Kinsale Capital Group, Inc.

Hello, everyone. Thank you for joining us and welcome to the second quarter 2026 Kinsale Capital Group, Inc. earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. Before we get started, let me remind everyone that through the course of the teleconference, Kinsales 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 8-K with the Securities and Exchange Commission that contains the press release announcing its second quarter results. Kinsale'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.kinsalecapitalgroup.com. I will now turn the conference over to Kinsale's chairman, president and CEO, Mr. Michael Kehoe. Please go ahead, sir.

Thank you, operator, and good morning, everyone. Today I'm joined by Bryan Petrucelli, our Chief Financial Officer, Stuart Winston, our Chief Underwriting Officer, and Salmaan Allibhai, our Chief Analytics and Technology Officer. In the second quarter, 2026, Kinsale's diluted operating earnings per share increased by 15.9% over the second quarter of 2025. generating an annualized operating return on equity of 24.4%. Gross written premium was down 5% and net written premium was down 1.4% and net earned premium was up 8.9% for the quarter. Consales combined ratio was 75.5% for the quarter. E&S market conditions in the second quarter continued to be competitive and largely consistent with conditions in the first quarter. The level of competition and our growth rate continue to vary from one market segment to another. And continuing the trend from the last few quarters, our commercial property division, where we write larger layered property accounts, is where competition is the most intense and where you are seeing material rate declines combined with expanding coverage. It's definitely a buyer's market. and as a consequence, we are writing a shrinking volume of business in that specific market. Excluding the commercial property division, Kinsale had growth in gross written premium of 3.7% for the quarter and 4.8% for the first half of the year. And given that 60% of the commercial property division premium was written in the first half of last year, the year-over-year growth comparison becomes modestly easier in the next two quarters of 2026. Just as we always do, in today's competitive market, we prioritize profitability over growth. When competition in the market is intense, it's not unusual to see some competitors underpricing risk, and that is a common occurrence in today's market. Notwithstanding the state of the market, we are working hard to grow our business through product enhancements and new products, and many more. Stuart Winston will offer further detail and commentary on the market environment and our efforts to drive growth here in a moment. In addition to working harder, we are also using analytics and technology to work smarter. Kinsale has made technology a core competency of our business since our founding 17 years ago. We own our own custom-built enterprise system. We don't have legacy applications dating back decades in time, and we are driving system enhancements and automation at the fastest pace in our company history. Additionally, analysis of our own data and data that we acquire allows us to continually refine our underwriting and pricing models thereby driving exceptional loss ratios even in a competitive market and even with a conservative approach to loss reserving. Salmaan Allibhai will provide some additional detail on our efforts in this area shortly. And finally, we continue to use excess capital to buy back our own stock. Last night we announced an expansion of our buyback authorization to include an additional $250 million. bringing our current authorization to $337 million. Given the competitive advantages of the Kinsale business model around underwriting accuracy, data and analytics, technology, combined with the enormous cost advantage we have over every single competitor, Kinsale shares represent a good value at today's price, a very good value. And with that, I'll turn the call over to Bryan Petrucelli. Thanks, Mike.

The business continues to generate strong profitability, even in this period of heightened competitiveness that Mike just noted. Net income and net operating earnings increased by 31.1% and 13.3%, respectively, quarter of a quarter. The 75.5% 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 1.3 points in CAT losses this year compared to less than a point in the second quarter of last year. We produced a 21.7% expense ratio for the quarter compared to 20.7% last year. The other underwriting expense portion of this ratio which is the best measure of the operational efficiency of the business was 10.3% for the quarter compared to 10.6% in the second quarter of 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. for the higher net commission ratio being more than offset by greater underwriting and investment income. On the investment side, net investment income increased by 19.9% in the second quarter over last year as a result of continued growth in the investment portfolio generated from strong operating cash flows. Kin sales float, mostly unpaid losses and unarmed premium, grew to $3.4 billion at June 30, up from $3.1 billion at the end of 2025. Annualized gross return was 4.5% for the first half of 2026 compared to 4.3% last year. New money yields are averaging around 5.25% with an average duration of 4.25 years on the company's fixed maturity investment portfolio. And lastly, diluted operating earnings per share continues to improve and was $5.54 per share for the quarter compared to $4.78 per share for the second quarter of 2025. And with that, I'll pass it over to Stuart.