MAY 31, 2018 08:49 AM (EDT)
A.M. Best Revises Outlooks to Positive for Kinsale Insurance Company and Kinsale Capital Group, Inc.
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FOR IMMEDIATE RELEASE
OLDWICK - MAY 31, 2018 08:49 AM (EDT)
A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Kinsale Insurance Company (Kinsale) (Little Rock, AR). Concurrently, A.M. Best has revised the outlook to positive from stable and affirmed the Long-Term ICR of “bbb-” of Kinsale Capital Group, Inc. (Kinsale Capital) (headquartered in Richmond, VA) [NASDAQ: KNSL].
The ratings reflect Kinsale’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The revision in the outlooks reflects Kinsale’s trend in underwriting and operating performance. These favorable results are attributable to the company’s ability to balance growth and profit since its founding in 2010, management’s line of business knowledge and technological advancements.
The rating affirmation captures Kinsale’s very strong risk-adjusted capital levels, the management team’s long-term experience and focus on underwriting fundamentals.
These factors are offset partially by current competitive conditions within the surplus lines market in which Kinsale operates. In addition, A.M. Best will continue to monitor Kinsale’s pace of premium and exposure growth relative to the company’s balance sheet size and market footprint.
The ratings may be considered for positive movement following a continued period of favorable progression in operating performance. Negative rating action could occur with the company’s actual results falling demonstrably short of projections or 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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