Kinsale Capital Group Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Kinsale Capital Group (NYSE: KNSL) announced plans to offer 155,000 shares of common stock in an underwritten public offering under an effective SEC registration statement. The company may grant the underwriter a 30-day option to purchase an additional 23,250 shares. Proceeds from the offering will be used for general corporate purposes, including funding organic growth. J.P. Morgan is the acting underwriter. This press release does not constitute an offer to sell or a solicitation to buy securities.

Positive

• The offering aims to fund organic growth, potentially enhancing future business performance.

Negative

• Issuing new shares may lead to shareholder dilution, which can negatively affect stock valuation.

RICHMOND, Va.--(BUSINESS WIRE)-- Kinsale Capital Group, Inc. (NYSE: KNSL) (“Kinsale” or the “Company”) today announced that it intends to offer 155,000 shares of common stock in an underwritten public offering under an effective shelf registration statement on file with the Securities and Exchange Commission (the “SEC”). Kinsale also expects to grant the underwriter a 30-day option to purchase up to an additional 23,250 shares of common stock. All of the shares in the offering are to be sold by Kinsale.

The Company expects to use the net proceeds from the offering of the shares for general corporate purposes, including to fund organic growth.

J.P. Morgan is acting as underwriter for the offering.

The public offering will be made pursuant to an automatically effective registration statement on Form S-3 that has been filed with the SEC. A preliminary prospectus supplement and accompanying base prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website located at www.sec.gov or may be obtained from J.P. Morgan Securities LLC, Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Kinsale Capital Group, Inc.

Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess surplus lines market.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “project,” “plan,” “estimate” or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: the Company’s expectations regarding the public offering; the anticipated use of net proceeds from the offering; inadequate loss reserves to cover the Company’s actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company’s estimates; adverse economic factors; a decline in the Company’s financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company’s business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company’s investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company’s filings with the SEC. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221110006088/en/

Kinsale Capital Group, Inc.

Bryan Petrucelli

Executive Vice President, Chief Financial Officer and Treasurer

804-289-1272

ir@kinsalecapitalgroup.com

Source: Kinsale Capital Group, Inc.

FAQ

What is Kinsale Capital Group's latest stock offering?

Kinsale Capital Group plans to offer 155,000 shares in an underwritten public offering, with a 30-day option for the underwriter to purchase an additional 23,250 shares.

How will Kinsale use the proceeds from the stock offering?

The proceeds from the stock offering will be used for general corporate purposes, including funding organic growth.

Who is underwriting Kinsale's public offering?

J.P. Morgan is acting as the underwriter for Kinsale Capital Group's public offering.

What are the risks associated with Kinsale's stock offering?

Issuing new shares in the public offering could lead to shareholder dilution, which may negatively impact the stock's valuation.