OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” from “a-” of Kinsale Insurance Company (Kinsale) (Little Rock, AR). Concurrently, AM Best has upgraded the Long-Term ICR to “bbb” from “bbb-” of Kinsale Capital Group, Inc. (Kinsale Capital) (headquartered in Richmond, VA) [NASDAQ: KNSL]. The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect Kinsale’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The ratings upgrade reflects AM Best’s assessment of the company’s operating performance at strong. Operating performance trends compare favorably to the industry and surplus line peers with remarkable consistency. Efficiency in underwriting performance is credited to proven underwriting fundamentals, seasoned leadership, and an ERM program aligned to the risks that distinguish the surplus lines market. Kinsale’s results are supported in part by an advantage in underwriting expenses. Risk-adjusted capital is maintained through management’s pro-active monitoring of the company’s risk profile.
The ratings may be considered for positive movement with expanded depth and breadth of risk-adjusted capital measurements. Negative rating action could occur if deterioration in operating performance brings results in line with industry or surplus lines composite trends.
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