KNSL - Kinsale Capital rises ~11% as Q3 results beat estimates

Kinsale Capital (KNSL +10.7%) is rising after Q3 results beat analysts' estimates. The company's total revenues rose +34.5% Y/Y to $164.8M. Q3 Gross written premiums rose 36.5% Y/Y to $197.6M, driven by higher submission activity from brokers and rate increases on bound accounts. Q3 underwriting income was $38.1M, resulting in a combined ratio of 75.7%, compared to $2.9M and a combined ratio of 97.3% for the same period last year. “Third quarter premium growth and profitability were both favorable. In particular, our quarterly combined ratio of 75.7% reflects the margin expansion resulting from several years of robust rate increases as well as our disciplined underwriting and low cost model," said President and CEO Michael Kehoe. Reported net income of $36.6M, compared to $14.9M for Q3 2020. Q3 net operating earnings rose 281.9% Y/Y to $36.7M. About 15.5% increase in net investment income to $8.1M, compared to Q3 2020. About 19.8% annualized operating

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Kinsale Capital rises ~11% as Q3 results beat estimates