Kinsale Q3 2025 Preview: Underwriting Strength Faces a Harder Market

This article first appeared on GuruFocus.

Kinsale Capital Group (NYSE:KNSL) reports third-quarter 2025 results after the market closes on October 23. Wall Street expects EPS of $4.80 and revenue of about $381 million. The specialty insurer, which focuses on the U.S. excess-and-surplus (E&S) lines market, hasn't had a great run this year, with shares down about 3% as competition heats up and growth across the sector cools.

Even so, Kinsale still stands out for its underwriting discipline. In the second quarter, its combined ratio was 75.8%, one of the lowest in the industry. For Q3, investors will be watching whether that discipline holds up in a harder market and amid mounting competitive pressure. Attention will also turn to whether premium growth holds up, as rising competition and rate compression in some E&S segments could limit momentum.

Management's remarks on catastrophe losses, investment income, and any shifts in underwriting strategy will likely set the tone for how investors view the rest of the year. At this stage, Kinsale needs to show that its disciplined playbook still delivers in a harder market. If it can do that, the stock probably finds some support. If not, the muted year-to-date performance may prove justified.

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