Kinsale Capital Group, Inc. (KNSL): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how Kinsale Capital Group, Inc. consistently beats the market in specialty insurance, and honestly, it all comes down to their operational blueprint. As someone who's spent two decades mapping out complex financial engines, I can tell you their Business Model Canvas is a masterclass in disciplined execution, not just buzzwords. Look at the numbers: they posted a Q3 combined ratio of just 74.9% while keeping their expense ratio to a lean 20.7% in Q2, all while their 9-month net investment income hit $139.9 million on $1.5 billion in Gross Written Premiums. This isn't luck; it's a system. Dive below to see the nine blocks that make this machine run so effectively.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Kinsale Capital Group, Inc. relies on to move risk and manage capital effectively. These aren't just vendors; they are essential conduits for premium flow and safety nets for catastrophic loss.

Network of independent wholesale brokers across the U.S.

The wholesale broker network is the primary origination channel for Kinsale Capital Group, Inc. The health of this partnership is visible in the premium growth coming through these channels. For instance, excluding the Commercial Property Division, gross written premiums increased 15.5% for the first half of 2025. For the third quarter of 2025 specifically, that same segment saw gross written premium growth of 12.3%, driven by what management calls continued strong submission flow. The flip side is the risk: a major concern noted is the potential for the 'loss of a group of brokers that generate significant portions of the Company's business.'

Reinsurance partners for risk transfer and capital relief

Kinsale Capital Group, Inc. uses reinsurance to protect its balance sheet, though there's a stated goal to 'reduce our reliance on reinsurance.' The quality of these partners is high; as of June 30, 2025, all reinsurance contracts were with companies holding an A.M. Best rating of 'A-' (Excellent) or better. Kinsale Insurance Company itself maintains an 'A' (Excellent) rating from A.M. Best. The company recorded an allowance for credit losses of $1.0 million related to its reinsurance balances at June 30, 2025, which is a small figure relative to the overall business size.

Technology vendors for proprietary platform development

Kinsale Capital Group, Inc.'s competitive edge is heavily tied to its technology, which supports a strategy of 'technology-enabled expense management.' This focus helps keep costs low, which you can see reflected in the expense ratio. The expense ratio for the first half of 2025 was 20.3%, and for the third quarter of 2025, it was 21.0%. This efficiency is a direct output of the data-driven processes and automation they invest in.

Investment managers for fixed-income portfolio

The investment partnerships manage the float generated from underwriting, keeping it conservative and liquid. Here are the key metrics as of mid-2025:

Metric	Value as of June 30, 2025	Value as of March 31, 2025
Cash and Invested Assets	$4.6 billion	$4.3 billion
Weighted Average Duration (Fixed-Maturity Portfolio + Cash)	3.1 years	3.0 years
Average Credit Quality	'AA-'	'AA-'

The investment performance supports the overall results. For the first half of 2025, net investment income reached $90.3 million, and the annualized gross investment return was 4.3%.

The relationships with investment managers are governed by strict quality parameters:

• Investment portfolio securities are generally high quality.
• The portfolio includes government agency, asset- and mortgage-backed securities, and municipal and corporate bonds.
• The goal is stability, as evidenced by the short duration.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Key Activities

Disciplined, individual risk underwriting in the E&S market

You focus on maintaining underwriting discipline across every risk taken in the Excess and Surplus (E&S) market. This activity is central to Kinsale Capital Group, Inc.'s performance.

Here are the underwriting results for the first nine months of 2025:

Metric	Q3 2025 Value	9 Months 2025 Value
Underwriting Income	$105.7 million	$268.6 million
Combined Ratio	74.9%	77.5%
Loss Ratio	53.9%	N/A
Expense Ratio	21.0%	N/A

For the second quarter of 2025 specifically, the combined ratio was 75.8%, with a loss ratio of 55.1% and an expense ratio of 20.7%. Kinsale Capital Group, Inc. reported that for the first half of 2025, net favorable development of loss reserves from prior accident years totaled $30.1 million, which equates to 3.9 points of the combined ratio. This focus on individual risk selection is what allows Kinsale Capital Group, Inc. to maintain a competitive position in the E&S space.

Efficient claims management and loss reserve setting

Managing claims efficiently and setting reserves conservatively is a core activity that directly impacts underwriting profitability. You see this reflected in the favorable reserve development reported.

• Net favorable development of loss reserves from prior accident years for the second quarter of 2025 was $15.4 million, or 3.9 points.
• For the first nine months of 2025, net favorable development was $30.1 million, or 3.9 points.
• The CEO stated in Q2 2025 that loss reserves have never been more conservatively stated than they are right now.

Continuous development of the proprietary technology platform

Kinsale Capital Group, Inc. treats technology as a core competency alongside underwriting and claims handling. This involves significant, ongoing investment to maintain efficiency.

The company is undertaking an 'enormous undertaking' with a complete rewrite of its entire enterprise system, referred to as the target state architecture. This activity supports technology-enabled expense management.

For context on technology investment, in 2023, Kinsale Capital Group, Inc.'s technology and infrastructure expenses included:

Expense Category	2023 Amount
Total IT and technology expenses	$22.4 million
Software development and maintenance costs	$8.6 million

Conservative management of the investment portfolio

The investment portfolio activity converts the float generated from underwriting operations into additional income. You manage this portfolio conservatively, focusing on capital preservation while seeking yield.

For the first nine months of 2025, net investment income reached $139.9 million, a 29.0% increase compared to the first nine months of 2024. The second quarter of 2025 saw net investment income of $49.6 million. The annualized gross investment return for both the first half of 2025 and the first nine months of 2025 was 4.3%. The float, which is mostly unpaid losses and unearned premium, grew to $2.9 billion at June 30, 2025, up from $2.5 billion at the end of 2024. New money yields in Q2 2025 were in the low-to-mid 5% range, with an approximate duration of 3.1-year for the investment portfolio. Stockholders' equity at September 30, 2025, stood at $1.9 billion.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Key Resources

You're looking at the core assets Kinsale Capital Group, Inc. relies on to execute its specialty insurance model. These aren't just line items; they are the engines driving their performance, especially given the competitive environment in the Excess & Surplus (E&S) market.

Proprietary, low-cost technology platform

Kinsale Capital Group, Inc. explicitly states that technology is a core competency, organizing workflows and systems to achieve efficiency that contributes to a low expense ratio. This automation helps reduce human error across underwriting, policy processing, accounting, collections, and claims adjusting.

The results of this focus are clear in the expense metrics:

• Expense ratio for the third quarter of 2025 was 21.0%.
• Expense ratio for the first nine months of 2025 was 20.6%.
• Direct commissions paid as a percentage of gross written premiums for the six months ended June 30, 2025, was 14.8%.

For context on overall underwriting performance, the combined ratio for the first nine months of 2025 was 77.5%.

Highly experienced underwriting and claims management team

The team is structured to individually underwrite each risk, avoiding the extension of underwriting authority to brokers or third parties. This control is key to their disciplined approach to pricing and structuring solutions across a diverse set of hard-to-place risks.

Performance metrics reflecting this expertise include:

Metric	Period Ending September 30, 2025	Period Ending September 30, 2024
Loss Ratio	56.9% (Nine Months)	57.1% (Nine Months)
Loss Ratio (Q3 Only)	53.9% (Third Quarter)	56.1% (Third Quarter)

The company's underwriting income for the third quarter of 2025 reached $105.7 million.

Substantial investment portfolio (float)

The investment portfolio, fueled by strong operating cash flows from underwriting profits, is a significant asset base. While the exact float figure isn't always published as a single line item, the scale of the capital base provides context.

Key figures related to the capital and investment performance as of late 2025:

• Stockholders' equity stood at $1.9 billion at September 30, 2025.
• Book value per share was $80.19 at September 30, 2025.
• Net investment income for the first nine months of 2025 was $139.9 million.
• Net investment income for the third quarter of 2025 was $49.6 million.
• The annualized gross investment return for the first nine months of 2025 was 4.3%.

The Financial Size Category for the primary insurance entity, Kinsale Insurance Company, was assessed by A.M. Best as Category XIV (USD 1.50 Billion to Less than 2.00 Billion).

Strong financial strength ratings (e.g., A.M. Best)

Kinsale Capital Group, Inc. maintains high ratings reflecting a very strong balance sheet strength and strong operating performance. These ratings are supported by risk-adjusted capitalization at the strongest level.

The A.M. Best ratings affirmed on August 12, 2025, are:

Entity	Rating Type	Rating Category	Outlook
Kinsale Insurance Company	Financial Strength Rating (FSR)	A (Excellent)	Stable
Kinsale Insurance Company	Long-Term Issuer Credit Rating (Long-Term ICR)	"a" (Excellent)	Positive
Kinsale Capital Group, Inc.	Long-Term Issuer Credit Rating (Long-Term ICR)	"bbb" (Good)	Positive

The assessment notes risk-adjusted capitalization is at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR).

Finance: review the Q4 2025 investment income projections against the 4.3% annualized return.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Kinsale Capital Group, Inc. (KNSL) attracts business in the specialty insurance space. It's about taking on risks others won't, doing it cheaper, and doing it faster, all while staying consistently profitable.

Underwriting hard-to-place risks that standard carriers avoid

Kinsale Capital Group, Inc. operates exclusively in the U.S. excess and surplus lines (E&S) market. This is where they use their underwriting expertise to cover coverages for risks that are unique or hard to place in the standard insurance market. Typical E&S risks include newly established companies or industries, high-risk operations, insureds in litigious venues, or companies with poor loss histories. Kinsale Capital Group, Inc. maintains control over its underwriting process by never delegating authority to any outside agents or brokers, which helps ensure consistent quality of work. This focus on smaller E&S accounts allows for greater control over pricing and risk selection, contributing to higher margins. Kinsale Capital Group, Inc. has a broad appetite to underwrite a diverse set of risks across the E&S market.

Structurally lower expense ratio, at 20.7% in Q2 2025

The company's technology-enabled expense management is a key differentiator. This efficiency allows Kinsale Capital Group, Inc. to maintain a cost structure that is difficult for many competitors to match. For example, the expense ratio in the second quarter of 2025 was just 20.7%. This compares favorably to the expense ratio of 21.1% reported in the second quarter of 2024. The expense ratio for the first half of 2025 was 20.3%, showing a sustained trend of cost control.

The operational efficiency translates directly into superior underwriting results, as shown in the table below:

Metric	Q3 2025 Result	Q2 2025 Result	First Nine Months 2025 Result
Combined Ratio	74.9%	75.8%	77.5%
Loss Ratio	53.9%	55.1%	56.9%
Expense Ratio	21.0%	20.7%	20.6%

Faster quote and policy issuance cycle times

Kinsale Capital Group, Inc.'s model emphasizes a high degree of service, which includes rapid response times. This speed in service, combined with in-house underwriting, helps them compete effectively in the E&S market where speed can be critical for securing hard-to-place business. The company's focus on smaller accounts also supports quicker processing.

Consistent underwriting profitability with a Q3 2025 combined ratio of 74.9%

The discipline in underwriting translates into reliably profitable operations. For the third quarter of 2025, Kinsale Capital Group, Inc. achieved a combined ratio of 74.9%. This is an improvement from the combined ratio of 75.7% reported in the third quarter of 2024. This profitability is driven by several factors:

• Continued growth in the business.
• Lower catastrophe losses in Q3 2025 compared to Q3 2024.
• Higher favorable development of loss reserves from prior accident years.
• Maintaining adequate rate levels for the risks underwritten.

The underwriting income for Q3 2025 was $105.7 million, up from $86.9 million in the same period last year. That's a solid value proposition for shareholders.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Customer Relationships

You're looking at how Kinsale Capital Group, Inc. connects with the market to place its specialized insurance policies. The entire structure is built around a specific intermediary model, which is key to understanding their underwriting discipline.

Indirect relationship managed through wholesale brokers

Kinsale Capital Group, Inc. does not deal directly with the end customer for most of its business; the relationship is almost entirely indirect, flowing through wholesale brokers. This is the primary conduit for their Excess and Surplus (E&S) lines products. Kinsale Capital Group, Inc. markets its insurance products across all 50 U.S. states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, relying on this broker network for access.

The reliance on a select group of these intermediaries is significant, though the company actively manages the risk of over-concentration. For the year ended December 31, 2024, a substantial portion of premium volume was channeled through just a few partners. Specifically, 62.3% of 2024 gross written premiums came from five of their approximately 197 brokers. To be fair, this concentration is managed, as three of those top brokers accounted for 48.4% of the 2024 gross written premiums.

The nature of the business also dictates the size of the transactions handled through these relationships:

• Average premium per policy written in the third quarter of 2025 was approximately $12,900.
• Excluding personal lines, the average premium per policy written in the third quarter of 2025 was approximately $13,500.

High-touch, expert-driven underwriting and claims control

The relationship with the broker is one where Kinsale Capital Group, Inc. maintains absolute control over the risk selection and pricing process. This is a core differentiator. Kinsale Capital Group, Inc. uses its underwriting expertise to offer terms on hard-to-place risks, which requires deep, specialized knowledge. This expert-driven approach is reflected in their consistent operational performance, which is what the brokers are ultimately selling to the client.

Here's how the operational results, which underpin the broker value proposition, looked through the third quarter of 2025:

Metric	Period Ending September 30, 2025 (Q3)	Period Ending September 30, 2024 (Q3)
Gross Written Premiums (GWP)	$486.3 million	(Implied: $448.6 million)
Combined Ratio	74.9%	75.7%
Underwriting Income	$105.7 million	(Implied: $86.9 million)
Expense Ratio	21.0%	19.6%

The low expense ratio of 21.0% in the third quarter of 2025 demonstrates the efficiency that supports the high-touch underwriting model, as fixed infrastructure costs rise slowly relative to premium scale.

Focus on long-term, profitable broker relationships

While Kinsale Capital Group, Inc. acknowledges that relationships with significant brokers may be discontinued at any time, the focus is clearly on cultivating partnerships that drive profitable growth. The company's compensation structure with brokers is a known factor in the market; Kinsale Capital Group, Inc.'s arrangement involves a lower commission compared to most other underwriters. This structure inherently favors brokers who prioritize placing risks with a carrier that consistently delivers superior underwriting results, rather than simply maximizing immediate commission dollars.

The overall growth in premium volume suggests these relationships are enduring and profitable for both parties:

• Gross Written Premiums for the first nine months of 2025 totaled $1.5 billion.
• GWP for the first nine months of 2025 grew 6.9% year-over-year.

Centralized decision-making; no underwriting authority delegated to brokers

This is a hard line in the sand for Kinsale Capital Group, Inc.'s customer relationship strategy. Unlike many of its competitors, Kinsale Capital Group, Inc. does not delegate underwriting authority to brokers, agents, or any other third party. All underwriting decisions are centralized, which is how the company enforces its disciplined risk selection framework and maintains its low combined ratios. This centralized control is the mechanism that ensures the quality of the business coming through the wholesale channel remains high, even if it means sacrificing some volume in highly competitive segments, such as the Commercial Property Division, which saw a 7.9% decline in GWP in the third quarter of 2025.

The company's commitment to this centralized, expert-driven model is what allows them to generate an annualized operating return on equity of 25.4% for the nine months ended September 30, 2025.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Channels

You're looking at how Kinsale Capital Group, Inc. gets its specialized insurance products into the hands of the right customers, which is almost entirely through intermediaries. Their channel strategy is built on a high-touch, high-tech partnership model within the Excess and Surplus (E&S) space.

Primary distribution via a robust network of independent wholesale brokers

Kinsale Capital Group, Inc. markets its property and casualty insurance products across all 50 states, the District of Columbia, the Commonwealth of Puerto Rico, and the U.S. Virgin Islands, primarily through a network of independent insurance brokers. This reliance on independent brokers is central to their E&S market access, as these partners bring the specialized knowledge needed to place hard-to-place risks. Unlike many competitors, Kinsale Capital Group, Inc. maintains absolute control over underwriting and claims management, meaning they do not delegate underwriting authority to these brokers. This keeps the quality control tight, which is key to their profitability metrics.

The scale of their operation, as of the end of 2024, involved Gross Written Premiums (GWP) of $1.9 billion. For the first half of 2025, GWP reached $1 billion, showing continued, albeit decelerating, growth momentum. Their focus on small- to medium-sized accounts means the average premium per policy written in 2024 was $15,100, or $15,900 when excluding the personal insurance division. This focus on smaller accounts is what helps them navigate competition, as they believe these segments face less competition and offer better pricing.

Direct access to the Excess and Surplus (E&S) market nationwide

Kinsale Capital Group, Inc. is the only publicly traded, pure-play Excess & Surplus insurer, competing against both specialized firms and the E&S divisions of larger carriers. The E&S market itself is a significant channel, representing slightly above 10% of the total $1 trillion US property and casualty insurance premium. Based on 2024 GWP, Kinsale Capital Group, Inc.'s market share in the total E&S market (which was approximately $115.6 billion in direct written premiums in 2023) was about 1.6%. Their nationwide presence is a deliberate channel strategy to capture this less-regulated, potentially higher-margin segment.

The company's operational footprint supports this nationwide reach:

• Operates in all 50 states, D.C., Puerto Rico, and the U.S. Virgin Islands.
• Top three states for GWP in 2024 were California (18.8%), Florida (15.6%), and Texas (13.4%).
• Employs approximately 674 people as of 2025.

Technology platform used by brokers for submission and quoting

A core differentiator for Kinsale Capital Group, Inc. is its proprietary technology platform, which is used to drive speed and efficiency in the underwriting and quoting process. This platform is not just internal; it is the digital interface through which brokers submit business. The company explicitly states it leverages technology for technology-enabled expense management. This focus on automation helps reduce human error across underwriting, policy processing, and claims adjusting.

Here's a look at the operational scale and technology investment context:

Metric	Value (Latest Available)	Year/Period
Gross Written Premiums (GWP)	$1.9 billion	2024 Full Year
Gross Written Premiums (GWP)	$1 billion	First Half of 2025
Combined Ratio	76.4%	2024 Full Year
Combined Ratio	75.8%	Q2 2025
Expense Ratio	20.8%	2024 Full Year
Expense Ratio	20.7%	Q2 2025
Technology Investment (Data Analytics)	$12.4 million	Fiscal Year 2022

The company's commitment to this channel is clear in its operational metrics; for instance, its expense ratio remained low at 20.7% in Q2 2025, compared to 21.1% in Q2 2024. This efficiency is directly tied to the platform that brokers use to interact with Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Customer Segments

You're looking at the core of Kinsale Capital Group, Inc.'s business-who they actually insure. Kinsale Capital Group, Inc. focuses its underwriting expertise squarely on the Excess and Surplus (E&S) lines market, which means they target risks that standard carriers often decline.

Small- to medium-sized businesses with complex or unique risks are the primary target. Kinsale Capital Group believes these smaller accounts face less competition, which helps them secure better pricing terms. For context on the size of the policies they handle, the average premium per policy written in 2024 was approximately $15,100. If you look just at the commercial side, that average was closer to $15,900 in 2024. More recently, for the third quarter of 2025, the average premium per policy was approximately $12,900.

The customer base is overwhelmingly commercial. In 2024, the split of Gross Written Premiums (GWP) clearly shows this focus:

Customer Type	2024 GWP Percentage
Commercial Lines Offerings	97.4%
Personal Lines (Homeowner's Coverage)	2.6%

When you break down the type of coverage Kinsale Capital Group writes, casualty business is the dominant line. This is where the company is placing its biggest bets. Here is the premium mix from the full year 2024:

Coverage Type	2024 GWP Percentage
Customers seeking casualty coverage	67.4%
Customers seeking property coverage	32.6%

The total Gross Written Premiums for the full year 2024 reached $1.9 billion. Kinsale Capital Group, Inc. is designed to serve a national market, distributing its products across a wide footprint. They market their insurance products through a network of independent insurance brokers to customers in:

• All 50 U.S. states
• The District of Columbia
• The Commonwealth of Puerto Rico
• The U.S. Virgin Islands

To be defintely clear, the company markets its insurance products in all 50 states and several territories. For instance, the top three states contributing to 2024 GWP were California at 18.8%, Florida at 15.6%, and Texas at 13.4%.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Cost Structure

You're looking at the core costs that drive Kinsale Capital Group, Inc.'s underwriting profitability. For an insurer, the cost structure is dominated by claims and the cost to acquire and manage the business. Kinsale Capital Group, Inc. consistently aims for a lean structure, which is a key part of its value proposition in the Excess and Surplus (E&S) market.

Losses and Loss Adjustment Expenses (LAE) represent the largest component of the cost base. For the second quarter of 2025, the loss ratio, which is the ratio of losses and loss adjustment expenses to the sum of net earned premiums and fee income, stood at 55.1%. This figure is a direct measure of how much of the premium dollar is consumed by claims, net of reinsurance.

The drive for a low expense ratio is central to Kinsale Capital Group, Inc.'s strategy, which they execute through technology-enabled expense management. The overall expense ratio for the second quarter of 2025 was 20.7%, an improvement from 21.1% in Q2 2024. For the first half of 2025, the expense ratio was even lower at 20.3%. This efficiency helps them maintain a strong combined ratio, which was 75.8% in Q2 2025.

Broker commissions and other acquisition costs are the primary driver within the expense ratio. These are the costs associated with placing the business through their network of independent insurance brokers. The structure of these costs is detailed below, using the latest available component breakdown from the year ended December 31, 2024, to illustrate the typical allocation within the underwriting expenses:

Cost Component	Year Ended December 31, 2024 Amount (in thousands)	Year Ended December 31, 2024 % of Sum of Earned Premiums and Fee Income
Net commissions incurred	$134,184	9.7%
Other underwriting expenses	$151,624	10.9%
Total Underwriting, acquisition, and insurance expenses	$285,808	20.6%

The technology infrastructure and personnel costs fall under the Other underwriting expenses line item, which was 10.9% of the sum of earned premiums and fee income for the year ended December 31, 2024. Kinsale Capital Group, Inc. emphasizes that its proprietary technology platform provides a high degree of efficiency, accuracy, and speed across all processes, which directly contributes to keeping this expense ratio low relative to peers. The company's focus is on technology-enabled expense management as a core competency.

Here are the key cost metrics for the first half of 2025 for context:

• Loss and expense ratios for the first half of 2025 were 58.5% and 20.3%, respectively.
• The combined ratio for the first half of 2025 was 78.8%.
• Net commissions incurred for the three months ended June 30, 2025, were 10.1% of the sum of earned premiums and fee income.

Honestly, that 20.7% expense ratio in Q2 2025 is what you want to see from a specialty carrier. Finance: draft a projection for the Q3 2025 expense ratio components by next Tuesday.

Kinsale Capital Group, Inc. (KNSL) - Canvas Business Model: Revenue Streams

You're looking at how Kinsale Capital Group, Inc. (KNSL) actually brings in the money, which for a specialty insurer like this, comes from a few key, powerful sources. Honestly, the core of the revenue engine is the premium they charge for taking on hard-to-place risks.

The sheer volume of business they write is impressive. For the first nine months of 2025, Gross Written Premiums (GWP) from their Excess & Surplus (E&S) policies totaled $1.5 billion. That's the top-line measure of the insurance risk they've accepted. To give you a snapshot of the quarterly flow, Q3 2025 GWP hit $486.3 million, which was an 8.4% increase over Q3 2024. What this estimate hides is that while the overall GWP grew, the Commercial Property Division, their biggest piece, actually saw a 7.9% decline in Q3 due to lower rates and more competition.

The second major stream is the money they make from investing that large pool of capital-the premiums they collect before paying out claims, often called the float. Net Investment Income for the first nine months of 2025 was $139.9 million. This was driven by the growth in their investment portfolio, which is fueled by strong operating cash flows. For just the third quarter of 2025, Net Investment Income was $49.6 million, a 25.1% jump from the prior year's third quarter.

The third critical stream is the profit they generate from their core insurance operations-that's the underwriting profit. For Q3 2025, Kinsale Capital Group, Inc. posted an Underwriting income of $105.7 million. This profit is what happens when premiums earned exceed losses and expenses. The efficiency here is key; the combined ratio for Q3 2025 was 74.9%, meaning they kept about 25.1 cents of every dollar earned after paying claims and expenses. The underwriting income for the first nine months of 2025 was $268.6 million, with a combined ratio of 77.5% for that longer period.

You also asked about Fees and other income related to insurance operations. While a specific line item for just 'fees' isn't broken out in the same way as the primary three, the operational results give us context. For instance, in Q3 2025, Net Earned Premium grew by 17.8%, which was higher than the GWP growth because of higher reinsurance retention levels. Also, the expense ratio for Q3 2025 was 21.0%, up from 19.6% in Q3 2024, partly due to lower ceding commissions on reinsurance agreements. Here's the quick math on the main revenue drivers for the most recent reported periods:

Financial Metric	Period Ending September 30, 2025 (9M)	Q3 2025
Gross Written Premiums (GWP)	$1.5 billion	$486.3 million
Net Investment Income	$139.9 million	$49.6 million
Underwriting Income	$268.6 million	$105.7 million
Combined Ratio	77.5%	74.9%

The company also demonstrated confidence in its financial position by repurchasing shares, spending $20.0 million in Q3 2025. Finance: draft 13-week cash view by Friday.