AM Best

MAY 26, 2017 09:33 AM (EDT)

A.M. Best Assigns Issuer Credit Rating to Kinsale Capital Group, Inc.; Affirms Credit Ratings of Kinsale Insurance Company

 Robert Raber
Senior Financial Analyst
+1 908 439 2200, ext. 5696

Greg Williams
Senior Director
+1 908 439 2200, ext. 5815

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644


OLDWICK - MAY 26, 2017 09:33 AM (EDT)
A.M. Best has assigned a Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” to Kinsale Capital Group, Inc. (Kinsale Capital) (headquartered in Richmond, VA) [NASDAQ: KNSL]. The outlook assigned to this Credit Rating (rating) is stable.

Concurrently, A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term ICR of “a-” of Kinsale Insurance Company (Kinsale) (Little Rock, AR). The outlook of these ratings is stable.

The rating assigned to Kinsale Capital is based on its role as the ultimate parent holding company for Kinsale. As of Dec. 31, 2016, debt-to-capital and debt-to-tangible capital ratios (excluding other comprehensive income/loss) are notably favorable, while interest coverage and cash flow for the parent is exceptionally strong.

The rating affirmations reflect Kinsale’s solid risk-adjusted capitalization and strong operating results. The ratings also take into account the company’s conservative operating strategy since it commenced operations in 2010 and the management team’s strong track record.

These factors are partially offset by the challenges associated with managing growth in the current competitive market conditions for surplus lines insurers. A.M. Best will closely monitor Kinsale’s growth initiatives to ensure that they are effectively aligned with the necessary capital to execute the plan.

The ratings may be considered for positive movement following a period of progression in operating performance. Negative rating action could occur if the company’s actual results fall demonstrably short of projections or if there is deterioration in the company’s risk-adjusted capitalization.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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AMB# Company Name
052557 Kinsale Capital Group, Inc.
014027 Kinsale Insurance Company