North America Equity Research 23 July 2026 J P M O R G A N Kinsale 2Q26 First Take: Slowing Growth an Indicator of Competition, Margins Held In Year-Over-Year KNSL's premiums declined more than expected and growth ex. property decelerated, but margins held in. Large account commercial property premiums were significantly lower, and growth in lines ex. property slowed as well, similar to what occurred in 1Q26. Meanwhile, the attritional loss ratio improved from 2Q25, more than offsetting a higher expense rat ...