DEF 14A of Kinsale Capital Group, Inc., Apr 9, 2026

DEF 14A of Kinsale Capital Group, Inc.

Filed Apr 9, 2026 · FY20250001669162-26-000020

Open on EDGAR

  1. PROPOSAL 1: ELECTION OF DIRECTORS

    PROPOSAL 1: ELECTION OF DIRECTORS At the Annual Meeting, our stockholders will be asked to consider nine nominees for election to the Board to serve a one-year term until the 2027 annual meeting of stockholders. As disclosed in our Current Report on Form 8-K, filed with the SEC on February 4, 2026, Mr. Russell notified the Company that he does not intend to stand for re-election when his current term expires at the upcoming Annual Meeting, and the Board anticipates that it will reduce the size of the Board from ten to nine members effective May 21, 2026. The names of the nine nominees for director, their current positions and offices, tenure as a Company director, and their board committee memberships are set forth in the table below. All of the nominees are current Company directors and have been determined by the Board to be independent, with the exception of Mr. Kehoe and Mr. Haney. The Compensation, Nominating and Corporate Governance Committee of the Board (the “CNCG Committee”) has reviewed the qualifications of each of the nominees and has recommended to the Board that each nominee be submitted to a vote of our stockholders at the Annual Meeting. The Board unanimously approved the CNCG Committee’s recommendation at its meeting on February 18, 2026. The Board expects each nominee to be able to serve if elected. If a nominee is unable to serve, your proxy may be voted for any substitute candidate nominated by the Board. In accordance with our current Third Amended and Restated Certificate of Incorporation and Amended and Restated By-Laws (“By-Laws”), the nine nominees receiving the affirmative vote of the holders of a majority of the shares present in person or represented by proxy and entitled to vote at the Annual Meeting will be elected for a one-year term.

  2. PROPOSAL 1: ELECTION OF DIRECTORS

    | Name | Position with Company | Age | Director Since | Committee Membership | Value of At-Risk Investment (1) | | Michael P. Kehoe | Chairman of the Board, President and Chief Executive Officer | 59 | 2009 | Investment | $299,916,119 | | Steven J. Bensinger | Director | 71 | 2015 | Chair of Audit | $9,441,662 | | Teresa P. Chia | Director | 44 | 2021 | Audit | $995,616 | | Mary Jane B. Fortin | Director | 61 | 2024 | Audit | $266,414 | | Brian D. Haney | Director and Senior Advisor | 56 | 2025 | | $52,007,036 | | Robert V. Hatcher, III | Director | 69 | 2021 | CNCG | $686,327 | | Anne C. Kronenberg | Director | 66 | 2017 | Chair of Investment | $2,210,189 | | Robert Lippincott, III | Lead Independent Director | 79 | 2010 | CNCG | $2,821,894 | | Gregory M. Share | Director | 52 | 2017 | Chair of CNCG | $11,623,377 |

  3. PROPOSAL 1: ELECTION OF DIRECTORS

    (1) Indicates the total market value of common shares, restricted stock and stock options held by a director based on the closing price of our common stock on March 27, 2026. The following is additional information about each of the nominees as of the date of this Proxy Statement. Michael P. Kehoe has served as our Chairman of the Board, President and Chief Executive Officer since March 2026, and before that, as Chairman of the Board and Chief Executive Officer since March 2024. Prior to becoming Chairman of the Board, Mr. Kehoe served as President and Chief Executive Officer from June 2009 to March 2024. From 2002 to 2008, Mr. Kehoe was the President and Chief Executive Officer at James River Insurance Company and previously served in various senior positions at Colony Insurance Company from 1994 to 2002, finishing as Vice President of Brokerage Underwriting. Mr. Kehoe earned a B.A. in Economics from Hampden-Sydney College and a J.D. from the University of Richmond School of Law. We believe Mr. Kehoe’s qualifications to serve on the Board include his over 30 years of underwriting, claims and executive experience in the property and casualty industry. Steven J. Bensinger has served as one of our directors since July 2015. Mr. Bensinger currently serves as Senior Advisor with Howden Re, formerly Howden Tiger, a privately-held reinsurance broker, strategic and risk capital advisor to the insurance industry. Prior to joining Howden Re in October 2015, Mr. Bensinger was a Senior Managing Director at FTI Consulting in its Global Insurance Services Practice. From January 2010 to June 2011, he served as Executive Vice President and Chief Financial Officer at The Hanover Insurance Group. From September 2002 to October 2008, Mr. Bensinger held a number of senior executive positions at American International Group, Inc. (AIG), including Chief Financial Officer. He was appointed Vice Chairman, Financial Services, in May 2008 in addition to retaining Chief Financial Officer responsibilities. Mr. Bensinger has also held senior positions with Combined Specialty Group, Inc. (Aon), Chartwell Re Corporation, Skandia America Corporation and Coopers & Lybrand, a predecessor firm of PricewaterhouseCoopers. Mr. Bensinger is a director of Accredited Global, Inc., Clearcover Insurance Company, The Doctors Company, and Ariel Re Holdings Limited. He earned a B.S. from New York University’s Leonard N. Stern School of Business. We believe Mr. Bensinger’s qualifications to serve on the Board include his more than 30 years of experience in the insurance industry and his financial and business acumen, which have provided him with significant expertise in our area of business. Teresa P. Chia has served as one of our directors since January 2021. Ms. Chia is currently the Managing Partner of Post Mills Capital, Inc., an advisory firm she founded in March 2021 to provide strategic guidance to growth-oriented businesses in the insurance, financial services, and technology sectors. From January 2023 to April 2025, Ms. Chia also served as Chief Financial Officer at Vertafore, Inc., a Roper Technologies company and a leading provider of enterprise software and services to the property and casualty insurance industry. From September 2013 to February 2021, Ms. Chia served as Managing Director at White Mountains Capital LLC, a subsidiary of White Mountains Insurance Group, Ltd., where she held senior leadership roles with responsibility for the company’s direct investing and merger and acquisition activity in the insurance and financial services sectors. Prior to joining White Mountains, Ms. Chia was an investment professional at Permira Advisers LLC, a global private equity firm, from 2009 to 2013. Earlier in her career, Ms. Chia served as an investment professional at Nautic Partners, LLC, a middle-market private equity firm, and in investment banking at Credit Suisse. Ms. Chia earned a B.A. in Economics from Wellesley College and an M.B.A. from Harvard Business School. We believe Ms. Chia’s qualifications to serve on the Board include her investing experience, particularly in the insurance sector, and her experience in investment banking and capital markets transactions. Mary Jane B. Fortin has served as one of our directors since October 2024. In November 2024, Ms. Fortin joined MassMutual, a mutual life insurance and financial services company, and has served as Chief Financial Officer since January 2025. Prior to that, Ms. Fortin served as President and Chief Commercial Officer of Thrivent Financial, a Fortune 500 company from May 2020 to November 2023, where she was responsible for leading the insurance and wealth management businesses, with an emphasis on transforming its go-to market strategy. Prior to joining Thrivent Financial, Ms. Fortin was President of Allstate Financial from October 2015 to April 2020, which included Allstate’s life, retirement and benefits businesses. Earlier in her career, Ms. Fortin held leadership roles at several other financial services organizations including American General, the U.S. life insurance business of AIG, and The Hartford. Ms. Fortin began her career in public accounting with Arthur Andersen. Ms. Fortin earned a bachelor’s degree in accounting from the University of Connecticut and an M.B.A. from the Wharton School of the University of Pennsylvania. She is also a Certified Public Accountant. We believe Ms. Fortin’s qualifications to serve on the Board include her more than 35 years in the financial services industry. Brian D. Haney has served as one of our directors since October 2025 and as Senior Advisor to the Company since March 2026. Prior to his retirement in March 2026, Mr. Haney served as our President and Chief Operating Officer since March 2024, and before that as our Executive Vice President and Chief Operating Officer. Previously, Mr. Haney served as our Senior Vice President and Chief Operating Officer from 2015 to 2020, and as our Chief Actuary from 2009 to 2015. Prior to joining the Company, Mr. Haney was the Chief Actuary of James River Insurance Company from 2002 to 2009, where he was responsible for the actuarial functions, as well as catastrophe modeling and ceded reinsurance. From 1997 to 2002, Mr. Haney was the Chief Actuary of Colony Insurance Company, and was previously a business manager at Capital One Financial Corporation. Mr. Haney began his career at GEICO as an actuarial associate. He is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries. Mr. Haney earned a B.A. in Mathematics and Economics from the University of Virginia. We believe Mr. Haney’s qualifications to serve on the Board include his over 30 years of experience in the property and casualty industry, including his extensive knowledge of the Company’s operations gained through his various leadership roles with the Company. Robert V. Hatcher, III has served as one of our directors since January 2021. Mr. Hatcher has more than 40 years of insurance industry experience and previously served as Vice Chairman of Willis Re Inc., a reinsurance division of Willis Towers Watson plc, from January 2018 to April 2021. Prior to the position at Willis Re Inc., Mr. Hatcher served as Executive Vice President from April 2006 to December 2017 and as Senior Vice President from January 1994 to April 2006. Before joining Willis Re Inc., Mr. Hatcher held positions of increasing responsibility at Towers Perrin Reinsurance, Willis Faber Ltd. and Chubb & Son Inc. Mr. Hatcher earned a B.A. in Economics from Hampden-Sydney College. We believe Mr. Hatcher’s qualifications to serve on the Board include his more than 40 years of insurance industry experience.

  4. PROPOSAL 1: ELECTION OF DIRECTORS

    Anne C. Kronenberg has served as one of our directors since June 2017. Since May 2010, Ms. Kronenberg has been a Trustee of the Board of the Woods Hole Oceanographic Institution, a non-profit organization dedicated to ocean research, exploration, and education where she serves on the Finance Committee. Previously, Ms. Kronenberg served as the Treasurer and Head of the Finance Committee. From August 2003 to January 2010, Ms. Kronenberg was a Managing Director and the Co-head of North American Insurance Investment Banking at J.P. Morgan. Prior to J.P. Morgan, Ms. Kronenberg was a Managing Director in Insurance Investment Banking with Citigroup Solomon Smith Barney from August 1997 to August 2003. Earlier in her career, Ms. Kronenberg was a Principal in Investment Banking at Morgan Stanley both in New York and in London. Ms. Kronenberg is a director of Transamerica Financial Life Insurance Company. Ms. Kronenberg earned a Sc.B. in Physics and Philosophy from Brown University and an M.S. in Finance from MIT Sloan School of Management. We believe Ms. Kronenberg’s qualifications to serve on the Board include her more than 25 years of experience in the insurance and financial services industries, including leadership positions in insurance investment banking. Robert Lippincott, III has served as Lead Independent Director since March 2024, and as Chairman of the Board from March 2015 to March 2024. Mr. Lippincott has served as one of our directors since July 2010. Mr. Lippincott is the President of Lippincott Consulting, LLC. From November 2005 to September 2006, Mr. Lippincott was the Interim Chief Executive Officer of Quanta Capital Holdings Inc., and previously served as Executive Vice President at Towers Perrin Re. Prior to joining Towers Perrin Re, Mr. Lippincott was the Chairman and Chief Executive Officer of the AXA Property and Casualty Reinsurance companies, which he founded in October 1983. Mr. Lippincott was also a director at Quanta Capital Holdings Inc. and AXA Art Insurance Company. Mr. Lippincott earned a B.S. in Marketing and Management Science from St. Joseph’s College. We believe Mr. Lippincott’s qualifications to serve on the Board include his 50 years of insurance experience in underwriting and executive positions. Gregory M. Share has served as one of our directors since August 2017, and was previously a member of our Board of Directors from the Company’s inception in June 2009 to March 2015. Mr. Share has served as the Chief Executive Officer of Acorn Investment Partners LLC, an insurance asset management firm, since October 2025. He has also served as a Senior Advisor at Oaktree Capital Management since October 2025, where he previously was a Managing Director from January 2021 to October 2025. Mr. Share has served as Chairman of Ambina Partners LLC, a firm that invests primarily in U.S.-based private software and financial services companies, since 2020 and as Managing Partner from April 2015 to December 2020. Mr. Share was a Partner at Moelis Capital Partners LLC from August 2008 to March 2015, and a Managing Director of Fortress Investment Group LLC from August 2003 to July 2008. Prior to joining Fortress, Mr. Share served as Vice President at Madison Dearborn Partners, LLC from August 1998 to July 2003. Mr. Share has served on several public and private company boards, including Runway Growth Finance Corporation from August 2023 to January 2025 and Neo Performance Materials Inc. from August 2020 to September 2022. Mr. Share earned a B.S. in Economics from the University of Pennsylvania, The Wharton School. We believe Mr. Share’s qualifications to serve on the Board include his more than 20 years of investment experience, including investments in the insurance industry, in addition to his prior experience as a member of the Board from its inception. The following table summarizes the skills and experience of our director nominees with respect to certain relevant attributes that we consider important to oversight of the Company.

  5. PROPOSAL 1: ELECTION OF DIRECTORS

    | Name | Financial Industry Experience | Excess and Surplus Lines Experience | Capital Markets and Investing | Corporate Governance | Risk Management | | Michael P. Kehoe | ✓ | ✓ | ✓ | ✓ | ✓ | | Steven J. Bensinger | ✓ | ✓ | ✓ | ✓ | ✓ | | Teresa P. Chia | ✓ | ✓ | ✓ | ✓ | | | Mary Jane B. Fortin | ✓ | | ✓ | ✓ | ✓ | | Brian D. Haney | ✓ | ✓ | ✓ | ✓ | ✓ | | Robert V. Hatcher, III | ✓ | ✓ | | ✓ | ✓ | | Anne C. Kronenberg | ✓ | | ✓ | ✓ | ✓ | | Robert Lippincott, III | ✓ | ✓ | ✓ | ✓ | ✓ | | Gregory M. Share | ✓ | ✓ | ✓ | ✓ | |

  6. PROPOSAL 1: ELECTION OF DIRECTORS

    THE BOARD UNANIMOUSLY RECOMMENDS A VOTE “FOR” ALL NOMINEES TO SERVE AS DIRECTORS.

  7. BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

    BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

  8. Board of Directors

    Board of Directors The Board currently consists of ten directors. At the Annual Meeting, nominated directors will be elected to a one-year term until the next annual meeting of stockholders.

  9. Director Compensation

    Director Compensation During 2025, non-employee directors, or their designees, received an annual retainer in the amount of $110,000 for their service on the Board. The Lead Independent Director, the Chair of the Audit Committee, the Chair of the CNCG Committee, and the Chair of the Investment Committee received additional annual retainers of $75,000, $40,000, $30,000 and $30,000, respectively, for their service in those capacities. Directors do not receive any fees for attending board or committee meetings. We also reimburse all directors (including employee directors) for reasonable out-of-pocket expenses they incur in connection with their service as directors. Directors who are also our employees receive no compensation for serving as directors. Effective in 2026, non-employee directors’ annual retainer was increased to $115,000. The following table sets forth information concerning compensation earned by our non-employee directors for the year ended December 31, 2025:

  10. Director Compensation

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards(1) ($) | Total ($) | | Steven J. Bensinger | 150,000 | 164,656 | 314,656 | | Teresa P. Chia | 110,000 | 164,656 | 274,656 | | Mary Jane B. Fortin | 110,000 | 164,656 | 274,656 | | Robert V. Hatcher, III | 110,000 | 164,656 | 274,656 | | Anne C. Kronenberg | 140,000 | 164,656 | 304,656 | | Robert Lippincott, III | 185,000 | 164,656 | 349,656 | | James J. Ritchie(2) | 55,000 | 164,656 | 219,656 | | Frederick L. Russell, Jr. | 110,000 | 164,656 | 274,656 | | Gregory M. Share | 140,000 | 164,656 | 304,656 |

  11. Director Compensation

    (1) Represents the fair value of 354 restricted stock awards granted January 1, 2025, calculated in accordance with ASC 718. (2) Mr. Ritchie served as a director until May 22, 2025. The amounts reported in the table reflect compensation earned during his period of service in fiscal year 2025. Our directors, or their designees, are eligible to receive grants of our common stock under the Kinsale Capital Group Inc. 2025 Omnibus Incentive Plan (the “2025 Incentive Plan”), which replaced the Company’s 2016 Omnibus Incentive Plan (the “2016 Incentive Plan”) following stockholder approval in May 2025, when and if determined by the Board, in consultation with the CNCG Committee, as well as non-qualified stock options and other equity-based awards. Grants previously made under the 2016 Incentive Plan remain outstanding in accordance with their original terms. On January 1, 2025, each of our non-employee directors at the time received 354 shares of restricted stock under the 2016 Incentive Plan, with a grant-date fair market value of $164,656. These awards vest on the first anniversary date following the grant date. The number of shares of restricted stock outstanding as of December 31, 2025 for each director is detailed in the table below. The restricted stock awards vested on January 1, 2026. There were no unvested stock option awards as of December 31, 2025.

  12. Director Compensation

    | Name | Restricted Stock Awards (#) | | Steven J. Bensinger | 354 | | Teresa P. Chia | 354 | | Mary Jane B. Fortin | 354 | | Robert V. Hatcher, III | 354 | | Anne C. Kronenberg | 354 | | Robert Lippincott, III | 354 | | Frederick L. Russell, Jr. | 354 | | Gregory M. Share | 354 |

  13. Director Compensation

    On January 1, 2026 each of our non-employee directors received 460 shares of restricted stock under the 2025 Incentive Plan, with a grant-date fair market value of $179,915. These awards vest on the first anniversary date following the grant date.

  14. Overview

    Overview This Compensation Discussion and Analysis (“CD&A”) describes the Company’s executive compensation philosophies, objectives and programs, as well as the compensation-related actions taken in fiscal year 2025 for the following named executive officers (“NEOs”):

  15. Overview

    | Name | Background and Qualifications | | Michael P. Kehoe(1) Chairman, President and Chief Executive Officer Age 59 | Mr. Kehoe has served as our Chairman of the Board, President and Chief Executive Officer since March 2026, and before that, as Chairman of the Board and Chief Executive Officer since March 2024. Prior to becoming Chairman of the Board, Mr. Kehoe served as President and Chief Executive Officer from June 2009 to March 2024. From 2002 to 2008, Mr. Kehoe was the President and Chief Executive Officer at James River Insurance Company and previously served in various senior positions at Colony Insurance Company from 1994 to 2002, finishing as Vice President of Brokerage Underwriting. Mr. Kehoe earned a B.A. in Economics from Hampden-Sydney College and a J.D. from the University of Richmond School of Law. | | Brian D. Haney(2) Former President and Chief Operating Officer Age 56 | Mr. Haney has served as one of our directors since October 2025 and as Senior Advisor to the Company since March 2026. Prior to his retirement in March 2026, Mr. Haney served as our President and Chief Operating Officer since March 2024, and before that as our Executive Vice President and Chief Operating Officer. Previously, Mr. Haney served as our Senior Vice President and Chief Operating Officer from 2015 to 2020, and as our Chief Actuary from 2009 to 2015. Prior to joining the Company, Mr. Haney was the Chief Actuary of James River Insurance Company from 2002 to 2009, where he was responsible for the actuarial functions, as well as catastrophe modeling and ceded reinsurance. From 1997 to 2002, Mr. Haney was the Chief Actuary of Colony Insurance Company, and was previously a business manager at Capital One Financial Corporation. Mr. Haney began his career at GEICO as an actuarial associate. He is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries. Mr. Haney earned a B.A. in Mathematics and Economics from the University of Virginia. | | Bryan P. Petrucelli Executive Vice President and Chief Financial Officer Age 60 | Mr. Petrucelli has served as our Executive Vice President, Chief Financial Officer and Treasurer since March 2020. Previously, Mr. Petrucelli served as our Senior Vice President, Chief Financial Officer and Treasurer from 2015 to 2020, and before that as our Vice President of Finance from 2009. Prior to joining the Company, Mr. Petrucelli was a Senior Manager in Ernst & Young’s audit practice with over 13 years of experience serving clients in the insurance industry. Mr. Petrucelli earned a B.B.A. in Finance from James Madison University and a Post Baccalaureate Certificate in Accounting from Virginia Commonwealth University. | | Mark J. Beachy Executive Vice President and Chief Claims Officer Age 58 | Mr. Beachy has served as our Executive Vice President and Chief Claims Officer since October 2020. Mr. Beachy was previously Group General Counsel at The Travelers Indemnity Company and led its staff counsel organization of more than 1,000 legal professionals responsible for defending policyholders in civil litigation throughout the United States, the United Kingdom and Canada. From 2006 to 2018, Mr. Beachy served as Managing Counsel at Travelers, leading staff counsel operations and overseeing litigation services in Virginia. Prior to 2006, Mr. Beachy served as a trial attorney defending commercial and personal lines policyholders in bodily injury and property damage litigation. Earlier in his career, Mr. Beachy held positions of increasing responsibility in the claims departments of both Travelers and Aetna Casualty and Surety Company. Mr. Beachy earned a B.S. in Journalism from West Virginia University and a J.D. degree from Catholic University, Columbus School of Law. He is licensed to practice law in Virginia and Washington D.C. | | Diane D. Schnupp Executive Vice President and Chief Information Officer Age 59 | Ms. Schnupp has served as our Executive Vice President and Chief Information Officer since March 2021. Ms. Schnupp joined the Company in May 2019 and previously served as Senior Vice President and Chief Information Officer. Prior to joining the Company, Ms. Schnupp served as Principal Consultant at Impact Makers, Inc., a management and technology consulting firm, from July 2016 to May 2019. Prior to that role, Ms. Schnupp served as Chief Information Officer and Vice President of Capital Center, LLC, a licensed mortgage and real estate broker in Virginia, from October 2012 to June 2016. Ms. Schnupp also held various roles at Genworth Financial, Inc., a Fortune 500 insurance holding company, including Director, Marketing Automation, from May 2008 to October 2012. Ms. Schnupp earned a B.S. in Electrical Engineering from Virginia Tech and an M.S. in Technology Management from Virginia Commonwealth University. |

  16. Overview

    (1) Mr. Kehoe assumed the additional title of President, effective March 2, 2026, in connection with Mr. Haney’s retirement. (2) Mr. Haney served as President and Chief Operating Officer until his retirement on March 2, 2026. Effective March 2, 2026 Mr. Haney serves as Senior Advisor to the Company.

  17. Risk Assessments

    Risk Assessments With respect to risk related to compensation matters, the CNCG Committee considers, in establishing and reviewing the Company’s compensation program, whether the program encourages unnecessary or excessive risk taking. Executives’ base salaries are fixed in amount and thus do not encourage risk-taking. Bonuses are tied to overall corporate performance. A portion of compensation provided to the executive officers may be in the form of options, restricted stock units and restricted stock that are important to help further align executives’ interests with those of the Company’s stockholders. The CNCG Committee believes that our compensation program does not encourage unnecessary or excessive risk-taking.

  18. Executive Compensation Program Elements

    Executive Compensation Program Elements The Company’s primary emphasis in determining compensation is to align the interests of employees, including executive officers, with those of stockholders. We provide a level of fixed compensation and, to varying degrees based on career level, meaningful components of variable compensation based on the Company’s short- and long-term financial performance. NEOs’ individual performance is subjectively evaluated and their compensation is set at levels reasonably competitive with our understanding of compensation levels at other companies in the insurance industry. Our objective is to incentivize employees to think, operate and manage the business like owners. We design the mix of pay elements to most effectively support our strategic priorities of quality, growth and operational excellence. In 2025, our compensation consisted of the following components: Base Salary The CNCG Committee determined our NEOs’ base salary based on a number of factors, including: •The nature, responsibilities and duties of the officer’s position; •The officer’s expertise, demonstrated leadership ability and prior performance; •The officer’s salary history and total compensation, including annual cash bonuses and long-term incentive compensation; and •The competitiveness of the market for the officer’s services. We intend for the base salaries of our NEOs to provide a minimum level of compensation for highly qualified executives. The base salaries of our NEOs are subject to modification based on an evaluation of each executive’s contribution, experience, responsibilities, external market data as well as the relative pay among senior executives at the Company. Each factor is considered on a discretionary basis without formulas or weights. We consider relative pay between executives because our perspective is that some consistency in pay emphasizes teamwork across the senior leadership level. As part of its annual review of executive compensation, the CNCG Committee reviewed the base salaries of our NEOs, focusing on market competitiveness, business performance and individual performance. We operate in a highly competitive industry and have been successful in delivering profitable growth, making our employees, including NEOs, attractive to other employers in the labor market. We are proactive and deliberate in our compensation decisions to retain talented employees. As a result, effective January 1, 2025, the CNCG Committee approved increases to the annual base salary of each of Messrs. Haney, Petrucelli and Beachy and Ms. Schnupp in the amount of $50,000. Effective January 1, 2026, the CNCG Committee approved increases to the annual base salary of each of Messrs. Kehoe, Petrucelli and Beachy in the amount of $50,000 and Ms. Schnupp in the amount of $25,000. Annual Cash Incentive All of our employees, including each NEO, are eligible to participate in our annual cash incentive program. Our annual cash incentive program is intended to directly link a portion of our employees’ compensation to the financial performance of our business during the current fiscal year, especially as it relates to the compensation of each NEO. Under the annual cash incentive program, the CNCG Committee approved the bonus pool calculation parameters for 2025, which is determined by calculating the amount that is equal to a specified percentage of actual underwriting profit in 2025. Actual underwriting profit is defined as earned premiums plus fee income less net loss and loss adjustment expenses and underwriting expenses, before any deduction for bonuses. The CNCG Committee selected actual underwriting profit as the basis for the bonus pool calculation because it believes it is a useful metric to evaluate the Company’s results of operations and our underlying business performance, without regard to investment income. The CNCG Committee oversees the bonus program, retains discretion in evaluating the individual performance component and approves the bonus payments for each NEO. Individual awards paid from the pool are determined based on a discretionary assessment of the individual’s performance for the year (which takes into account the target bonus for such individual, which is 150% of base salary for Mr. Kehoe, and 125% of base salary for Messrs. Haney, Petrucelli and Beachy and for Ms. Schnupp). Bonus awards are payable in cash by March 15th of the year following the performance year. Bonuses with respect to 2025 were paid to our CEO at approximately 181% of target level and to the other NEOs between approximately 185% and 213% of target level. Actual payouts exceeded targets as a result of the Company’s profitability relative to the CNCG Committee’s expectations. See “Executive Compensation - Summary Compensation Table” for amounts. Equity Compensation In connection with the completion of our IPO in July of 2016, we adopted the Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the “2016 Incentive Plan”) which was effective until May 2025. On May 22, 2025, the Company's stockholders approved the Kinsale Capital Group, Inc. 2025 Omnibus Incentive Plan (the “2025 Incentive Plan”), which replaced the 2016 Incentive Plan prior to its scheduled expiration in 2026. Our 2025 Incentive Plan provides for grant of options, restricted stock awards, restricted stock units and other share-based awards to our officers, employees, directors, independent contractors and consultants. These awards are an important part of our long-term incentive compensation program which we use in order to strengthen the commitment of such individuals to us, motivate them to faithfully and diligently perform their responsibilities and attract and retain competent and dedicated individuals whose efforts are expected to result in our long-term growth and profitability. All of our equity awards are subject to vesting conditions and require each executive to remain employed with the Company for a period of time or risk forfeiting the award, except in the event of certain terminations of employment. We granted stock options to our NEOs in 2016 in connection with our IPO and have granted restricted stock awards to our NEOs each year since 2018. Stock options granted in connection with our IPO have a term of ten years and generally, upon an employee’s termination of employment with us, the employee will have 90 days following the date of such termination to exercise any vested options. If the employee’s termination is due to death or disability, as defined in the 2016 Incentive Plan, the employee or his/her estate, as applicable, may exercise vested options for six months. In no event will an employee be entitled to exercise the option after its original expiration date. All options will be forfeited if an employee’s employment is terminated for cause. Restricted stock awards granted to employees vest 25% annually for four years following the date of grant. All unvested restricted stock awards are forfeited if employment is terminated prior to the vesting date for any reason other than due to death or disability. If employment terminates prior to the vesting date due to death or disability, as defined in the 2016 Incentive Plan or 2025 Incentive Plan, as applicable, all unvested restricted stock awards will fully vest as of the termination date. During the period until the restricted stock awards are vested, the grantee has all the rights of a stockholder, including the right to vote the underlying shares of common stock. Any dividends associated with the restricted stock awards will be paid at the time such shares vest, and will not be paid if the shares do not vest. See “Executive Compensation” for more information on options and restricted stock awards outstanding. Retirement and Other Benefits

  19. Employment Agreement

    Employment Agreement We have outstanding obligations under an employment agreement with Mr. Kehoe in connection with the commencement of his employment by the Company. Please see the description of Mr. Kehoe’s employment agreement in the section entitled “Executive Compensation - Potential Payments Upon Termination or Change in Control.” We have not entered into employment agreements with any of our other NEOs.

  20. Summary Compensation Table

    Summary Compensation Table The table below sets forth the compensation of the Company’s NEOs, which consist of the CEO, the Chief Financial Officer, and the three other most highly compensated executive officers who were serving as executive officers on December 31, 2025.

  21. Summary Compensation Table

    | Name and Principal Position | Year | Salary | Bonus(1) | Stock Awards(2) | All Other Compensation(3) | Total | | | | ($) | ($) | ($) | ($) | ($) | | Michael P. Kehoe(4) Chairman, President and Chief Executive Officer | 2025 | 1,250,000 | 3,400,000 | 2,749,589 | 24,302 | 7,423,891 | | | 2024 | 1,250,000 | 3,000,000 | 2,499,860 | 24,002 | 6,773,862 | | | 2023 | 900,000 | 2,500,000 | 1,799,975 | 23,102 | 5,223,077 | | Brian D. Haney(5) Former President and Chief Operating Officer | 2025 | 600,000 | 1,600,000 | 999,733 | 24,302 | 3,224,035 | | | 2024 | 550,000 | 1,375,000 | 999,841 | 22,922 | 2,947,763 | | | 2023 | 425,000 | 1,250,000 | 743,668 | 22,022 | 2,440,690 | | Bryan P. Petrucelli Executive Vice President and Chief Financial Officer | 2025 | 600,000 | 1,600,000 | 999,733 | 25,544 | 3,225,277 | | | 2024 | 550,000 | 1,375,000 | 999,841 | 24,002 | 2,948,843 | | | 2023 | 450,000 | 1,250,000 | 787,469 | 23,102 | 2,510,571 | | Mark J. Beachy Executive Vice President and Chief Claims Officer | 2025 | 475,000 | 1,250,000 | 749,692 | 24,302 | 2,498,994 | | | 2024 | 425,000 | 1,075,000 | 749,493 | 24,002 | 2,273,495 | | | 2023 | 360,000 | 1,000,000 | 629,722 | 23,004 | 2,012,726 | | Diane D. Schnupp Executive Vice President and Chief Information Officer | 2025 | 475,000 | 1,100,000 | 749,692 | 24,302 | 2,348,994 | | | 2024 | 425,000 | 1,075,000 | 749,493 | 24,002 | 2,273,495 | | | 2023 | 330,000 | 1,000,000 | 577,351 | 22,931 | 1,930,282 |

  22. Summary Compensation Table

    (1) Amounts represent discretionary annual bonus compensation earned by our NEOs under our annual cash bonus plan. See “Executive Compensation Program Elements - Annual Cash Incentive” above for more information on the 2025 bonus. (2) Amounts represent the fair value of restricted stock awards granted on March 1, 2025, March 1, 2024 and March 1, 2023, calculated in accordance with ASC 718. For information regarding assumptions underlying the valuation of equity awards, see Note 9 to our consolidated financial statements included in our Annual Report to Stockholders for the applicable fiscal years. (3) Amounts in 2025 represent the Company’s contributions to the tax qualified 401(k) plans of $21,000 for each NEO and the Company’s payment of long-term disability insurance premiums and life insurance premiums, each of which total less than $10,000 for each NEO. (4) Mr. Kehoe assumed the additional title of President, effective March 2, 2026, in connection with Mr. Haney’s retirement. (5) Mr. Haney served as President and Chief Operating Officer until his retirement on March 2, 2026. Effective March 2, 2026, Mr. Haney serves as Senior Advisor to the Company.

  23. Grants of Plan-Based Awards

    Grants of Plan-Based Awards The following table provides information about the restricted stock awards granted to the NEOs in 2025:

  24. Grants of Plan-Based Awards

    | | | All Other Stock Awards: | Grant Date Fair Value | | | | Number of Shares of Stock(1) | of Stock Awards | | Name | Grant Date | (#) | ($) | | Michael P. Kehoe | 3/1/2025 | 6,367 | 2,749,589 | | Brian D. Haney | 3/1/2025 | 2,315 | 999,733 | | Bryan P. Petrucelli | 3/1/2025 | 2,315 | 999,733 | | Mark J. Beachy | 3/1/2025 | 1,736 | 749,692 | | Diane D. Schnupp | 3/1/2025 | 1,736 | 749,692 |

  25. Grants of Plan-Based Awards

    (1) The number of shares of restricted stock awarded was determined by dividing the dollar amount granted by the CNCG Committee, by the Company’s common stock price on the respective grant dates. For additional information on the terms of the award, see the description of equity-based incentive compensation in the section above entitled “Compensation Discussion and Analysis.” On March 1, 2026, the Company granted restricted stock awards to the NEOs as part of its long-term incentive compensation program. The following table provides information about the restricted stock awards granted to NEOs in 2026:

  26. Grants of Plan-Based Awards

    | | | All Other Stock Awards: | Grant Date Fair Value | | | | Number of Shares of Stock(1) | of Stock Awards | | Name | Grant Date | (#) | ($) | | Michael P. Kehoe | 3/1/2026 | 7,698 | 2,999,680 | | Brian D. Haney | 3/1/2026 | — | — | | Bryan P. Petrucelli | 3/1/2026 | 2,822 | 1,099,649 | | Mark J. Beachy | 3/1/2026 | 2,053 | 799,993 | | Diane D. Schnupp | 3/1/2026 | 1,924 | 749,725 |

  27. Grants of Plan-Based Awards

    (1) The number of shares of restricted stock awarded was determined by dividing the dollar amount granted by the CNCG Committee, by the Company’s common stock price on the respective grant dates. For additional information on the terms of the award, see the description of equity-based incentive compensation in the section above entitled “Compensation Discussion and Analysis.”

  28. Outstanding Equity Awards at Fiscal Year End

    Outstanding Equity Awards at Fiscal Year End The following table shows the outstanding equity awards held by the NEOs of the Company as of December 31, 2025, which consists of options to purchase common stock granted under our 2016 Incentive Plan in 2016 and restricted stock awards granted under our 2016 Incentive Plan in 2022, 2023, 2024 and 2025. For additional information about the option and other equity awards, see the description of equity-based incentive compensation in the section above entitled “Compensation Discussion and Analysis.”

  29. Outstanding Equity Awards at Fiscal Year End

    | | | Option Awards(1) | | | Stock Awards(2) | | | Name | Grant date | Number of securities underlying unexercised options (#) exercisable | Number of securities underlying unexercised options (#) unexercisable | Option Exercise Price ($) | Number of shares that have not vested (#) | Market value of shares that have not vested ($) | | Michael P. Kehoe | 7/26/2016 | 22,576 | — | 16.00 | | | | | 3/1/2022 | | | | 1,191 | 465,824 | | | 3/1/2023 | | | | 2,836 | 1,109,216 | | | 3/1/2024 | | | | 3,633 | 1,420,939 | | | 3/1/2025 | | | | 6,367 | 2,490,261 | | Brian D. Haney | 3/1/2022 | | | | 459 | 179,524 | | | 3/1/2023 | | | | 1,172 | 458,393 | | | 3/1/2024 | | | | 1,453 | 568,297 | | | 3/1/2025 | | | | 2,315 | 905,443 | | Bryan P. Petrucelli | 7/26/2016 | 5,100 | — | 16.00 | | | | | 3/1/2022 | | | | 491 | 192,040 | | | 3/1/2023 | | | | 1,241 | 485,380 | | | 3/1/2024 | | | | 1,453 | 568,297 | | | 3/1/2025 | | | | 2,315 | 905,443 | | Mark J. Beachy | 3/1/2022 | | | | 393 | 153,710 | | | 3/1/2023 | | | | 992 | 387,991 | | | 3/1/2024 | | | | 1,089 | 425,930 | | | 3/1/2025 | | | | 1,736 | 678,984 | | Diane D. Schnupp | 3/1/2022 | | | | 357 | 139,630 | | | 3/1/2023 | | | | 910 | 355,919 | | | 3/1/2024 | | | | 1,089 | 425,930 | | | 3/1/2025 | | | | 1,736 | 678,984 |

  30. Outstanding Equity Awards at Fiscal Year End

    (1) Options were granted on July 27, 2016 in connection with the IPO, vested in four equal installments following the date of grant, and expire on July 27, 2026. (2) Restricted stock awards vest 25% annually for four years following the date of grant, subject to continued employment or service.

  31. Option Exercises and Stock Vested

    Option Exercises and Stock Vested The following table shows options exercised by NEOs and restricted stock vested during the year ended December 31, 2025:

  32. Option Exercises and Stock Vested

    | | Option Awards | | Stock Awards | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($)(1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(2) | | Michael P. Kehoe | 5,000 | 2,180,749 | 4,840 | 2,090,154 | | Brian D. Haney | — | — | 1,937 | 836,493 | | Bryan P. Petrucelli | 5,000 | 2,137,452 | 2,072 | 894,793 | | Mark J. Beachy | — | — | 1,661 | 717,303 | | Diane D. Schnupp | — | — | 1,516 | 654,685 |

  33. Option Exercises and Stock Vested

    (1) Reflects the difference between the market price of the underlying securities at exercise and the exercise price of the options. (2) Reflects the number of shares of restricted stock multiplied by the market value of the restricted stock on the vesting date.

  34. Potential Payments Upon Termination or Change in Control

    Potential Payments Upon Termination or Change in Control On June 4, 2009, Kinsale Management, Inc., a wholly-owned subsidiary of the Company, entered into an employment agreement with Michael P. Kehoe, our CEO. The agreement had an initial term of three years and provides for automatic renewal for one-year terms thereafter unless written notice not to extend the term is provided by Kinsale Management, Inc. or Mr. Kehoe at least 90 days prior to the end of the term. Kinsale Management may terminate the agreement for cause (as defined in the agreement), without cause, upon disability and may permit the agreement to expire at the end of a term. Mr. Kehoe may terminate the agreement for good reason (as defined in the agreement), resign without good reason or permit the agreement to expire at the end of a term. If Kinsale Management terminates the agreement without cause or permits the term to expire, or Mr. Kehoe terminates the agreement for good reason, Mr. Kehoe is entitled to continuation of his base salary and benefits for 12 months following the termination date, subject to Mr. Kehoe’s execution and non-revocation of a release of claims. If Kinsale Management terminates the agreement for cause or disability, or Mr. Kehoe resigns without good reason or permits the term to expire, Kinsale Management has no further obligations to Mr. Kehoe, except as provided in any bonus or incentive plan. Mr. Kehoe is also subject to confidentiality covenants and one year post-termination non-competition and non-solicitation covenants under the agreement. No other NEO is a party to any agreement, arrangement, or policy providing for severance or termination benefits other than the equity acceleration reflected in the table below. The estimated incremental payments and benefits that would be provided to each of our NEOs upon certain terminations of employment are quantified in the following table, assuming termination of employment took place on December 31, 2025.

  35. Potential Payments Upon Termination or Change in Control

    | Name | Severance | Health and Welfare Benefits | Restricted Stock(2) | Total Compensation | | Michael P. Kehoe | | | | | | Involuntary Not for Cause Termination or Voluntary Good Reason Termination(1) | 1,250,000 | 21,249 | — | 1,271,249 | | Termination for Cause or Resignation without Good Reason | — | — | — | — | | Death/Disability | — | — | 5,486,240 | 5,486,240 | | Brian D. Haney | | | | | | Death/Disability | — | — | 2,111,657 | 2,111,657 | | Bryan P. Petrucelli | | | | | | Death/Disability | — | — | 2,151,160 | 2,151,160 | | Mark J. Beachy | | | | | | Death/Disability | — | — | 1,646,615 | 1,646,615 | | Diane D. Schnupp | | | | | | Death/Disability | — | — | 1,600,463 | 1,600,463 |

  36. Potential Payments Upon Termination or Change in Control

    (1) Pursuant to his employment agreement, Mr. Kehoe is entitled to receive continuation of his base salary and benefits for 12 months following a termination of employment by the Company without cause, due to his resignation for good reason or due to expiration of the term. (2) If employment terminates prior to the vesting date due to death or disability, all unvested restricted stock awards will fully vest as of the termination date. The amounts shown have been calculated using the closing stock price on December 31, 2025, $391.12, multiplied by the number of unvested restricted stock awards held by each NEO.

  37. CEO Pay Ratio

    CEO Pay Ratio The SEC has issued final rules implementing the provision of the Dodd-Frank Act that require a U.S. publicly-traded company to disclose in its proxy statement the ratio of its CEO’s compensation to that of its median employee. Our pay ratio estimate has been calculated in a manner consistent with Item 402(u) of Regulation S-K. The SEC rules for identifying the median employee and calculating the pay ratio permit companies to use various methodologies and assumptions and to make reasonable estimates that reflect their employee populations and compensation practices. As a result, the pay ratio reported by other companies may not be comparable with the pay ratio that we have reported. We had approximately 719 active employees as of December 31, 2025, excluding the CEO. We calculated the 2025 total compensation for this population in the same manner used to calculate Mr. Kehoe’s total compensation, as reflected in the Summary Compensation Table, and identified our median employee as of December 31, 2025. Compensation for any employees who were employed for less than the full fiscal year was annualized. In determining our median employee, we did not use any of the permitted exemptions. We did not rely on any material assumptions, adjustments, (e.g. cost of living adjustments), or estimates (e.g. statistical sampling) to identify our median employee or determine annual total compensation or any elements of annual total compensation for our median employee to Mr. Kehoe. In 2025, Mr. Kehoe’s total compensation was $7,423,891. The median employee’s total compensation in 2025 was $142,770 resulting in a ratio of 52 to 1.

  38. Pay Versus Performance

    Pay Versus Performance The SEC requires disclosures of information pertaining to both Principal Executive Officer (“PEO”) and other NEO compensation, including separate disclosure of the PEO’s total compensation and other NEOs’ average total compensation calculated in accordance with Item 402(c)(2)(x) of Regulation S-K. To determine Compensation Actually Paid (“CAP”) for the PEO and NEOs, we are required to make certain adjustments to total executive compensation reported in the Summary Compensation Table for equity awards that are calculated in accordance with US GAAP. The table below details CAP for our PEO, Michael Kehoe, the average of CAP to our other NEOs, our total shareholder return (“TSR”), the TSR of our peer group (the S&P 500 Property & Casualty Insurance Index), net income, and a company-selected measure. Our company-selected measure, the most important financial performance measure used to link compensation paid to all employees, including executive officers, to company performance for the most recently completed year, is actual underwriting profit. Actual underwriting profit is the performance metric used to determine the bonus pool calculation under the annual cash incentive program and from which the variable compensation is derived.

  39. Pay Versus Performance

    | | | | | | Value of initial fixed $100 investment based on: | | | | | Year | Summary Compensation Table Total for PEO(1) | Compensation Actually Paid to PEO(2) | Average Summary Compensation Table Total for non-PEO NEOs(3) | Average Total Compensation Actually Paid to non-PEO NEOs(2) | Total share-holder return | Peer group total share-holder return (4) | Net income | Actual Underwriting Profit | | 2025 | 7,423,891 | 6,436,571 | 2,824,325 | 2,476,679 | $197.22 | $234.32 | 503,614,000 | 382,642,601 | | 2024 | 6,773,862 | 8,242,146 | 2,610,899 | 3,180,008 | $234.16 | $212.86 | 414,843,000 | 323,080,601 | | 2023 | 5,223,077 | 6,126,808 | 2,223,567 | 2,556,774 | $168.39 | $157.12 | 308,093,000 | 269,797,812 | | 2022 | 3,783,912 | 4,064,879 | 1,467,060 | 1,584,237 | $131.27 | $141.79 | 159,114,000 | 200,333,134 | | 2021 | 3,028,861 | 3,427,664 | 1,274,034 | 1,417,695 | $119.16 | $119.28 | 152,659,000 | 152,209,751 |

  40. Pay Versus Performance

    (1) Refers to total column reported in the Summary Compensation Table for Mr. Kehoe for each respective year. (2) Refer to CAP table below for a reconciliation of Summary Compensation Table compensation to CAP. (3) Average of total compensation reported in the Summary Compensation Table for non-PEO NEOs Brian Haney, Bryan Petrucelli, Mark Beachy and Diane Schnupp for each of 2025, 2024, 2023, 2022 and 2021. (4) Cumulative total returns to the S&P 500 Property & Casualty Insurance Index assuming an initial investment of $100 on December 31, 2020, the measurement period, and the reinvestment of dividends, if any. Components of Compensation Actually Paid The table below shows the reconciliation of Summary Compensation Table compensation to CAP for Mr. Kehoe and the average CAP for all other NEOs for the years presented in the CAP table.

  41. Pay Versus Performance

    | | | | | For outstanding and unvested awards as of end of covered fiscal year: | | | | | | Year | Summary Compensation Table Total | Less: Stock award value as reported in Summary Compensation Table | Add: Fair value at year-end of any equity awards granted during fiscal year | Add: Change in fair value of equity awards granted in prior years | Add: Change in fair value of awards that vested during fiscal year | Total Compensation Actually Paid | | PEO(5): | 2025 | 7,423,891 | (2,749,589) | 2,490,261 | (566,917) | (161,075) | 6,436,571 | | | 2024 | 6,773,862 | (2,499,860) | 2,252,625 | 997,095 | 718,424 | 8,242,146 | | | 2023 | 5,223,077 | (1,799,975) | 1,899,275 | 503,382 | 301,049 | 6,126,808 | | | 2022 | 3,783,912 | (999,810) | 1,245,097 | 184,125 | (148,445) | 4,064,879 | | | 2021 | 3,028,861 | (749,883) | 972,256 | 441,981 | (265,551) | 3,427,664 | | Non-PEO | 2025 | 2,824,325 | (874,713) | 792,214 | (205,360) | (59,787) | 2,476,679 | | NEOs(5): | 2024 | 2,610,899 | (874,667) | 788,163 | 374,610 | 281,003 | 3,180,008 | | | 2023 | 2,223,567 | (684,553) | 722,317 | 187,713 | 107,730 | 2,556,774 | | | 2022 | 1,467,060 | (356,790) | 444,323 | 63,328 | (33,684) | 1,584,237 | | | 2021 | 1,274,034 | (299,944) | 388,891 | 114,186 | (59,472) | 1,417,695 |

  42. Pay Versus Performance

    (5) With respect to each 2025, 2024, 2023, 2022 and 2021, the reported PEO is Michael P. Kehoe and reported non-PEO NEOs are Brian Haney, Bryan Petrucelli, Mark Beachy and Diane Schnupp Relationship of Pay Versus Performance The following graph depicts the relationship between the cash and equity portions of compensation of our PEO and average of cash and equity portions of compensation of our non-PEO NEOs and each of net income and actual underwriting profit. Consistent with our compensation philosophy, we grant equity awards to certain employees, including executive officers, in order to align employee incentives with those of shareholders. As a result, CAP for both the CEO and average of NEOs is heavily influenced by the change in the price of our common stock. Our compensation philosophy, specifically the bonus component in the table above, is intended to align executive bonuses with the performance of our underwriting operations. Equity awards granted to employees are intended to incentivize management, including executive officers, to grow the business over the long-term. We do not view changes in the fair value of previously granted equity awards as a meaningful metric when evaluating executive compensation. Relationship of Compensation Actually Paid to Total Shareholder Return The following graph shows the relationship between executive compensation actually paid for both the CEO and average of other NEOs to our TSR and TSR for the S&P 500 Property & Casualty Insurance Index for the period from December 31, 2020 through December 31, 2025. The graph assumes an initial investment of $100 and the reinvestment of dividends, if any. List of Most Important Performance Measures The following table lists the most important measures we used in determining executive compensation for the year ended December 31, 2025:

  43. Pay Versus Performance

    | Most Important Measures for Determining NEO Pay | | Actual underwriting profit (1) | | Combined ratio (2) | | Operating return on equity (3) |

  44. Pay Versus Performance

    (1) See CD&A for description of how actual underwriting profit is calculated. (2) Combined ratio is the sum of the loss ratio and the expense ratio. Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses to sum of earned premiums and fee income, net of the effects of reinsurance. Expense ratio, expressed as a percentage, is the ratio of underwriting, acquisition and insurance expenses to the sum of net earned premiums and fee income. A combined ratio under 100% indicates an underwriting profit. A combined ratio over 100% indicates an underwriting loss. (3) Operating return on equity is a non-GAAP financial measure. We define operating return on equity as net operating earnings, a non-GAAP financial measure, expressed as a percentage of average beginning and ending stockholders’ equity during the period. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Reconciliation of Non-GAAP Financial Measures” in our Annual Report on Form 10-K for the year ended December 31, 2025 for a reconciliation of net operating earnings and operating return on equity.