AM Best Affirms Credit Ratings of Kinsale Insurance Company and Kinsale Capital Group, Inc.

Rhea-AI Summary

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) for Kinsale Insurance Company. Additionally, Kinsale Capital Group, Inc.'s Long-Term ICR of 'bbb' (Good) was confirmed, with a stable outlook. The ratings reflect Kinsale's very strong balance sheet strength and strong operating performance, which outperforms industry peers. However, any deterioration in operational metrics could lead to negative rating actions. Kinsale's risk-adjusted capitalization levels remain stable.

Positive

• Financial Strength Rating of A (Excellent) confirmed.
• Long-Term Issuer Credit Rating of 'a' (Excellent) affirmed.
• Long-Term ICR of 'bbb' (Good) remains stable for Kinsale Capital.
• Strong operating performance trends compared to industry peers.

Negative

• Potential for negative rating action if operating performance declines.

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Kinsale Insurance Company (Kinsale) (Little Rock, AR). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of Kinsale Capital Group, Inc. (Kinsale Capital) (headquartered in Richmond, VA) [NASDAQ: KNSL]. The outlook of these Credit Ratings (ratings) is stable.

The 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, its strong operating performance trends that compare favorably with the industry and peer surplus lines companies, driven by the demonstrated strength of embedded underwriting fundamentals and an ERM program focused on the risks specific to the surplus lines market.

The ratings may be considered for positive movement if balance sheet strength measures maintain pace with premium and profile growth. Alternatively, negative rating action could occur should deterioration in operating performance bring results in line with the composite trends of surplus lines.

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220623005852/en/

Gordon McLean

Senior Financial Analyst

+1 908 439 2200, ext. 5304

gordon.mclean@ambest.com



Greg Williams

Senior Director

+1 908 439 2200, ext. 5815

greg.williams@ambest.com



Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com



Jeff Mango

Managing Director,

Strategy & Communications

+1 908 439 2200, ext. 5204

jeffrey.mango@ambest.com

Source: AM Best

FAQ

What is the Financial Strength Rating of Kinsale Insurance Company?

The Financial Strength Rating of Kinsale Insurance Company is A (Excellent).

What credit ratings did AM Best affirm for Kinsale Capital Group, Inc.?

AM Best affirmed a Long-Term Issuer Credit Rating of 'bbb' (Good) for Kinsale Capital Group, Inc.

What is the outlook for Kinsale's credit ratings?

The outlook for Kinsale's credit ratings is stable.

What factors could lead to a change in Kinsale's credit ratings?

A decline in operating performance could lead to negative rating actions for Kinsale.

How does Kinsale's balance sheet strength compare to industry standards?

Kinsale's balance sheet strength is assessed as very strong by AM Best.