OLDWICK, N.J.--(BUSINESS WIRE)--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.
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