AM Best has upgraded Kinsale Insurance Company’s Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed its Financial Strength Rating (FSR) of A (Excellent).
The outlook for the Long-Term ICR has been revised to stable from positive, while the outlook for the FSR is stable.
AM Best also upgraded Kinsale Capital Group, Inc.’s Long-Term ICR to “bbb+” (Good) from “bbb” (Good), with the outlook revised to stable from positive.
The ratings agency said the ratings reflect Kinsale’s very strong balance sheet strength, alongside its strong operating performance, favourable business profile and appropriate enterprise risk management (ERM).
The Long-Term ICR upgrade reflects the strengthening of Kinsale’s business profile, supported by its increased scale, established position in the US excess and surplus lines market, and ability to grow while maintaining disciplined underwriting and strong profitability.
The ratings are also supported by Kinsale’s risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as continued organic surplus growth driven by consistent underwriting profitability and reliable net investment income. Kinsale maintains a strong focus on underwriting fundamentals.
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