Kinsale Capital Group, Inc.

Before we get started, let me remind everyone that through the course of the teleconference, Kentel's management may make comments that reflect their intentions, beliefs, and expectations for the future. As always, these forward-looking statements are subject to certain risk factors, which could cause actual results to differ materially. These risk factors are listed in the company's various SEC filings, including the 2025 Annual Report on Form 10-K. which should be reviewed carefully. The company has furnished a Form 8K with the Securities and Exchange Commission that contains the press release announcing its first quarter results. Kinsel's management may also reference certain non-GAAP financial measures in the call today. A reconciliation of GAAP to these measures can be found in the press release, which is available at the company's website at www.kinsel.com. I will now turn the conference over to Kinsel's chairman, president, and CEO, Mr. Michael Keough. Please go ahead, sir.

Thank you, operator, and good morning, everyone. Today I'm joined by Brian Petrucelli, our chief financial officer, Stuart Winston, our chief underwriting officer, and Salman Alibey, our chief actuary and head of our data and analytics team. In the first quarter of 2026, ConSales diluted operating earnings per share increased by 37.7% over the first quarter of 2025, generating an annualized operating return on equity of 24%. Gross written premium was down half of 1%, but net written premium grew by 5.6% for the quarter, as our business lines with the least reinsurance participation continued to show positive top-line growth. Sales combined ratio was 77.4%. E&S market conditions in the first quarter continued to be competitive, with the level of competition and our growth rate varying from one market segment to another. We added additional disclosure to our tent queue this quarter, with gross written premium detailed by underwriting division first quarter of 2026 and 2025. This quarterly disclosure complements the annual disclosure of premium by underwriting division in our 10K and provides some insight into market conditions and growth prospects at a more granular level. And continuing the trend from the last few quarters, much of the headwind to our growth emanates from our large commercial property division where we write larger layered property accounts and where there is an abundance of competition and falling rates. Excluding the commercial property division, Kinsale's growth in gross written premium was 6% for the first quarter. The investment thesis in Kinsale has always started with our disciplined underwriting and low-cost business model. By maintaining control over our underwriting operation and never outsourcing it to third parties, We drive a more accurate and more profitable underwriting process while offering our brokers the best customer service and the broadest risk appetite in the E&S market. Likewise, our 17-year commitment to making technology and analytics a core competency allows us to operate a smarter business with a tremendous cost advantage over every competitor in the market, no exceptions. And in this competitive period of the insurance cycle, the Consale model continues to succeed. In the first quarter, new business submissions were up 6%, new business quotes were up 8%, and new business bind orders were up 9%. We are seeing the largest headwind of growth among larger accounts, particularly within our commercial property division. It's on the larger premium accounts, where the competition is most intense, hence our continued focus on smaller transactions where margins continue to be robust. You can see this smaller account trend in our average policy premium for the quarter. It was $12,200 per policy down from $14,200 in the first quarter of 2025. Finally, we continue to work on technology innovation, including extensive use of AI models to drive automation in our business process, especially underwriting and claim handling, and throughout our software development and analytics teams. This innovation is improving efficiency, customer service, accuracy, and data collection across our business, and we have begun incorporating various AI agents into our enterprise system. With the talent of our technology professionals and our bespoke enterprise system and the lack of any legacy software, we are well positioned to expand our tech lead to the benefit of both profitability and growth. And with that, I'll turn the call over to Brian Petrucelli.

Thanks, Mike. As Mike just noted, the profitability of the business continues to be strong, with net income and net operating earnings increasing by 26.1% and 36.3%, respectively, quarter of a quarter. The 77.4% combined ratio for the quarter included 4.5 points from net favorable prior year loss reserve development compared to 3.9 points last year, with less than a point in CAT losses this year, compared to six points in Q1 last year. Gross written premium decreased by a half point for the quarter, while net written premium grew by 5.6%. And as Mike mentioned, the growth in net written premium was higher than gross as the lesser reinsured lines continued to grow at a nice clip. We produced a 21.1% expense ratio for the quarter, compared to 20% last year. The other underwriting expense portion of the ratio, which is the best measure of the operational efficiency of the business, was 10.3% for the quarter compared to 10.5% in Q1 2025. The overall expense ratio increase is attributable to a higher net commission ratio, resulting from higher reinsurance retentions. The larger retention provides a positive economic trade for the company, with a higher net commission ratio being more than offset by greater underwriting and investment income. On the investment side, net investment income increased by 26.5% for the first quarter over last year as a result of continued growth in the investment portfolio generated from strong operating cash flows. Kinsale's float, mostly unpaid losses and unearned premium, grew to $3.3 billion at March 31, 2017, from $3.1 billion at the end of 2025. Annual gross return was 4.5% for the quarter compared to 4.3% last year. New money yields are averaging around 5% with an average duration slightly above four years on the company's fixed maturity investment portfolio. And lastly, diluted earnings per share continues to improve and was $5.11 per share for the quarter compared to $3.71 per share for the first quarter of 2025. And with that, I'll pass it over to Stuart.