JUNE 23, 2022 12:41 PM (EDT)
AM Best Affirms Credit Ratings of Kinsale Insurance Company and Kinsale Capital Group, Inc.
Senior Financial Analyst
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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 23, 2022 12:41 PM (EDT)
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Kinsale Insurance Company (Kinsale) (Little Rock, AR). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of Kinsale Capital Group, Inc. (Kinsale Capital) (headquartered in Richmond, VA) [NASDAQ: KNSL]. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Kinsale’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The rating affirmations reflect the stability in Kinsale’s risk-adjusted capitalization levels, its strong operating performance trends that compare favorably with the industry and peer surplus lines companies, driven by the demonstrated strength of embedded underwriting fundamentals and an ERM program focused on the risks specific to the surplus lines market.
The ratings may be considered for positive movement if balance sheet strength measures maintain pace with premium and profile growth. Alternatively, negative rating action could occur should deterioration in operating performance bring results in line with the composite trends of surplus lines.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.