Rowan Mayer

Rowan Mayer asked about the contribution of new products versus existing ones to Kinsale's growth, referencing recent Investor Day highlights, and inquired about 2026 plans. He also questioned why Kinsale isn't pursuing more aggressive capital return, given its under-levered position and the competitive market. Finally, he asked about the durability of softness in property markets and what factors might alleviate competitive pressures.

Answer

Chairman and CEO Michael Kehoe explained that the upcoming 10-K would detail growth by underwriting division, noting that many 2025 new products were enhancements and that new products typically take a few years to become significant contributors. Regarding capital return, he clarified that the buyback strategy aims to increase the ratio by shrinking the denominator. On property market softness, Michael Kehoe emphasized that competition is intense in specific segments like large Southeastern wind accounts, while other property lines are experiencing double-digit growth, illustrating the non-monolithic nature of the market.

Rowan Mayer inquired about the growth contribution from new products versus existing ones and future plans. He also questioned why Kinsale wasn't pursuing more capital return given its under-levered status and the competitive environment, and asked about the durability of property market softness.

Answer

Michael Kehoe, Chairman and CEO, directed to the upcoming 10-K for division breakouts, explaining that new products are methodical rollouts that take time to become meaningful. He clarified that capital return through buybacks shrinks the denominator, increasing the ratio. He reiterated that the property market is not monolithic, with intense competition in large Southeastern wind accounts contrasting with double-digit growth in other property lines.