Overview

* Kinsale Capital ( KNSL ) Q3 net income rises 24% yr/yr, driven by higher underwriting income

* Gross written premiums increase 8.4% in Q3, despite declines in Commercial Property Division

* Company repurchased 45,627 shares for $20 mln, indicating confidence in financial position

Outlook

* Company did not provide specific future guidance in the press release

Result Drivers

* UNDERWRITING INCOME - Increase attributed to lower catastrophe losses and favorable development of loss reserves from prior accident years

* PREMIUM GROWTH - Excluding Commercial Property Division, gross written premiums increased due to strong submission flow

* INVESTMENT INCOME - Net investment income increased by 25.1% due to growth in investment portfolio

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Gross $486.25

Written mln

Premiums

Q3 EPS $6.09

Q3 Net $141.64

Income mln

Q3 74.90%

Combined

Ratio

Q3 21%

Expense

Ratio

Q3 ROE 31.60%

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the property & casualty insurance peer group is "buy."

* Wall Street's median 12-month price target for Kinsale Capital Group Inc ( KNSL ) is $495.00, about 8.3% above its October 21 closing price of $453.69

* The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 26 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)