Best’s News & Research Service - August 02, 2024 02:27 PM (EDT)
AM Best Revises Issuer Credit Rating Outlooks to Positive for Kinsale Insurance Company and Kinsale Capital Group, Inc.
- August 02, 2024 02:27 PM (EDT)
//BestWire// - AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Kinsale Insurance Company (Kinsale) (Little Rock, AR). The outlook of the FSR is stable. Concurrently, AM Best has revised the outlook to positive from stable for the Long-Term ICR and affirmed the Long-Term ICR of “bbb” (Good) of Kinsale Capital Group, Inc. (Kinsale Capital) (headquartered in Richmond, VA) [NYSE: KNSL].
These Credit Ratings (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, which consider recent capital raises in support of planned premium growth, its sustained strong operating performance trends that compare favorably with the industry and peer surplus lines companies. These trends reflect Kinsale’s focus on underwriting fundamentals, conservative reserving, and an ERM program focused on the risks specific to the surplus lines market.
The positive outlook on the Long-Term ICR of Kinsale reflects AM Best’s expectation that it will maintain a balance sheet strength assessment in the very strong range, its operating performance will remain favorable when compared with the industry and peer companies, its business profile will diversify organically through ongoing profitable growth, and the ERM will remain appropriate for the scale, scope and complexity of the organization.
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.