Kinsale

The stock closed at $342.87 per share, down 19.56% from yesterday’s close of $426.22.

On a conference call with analysts, CEO Michael Kehoe described high growth rates from over the last five years as an “anomaly” and warned investors of possible "mean reversion” ahead.

AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year

Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.

“The broad E&S market is quite attractive today, and we’ve got a good level of confidence going forward,” CEO Michael Kehoe said.

The Inside P&C news team runs you through the earnings results for the day.

The company posted a 1.2-point increase in its loss ratio to 58.6%, as the firm saw less-favorable reserve releases and slightly higher cat losses during the quarter.

McMorrow joined Kinsale in 2010 and served in underwriting roles of increasing responsibility before being promoted to vice president in 2021.

During the quarter, real rates were up around 7% in the aggregate, compared to 8% in Q3 2022, according to management comments during the company’s conference call.

In its press release, CEO Mike Kehoe noted that the company capitalized “favorable E&S market conditions while maintaining underwriting and expense discipline”.

CEO Mike Kehoe said the company’s commercial property book outperformed expectations related to the storm.

CEO Mike Kehoe said his company’s results stem from a combination of higher insurance rates and rapid premium growth.