What changed
KNSL reported Q2 GAAP EPS of $7.72, beating consensus of $5.54 by $2.18 or 39.3%. Revenue quality is solid: net earned premiums grew 8.9% to $417.6M, while net investment income rose 19.9% to $55.7M. The key nuance: gross written premiums fell 5% due to a 32.7% drop in Commercial Property, but excluding that division, premiums grew 3.7%, and the combined ratio improved to 75.5% from 75.8%, signaling core underwriting discipline remains intact.
Why it matters
KNSL reported Q2 GAAP EPS of $7.72, beating consensus of $5.54 by $2.18 or 39.3%. Revenue quality is solid: net earned premiums grew 8.9% to $417.6M, while net investment income rose 19.9% to $55.7M. The key nuance: gross written premiums fell 5% due to a 32.7% drop in Commercial Property, but excluding that division, premiums grew 3.7%, and the combined ratio improved to 75.5% from 75.8%, signaling core underwriting discipline remains intact.
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Jul 23, 2026 10:59 PM ET