$3.83 operating EPS beats $3.23 consensus, up from $3.50 in Q1 2024
82.1% combined ratio compares to 79.5% in prior-year period
Cat losses of $17.8 million up from $0.5 million in Q1 2024.
GWP up 7.9% to $484.3 million
By Mia MacGregor
April 24 - (The Insurer) - E&S specialist Kinsale Capital has reported an earnings beat for the first quarter of 2025, with results that included its combined ratio worsening to 82.1% and its gross written premium rising 7.9% overall but dropping 18.4% in its commercial property division.
Richmond, Virginia-based Kinsale Capital Group reported net operating earnings of $86.4 million for the first quarter of 2025 compared to $81.6 million for the first quarter of 2024.
The $3.71 operating earnings per share beat the $3.23 consensus estimate of 13 analysts as per MarketWatch, and was up from $3.50 in the first quarter of 2024.
Underwriting income increased to $67.5 million in the first quarter of 2025, from $65.1 million in Q1 2024.
The company stated that the increase was largely due to continued growth in the business offset in part by higher catastrophe losses incurred.
The 82.1% combined ratio for the quarter compared with 79.5% for the same period last year. The loss ratio for the first quarter of 2025 included 6.0 points of net catastrophe losses, primarily related to the Palisades Fire.
After-tax catastrophe losses of $17.8 million in the first quarter of 2025 were up from $0.5 million in the first quarter of 2024.
Kinsale’s GWP increased by 7.9% to $484.3 million compared to the first quarter of 2024. This was a slowing sequentially from the 12.2% GWP growth in Q4 2024 and compared to 25.5% growth in the first quarter of last year.
GWP in the commercial property division, the company's largest division, decreased 18.4% relative to the prior-year period due to rate declines and an increasingly competitive environment including from standard carriers, Kinsale stated. Excluding the commercial property division, gross written premiums grew 16.7%.
Net investment income was $43.8 million in the first quarter of 2025 compared to $32.9 million in the first quarter of 2024, an increase of 33.1%.
“Our business continues to produce exceptional profitability through the market cycle. We remain confident in our ability to deliver sustainable long-term value for stockholders as we execute our strategy of disciplined underwriting and technology-enabled expense management,” said chairman and CEO Michael Kehoe.
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