KNSL - Kinsale Capital: Underwriting Excellence In E&S

2024-06-13 06:31:01 ET

Summary

• Kinsale is a specialty insurer focused on the E&S market, with industry-leading combined ratios and returns on equity.
• KNSL currently trades at an attractive valuation, and is well-positioned for continued market share growth in the fast-growing E&S market.
• Initiating coverage on KNSL with a Buy rating, highlighting competitive advantages in underwriting, technology, and relationships with brokers.

Kinsale Capital Group ( KNSL ) is a rapidly growing specialty insurer focused exclusively on the Excess & Surplus (E&S) market in the United States. The company's disciplined underwriting approach, facilitated by its proprietary technology platform, coupled with a focus on small, hard-to-place risks, has resulted in industry-leading combined ratios and returns on equity.

Following a recent selloff, we think KNSL currently trades at an attractive valuation relative to its strong fundamentals and growth prospects. Moreover, we believe the company is well-positioned to continue gaining market share in the high growth E&S market....

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