What changed in this filing

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Item 1. Business

2026-02-20 compared with 2025-02-21 · 72 added, 60 removed, 607 unchanged (18% of the section changed)

27 unchanged sentences

2024 39.1 25.0

2025 (15.8) % 17.9 %

Compounded Annual Gain ─ 2016-2025 40.8 % 14.9 %

18 unchanged sentences

Excess Casualty 276,998 14.0 % 245,137 13.1 % 194,049 12.4 %

Small Business Casualty 195,593 10.5 % 174,080 11.1 % 149,366 13.6 %

General Casualty 207,888 10.5 % 169,162 9.0 % 118,745 7.6 %

Small Business Casualty 202,412 10.2 % 195,593 10.5 % 174,080 11.1 %

Construction 147,601 7.5 % 148,558 7.9 % 137,902 8.8 %

Allied Health 83,058 4.5 % 67,808 4.3 % 58,839 5.4 %

Small Business Property 102,413 5.2 % 76,800 4.1 % 43,893 2.8 %

Products Liability 67,035 3.6 % 61,786 3.9 % 60,374 5.5 %

Allied Health 96,982 4.9 % 83,058 4.5 % 67,808 4.3 %

Entertainment 70,049 3.6 % 55,168 2.9 % 36,566 2.3 %

Energy 42,710 2.3 % 38,637 2.5 % 32,217 2.9 %

Products Liability 67,883 3.4 % 67,035 3.6 % 61,786 3.9 %

Commercial Auto 48,721 2.5 % 35,047 1.9 % 19,050 1.2 %

All other commercial lines 321,984 16.3 % 289,679 15.5 % 264,503 16.9 %

25 unchanged sentences

While our technology offers a competitive advantage, we also recognize that more modern technologies provide solutions for increased automation and efficiency;

as such, we continue to dedicate resources to maintain and improve our technology.

as such, we continue to dedicate resources to maintain, improve and, if necessary, replace our technology.

We believe that our approach to technological advancement will provide us with an enduring competitive advantage as it allows us to quickly respond to market opportunities, and will continue to scale as our business grows.

5 unchanged sentences

Fully integrated claims management.

We believe that actively managing our claims results in more favorable outcomes and a higher degree of reserve accuracy.

We believe that proactively managing our claims results in appropriate outcomes and a higher degree of reserve accuracy.

We manage all of our claims in-house and do not delegate claims management authority to third parties.

113 unchanged sentences

Louisiana 58,891 3.0 % 56,819 3.0 % 49,970 3.2 %

Washington 51,588 2.8 % 46,507 3.0 % 40,546 3.7 %

Colorado 51,935 2.6 % 50,734 2.7 % 43,852 2.8 %

New Jersey 51,081 2.6 % 47,057 2.5 % 42,061 2.7 %

Georgia 43,478 2.3 % 36,585 2.3 % 23,539 2.1 %

Washington 49,956 2.5 % 51,588 2.8 % 46,507 3.0 %

Pennsylvania 42,179 2.1 % 41,494 2.2 % 33,333 2.1 %

Illinois 41,551 2.1 % 41,409 2.2 % 30,743 1.9 %

All other states 624,831 31.6 % 606,965 32.5 % 495,707 31.6 %

5 unchanged sentences

We aim to issue quotes for the majority of new business submissions we receive.

For certain submissions, we preemptively offer additional quotes for additional coverage.

For example, if we receive a submission requesting primary coverage, we may also issue a quote for excess coverage.

These quotes are included in new business submissions.

For the year ended December 31, 2024, we processed approximately 881,000 new business submissions, and of those submissions, we issued approximately 590,000 quotes for a new quote ratio of 67.0% and bound 64,000 policies for a new policy to new submission ratio of 7.3%.

For certain submissions, we preemptively offer additional coverage.

For example, if we receive a submission requesting primary coverage, we may also offer excess coverage.

These preemptively offered submissions, which are generated by the Company without a specific request from the broker or insured, are referred to as unsolicited submissions and are included in new business submissions.

For the year ended December 31, 2025, we processed approximately 988,000 new business submissions, and of those submissions, we issued approximately 711,000 quotes for a new business quote ratio of 72.0% and bound 75,000 policies for a new policy to new submission ratio of 7.6%.

Excluding unsolicited submissions, for the year ended December 31, 2025, we processed approximately 751,000 new business submissions, and of those submissions, we issued approximately 563,000 quotes for a new business quote ratio of 75.0% and bound 72,000 policies for a new policy to new submission ratio of 9.6%.

We are careful to establish terms that are suited to the risk and the pricing of our policies.

9 unchanged sentences

and monitoring the number of claims handled by each claims examiner.

This method ensures that two or more members of the department participate in the decision-making process when

This method ensures that two or more members of the department participate in the decision-making process when appropriate;

our claim examiners recognize and address key issues;

7 unchanged sentences

Our Chief Information Officer has over 30 years of experience in the technology field.

Our information technology staff utilizes an agile methodology and cloud strategy to develop best-in-class software solutions and to attract and retain quality staff.

Our information technology staff utilizes an agile methodology and cloud-first strategy to develop best-in-class software solutions and to attract and retain quality staff.

We have built a proprietary technology platform that reflects the best practices our management team has learned from its extensive experience.

Our platform is comprised of multiple applications and services which comprise an integrated system.

Key applications and services supporting the core business were developed in-house.

We designed the architecture for our information systems in a fashion that would allow us to reduce our administrative costs and quickly provide us with useful information.

Our platform encompasses multiple applications and services which comprise an integrated system.

Key applications and services supporting the core business are developed and improved in-house.

We designed the architecture for our information systems in a fashion that would allow us to reduce administrative costs and quickly provide us with useful information.

Our insurance company subsidiary operates in a digital environment, which reduces the costs of printing, storing and handling thousands of documents each week.

3 unchanged sentences

This eliminates costly data-entry steps in our underwriting process and permits the underwriter to focus on underwriting the account accurately and rapidly.

Since inception, we have been intent on capturing and analyzing our data and building, over time, a robust repository of information that we can use to improve our decision making.

Since inception, we have been intent on capturing and analyzing data and building, over time, a robust repository of information that we can use to improve our decision making.

We refer to this repository as our data warehouse.

The design of our data warehouse permits us to capture an array of statistical data, collected by the policy management systems at Kinsale.

The data warehouse is easily searchable, collects and labels information in a consistent format and contains key underwriting and claims information we collect at every level.

The design of our data warehouse permits us to capture an array of relevant data collected by the platform at Kinsale.

The data warehouse is easily searchable, collects and labels information in a consistent format and contains key underwriting and claims information we collect at each step of the process.

The data warehouse permits us flexibility with regard to analyzing our business by segment or in the aggregate.

We believe the proprietary technology platform, which includes the data warehouse, is a competitive advantage for us.

We have invested for many years in the development of our analytics capabilities, supported by a growing team of actuaries and data scientists who use our proprietary data, together with third-party data, to generate insights that support underwriting, pricing, and other operational decision-making.

Building on these capabilities, we have expanded our use of artificial intelligence ("AI") to support existing workflows and analytical processes.

In 2025, we initiated a company-wide effort to introduce AI-enabled tools, including providing each employee an enterprise license for an AI tool, to assist with research, analysis and certain routine business processes.

Use of these tools is most prevalent within our information technology, actuarial and analytical teams, with selective use in other areas of the business, including underwriting and back office functions.

We also utilize internally developed agents.

We continue to evaluate opportunities to integrate AI-enabled functionality into our proprietary technology platform and data warehouse where such tools can enhance efficiency and support underwriting discipline.

Reserve Development

1 unchanged sentence

We continually monitor and adjust our reserves as necessary using new information on reported claims and a variety of statistical techniques.

Anticipated inflation is reflected implicitly in the reserving process through analysis of cost trends and the review of historical development.

Anticipated inflation is reflected implicitly in the reserving process through analysis of cost trends and the

review of historical development.

We do not discount our reserves to reflect the estimated present value.

30 unchanged sentences

We mitigate our risk associated with natural catastrophes with respect to our property insurance business primarily by purchasing reinsurance from only highly-rated reinsurers.

We utilize a commercial lines quota-share reinsurance treaty combined with a catastrophe reinsurance treaty as an efficient and cost-effective way to manage the total loss exposure on our property coverages.

We utilize a quota-share reinsurance treaty

combined with a catastrophe reinsurance treaty as an efficient and cost-effective way to manage the total loss exposure on our property coverages.

The following is a summary of our significant reinsurance programs as of December 31, 2025:

Line of Business Covered Company Policy Limit Reinsurance Coverage Company Retention

Property (1) Up to $10.0 million per occurrence 50% up to $379.8 million per catastrophe

50% of commercial property losses

Property (1) Up to $10.0 million per occurrence 40% up to $443.0 million per catastrophe 60% of property losses

Property – catastrophe (2) N/A $250.0 million excess of $75.0 million $75.0 million per catastrophe

1 unchanged sentence

Excess casualty (4) Up to $10.0 million per occurrence Variable quota-share $3.0 million per occurrence as described in note (4) below

(1) Our property quota-share reinsurance reduces the financial impact of property losses on our commercial property, small business property, high value homeowners and inland marine policies up to a loss recovery of $189.9 million for an event.

(1) Our property quota-share reinsurance reduces the financial impact of property losses up to a loss recovery of $177.2 million for an event.

This reinsurance is not applicable to any individual policy with a limit of $2.0 million or less.

(2) Our property catastrophe reinsurance reduces the financial impact of a catastrophe event involving multiple claims and policyholders.

Our property catastrophe reinsurance includes a reinstatement provision which requires us to pay reinstatement premiums after a loss has occurred in order to preserve coverage.

Our property catastrophe reinsurance includes a reinstatement provision that requires us to pay reinstatement premiums after a loss has occurred in order to preserve coverage.

Including the reinstatement of coverage, the maximum aggregate loss recovery limit is $500.0 million.

15 unchanged sentences

The following table provides a summary of our top ten reinsurers, based on the amount recoverable, at December 31, 2025:

Reinsurers A.M.

Reinsurers S&P Rating A.M.

Best Rating Reinsurance Recoverable

1 unchanged sentence

Munich Reinsurance America, Inc.

General Reinsurance Corporation A++ 37,561

AA A+ $ 95,813

General Reinsurance Corporation AA+ A++ 46,276

Swiss Reinsurance America Corp.

AA- A+ 37,875

SCOR Reinsurance Co.

Hannover Rück SE A+ 20,476

Odyssey Reinsurance Co.

Hannover Rück SE AA- A+ 24,613

Arch Reinsurance Co.

Allied World Insurance Co.

Arch Reinsurance Ltd.

AA- A+ 23,774

Odyssey Reinsurance Co.

AA- A+ 22,962

XL Reinsurance America Inc.

AA- A+ 20,544

Berkley Insurance Co.

Allied World Insurance Co.

AA- A+ 19,497

Total for top ten reinsurers 342,544

8 unchanged sentences

Our cash and invested assets generally consist of fixed-maturity securities, equity securities, short-term investments and cash equivalents.

We seek to maximize investment returns using investment guidelines that stress prudent allocation among cash and cash equivalents, fixed-maturity securities and, to a lesser extent, equity securities.

We seek to maximize investment returns using conservative investment guidelines that stress prudent allocation among cash and cash equivalents, fixed-maturity securities and, to a lesser extent, equity securities.

Our fixed-maturity securities are classified as "available-for-sale" and are carried at fair value with unrealized gains and losses on those securities reported, net of tax, as a separate component of accumulated other comprehensive income (loss).

2 unchanged sentences

Short-term investments, if any, are reported at amortized cost and include investments that are both readily convertible to known amounts of cash and have maturities of 12 months or less upon acquisition by us.

In December of 2022, we acquired real estate adjacent to our current headquarters for $76.6 million.

Real estate and the related depreciable assets are carried at cost, net of accumulated depreciation.

During 2023, we sold a portion of our real estate investment for approximately $62.0 million and determined we will occupy a portion for future office space expansion.

The remaining $15.0 million represents the portion of such assets we held at December 31, 2024 for investment purposes.

Real estate investments represent directly owned property held for investment purposes.

During the fourth quarter of 2025, construction of our new headquarters building was substantially completed and the property was placed into service.

In December 2025, upon moving our operations to the new headquarters, we reclassified our former headquarters and related assets from property and equipment to real estate investments due to a change in the intended use of the property.

Our cash and invested assets totaled $5.2 billion at December 31, 2025 and $4.1 billion at December 31, 2024, and are summarized as follows:

27 unchanged sentences

Our Investment Committee meets periodically and reports to our Board of Directors.

Our investment policy also imposes strict requirements for credit quality, with a minimum average credit quality of the portfolio being rate d "AA-" or higher by Standard & Poor's or the equivalent rating from another nationally recognized rating agency.

Our investment policy also imposes requirements for credit quality, with a minimum average credit quality of the portfolio being rate d "AA-" or higher by Standard & Poor's or the equivalent rating from another nationally recognized rating agency.

Our investment policy also imposes restrictions on concentrations of securities by class and issuer.

27 unchanged sentences

Actual maturities may differ for some securities because borrowers have the right to call or prepay obligations with or without penalties.

As of December 31, 2024, our fixed-maturity security portfolio contained $448.9 million (12.7%) of residential mortgage-backed securities ("RMBS").

As of December 31, 2025, our fixed-maturity security portfolio contained $1.5 billion (33.6%) of residential mortgage-backed securities ("RMBS").

RMBS, including collateralized mortgage obligations, are subject to prepayment risks that vary with, among other things, interest rates.

38 unchanged sentences

Ratings for an insurance company are based on its ability to pay policyholder obligations and are not directed toward the protection of investors.

Today, our primary competitors in the E&S sector inc lude American International Group, Inc., Berkshire Hathaway Inc ., Fairfax Financial Holdings Limited, James River Group Holdings, Ltd., Lloyds of London, Markel Group Inc., RLI Corp.

Today, our primary competitors in the E&S sector inc lude American International Group, Inc., Berkshire Hathaway Inc ., Chubb Limited, Fairfax Financial Holdings Limited, Lloyds of London, Markel Group Inc., RLI Corp.

Berkley Corporation.

19 unchanged sentences

In states in which it operates on a surplus line basis, Kinsale Insurance has freedom of rate and form on the majority of its business.

This means that Kinsale Insurance can implement a change in policy form, underwriting guidelines, or rates for a product without regulatory approval.

This means that Kinsale Insurance can generally implement a change in policy form, underwriting guidelines, or rates for a product without being subject to regulatory pre-approval.

Almost all insurance is written through licensed agents and brokers.

In states in which we operate on a non-admitted basis, general agents and their retail insurance brokers generally are required to certify that a certain number of licensed admitted insurers had been offered and declined to write a particular risk prior to placing that risk with us.

In states in which we operate on a non-admitted basis, general agents and their retail insurance brokers are often required to certify that a certain number of licensed admitted insurers had been offered and declined to write a particular risk prior to placing that risk with us.

In addition, Aspera, our insurance broker, and designated employees must be licensed to act as insurance producers or adjusters, as applicable, by insurance regulatory authorities in the states where they operate.

8 unchanged sentences

subject to certain exemptions, that the ultimate controlling person of each insurance group file a GCC on an annual basis with such insurance group’s lead state commissioner.

In May of 2022, the Group Capital Calculation (E) Working Group subsequently adopted the 2022 GCC Instructions and Template.

The Group Capital Calculation (E) Working Group annually publishes Instructions and Template documents which provide GCC filing preparation guidance.

The GCC uses a risk-based capital aggregation approach intended to provide regulators with an additional group supervisory tool.

As of October 31, 2024, thirty-five (35) states have adopted the 2020 revisions to the Insurance Holding Company Act pertaining to Group Capital Calculation and Liquidity Stress Testing.

Arkansas has not yet adopted these revisions.

We are currently evaluating the potential impacts.

As of October 31, 2025, forty-eight (48) states have adopted the 2020 revisions to the Insurance Holding Company Act pertaining to Group Capital Calculation and Liquidity Stress Testing, including Arkansas.

The Company will be subject to the requirements of these revisions beginning in 2026.

Changes of control

19 unchanged sentences

Failure to comply with these laws and regulations would cause non-conforming investments to be treated as non-admitted assets in the states in which we are licensed to sell insurance policies for purposes of measuring statutory surplus and, in some instances, would require us to dispose of those investments.

Restrictions on cancellation, non-renewal or withdrawal

Restrictions on market withdrawal

Many states have laws and regulations that limit the ability of an insurance company licensed by that state to exit a market.

Some states prohibit an insurer from withdrawing from one or more lines of business in the state except pursuant

to a plan approved by the state insurance regulator, which may disapprove a plan that may lead to market disruption.

Some states prohibit an insurer from withdrawing from one or more lines of business in the state except pursuant to a plan approved by the state insurance regulator, which may disapprove a plan that may lead to market disruption.

Some state statutes may explicitly or by interpretation apply these restrictions to insurers operating on a surplus lines basis.

22 unchanged sentences

Among other things, the NRRA establishes national uniform standards on how states may regulate and tax surplus lines insurance and sets national standards concerning the regulation of reinsurance.

In particular, the NRRA gives regulators in the home state of an insured exclusive authority to regulate and tax surplus lines insurance transactions, and regulators in a ceding insurer’s state of domicile the sole responsibility for regulating the balance sheet credit that the ceding insurer may take for reinsurance recoverables.

In particular, the NRRA gives regulators in the home state of an insured exclusive authority to regulate and tax surplus lines insurance

transactions, and regulators in a ceding insurer’s state of domicile the sole responsibility for regulating the balance sheet credit that the ceding insurer may take for reinsurance recoverables.

The Dodd-Frank Act also established the FIO in the U.S.

20 unchanged sentences

The Covered Agreement was formally entered into on September 22, 2017.

A covered agreement between the United States and the United Kingdom extending terms nearly identical to the EU Covered Agreement to insurers and reinsurers operating in the UK following Brexit was entered into on December 11, 2018.

With respect to reinsurance, under the Covered Agreement, both the U.S.

1 unchanged sentence

However, the collateral or local presence provisions apply only if the insurer or reinsurer satisfies certain conditions and standards, including among others, minimum capital and risk-based capital, confirmation of financial condition by the reinsurer’s domestic regulator and claims payment standards.

states have five years from execution of the Covered Agreement to adopt reinsurance reforms removing collateral requirements for European Union reinsurers that meet the prescribed conditions in the Covered Agreement.

If the FIO determines that state laws are inconsistent with the Covered Agreement (the process of making potential preemption determinations will begin 42 months following execution of the Covered Agreement), such states laws may be preempted.

states were provided five years from execution of the Covered Agreement to adopt reinsurance reforms removing collateral requirements for European Union reinsurers that meet the prescribed conditions in the Covered Agreement.

If the FIO determines that state laws are inconsistent with the Covered Agreement, such states' laws may be preempted.

On June 25, 2019, the NAIC adopted revisions to the Credit for Reinsurance Model Law and Regulation in order to satisfy the substantive and timing requirements of the Covered Agreement.

These amendments pave the way for state legislatures to bring their credit for reinsurance laws into compliance with the Covered Agreement's zero reinsurance collateral provisions by September 2022, thereby avoiding a potential federal preemption of these laws.

Associated revisions were adopted by Arkansas effective July 1, 2021.

These amendments paved the way for state legislatures to bring their credit for reinsurance laws into compliance with the Covered Agreement's zero reinsurance collateral provisions by September 2022, thereby avoiding a potential federal preemption of these laws.

Associated revisions were adopted by all U.S.

jurisdictions within the prescribed timeframe, including Arkansas, whose adoption became effective on July 1, 2021.

Trade practices

75 unchanged sentences

Our performance management process provides a forum for meaningful conversations to discuss what went well and what can be improved.

Diversity and Inclusion

We believe in hiring the best talent and making our employment-related decisions without regard to race, color, religion, gender, sexual orientation, national origin, age, veteran status, disability, or other characteristics or activity that is protected by state or U.S.

Equal Opportunity

We hire the best talent and make our employment-related decisions without regard to race, color, religion, gender, sexual orientation, national origin, age, veteran status, disability, or other characteristics or activity that is protected by state or U.S.

We have an anti-nepotism policy to ensure fairness and business decisions are based on individual qualifications, skills, ability, and performance.

We value the diverse perspectives, talent, and experience that our employees bring to our organization.

We believe the best business decisions are reached by listening to diverse views and opinions.

We are committed to fostering a diverse and inclusive work environment free from discrimination of any kind.

We are committed to fostering a work environment based on merit and free from discrimination of any kind.

Available Information

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business