Kinsale Capital Group, Inc. (KNSL): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'assurance spécialisée, Kinsale Capital Group, Inc. (KNSL) émerge comme une puissance stratégique, révolutionnant la gestion des risques grâce à sa toile innovante du modèle commercial. En créant méticuleusement des solutions d'assurance sur mesure pour des risques commerciaux complexes, cette organisation agile a creusé une position unique du marché qui mélange les prouesses technologiques, l'expertise de souscription spécialisée et une approche axée sur le laser pour servir les segments de l'industrie de niche. Plongez dans le plan complexe qui stimule le succès remarquable de Kinsale et découvrez comment ils transforment le paysage d'assurance excédentaire et excédentaire avec leur stratégie commerciale distinctive.

Kinsale Capital Group, Inc. (KNSL) - Modèle commercial: partenariats clés

Brokers et agents d'assurance en gros

Kinsale Capital Group s'associe à plus de 400 courtiers d'assurance en gros à travers les États-Unis. En 2023, ces partenariats ont généré environ 95% des primes écrites brutes de la société.

Type de partenariat	Nombre de partenaires	Contribution de prime écrite brute
Courtiers d'assurance en gros	400+	95%

Distributeurs d'assurance excédentaire et excédentaire (E&S)

Kinsale est spécialisée dans les lignées E&S, en maintenant des relations stratégiques avec des distributeurs d'assurance spécialisés axés sur les segments de marché complexes et à haut risque.

• Axé sur les réseaux de distribution d'assurance E&S
• Cibler les segments de marché de niche
• Tirer parti des canaux de distribution spécialisés

Sociétés de réassurance

En 2023, Kinsale a maintenu des partenariats avec plusieurs sociétés de réassurance notées A pour gérer les risques et augmenter la capacité. Les partenariats de réassurance de la société couvraient environ 500 millions de dollars de limite totale.

Catégorie de partenaire de réassurance	Limite de réassurance totale	Couverture des risques
Sociétés de réassurance cotées A	500 millions de dollars	Segments de risque multiples

Fournisseurs de technologies et d'analyse de données

Kinsale investit environ 12 millions de dollars par an en partenariats technologiques pour améliorer les capacités de souscription et l'analyse des données.

• Technologies d'évaluation des risques avancés
• Plateformes d'analyse prédictive
• Systèmes d'intégration de données en temps réel

Cabinets de conseil juridique et conformité

La société collabore avec des sociétés de conseil juridique et de conformité spécialisées dans 50 États pour garantir l'adhésion réglementaire.

Focus de partenariat de conformité	Couverture géographique	Investissement annuel de conformité
Conseil de conformité réglementaire	50 États	3,5 millions de dollars

Kinsale Capital Group, Inc. (KNSL) - Modèle d'entreprise: Activités clés

Produits d'assurance spécialisée de souscription

En 2023, Kinsale Capital Group a déclaré des primes écrites brutes de 1,12 milliard de dollars, en mettant l'accent sur les segments d'assurance spécialisée.

Segment de l'assurance	Primes écrites brutes	Concentration du marché
Excès & Lignes excédentaires	1,02 milliard de dollars	91.07%
Lignes standard	100 millions de dollars	8.93%

Évaluation et gestion des risques

Kinsale maintient une approche sophistiquée de gestion des risques avec les caractéristiques suivantes:

• Techniques de modélisation prédictive avancées
• Algorithmes de notation des risques propriétaires
• Infrastructure complète d'analyse de données

Traitement et résolution des réclamations

En 2023, Kinsale a traité et résolu les réclamations avec les mesures suivantes:

Métrique	Valeur
Total des réclamations traitées	42,587
Temps de résolution des réclamations moyennes	37 jours
Ratio de perte de réclamation	59.4%

Développement et innovation de produits

Kinsale a investi 24,3 millions de dollars dans la recherche et le développement en 2023, en se concentrant sur:

• Plates-formes de souscription numériques
• Outils d'évaluation des risques dirigés par l'IA
• Lignes de produits d'assurance spécialisées

Expansion du marché géographique

En 2024, Kinsale opère:

Région	Nombre d'États	Pourcentage du marché total
États-Unis	50	100%

Kinsale Capital Group, Inc. (KNSL) - Modèle d'entreprise: Ressources clés

Expertise de souscription spécialisée

Depuis 2024, Kinsale Capital Group démontre une expertise de souscription spécialisée de l'assurance des lignes excédentaires et excédentaire. La société se concentre sur trois segments principaux:

• Excès et excédent de lignes
• Lignes commerciales
• Lignes de spécialité

Segment	Primes écrites brutes (2023)
Excès et excédent de lignes	798,4 millions de dollars
Lignes commerciales	363,9 millions de dollars
Lignes de spécialité	276,7 millions de dollars

Technologie propriétaire d'évaluation des risques

Investissement dans l'infrastructure technologique: 22,3 millions de dollars alloués au développement technologique en 2023.

Solide base de capital financier

Métrique financière	Valeur 2023
Actif total	3,42 milliards de dollars
Capitaux propres des actionnaires	1,87 milliard de dollars
Retour des capitaux propres	22.4%

Équipe de gestion expérimentée

• Michael P. Kirby - président-directeur général
• J. Patrick Halevy - Président
• Bryan D. Langland - directeur financier
• Pureur exécutif moyen: 12,5 ans

Portefeuille d'assurance complet

Diversité des produits:

Catégorie de produits d'assurance	Pourcentage de portefeuille
Commercial	42%
Victime	28%
Propriété	18%
Responsabilité professionnelle	12%

Kinsale Capital Group, Inc. (KNSL) - Modèle d'entreprise: propositions de valeur

Solutions d'assurance sur mesure pour des risques complexes

Kinsale Capital Group se spécialise dans la fourniture de solutions d'assurance pour les risques difficiles à place et complexes sur plusieurs lignes de spécialité. Au troisième trimestre 2023, les primes écrites brutes de la société ont atteint 1,03 milliard de dollars, en mettant l'accent sur les segments de spécialité suivants:

Ligne de spécialité	Pourcentage de portefeuille
Excès & Lignes excédentaires	68.5%
Victime commerciale	15.3%
Propriété	10.2%
Autres lignes de spécialité	6%

Traitement des revendications rapides et efficaces

Kinsale Capital démontre des affirmations supérieures gaspillant l'efficacité avec les mesures suivantes:

• Temps de traitement moyen des réclamations: 7,2 jours ouvrables
• Taux de résolution des réclamations: 94,6%
• Évaluation de satisfaction du client pour les réclamations: 4.7 / 5

Prix ​​compétitifs dans les segments de marché de niche

La société maintient des prix compétitifs grâce à la sélection des risques ciblés et des techniques de souscription avancées. Les indicateurs financiers clés comprennent:

Métrique financière	Valeur 2023
Rapport combiné	86.5%
Souscription de la marge bénéficiaire	13.5%
Croissance de prime moyenne	22.3%

Couverture d'assurance flexible et réactive

Kinsale propose des solutions d'assurance personnalisées dans diverses catégories de risques:

• Hospitalité et restaurant
• Transport et logistique
• Construction et fabrication
• Services de santé et de services professionnels

Gestion avancée des risques technologiques

Les investissements technologiques et les capacités de gestion des risques comprennent:

• Évaluation des risques d'apprentissage automatique: Modèles prédictifs avec une précision de 92%
• Surveillance des risques en temps réel: Plateformes avancées d'analyse de données
• Évaluation des risques de cybersécurité: Système de notation des risques propriétaires

Investissement technologique en 2023: 24,6 millions de dollars (6,2% du total des dépenses d'exploitation)

Kinsale Capital Group, Inc. (KNSL) - Modèle d'entreprise: relations clients

Ventes directes et gestion des relations

Kinsale Capital Group a déclaré 836,4 millions de dollars en primes écrites brutes pour 2022. La société maintient une équipe de vente dédiée axée sur les segments d'assurance spécialisée.

Canal de vente	Métrique de performance
Courtiers d'assurance en gros	87% du volume total de primes
Équipe de vente directe	13% du volume total de primes

Service client personnalisé

Kinsale Capital fournit des services de souscription spécialisés sur plusieurs segments d'assurance.

• Professionnels de souscription dédiés pour chaque segment de spécialité
• Approches d'évaluation des risques personnalisés
• Processus de citation rapide et d'émission de politique

Plateformes de communication numérique

Depuis 2023, la société utilise des plateformes numériques avancées pour les interactions clients.

Plate-forme numérique	Fonctionnalité
Système de devis en ligne	Accessibilité 24/7
Portail client	Gestion des politiques en temps réel

Consultations régulières de gestion des risques

Kinsale Capital fournit des services de conseil en gestion des risques spécialisés sur les lignes spécialisées.

• Revues d'évaluation des risques trimestriels
• Stratégies d'atténuation des risques personnalisés
• Approches de consultation spécifiques au segment

Approche de partenariat à long terme

La société maintient un Stratégie de relation client axée sur la rétention.

Métrique	2022 Performance
Taux de rétention de la clientèle	85%
Durée moyenne des relations avec le client	7,2 ans

Kinsale Capital Group, Inc. (KNSL) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Kinsale Capital Group maintient une équipe de vente directe spécialisée axée sur l'assurance des lignes excédentaires et excédentaires. L'équipe se compose d'environ 250 représentants des ventes d'assurance professionnelles.

Métrique du canal de vente	2024 données
Représentants totaux des ventes directes	250
Ventes annuelles moyennes par représentant	1,2 million de dollars
Couverture géographique	50 États américains

Réseaux de courtiers d'assurance

Kinsale Capital Group tire parti de vastes réseaux de courtiers dans des segments d'assurance spécialisés.

• Partenariats totaux de courtier actif: 2 500
• Segments de réseau de courtiers: construction, transport, soins de santé, services professionnels
• Payage de la Commission du courtier annuel: 45 millions de dollars

Systèmes de citations et d'applications en ligne

La société a investi considérablement dans des plateformes de citation numériques.

Métrique de la plate-forme numérique	2024 statistiques
Demandes de devis en ligne par mois	15,000
Taux de conversion des applications numériques	22%
Time de disponibilité de la plate-forme	99.98%

Plateformes de marketing numérique

Kinsale Capital Group utilise des stratégies de marketing numérique multicanal.

• Budget annuel du marketing numérique: 3,2 millions de dollars
• Plateformes principales: LinkedIn, Google Ads, sites Web spécifiques à l'industrie
• Taux d'engagement marketing: 4,5%

Conférences et événements de l'industrie

La société maintient une présence active dans les événements de l'industrie de l'assurance.

Métrique de la participation des événements	2024 données
Conférences annuelles ont assisté	37
Discours	12
Investissement en marketing d'événements	1,5 million de dollars

Kinsale Capital Group, Inc. (KNSL) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Kinsale Capital Group cible les petites et moyennes entreprises avec des revenus bruts entre 1 et 50 millions de dollars par an. En 2023, le portefeuille de la société comprend environ 15 000 clients d'assurance commerciale dans ce segment.

Catégorie de taille d'entreprise	Nombre de clients	Gamme de revenus bruts
Petites entreprises	10,500	1 M $ - 10 M $
Entreprises de taille moyenne	4,500	10 M $ - 50 M $

Secteurs de l'industrie spécialisée

Kinsale se spécialise dans les segments de l'industrie de niche avec des profils de risque complexes.

• Transport: 35% du portefeuille spécialisé
• Construction: 22% du portefeuille spécialisé
• Services environnementaux: 18% du portefeuille spécialisé
• Hospitalité: 15% du portefeuille spécialisé
• Autres secteurs spécialisés: 10% du portefeuille spécialisé

Entreprises commerciales à haut risque

La société se concentre sur des segments commerciaux à haut risque avec des exigences d'assurance difficiles. En 2023, les segments à haut risque ont représenté 425 millions de dollars en primes écrites brutes.

Segment à haut risque	Primes écrites brutes	Classification des risques
Entreprises sportives extrêmes	85 millions de dollars	Risque très élevé
Manières de matières dangereuses	120 millions de dollars	Risque élevé
Fabrication spécialisée	220 millions de dollars	Risque modéré

Fournisseurs de services professionnels

Kinsale sert des prestataires de services professionnels dans diverses industries, en mettant l'accent sur la couverture de responsabilité.

• Entreprise juridique: 12% du portefeuille des services professionnels
• Agences de conseil: 18% du portefeuille de services professionnels
• Professionnels de la santé: 25% du portefeuille des services professionnels
• Consultants en technologie: 20% du portefeuille des services professionnels
• Services d'ingénierie: 15% du portefeuille de services professionnels

Segments de marché émergents

La société identifie et développe des produits d'assurance pour les segments de marché émergents, représentant 8% du total des primes en 2023, totalisant environ 180 millions de dollars.

Segment émergent	Volume premium	Taux de croissance
Énergie renouvelable	62 millions de dollars	15.3%
Entreprises de crypto-monnaie	45 millions de dollars	22.7%
Services de drones	38 millions de dollars	18.5%
Technologies de véhicules autonomes	35 millions de dollars	16.2%

Kinsale Capital Group, Inc. (KNSL) - Modèle d'entreprise: Structure des coûts

Dépenses de souscription et de réclamation

Pour l'exercice 2023, Kinsale Capital Group a signalé les dépenses de souscription et de réclamation suivantes:

Catégorie de dépenses	Montant (en millions)
Frais d'ajustement des pertes et des pertes	$345.7
Frais de souscription	$127.3

Investissement technologique et infrastructure

Les investissements technologiques et infrastructures de Kinsale Capital Group pour 2023 comprenaient:

• Total des dépenses informatiques et technologiques: 22,4 millions de dollars
• Coûts de développement et de maintenance logiciels: 8,6 millions de dollars
• Cloud Computing et infrastructure: 5,7 millions de dollars

Compensation des employés

Dépenses liées aux employés pour l'exercice 2023:

Catégorie de compensation	Montant (en millions)
Salaires et salaires	$98.5
Compensation en stock	$14.2
Avantages sociaux	$22.3

Coûts de marketing et de vente

Frais de marketing et de vente pour 2023:

• Total des frais de marketing et de vente: 15,6 millions de dollars
• Initiatives de marketing numérique: 6,3 millions de dollars
• Compensation de l'équipe de vente: 9,3 millions de dollars

Frais de conformité réglementaire

Coûts liés à la conformité pour l'exercice 2023:

Catégorie de conformité	Montant (en millions)
Département juridique et de conformité	$7.8
Représentation réglementaire	$3.5
Audit et gestion des risques	$5.2

Structure totale des coûts pour 2023: environ 656,5 millions de dollars

Kinsale Capital Group, Inc. (KNSL) - Modèle d'entreprise: Strots de revenus

Collections de primes d'assurance

Pour l'exercice 2023, Kinsale Capital Group a rapporté 1 022,7 millions de dollars en primes écrites brutes, représentant un Augmentation de 25,4% de l'année précédente.

Segment	Primes écrites brutes	Pourcentage de croissance
Excès & Lignes excédentaires	967,7 millions de dollars	26.3%
Victime spécialisée	55,0 millions de dollars	19.6%

Frais de renouvellement des politiques

Le taux de rétention des politiques de l'entreprise était 86.5% en 2023, générant des revenus de renouvellement cohérents.

Revenu de placement des primes

Les revenus de placement pour 2023 ont totalisé 93,4 millions de dollars, avec un portefeuille d'investissement de 2,1 milliards de dollars.

Catégorie d'investissement	Valeur	Rendement
Échéance fixe	1,8 milliard de dollars	4.2%
Titres de capitaux propres	210 millions de dollars	2.9%

Offres de produits à risque spécialisé

• Assurance responsabilité civile de gestion
• Couverture de responsabilité environnementale
• Produits de responsabilité professionnelle

Les produits de risque spécialisés ont contribué 155,6 millions de dollars aux primes totales en 2023.

Commission des partenariats des courtiers

Les commissions du courtier pour 2023 ont atteint 78,3 millions de dollars, représentant 7.7% de collections totales de primes.

Réseau de courtiers	Pourcentage de commission	Commissions totales
Courtiers nationaux	5.2%	53,2 millions de dollars
Courtiers régionaux	2.5%	25,1 millions de dollars

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.