Kinsale Capital authorizes a $337M repurchase program as gross written premiums fall 5% in a competitive commercial property market.
Kinsale Capital Group announced a $337 million share buyback authorization as commercial property insurance volumes decline. Gross written premiums dropped 5% year-over-year, while net written premiums fell 1.4%, reflecting heightened competition and pricing pressure.
Net earned premiums rose 8.9% in the quarter, contrasting with the broader slowdown in new business. The company cited a challenging pricing environment as a key factor behind the premium declines, despite maintaining growth in earned premiums.
The buyback program signals confidence in long-term value, though near-term market conditions remain competitive for commercial property underwriting.