KNSLKinsale Capital Group, Inc.

Fire, Marine & Casualty Insurance

Revenue: $1.9B; 18% YoY
Operating margin: —
EBITDA: —
Market cap: $8.2B
Employees: 340; $6M revenue each
Net debt / EBITDA: —; $64M net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
207% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
10% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$6M · 92nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$10M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$653M	$839M	$1.2B	$1.6B	$1.9B	18%
Net income	$153M	$159M	$308M	$415M	$504M	21%
Operating cash flow	$407M	$558M	$860M	$976M	$1.0B	6.9%
Capex	$6M	$7M	$7M	$24M	$54M	124%
Stock-based comp	$5M	$7M	$9M	$14M	$18M	26%
Buybacks	—	$0	$0	$10M	$90M	800%
Dividends	$10M	$12M	$13M	$14M	$16M	13%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 15
Open-market sells, 12 mo: $11M · 11
Net: −$10M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$6M	197	234
FY2024	$7M	$8M	234	213
FY2023	$5M	$6M	168	157
FY2022	$4M	$4M	131	142
FY2021	$3M	$3M	119	119