JUNE 11, 2020 09:00 AM (EDT)
AM Best Upgrades Credit Ratings of Kinsale Insurance Company and Kinsale Capital Group, Inc.
|Robert Raber |
+1 908 439 2200, ext. 5696
+1 908 439 2200, ext. 5815
Manager, Public Relations
+1 908 439 2200, ext. 5159
Director, Public Relations
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
OLDWICK - JUNE 11, 2020 09:00 AM (EDT)
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” from “a-” of Kinsale Insurance Company (Kinsale) (Little Rock, AR). Concurrently, AM Best has upgraded the Long-Term ICR to “bbb” from “bbb-” of Kinsale Capital Group, Inc. (Kinsale Capital) (headquartered in Richmond, VA) [NASDAQ: KNSL]. The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect Kinsale’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The ratings upgrade reflects AM Best’s assessment of the company’s operating performance at strong. Operating performance trends compare favorably to the industry and surplus line peers with remarkable consistency. Efficiency in underwriting performance is credited to proven underwriting fundamentals, seasoned leadership, and an ERM program aligned to the risks that distinguish the surplus lines market. Kinsale’s results are supported in part by an advantage in underwriting expenses. Risk-adjusted capital is maintained through management’s pro-active monitoring of the company’s risk profile.
The ratings may be considered for positive movement with expanded depth and breadth of risk-adjusted capital measurements. Negative rating action could occur if deterioration in operating performance brings results in line with industry or surplus lines composite trends.
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 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 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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.