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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kinsale Capital Group Inc | NYSE:KNSL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
53.84 | 14.27% | 431.09 | 436.649 | 401.50 | 401.50 | 272,472 | 19:25:20 |
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• | assumes no exercise by the underwriter of its option to purchase up to an additional 23,250 shares from us; |
• | bases the number of shares of common stock outstanding before this offering on 22,925,235 shares of common stock outstanding as of October 21, 2022; and |
• | excludes, in reference to the number of shares of common stock outstanding before and immediately after this offering, 2,073,832 shares of common stock reserved for issuance under the Kinsale Capital Group, Inc. 2016 Omnibus Incentive Plan (the “2016 Plan”). As of October 21, 2022, options to purchase 1,036,916 shares of our common stock had been granted pursuant to the 2016 Plan. 967,166 of these options had vested as of such date. |
| | Nine Months Ended September 30, | | | Year Ended December 31, | ||||||||||
| | 2022 | | | 2021 | | | 2021 | | | 2020 | | | 2019 | |
| | (in thousands) | |||||||||||||
Revenues: | | | | | | | | | | | |||||
Gross written premiums | | | $806,625 | | | $560,553 | | | $764,373 | | | $552,814 | | | $389,694 |
Ceded written premiums | | | (111,885) | | | (77,825) | | | (104,164) | | | (74,595) | | | (47,633) |
Net written premiums | | | 694,740 | | | 482,728 | | | 660,209 | | | 478,219 | | | 342,061 |
Change in unearned premiums | | | (116,761) | | | (65,116) | | | (77,330) | | | (65,465) | | | (59,080) |
Net earned premiums | | | 577,979 | | | 417,612 | | | 582,879 | | | 412,754 | | | 282,981 |
Net investment income | | | 33,540 | | | 22,466 | | | 31,048 | | | 26,110 | | | 20,133 |
Change in the fair value of equity securities | | | (37,199) | | | 13,644 | | | 22,812 | | | 16,855 | | | 12,389 |
Net realized investment gains | | | 1,535 | | | 2,397 | | | 2,828 | | | 3,533 | | | 359 |
Other income | | | 381 | | | 58 | | | 212 | | | 634 | | | 26 |
Total revenues | | | 576,236 | | | 456,177 | | | 639,779 | | | 459,886 | | | 315,888 |
| | | | | | | | | | ||||||
Expenses: | | | | | | | | | | | |||||
Losses and loss adjustment expenses | | | 344,333 | | | 236,727 | | | 324,415 | | | 263,802 | | | 169,563 |
Underwriting, acquisition and insurance expenses | | | 117,662 | | | 89,490 | | | 124,900 | | | 94,296 | | | 70,217 |
Interest expense | | | 2,306 | | | 752 | | | 994 | | | 168 | | | — |
Other expenses | | | 521 | | | 482 | | | 669 | | | 1,207 | | | 57 |
Total expenses | | | 464,822 | | | 327,451 | | | 450,978 | | | 359,473 | | | 239,837 |
Income before income taxes | | | 111,414 | | | 128,726 | | | 188,801 | | | 100,413 | | | 76,051 |
Income tax expense | | | 19,549 | | | 24,387 | | | 36,142 | | | 11,994 | | | 12,735 |
Net income | | | 91,865 | | | 104,339 | | | $152,659 | | | $88,419 | | | $63,316 |
Underwriting income(1) | | | $115,984 | | | $91,395 | | | $133,564 | | | $54,656 | | | $43,201 |
Net operating earnings(2) | | | $120,039 | | | $91,666 | | | $132,404 | | | $72,313 | | | $53,245 |
| | | | | | | | | | ||||||
Per common share data: | | | | | | | | | | | |||||
Basic earnings per share: | | | | | | | | | | | |||||
Common stock | | | $4.03 | | | $4.60 | | | $6.73 | | | $3.96 | | | $2.94 |
Diluted earnings per share: | | | | | | | | | | | |||||
Common stock | | | $3.98 | | | $4.53 | | | $6.62 | | | $3.87 | | | $2.86 |
| | At September 30, 2022 | | | At December 31, | ||||
| | 2021 | | | 2020 | ||||
| | (in thousands) | |||||||
Balance sheet data: | | | | | | | |||
Cash and invested assets | | | $1,947,203 | | | $1,685,717 | | | $1,288,555 |
Premiums receivable, net | | | 96,102 | | | 71,004 | | | 48,641 |
Reinsurance recoverables, net | | | 188,803 | | | 122,970 | | | 93,215 |
Ceded unearned premiums | | | 40,924 | | | 33,679 | | | 24,265 |
Intangible assets | | | 3,538 | | | 3,538 | | | 3,538 |
Total assets | | | 2,464,232 | | | 2,025,655 | | | 1,546,896 |
Reserves for unpaid losses and loss adjustment expenses | | | 1,197,317 | | | 881,344 | | | 636,013 |
Unearned premiums | | | 471,736 | | | 347,730 | | | 260,986 |
Payable to reinsurers | | | 26,323 | | | 16,112 | | | 12,672 |
Debt | | | 123,159 | | | 42,696 | | | 42,570 |
Total liabilities | | | 1,844,777 | | | 1,326,320 | | | 970,658 |
Total stockholders’ equity | | | 619,455 | | | 699,335 | | | 576,238 |
| | | | | | ||||
Other data: | | | | | | | |||
Tangible stockholders’ equity(3) | | | $616,660 | | | $696,540 | | | $573,443 |
Debt to total capitalization ratio(4) | | | 16.8% | | | 5.8% | | | 6.9% |
Statutory capital and surplus(5) | | | $721,560 | | | $606,910 | | | $476,066 |
| | Nine Months Ended September 30, | | | Year Ended December 31, | ||||||||||
| | 2022 | | | 2021 | | | 2021 | | | 2020 | | | 2019 | |
Underwriting and other ratios: | | | | | | | | | | | |||||
Loss ratio(6) | | | 59.6% | | | 56.7% | | | 55.7% | | | 63.9% | | | 59.9% |
Expense ratio(7) | | | 20.3% | | | 21.4% | | | 21.4% | | | 22.8% | | | 24.8% |
Combined ratio(8) | | | 79.9% | | | 78.1% | | | 77.1% | | | 86.7% | | | 84.7% |
| | | | | | | | | | ||||||
Annualized return on equity(9) | | | 18.6% | | | 22.5% | | | 23.9% | | | 18.0% | | | 18.9% |
Annualized operating return on equity(10) | | | 24.3% | | | 19.8% | | | 20.8% | | | 14.7% | | | 15.9% |
(1) | Underwriting income is a non-GAAP financial measure. We define underwriting income as net income excluding net investment income, net unrealized gains (losses) on equity securities, net realized gains (losses) on investments, other income, interest expense, other expenses and income tax expense. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Reconciliation of Non-GAAP Financial Measures” in our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, each of which is incorporated by reference herein, and in our Annual Report on Form 10-K for the year ended December 31, 2020, which is not incorporated by reference herein, for a reconciliation of net income to underwriting income. |
(2) | Net operating earnings is a non-GAAP financial measure. We define net operating earnings as net income excluding net unrealized gains (losses) on equity securities, after taxes and net realized gains (losses) on investments, after taxes. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Reconciliation of Non-GAAP Financial Measures” in our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, each of which is incorporated by reference herein, and in our Annual Report on Form 10-K for the year ended December 31, 2020, which is not incorporated by reference herein, for a reconciliation of net income to net operating earnings. |
(3) | Tangible stockholders’ equity is a non-GAAP financial measure. We define tangible stockholders’ equity as total stockholders’ equity less intangible assets, net of deferred taxes. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition” in our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, each of which is incorporated by reference herein, for a reconciliation of stockholders’ equity to tangible stockholders’ equity. |
(4) | The ratio, expressed as a percentage, of total indebtedness for borrowed money, including capitalized lease obligations, to the sum of total indebtedness for borrowed money, including capitalized lease obligations, and total stockholders’ equity. |
(5) | For our insurance subsidiary, the excess of assets over liabilities as determined in accordance with statutory accounting principles as determined by the NAIC. |
(6) | The loss ratio is the ratio, expressed as a percentage, of losses and loss adjustment expenses to net earned premiums, net of the effects of reinsurance. |
(7) | The expense ratio is the ratio, expressed as a percentage, of underwriting, acquisition and insurance expenses to net earned premiums. |
(8) | The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss. |
(9) | Return on equity represents net income expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. |
(10) | Operating return on equity is a non-GAAP financial measure. We define operating return on equity as net operating earnings expressed on an annualized basis as a percentage of average beginning and ending total stockholders’ equity during the period. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Reconciliation of Non-GAAP Financial Measures” in our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, each of which is incorporated by reference herein, and in our Annual Report on Form 10-K for the year ended December 31, 2020, which is not incorporated by reference herein, for a reconciliation of return on equity to operating return on equity. |
• | actual or anticipated variations in our quarterly and annual operating results or those of other companies in our industry; |
• | changes in market valuations of companies perceived to be similar to us; |
• | publication of research reports or news stories about us, our competitors or our industry, or positive or negative recommendations or withdrawal of research coverage by securities analysts; |
• | the public’s response to our or our competitors’ filings with the SEC, press releases or other announcements regarding acquisitions, restructurings, litigation, regulation or other strategic actions and significant matters; |
• | changes in our Board of Directors, senior management or other key personnel; |
• | sales of our common stock, including by our directors, executive officers and principal stockholders; |
• | short sales, hedging and other derivative transactions in our common stock; |
• | any indebtedness we may incur or securities we may issue in the future; |
• | actions by stockholders; |
• | the occurrence of severe weather conditions and other catastrophes that affect or are perceived by investors as affecting us or our industry; |
• | exposure to capital and credit market risks that adversely affect our investment portfolio or our capital resources; |
• | changes in our credit ratings; and |
• | the actual or anticipated passage of legislation or other regulatory developments affecting us or our industry. |
• | authorize the issuance of “blank check” preferred stock, which our Board of Directors could issue to discourage a takeover attempt; |
• | deny the ability of our stockholders to call special meetings of stockholders; |
• | provide that certain litigation against us can only be brought in Delaware; |
• | provide that our Board of Directors, without the assent or vote of our stockholders, is expressly authorized to make, alter or repeal our by-laws; and |
• | establish advance notice requirements for nominations for election to the Board of Directors or for proposing matters that can be acted on at stockholder meetings. |
• | a citizen or individual resident of the United States; |
• | a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States, any state thereof or the District of Columbia; |
• | an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or |
• | a trust if (a) a United States court is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (b) the trust has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person. |
Name | | | Number of Shares |
J.P. Morgan Securities LLC | | |
• | to any legal entity which is a qualified investor as defined under the Prospectus Regulation; |
• | to fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus Regulation), subject to obtaining the prior consent of the bookrunner for any such offer; or |
• | in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of shares of common stock shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any shares of common stock or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the underwriter and us that it is a “qualified investor” within the meaning of Article 2(e) of the Prospectus Regulation. |
• | does not constitute a disclosure document under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the “Corporations Act”); |
• | has not been, and will not be, lodged with the Australian Securities and Investments Commission (“ASIC”), as a disclosure document for the purposes of the Corporations Act, and does not purport to include the information required of a disclosure document under Chapter 6D.2 of the Corporations Act; and |
• | may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, or Exempt Investors, available under section 708 of the Corporations Act. |
(a) | to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the “SFA”) pursuant to Section 274 of the SFA; |
(b) | to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA; or |
(c) | otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. |
(a) | a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or |
(b) | a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, |
(i) | to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA; |
(ii) | where no consideration is or will be given for the transfer; |
(iii) | where the transfer is by operation of law; |
(iv) | as specified in Section 276(7) of the SFA; or |
(v) | as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018. |
(a) | our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022; |
(b) | our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, filed with the SEC on April 28, 2022; |
(c) | our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, filed with the SEC on July 28, 2022; |
(d) | our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, filed with the SEC on October 27, 2022; |
(e) | our Definitive Proxy Statement on Schedule 14A, as amended, originally filed with the SEC on April 12, 2022 (solely to the extent incorporated by reference into Part III of our Annual Report on Form 10-K for the year ended December 31, 2021); |
(f) | our Current Reports on Form 8-K filed with the SEC on May 26, 2022 and July 22, 2022; |
(g) | the description of our common stock contained in our registration statement on Form 8-A filed with the SEC on December 22, 2021, including any amendments or supplements thereto (including Exhibit 4.1 to our Annual Report on Form 10-K for the year ended December 31, 2021); and |
(h) | all documents filed by us under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act before the termination of the offering of securities under this prospectus supplement. |
• | shares of our common stock; |
• | shares of our preferred stock, which may be issued in one or more series; |
• | depositary shares; and |
• | warrants to purchase shares of our common stock or our preferred stock. |
(a) | our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022; |
(b) | our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, filed with the SEC on April 28, 2022; |
(c) | our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, filed with the SEC on July 28, 2022; |
(d) | our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 12, 2022 (solely to the extent incorporated by reference into Part III of our Annual Report on Form 10-K for the year ended December 31, 2021); |
(e) | our Current Reports on Form 8-K filed with the SEC on May 26, 2022 and July 22, 2022; and |
(f) | the description of our common stock contained in our registration statement on Form 8-A filed with the SEC on December 22, 2021, including any amendments or supplements thereto (including Exhibit 4.1 to our Annual Report on Form 10-K for the year ended December 31, 2021). |
• | 400,000,000 shares of common stock, par value $0.01 per share; and |
• | 100,000,000 shares of preferred stock, par value $0.01 per share. |
• | 22,903,808 shares of common stock issued and outstanding; and |
• | no shares of preferred stock outstanding. |
• | restricting dividends on our common stock; |
• | diluting the voting power of our common stock or providing that holders of preferred stock have the right to vote on matters as a class; |
• | impairing the liquidation rights of our common stock; or |
• | delaying, discouraging or preventing a change of control of us. |
• | before such date, the Board of Directors approved either the business combination or the transaction that resulted in the stockholder becoming an interested holder; |
• | upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (1) by persons who are directors and also officers and (2) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or |
• | on or after such date, the business combination is approved by our Board of Directors and authorized at an annual or special meeting of the stockholders, and not by written consent, by the affirmative vote of the holders of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder. |
• | any merger or consolidation involving the corporation and the interested stockholder; |
• | any sale, transfer, pledge, or other disposition of 10% or more of the assets of the corporation involving the interested stockholder; |
• | subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder; |
• | any transaction involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation beneficially owned by the interested stockholder; or |
• | the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges, or other financial benefits by or through the corporation. |
• | to underwriters for resale to purchasers; |
• | directly to purchasers; |
• | through agents or dealers to purchasers; or |
• | through a combination of any of these methods. |
• | the terms of the offering; |
• | the names of any underwriters, dealers or agents; |
• | the name or names of any managing underwriter or underwriters; |
• | the purchase price of the securities; |
• | the net proceeds from the sale of the securities; |
• | any delayed delivery arrangements; |
• | any underwriting discounts, commissions and other items constituting underwriters’ compensation; |
• | any offering price to the public; |
• | any discounts or concessions allowed or reallowed or paid to dealers; and |
• | any commissions paid to agents. |
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