JUNE 06, 2019 02:23 PM (EDT)
AM Best Affirms Credit Ratings of Kinsale Insurance Company and Kinsale Capital Group, Inc.
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FOR IMMEDIATE RELEASE
OLDWICK - JUNE 06, 2019 02:23 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-” of Kinsale Insurance Company (Kinsale) (Little Rock, AR). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb-” of Kinsale Capital Group, Inc. (Kinsale Capital) (headquartered in Richmond, VA) [NASDAQ: KNSL]. The outlook of these Credit Ratings (ratings) is positive.
The ratings reflect Kinsale’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The positive outlooks reflect Kinsale’s strong trends in underwriting and operating performance. The favorable results are attributed to sustainable profitability as the company continues to mature, the depth of the organization’s surplus lines business knowledge and expense advantage gains from technological capabilities.
The affirmations capture Kinsale’s very strong risk-adjusted capital levels, the management team’s long-term experience, a focus on underwriting fundamentals and an enterprise risk management program aligned to the risks that distinguish the surplus lines market.
These factors are partially offset by the current surplus lines market environment that has most participants experiencing significant exposure growth from an influx of new business. AM Best will continue to monitor Kinsale’s pace of premium and exposure growth relative to the company’s balance sheet size, operational results and market footprint.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry.