Virginia-based Kinsale Capital group showed healthy vital signs in its third quarter results reported by
Globe Newswire.
Book value grew 85% to almost $210 million as of the third quarter, from $113 million at the end of 2015. Similarly, return on equity hit almost 19% while the company reported an underwriting income of nearly $11 million.
Gross written premiums likewise sustained a steady pace of growth, rising by 4.4% to $47.8 million compared to $45.8 million in the same period last year.
“We are pleased with our results for the third quarter. (They) reflect our ability to compete in the current competitive pricing environment, and reflect Kinsale’s consistent strategy of matching disciplined underwriting with a low-cost business platform,” company president and chief executive Michael P. Kehoe told the wire service.
Kinsale became publicly listed in August this year. It terminated and commuted its multiple line quota share (MLQS) two months later. Under the MLQS, the firm transferred part of its risk to reinsurers in exchange for a share on gross written premiums on its specific lines of business.
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