.3

Costos de marketing y ventas

Gastos relacionados con el marketing y las ventas para 2023:

• Gastos totales de marketing y ventas: $ 15.6 millones
• Iniciativas de marketing digital: $ 6.3 millones
• Compensación del equipo de ventas: $ 9.3 millones

Gastos de cumplimiento regulatorio

Costos relacionados con el cumplimiento para el año fiscal 2023:

Categoría de cumplimiento	Cantidad (en millones)
Departamento legal y de cumplimiento	$7.8
Informes regulatorios	$3.5
Auditoría y gestión de riesgos	$5.2

Estructura de costos totales para 2023: aproximadamente $ 656.5 millones

Kinsale Capital Group, Inc. (KNSL) - Modelo de negocio: flujos de ingresos

Cobraciones de primas de seguros

Para el año fiscal 2023, Kinsale Capital Group informó $ 1,022.7 millones en primas escritas brutas, que representan un 25.4% de aumento del año anterior.

Segmento	Primas brutas escritas	Porcentaje de crecimiento
Exceso & Líneas excedentes	$ 967.7 millones	26.3%
Víctima especializada	$ 55.0 millones	19.6%

Tarifas de renovación de políticas

La tasa de retención de políticas de la compañía fue 86.5% En 2023, generando ingresos de renovación consistentes.

Ingresos de inversión de primas

Los ingresos por inversiones para 2023 totalizaron $ 93.4 millones, con una cartera de inversiones de $ 2.1 mil millones.

Categoría de inversión	Valor	Producir
Madurez fijos	$ 1.8 mil millones	4.2%
Valores de renta variable	$ 210 millones	2.9%

Ofertas de productos de riesgo especializado

• Seguro de responsabilidad gerente
• Cobertura de responsabilidad ambiental
• Productos de responsabilidad profesional

Productos de riesgo especializado aportados $ 155.6 millones a las primas totales en 2023.

Comisión de Broker Partnerships

Las comisiones de corredor para 2023 alcanzaron $ 78.3 millones, representando 7.7% de colecciones de primas totales.

Red de corredores	Porcentaje de comisión	Comisiones totales
Corredores nacionales	5.2%	$ 53.2 millones
Corredores regionales	2.5%	$ 25.1 millones

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Kinsale Capital Group, Inc. (KNSL) attracts business in the specialty insurance space. It's about taking on risks others won't, doing it cheaper, and doing it faster, all while staying consistently profitable.

Underwriting hard-to-place risks that standard carriers avoid

Kinsale Capital Group, Inc. operates exclusively in the U.S. excess and surplus lines (E&S) market. This is where they use their underwriting expertise to cover coverages for risks that are unique or hard to place in the standard insurance market. Typical E&S risks include newly established companies or industries, high-risk operations, insureds in litigious venues, or companies with poor loss histories. Kinsale Capital Group, Inc. maintains control over its underwriting process by never delegating authority to any outside agents or brokers, which helps ensure consistent quality of work. This focus on smaller E&S accounts allows for greater control over pricing and risk selection, contributing to higher margins. Kinsale Capital Group, Inc. has a broad appetite to underwrite a diverse set of risks across the E&S market.

Structurally lower expense ratio, at 20.7% in Q2 2025

The company's technology-enabled expense management is a key differentiator. This efficiency allows Kinsale Capital Group, Inc. to maintain a cost structure that is difficult for many competitors to match. For example, the expense ratio in the second quarter of 2025 was just 20.7%. This compares favorably to the expense ratio of 21.1% reported in the second quarter of 2024. The expense ratio for the first half of 2025 was 20.3%, showing a sustained trend of cost control.

The operational efficiency translates directly into superior underwriting results, as shown in the table below:

Metric	Q3 2025 Result	Q2 2025 Result	First Nine Months 2025 Result
Combined Ratio	74.9%	75.8%	77.5%
Loss Ratio	53.9%	55.1%	56.9%
Expense Ratio	21.0%	20.7%	20.6%

Faster quote and policy issuance cycle times

Kinsale Capital Group, Inc.'s model emphasizes a high degree of service, which includes rapid response times. This speed in service, combined with in-house underwriting, helps them compete effectively in the E&S market where speed can be critical for securing hard-to-place business. The company's focus on smaller accounts also supports quicker processing.

Consistent underwriting profitability with a Q3 2025 combined ratio of 74.9%

The discipline in underwriting translates into reliably profitable operations. For the third quarter of 2025, Kinsale Capital Group, Inc. achieved a combined ratio of 74.9%. This is an improvement from the combined ratio of 75.7% reported in the third quarter of 2024. This profitability is driven by several factors:

• Continued growth in the business.
• Lower catastrophe losses in Q3 2025 compared to Q3 2024.
• Higher favorable development of loss reserves from prior accident years.
• Maintaining adequate rate levels for the risks underwritten.

The underwriting income for Q3 2025 was $105.7 million, up from $86.9 million in the same period last year. That's a solid value proposition for shareholders.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Customer Relationships

You're looking at how Kinsale Capital Group, Inc. connects with the market to place its specialized insurance policies. The entire structure is built around a specific intermediary model, which is key to understanding their underwriting discipline.

Indirect relationship managed through wholesale brokers

Kinsale Capital Group, Inc. does not deal directly with the end customer for most of its business; the relationship is almost entirely indirect, flowing through wholesale brokers. This is the primary conduit for their Excess and Surplus (E&S) lines products. Kinsale Capital Group, Inc. markets its insurance products across all 50 U.S. states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, relying on this broker network for access.

The reliance on a select group of these intermediaries is significant, though the company actively manages the risk of over-concentration. For the year ended December 31, 2024, a substantial portion of premium volume was channeled through just a few partners. Specifically, 62.3% of 2024 gross written premiums came from five of their approximately 197 brokers. To be fair, this concentration is managed, as three of those top brokers accounted for 48.4% of the 2024 gross written premiums.

The nature of the business also dictates the size of the transactions handled through these relationships:

• Average premium per policy written in the third quarter of 2025 was approximately $12,900.
• Excluding personal lines, the average premium per policy written in the third quarter of 2025 was approximately $13,500.

High-touch, expert-driven underwriting and claims control

The relationship with the broker is one where Kinsale Capital Group, Inc. maintains absolute control over the risk selection and pricing process. This is a core differentiator. Kinsale Capital Group, Inc. uses its underwriting expertise to offer terms on hard-to-place risks, which requires deep, specialized knowledge. This expert-driven approach is reflected in their consistent operational performance, which is what the brokers are ultimately selling to the client.

Here's how the operational results, which underpin the broker value proposition, looked through the third quarter of 2025:

Metric	Period Ending September 30, 2025 (Q3)	Period Ending September 30, 2024 (Q3)
Gross Written Premiums (GWP)	$486.3 million	(Implied: $448.6 million)
Combined Ratio	74.9%	75.7%
Underwriting Income	$105.7 million	(Implied: $86.9 million)
Expense Ratio	21.0%	19.6%

The low expense ratio of 21.0% in the third quarter of 2025 demonstrates the efficiency that supports the high-touch underwriting model, as fixed infrastructure costs rise slowly relative to premium scale.

Focus on long-term, profitable broker relationships

While Kinsale Capital Group, Inc. acknowledges that relationships with significant brokers may be discontinued at any time, the focus is clearly on cultivating partnerships that drive profitable growth. The company's compensation structure with brokers is a known factor in the market; Kinsale Capital Group, Inc.'s arrangement involves a lower commission compared to most other underwriters. This structure inherently favors brokers who prioritize placing risks with a carrier that consistently delivers superior underwriting results, rather than simply maximizing immediate commission dollars.

The overall growth in premium volume suggests these relationships are enduring and profitable for both parties:

• Gross Written Premiums for the first nine months of 2025 totaled $1.5 billion.
• GWP for the first nine months of 2025 grew 6.9% year-over-year.

Centralized decision-making; no underwriting authority delegated to brokers

This is a hard line in the sand for Kinsale Capital Group, Inc.'s customer relationship strategy. Unlike many of its competitors, Kinsale Capital Group, Inc. does not delegate underwriting authority to brokers, agents, or any other third party. All underwriting decisions are centralized, which is how the company enforces its disciplined risk selection framework and maintains its low combined ratios. This centralized control is the mechanism that ensures the quality of the business coming through the wholesale channel remains high, even if it means sacrificing some volume in highly competitive segments, such as the Commercial Property Division, which saw a 7.9% decline in GWP in the third quarter of 2025.

The company's commitment to this centralized, expert-driven model is what allows them to generate an annualized operating return on equity of 25.4% for the nine months ended September 30, 2025.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Channels

You're looking at how Kinsale Capital Group, Inc. gets its specialized insurance products into the hands of the right customers, which is almost entirely through intermediaries. Their channel strategy is built on a high-touch, high-tech partnership model within the Excess and Surplus (E&S) space.

Primary distribution via a robust network of independent wholesale brokers

Kinsale Capital Group, Inc. markets its property and casualty insurance products across all 50 states, the District of Columbia, the Commonwealth of Puerto Rico, and the U.S. Virgin Islands, primarily through a network of independent insurance brokers. This reliance on independent brokers is central to their E&S market access, as these partners bring the specialized knowledge needed to place hard-to-place risks. Unlike many competitors, Kinsale Capital Group, Inc. maintains absolute control over underwriting and claims management, meaning they do not delegate underwriting authority to these brokers. This keeps the quality control tight, which is key to their profitability metrics.

The scale of their operation, as of the end of 2024, involved Gross Written Premiums (GWP) of $1.9 billion. For the first half of 2025, GWP reached $1 billion, showing continued, albeit decelerating, growth momentum. Their focus on small- to medium-sized accounts means the average premium per policy written in 2024 was $15,100, or $15,900 when excluding the personal insurance division. This focus on smaller accounts is what helps them navigate competition, as they believe these segments face less competition and offer better pricing.

Direct access to the Excess and Surplus (E&S) market nationwide

Kinsale Capital Group, Inc. is the only publicly traded, pure-play Excess & Surplus insurer, competing against both specialized firms and the E&S divisions of larger carriers. The E&S market itself is a significant channel, representing slightly above 10% of the total $1 trillion US property and casualty insurance premium. Based on 2024 GWP, Kinsale Capital Group, Inc.'s market share in the total E&S market (which was approximately $115.6 billion in direct written premiums in 2023) was about 1.6%. Their nationwide presence is a deliberate channel strategy to capture this less-regulated, potentially higher-margin segment.

The company's operational footprint supports this nationwide reach:

• Operates in all 50 states, D.C., Puerto Rico, and the U.S. Virgin Islands.
• Top three states for GWP in 2024 were California (18.8%), Florida (15.6%), and Texas (13.4%).
• Employs approximately 674 people as of 2025.

Technology platform used by brokers for submission and quoting

A core differentiator for Kinsale Capital Group, Inc. is its proprietary technology platform, which is used to drive speed and efficiency in the underwriting and quoting process. This platform is not just internal; it is the digital interface through which brokers submit business. The company explicitly states it leverages technology for technology-enabled expense management. This focus on automation helps reduce human error across underwriting, policy processing, and claims adjusting.

Here's a look at the operational scale and technology investment context:

Metric	Value (Latest Available)	Year/Period
Gross Written Premiums (GWP)	$1.9 billion	2024 Full Year
Gross Written Premiums (GWP)	$1 billion	First Half of 2025
Combined Ratio	76.4%	2024 Full Year
Combined Ratio	75.8%	Q2 2025
Expense Ratio	20.8%	2024 Full Year
Expense Ratio	20.7%	Q2 2025
Technology Investment (Data Analytics)	$12.4 million	Fiscal Year 2022

The company's commitment to this channel is clear in its operational metrics; for instance, its expense ratio remained low at 20.7% in Q2 2025, compared to 21.1% in Q2 2024. This efficiency is directly tied to the platform that brokers use to interact with Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Customer Segments

You're looking at the core of Kinsale Capital Group, Inc.'s business-who they actually insure. Kinsale Capital Group, Inc. focuses its underwriting expertise squarely on the Excess and Surplus (E&S) lines market, which means they target risks that standard carriers often decline.

Small- to medium-sized businesses with complex or unique risks are the primary target. Kinsale Capital Group believes these smaller accounts face less competition, which helps them secure better pricing terms. For context on the size of the policies they handle, the average premium per policy written in 2024 was approximately $15,100. If you look just at the commercial side, that average was closer to $15,900 in 2024. More recently, for the third quarter of 2025, the average premium per policy was approximately $12,900.

The customer base is overwhelmingly commercial. In 2024, the split of Gross Written Premiums (GWP) clearly shows this focus:

Customer Type	2024 GWP Percentage
Commercial Lines Offerings	97.4%
Personal Lines (Homeowner's Coverage)	2.6%

When you break down the type of coverage Kinsale Capital Group writes, casualty business is the dominant line. This is where the company is placing its biggest bets. Here is the premium mix from the full year 2024:

Coverage Type	2024 GWP Percentage
Customers seeking casualty coverage	67.4%
Customers seeking property coverage	32.6%

The total Gross Written Premiums for the full year 2024 reached $1.9 billion. Kinsale Capital Group, Inc. is designed to serve a national market, distributing its products across a wide footprint. They market their insurance products through a network of independent insurance brokers to customers in:

• All 50 U.S. states
• The District of Columbia
• The Commonwealth of Puerto Rico
• The U.S. Virgin Islands

To be defintely clear, the company markets its insurance products in all 50 states and several territories. For instance, the top three states contributing to 2024 GWP were California at 18.8%, Florida at 15.6%, and Texas at 13.4%.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Cost Structure

You're looking at the core costs that drive Kinsale Capital Group, Inc.'s underwriting profitability. For an insurer, the cost structure is dominated by claims and the cost to acquire and manage the business. Kinsale Capital Group, Inc. consistently aims for a lean structure, which is a key part of its value proposition in the Excess and Surplus (E&S) market.

Losses and Loss Adjustment Expenses (LAE) represent the largest component of the cost base. For the second quarter of 2025, the loss ratio, which is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income, stood at 55.1%. This figure is a direct measure of how much of the premium dollar is consumed by claims, net of reinsurance.

The drive for a low expense ratio is central to Kinsale Capital Group, Inc.'s strategy, which they execute through technology-enabled expense management. The overall expense ratio for the second quarter of 2025 was 20.7%, an improvement from 21.1% in Q2 2024. For the first half of 2025, the expense ratio was even lower at 20.3%. This efficiency helps them maintain a strong combined ratio, which was 75.8% in Q2 2025.

Broker commissions and other acquisition costs are the primary driver within the expense ratio. These are the costs associated with placing the business through their network of independent insurance brokers. The structure of these costs is detailed below, using the latest available component breakdown from the year ended December 31, 2024, to illustrate the typical allocation within the underwriting expenses:

Cost Component	Year Ended December 31, 2024 Amount (in thousands)	Year Ended December 31, 2024 % of Sum of Earned Premiums and Fee Income
Net commissions incurred	$134,184	9.7%
Other underwriting expenses	$151,624	10.9%
Total Underwriting, acquisition, and insurance expenses	$285,808	20.6%

The technology infrastructure and personnel costs fall under the Other underwriting expenses line item, which was 10.9% of the sum of earned premiums and fee income for the year ended December 31, 2024. Kinsale Capital Group, Inc. emphasizes that its proprietary technology platform provides a high degree of efficiency, accuracy, and speed across all processes, which directly contributes to keeping this expense ratio low relative to peers. The company's focus is on technology-enabled expense management as a core competency.

Here are the key cost metrics for the first half of 2025 for context:

• Loss and expense ratios for the first half of 2025 were 58.5% and 20.3%, respectively.
• The combined ratio for the first half of 2025 was 78.8%.
• Net commissions incurred for the three months ended June 30, 2025, were 10.1% of the sum of earned premiums and fee income.

Honestly, that 20.7% expense ratio in Q2 2025 is what you want to see from a specialty carrier. Finance: draft a projection for the Q3 2025 expense ratio components by next Tuesday.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Revenue Streams

You're looking at how Kinsale Capital Group, Inc. (KNSL) actually brings in the money, which for a specialty insurer like this, comes from a few key, powerful sources. Honestly, the core of the revenue engine is the premium they charge for taking on hard-to-place risks.

The sheer volume of business they write is impressive. For the first nine months of 2025, Gross Written Premiums (GWP) from their Excess & Surplus (E&S) policies totaled $1.5 billion. That's the top-line measure of the insurance risk they've accepted. To give you a snapshot of the quarterly flow, Q3 2025 GWP hit $486.3 million, which was an 8.4% increase over Q3 2024. What this estimate hides is that while the overall GWP grew, the Commercial Property Division, their biggest piece, actually saw a 7.9% decline in Q3 due to lower rates and more competition.

The second major stream is the money they make from investing that large pool of capital-the premiums they collect before paying out claims, often called the float. Net Investment Income for the first nine months of 2025 was $139.9 million. This was driven by the growth in their investment portfolio, which is fueled by strong operating cash flows. For just the third quarter of 2025, Net Investment Income was $49.6 million, a 25.1% jump from the prior year's third quarter.

The third critical stream is the profit they generate from their core insurance operations-that's the underwriting profit. For Q3 2025, Kinsale Capital Group, Inc. posted an Underwriting income of $105.7 million. This profit is what happens when premiums earned exceed losses and expenses. The efficiency here is key; the combined ratio for Q3 2025 was 74.9%, meaning they kept about 25.1 cents of every dollar earned after paying claims and expenses. The underwriting income for the first nine months of 2025 was $268.6 million, with a combined ratio of 77.5% for that longer period.

You also asked about Fees and other income related to insurance operations. While a specific line item for just 'fees' isn't broken out in the same way as the primary three, the operational results give us context. For instance, in Q3 2025, Net Earned Premium grew by 17.8%, which was higher than the GWP growth because of higher reinsurance retention levels. Also, the expense ratio for Q3 2025 was 21.0%, up from 19.6% in Q3 2024, partly due to lower ceding commissions on reinsurance agreements. Here's the quick math on the main revenue drivers for the most recent reported periods:

Financial Metric	Period Ending September 30, 2025 (9M)	Q3 2025
Gross Written Premiums (GWP)	$1.5 billion	$486.3 million
Net Investment Income	$139.9 million	$49.6 million
Underwriting Income	$268.6 million	$105.7 million
Combined Ratio	77.5%	74.9%

The company also demonstrated confidence in its financial position by repurchasing shares, spending $20.0 million in Q3 2025. Finance: draft 13-week cash view by Friday.