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Kinsale Capital sees property premiums fall amid excess-capital pricing pressure
Commercial property division premiums dropped 32.7% in the quarter while Kinsale still reported higher overall earnings and announced an additional $250 million share buyback authorization.
Kinsale Capital Group reported that competition in the excess and surplus commercial property market weighed on its premium volume in the second quarter, even as overall earnings rose. The insurer said premiums in its commercial property division fell 32.7%, while it continued to generate underwriting profits and investment income.
Kinsale said it delivered “exceptional” financial results and highlighted strong operating cash flow tied to excess capital, alongside new capital return plans. The company added an additional $250 million to its share repurchase authorization.
On the topline, Kinsale reported gross written premiums down 5.0% to $527.6 million, and net written premiums down 1.4% to $452.5 million for the quarter. For the first half, gross written premiums slipped 2.9% to $1,009.6 million, with the property division down 30.9%, though premiums outside the property division increased.
Market conditions cited in the update point to ongoing pricing pressure. Insurance Business noted that wider excess and surplus market data showed non-habitational commercial property rates at renewal down 5% to 10% in Lockton’s February 2026 update, while Fitch projected US policyholders’ surplus at $1.2 trillion as of September 30, 2025, up 24% over three years, and forecast further growth in 2026. It also cited that risk for the segment remains, with warnings that continued rate erosion could push some property business toward unprofitable pricing.