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Richmond, VA, October 23, 2025 - Kinsale Capital Group, Inc. (NYSE: KNSL) reported net income of $141.6 million, $6.09 per diluted share, for the third quarter of 2025 compared to $114.2 million, $4.90 per diluted share, for the third quarter of 2024. Net income was $365.0 million, $15.67 per diluted share, for the first nine months of 2025 compared to $305.7 million, $13.10 per diluted share, for the first nine months of 2024. Net income included after-tax catastrophe losses of $1.0 million in the third quarter of 2025 and $10.8 million in the third quarter of 2024. Net income included after-tax catastrophe losses of $21.7 million in the first nine months of 2025 and $13.9 million in the first nine months of 2024.

Net operating earnings(1) were $121.2 million, $5.21 per diluted share, for the third quarter of 2025 compared to $97.9 million, $4.20 per diluted share, for the third quarter of 2024. Net operating earnings(1) were $319.0 million, $13.70 per diluted share, for the first nine months of 2025 compared to $267.0 million, $11.44 per diluted share, for the first nine months of 2024.

“Our business continues to produce strong results across the market cycle as we execute our model of disciplined underwriting and technology-enabled expense management. We remain confident in our strategy and our ability to deliver long-term value to our shareholders,” said Chairman and Chief Executive Officer, Michael P. Kehoe.

Gross written premiums were $486.3 million for the third quarter of 2025 compared to $448.6 million for the third quarter of 2024, an increase of 8.4%. Gross written premiums were $1.5 billion for the first nine months of 2025 compared to $1.4 billion for the first nine months of 2024, an increase of 6.9%. Gross written premiums in the Commercial Property Division, the Company’s largest division, declined 7.9% in the third quarter and 15.2% in the first nine months of 2025 compared to the prior-year periods, reflecting lower rates and increased competition, including from standard carriers. Excluding the Commercial Property Division, gross written premiums increased 12.3% for the quarter and 14.4% for the first nine months of 2025 driven by continued strong submission flow across most divisions.

Underwriting income(2) was $105.7 million, resulting in a combined ratio(5) of 74.9% for the third quarter of 2025, compared to $86.9 million and a combined ratio(5) of 75.7% for the same period last year. The increase in underwriting income(2) was largely due to continued growth in the business, lower catastrophe losses and higher favorable development of loss reserves from prior accident years. Loss(3) and expense(4) ratios were 53.9% and 21.0%, respectively, for the third quarter of 2025 compared to 56.1% and 19.6% for the third quarter of 2024. Results for the third quarter of 2025 and 2024 included net favorable development of loss

reserves from prior accident years of $15.8 million, or 3.7 points, and $10.1 million, or 2.8 points, respectively. The loss ratio for the third quarter of 2025 included 0.3 points of net catastrophe losses. The loss ratio for the third quarter of 2024 included 3.8 points of net catastrophe losses, primarily related to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest.

Underwriting income(2) was $268.6 million, resulting in a combined ratio(5) of 77.5% for the first nine months of 2025 compared to $228.0 million and a combined ratio(5) of 77.6% for the first nine months of 2024. The increase in underwriting income(2) was largely due to continued growth in the business and higher favorable development of loss reserves from prior accident years offset in part by higher catastrophe losses incurred. Loss(3) and expense(4) ratios were 56.9% and 20.6%, respectively, for the first nine months of 2025 compared to 57.1% and 20.5% for the first nine months of 2024. Results for the first nine months of 2025 and 2024 included net favorable development of loss reserves from prior accident years of $45.9 million, or 3.8 points, and $28.1 million, or 2.7 points, respectively. The loss ratio for the first nine months of 2025 included 2.3 points of net catastrophe losses, primarily related to the Palisades Fire. The loss ratio for the first nine months of 2024 included 1.7 points of net catastrophe losses, primarily related to Hurricanes Helene, Francine and Beryl and tornadoes in the Midwest.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	($ in thousands)
Gross written premiums	$	486,251		$	448,646		$	1,526,048		$	1,427,060
Ceded written premiums	(81,191)			(98,709)			(280,583)			(295,833)
Net written premiums	$	405,060		$	349,937		$	1,245,465		$	1,131,227

Net earned premiums	$	410,957		$	348,752		$	1,160,360		$	990,731
Fee income	10,300			8,489			30,655			25,572
Losses and loss adjustment expenses	227,162			200,240			677,497			580,351
Underwriting, acquisition and insurance expenses	88,423			70,139			244,932			207,960
Underwriting income(2)	$	105,672		$	86,862		$	268,586		$	227,992

Loss ratio(3)	53.9		%	56.1		%	56.9		%	57.1		%
Expense ratio(4)	21.0		%	19.6		%	20.6		%	20.5		%
Combined ratio(5)	74.9		%	75.7		%	77.5		%	77.6		%

Annualized return on equity(6)	31.6		%	33.9		%	29.1		%	32.3		%
Annualized operating return on equity(7)	27.0		%	29.1		%	25.4		%	28.2		%


	Three Months Ended September 30, 2025				Three Months Ended September 30, 2024
	Losses and Loss Adjustment Expenses		% of Sum of Earned Premiums and Fee Income		Losses and Loss Adjustment Expenses		% of Sum of Earned Premiums and Fee Income
Loss ratio:	($ in thousands)
Current accident year	$	241,704	57.3	%	$	196,750	55.1	%
Current accident year - catastrophe losses	1,216		0.3	%	13,615		3.8	%
Effect of prior accident year development	(15,758)		(3.7)	%	(10,125)		(2.8)	%
Total	$	227,162	53.9	%	$	200,240	56.1	%


	Nine Months Ended September 30, 2025				Nine Months Ended September 30, 2024
	Losses and Loss Adjustment Expenses		% of Sum of Earned Premiums and Fee Income		Losses and Loss Adjustment Expenses		% of Sum of Earned Premiums and Fee Income
Loss ratio:	($ in thousands)
Current accident year	$	695,851	58.4	%	$	590,810	58.1	%
Current accident year - catastrophe losses	27,499		2.3	%	17,613		1.7	%
Effect of prior accident year development	(45,853)		(3.8)	%	(28,072)		(2.7)	%
Total	$	677,497	56.9	%	$	580,351	57.1	%

Net investment income was $49.6 million in the third quarter of 2025 compared to $39.6 million in the third quarter of 2024, an increase of 25.1%. Net investment income was $139.9 million in the first nine months of 2025 compared to $108.4 million in the first nine months of 2024, an increase of 29.0%. These increases were driven by growth in the Company's investment portfolio generated largely from the investment of strong operating cash flows. The Company’s investment portfolio had an annualized gross investment return(8) of 4.3% for both the first nine months of 2025 and 2024. Funds are generally invested conservatively in high-quality securities with an average credit quality of "AA-" and the weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 3.6 years and 3.0 years at September 30, 2025 and December 31, 2024, respectively. Cash and invested assets totaled $4.9 billion at September 30, 2025 and $4.1 billion at December 31, 2024.

The effective tax rates for the nine months ended September 30, 2025 and September 30, 2024 were 20.6% and 18.7%, respectively. In the first nine months of 2025 and 2024, the effective tax rates were lower than the federal statutory rate of 21% primarily due to the tax benefits from stock-based compensation, including stock options exercised, and from tax-exempt investment income. The effective tax rate was higher for the nine months ended September 30, 2025 compared to the same period in 2024 due primarily to a lower volume of stock option exercises.

Stockholders' equity was $1.9 billion at September 30, 2025 compared to $1.5 billion at December 31, 2024. Book value per share was $80.19 at September 30, 2025 compared to $63.75 at December 31, 2024. Annualized operating return on equity(7) was 25.4% for the first nine months of 2025, a decrease from 28.2% for the first nine months of 2024. The decrease was due primarily to higher average stockholders' equity. Average stockholders' equity increased as a result of profitable growth and an increase in the fair value of our fixed income and equity securities offset in part by share repurchases.

Net operating earnings is defined as net income excluding the effects of the change in the fair value of equity securities, after taxes, net realized investment gains and losses, after taxes, and change in allowance for credit losses on investments, after taxes. Management believes the exclusion of these items provides a useful comparison of the Company's underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	($ in thousands, except per share data)
Net operating earnings:
Net income	$	141,646		$	114,229		$	364,994		$	305,749
Adjustments:
Change in the fair value of equity securities, before taxes	(23,717)			(20,659)			(55,376)			(41,871)
Income tax expense (1)	4,981			4,338			11,629			8,793
Change in fair value of equity securities, after taxes	(18,736)			(16,321)			(43,747)			(33,078)

Net realized investment (gains) losses, before taxes	(2,159)			8			(2,832)			(6,737)
Income tax expense (benefit) (1)	453			(2)			595			1,415
Net realized investment (gains) losses, after taxes	(1,706)			6			(2,237)			(5,322)

Change in allowance for credit losses on investments, before taxes	(4)			(4)			11			(490)
Income tax (benefit) expense (1)	1			1			(2)			103
Change in allowance for credit losses on investments, after taxes	(3)			(3)			9			(387)
Net operating earnings	$	121,201		$	97,911		$	319,019		$	266,962

Diluted operating earnings per share:
Diluted earnings per share	$	6.09		$	4.90		$	15.67		$	13.10
Change in the fair value of equity securities, after taxes, per share	(0.81)			(0.70)			(1.88)			(1.42)
Net realized investment (gains) losses, after taxes, per share	(0.07)			—			(0.10)			(0.23)
Change in allowance for credit losses on investments, after taxes, per share	—			—			—			(0.02)
Diluted operating earnings per share(2)	$	5.21		$	4.20		$	13.70		$	11.44

Operating return on equity:
Average equity(3)	$	1,793,895		$	1,346,076		$	1,674,389		$	1,260,891
Annualized return on equity(4)	31.6		%	33.9		%	29.1		%	32.3		%
Annualized operating return on equity(5)	27.0		%	29.1		%	25.4		%	28.2		%

Underwriting income is defined as net income excluding net investment income, the change in the fair value of equity securities, net realized investment gains and losses, change in allowance for credit losses on investments, interest expense, other expenses, other income and income tax expense. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Net income	$	141,646	$	114,229	$	364,994	$	305,749
Income tax expense	37,232		30,169		94,484		70,316
Income before income taxes	178,878		144,398		459,478		376,065
Net investment income	(49,604)		(39,644)		(139,896)		(108,424)
Change in the fair value of equity securities	(23,717)		(20,659)		(55,376)		(41,871)
Net realized investment (gains) losses	(2,159)		8		(2,832)		(6,737)
Change in allowance for credit losses on investments	(4)		(4)		11		(490)
Interest expense	2,569		2,589		7,664		7,575
Other expenses (6)	473		692		1,145		3,451
Other income	(764)		(518)		(1,608)		(1,577)
Underwriting income	$	105,672	$	86,862	$	268,586	$	227,992

Kinsale Capital Group will hold a conference call to discuss this press release on Friday, October 24, 2025 at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (800) 715-9871, conference ID# 6520221, or via the Internet by going to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website.

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims

or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	(in thousands, except per share data)
Gross written premiums	$	486,251	$	448,646	$	1,526,048	$	1,427,060
Ceded written premiums	(81,191)		(98,709)		(280,583)		(295,833)
Net written premiums	405,060		349,937		1,245,465		1,131,227
Change in unearned premiums	5,897		(1,185)		(85,105)		(140,496)
Net earned premiums	410,957		348,752		1,160,360		990,731
Fee income	10,300		8,489		30,655		25,572
Net investment income	49,604		39,644		139,896		108,424
Change in the fair value of equity securities	23,717		20,659		55,376		41,871
Net realized investment gains (losses)	2,159		(8)		2,832		6,737
Change in allowance for credit losses on investments	4		4		(11)		490
Other income	764		518		1,608		1,577
Total revenues	497,505		418,058		1,390,716		1,175,402

Expenses
Losses and loss adjustment expenses	227,162		200,240		677,497		580,351
Underwriting, acquisition and insurance expenses	88,423		70,139		244,932		207,960
Interest expense	2,569		2,589		7,664		7,575
Other expenses	473		692		1,145		3,451
Total expenses	318,627		273,660		931,238		799,337
Income before income taxes	178,878		144,398		459,478		376,065
Total income tax expense	37,232		30,169		94,484		70,316
Net income	141,646		114,229		364,994		305,749

Other comprehensive income
Change in net unrealized losses on available-for-sale investments, net of taxes	20,131		63,464		60,966		47,866
Total comprehensive income	$	161,777	$	177,693	$	425,960	$	353,615

Earnings per share:
Basic	$	6.12	$	4.93	$	15.75	$	13.21
Diluted	$	6.09	$	4.90	$	15.67	$	13.10

Weighted-average shares outstanding:
Basic	23,159		23,175		23,168		23,150
Diluted	23,271		23,335		23,292		23,333


	September 30, 2025		December 31, 2024
Assets	(in thousands)
Investments:
Fixed-maturity securities at fair value	$	4,171,238	$	3,537,563
Equity securities at fair value	571,123		398,359

Real estate investments, net	15,045		15,045
Short-term investments	10,932		3,714
Total investments	4,768,338		3,954,681

Cash and cash equivalents	170,162		113,213
Investment income due and accrued	30,619		27,366
Premiums receivable, net	124,061		140,027

Reinsurance recoverables, net	391,164		337,891
Ceded unearned premiums	48,774		52,736
Deferred policy acquisition costs, net of ceding commissions	124,416		109,263
Intangible assets	3,538		3,538
Deferred income tax asset, net	36,735		60,215
Other assets	135,498		87,774
Total assets	$	5,833,305	$	4,886,704

Liabilities & Stockholders' Equity
Liabilities:
Reserves for unpaid losses and loss adjustment expenses	$	2,765,187	$	2,285,668
Unearned premiums	909,592		828,449
Payable to reinsurers	34,766		43,959
Accounts payable and accrued expenses	50,855		55,159
Debt	199,328		184,122

Other liabilities	8,360		5,786
Total liabilities	3,968,088		3,403,143

Stockholders' equity	1,865,217		1,483,561
Total liabilities and stockholders' equity	$	5,833,305	$	4,886,704