Kinsale Capital Group Inc: First Take 2Q26 Earnings: Continuing the Trend

Research evidence excerpt

Kinsale Capital Group Inc: First Take 2Q26 Earnings: Continuing the Trend

Update

July 23, 2026 08:58 PM GMT

Morgan Stanley & Co. LLCMKinsale Capital Group Inc | North America Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Bob.Huang@morganstanley.comDaniel Lee, ACAS +1 212 761-6136

Research Associate

Daniel.Lee4@morganstanley.com +1 212 761-0219

Continuing the Trend Siddhant Shah

Sid.Shah@morganstanley.com +1 212 761-2603

AlphaSignals Earnings Reaction

Kinsale Capital Group Inc (KNSL.N, KNSL UN)

Unchanged In-line Largely unchanged

Insurance - Property & Casualty | United States of

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS America

Source: Company data, Morgan Stanley Research Stock Rating Equal-weight

Industry View Attractive

Price target $330.00

Navigating a dynamic market: For multiple quarters, Kinsale has balanced a softer Shr price, close (Jul 22, 2026) $325.64

property market with disciplined underwriting. This quarter is no different. We saw Mkt cap, curr (mm) $7,641

52-Week Range $509.00-288.00

another solid EPS print and impressive ROE, partly offset by slower growth. Similar

to prior quarters, investors are likely to focus on ex-Commercial Property premium

growth, which grew 3.7% vs. ~6% in the prior quarter and double digits in 2025.

That said, the current decelerating trend is better understood by the investment

community. Going into the rest of 2026 and beyond, focus could gradually shift

toward the consistent ~25% ROE. Given limited catastrophe losses YTD, we expect

property to remain slow, implying the go-forward focus will be how casualty

performs and whether Kinsale can maintain a certain level of growth in non-

Commercial Property. In the meantime, we remain on the sidelines.

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