KNSL - Earnings call transcript Q4 2020 | Kinsale Capital Group, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Q4 2020 Kinsale Capital Group, Inc. Earnings Conference Call. All lines have been placed on mute to prevent any background noise and after the speakers’ remarks, there will be a question and answer session. [Operator Instructions] Before we get started, let me remind everyone that through the course of the teleconference, Kinsale's management may make comments that reflect their intentions, beliefs, and expectations for the future.

statements actual to results forward-looking which risk these cause could to always, are certain subject factors, As differ materially. are XXXX Form factors filings, XX-K, which Annual risk listed reviewed company's Form the These carefully. be various Report including on the and quarterly XX-Q on should report the XXXX in SEC the a its announcing fourth results. furnished Form Securities has release with company the Exchange press and The X-K Commission that contains quarter also reference today. certain non-GAAP in measures call may financial the management Kinsale's can measures website be in A reconciliation these of available company's to release, press the is at found which GAAP the at www.kinsalecapitalgroup.com. to I will now to the like Mr. turn CEO, President Kinsale's and over conference Michael Kehoe. go Please sir. ahead,

Michael Kehoe

Brian and our Kinsale’s Thank you, me COO. Petrucelli, With everyone, for and joining Bryan thank call morning, Haney, today. us on operator. are, Good CFO you Kinsale's

the of and business XX.X% this fourth performing combined returns the cat operating the report, The handle then posted Last $X.XX the the within the E&S XXXX. market usual in take model. and which full underwriting to heightened operating E&S controls briefly, it mid-teens introduction low a the a questions. returns next sometime the so, full the or the operating of notwithstanding adding to raise We on for well an were Kinsale Once XXs ongoing high the for combined to perhaps to recap Kinsale then broad lieu follow and share consistent technology-enabled of in perhaps operates mid expect underwriting a Gross market share. focuses a to company operating at is and for tailwind our on XX% and financial remains winner level its quarter. written market To significant is ratio of Kinsale efforts rates activity, it top-line in the due up by with take to us a grow Bryan report year the and fourth own in strong it will The with XX.X% of XXXX, expense third quarter. unique an and annualized after up quarter be combination generate and out equity normalizes, market of market ratio only range. an is return year follow for morning. The change to year double-digit continue a every with the disciplined I’ll for of low by Petrucelli our guidance quarter growth advantage, premiums allowing slower night, over its significant with double-digits diluted third-parties, per we’ll time. XX% our Haney with XXXX, rate XX% P&C XXXX. almost format Brian the dislocation Kinsale cost specifically time-being we a reported the contracting earnings will and the positioned

the shutdown For loss both this around the reported the to largely the slowdown we activity due pandemic. of and of of country level believe courts saw is due lower or a much We anticipated. XXXX, quarter than slowdown Kinsale fourth losses to in the for

in catch As reserve quarter there in we as XX% reserve in fourth up is losses Virginia slowdown temporary continue will third stated, the be this to standpoint, here slowdown future. our losses early though an at in future benefit and on conference the call, be redundancy. of operational of the moved a Richmond, expect our would we additional we the Should in one to in our the back employees successfully From that in a quarter. office form period permanent, impart least

around to about a working. to results optimistic is call XXXX better train communication, continue the opportunity and from to the productivity are and fourth employees, for maintain to country. superior onboard to sum, to arrangement business, Bryan our Petrucelli. quarter superior about maintain and the provide our brokers now service to In new turn allows and level over to this our positive It remote are beyond. For we us the customer of And high I’ll

Bryan Petrucelli

to Mike. prior equity when the fourth was fourth investment from million a the in approximately $XX.X income income losses fourth company increase The by to in to underwriting million ratio of and and continued XX% compared last of for increase Net earnings, representing growth, Thanks in We strong from from for gains ratio points up which year by development, quarter disciplined due and X.X to loss included reserve The returns. of increased solid $XX.X increase quarter $XX and combined to and the excludes XXXX almost the and $XX.X quarter last the investment for underwriting driven income The XXX% $XX.X million, premium quarter, reported last $XX year. volatility results an million compared million for favorable XXXX. X.X the XXXX net combined points favorable management. $XX.X million and of generated year experience million loss XX.X% primarily operating of of $XX quarter expense year. XX.X% compared of net fourth million

XX.X%, quarter related in on for mid-teens continued standards some specifics tax service to as increase representing year. the line last year. our primarily the during stock rate last and large Haney Brian the approximately little to than mentioned, benefits cover year with XX.X% market will for full Gross a bit. to operating and XX% was here due Our year, dislocation on to the previously. and the conditions effective equity the quarter of touched primarily exercised a for to Mike XX% superior options market year written guidance. for And was less XX% income that compared tax premiums lower relative Annualized over in discrete were and the XXXX Mike $XXX a million return

$X.X the net million $X.X result increased investment portfolio. as investment returns – the income year, quarter investment investment by million XX% increased up from XXXX. Brian X.X% fourth the share year, last I’ll to for a compared growth side, was net earnings in of Diluted with was excluding for and On the gross cash Haney. per cash quarter, year. over pass $X.XX share it over share investment per continued in to And X.X% $X.XX the operating that, Annualized per to to compared last equivalents

Brian Haney

Bryan. Thanks,

XX% is As mentioned premium market fourth still favorable is strong the grew earlier, in in quarter. Growth the trending direction. a and

the across growth seeing still are board. We

Allied particularly Liability, Marine Our strong growth in areas. Life is Sciences and Inland Health and Management our

quarter to reimpose California in by still of As bigger York our and we discussed which restrictions, many is economy COVID-related are with in states. the significant led overall New states particularly fourth quarter, affected last uptick being restrictions COVID the some cases

seen With see activity, of rapid fully tailwind. from with an heads ongoing across the mid-XXs which country to the third should quarter. the These up and we provide effects the vaccine in – Submission us quarter, February, in be I economic in some cases down should was growth lockdown. be somewhat the drop the the that additional roll we’ve in in January the relief the fourth high-teens of and those should restrictions expect out and lifted will the

growth binder remained in strong However mid-XXs. the

a percentage efficiency our in bind while look customer underwriting accounts received, to and pricing the service allows of We continue to maintaining to higher and us this improve discipline.

underwriting, in new product allows reality. developing we for is in exploit insurtech the to One continue a it is looks expand natural we as the fit sales. sources new distribution which are line. us have to segment further insurance capitalize also We to our This the us advantages incrementally

new new into Auto offerings are Commercial as also segment. Entertainment well as segment, our expanding expanding our our – We our Aviation segment, our

As for are still pushing rates, conditions. to them up market in we response

conditions, rate, As all we being aggregate the Even And being single to it reducing to getting which complicates bottom-line. up pure said, book-of-business, but beyond tightening the range that have the the are should a that, a rate even we which see the Mike. reminder, quarter. movement number, in low-teens with heterogonous hand very in we more back one all rates over and contribute during to I'll terms

Michael Kehoe

any Thank you, now for Brian. in. Operator, ready questions come that we're

Operator

comes question Blair. Jeff line the with please. William from of ahead [Operator Your Smith Instructions] first Go

Your is line open.

Jeff Smith

looking and that I here Good months to Are the comparisons couple going year. are morning. submission so how just Hi. XXXX the flow this just activity down? you seeing is that far tougher first was given be of in wondering

Michael Kehoe

I Yes, concluded. we mean, just normally kind focus on like we quarter the to

early QX. of from kind it’s say, one, are and we departure days but would We I not material see probably

Jeff Smith

activity And you Okay. like you come about down just the during trends. It’s quite that pretty expect it the just large cost lost versus it down Do I to in sounds more? down a then, being bit a was underlying was pandemic. there. rates guess, little quote bit I referenced thinking differential that loss on ratio,

Bryan Petrucelli

supports reserving at a XX.X%. we strive versus the to are if that XXXX in over the way our a It It would to course ratio loss number best favorably reserves went I conservative. quarter. the like really the look loss think and ex And troughed we likely press of the is, cautious release, Couple of the of it to be XX.X% of we Jeff, fundamental time. things terms year ratio at look one, loss in strategy. year reiterate to I management very think cat, over a develop accident part year from accident is is at you

obviously increases been that, to us some for is stand margins. and allowing rate time. thing other The getting hey, some That’s are we significant have our

lot think are that, development accident the I a and make tenths coming is up are lower ratio, been in of six we obviously in conservatism to is a point ever of going see not showing a companies more year that we sure of that in have adverse reserves. loss But striving camp. in Some out you be there a clearly, loss that that of some to with lately that

Jeff Smith

being is there. Right. that said, mean you yes, seems what It so Right. like that’s annual That you large. are differential And I conservative basis. like, on

Okay, that’s Thanks. I have. all

Bryan Petrucelli

bet. You

Operator

of Our Mark question line from ahead Hughes next please. the with Truist. comes Go

is line open. Your

Mark Hughes

Thanks. Good morning.

Bryan Petrucelli

Good morning, Mark.

Mark Hughes

versus submission references on what was What you like, didn’t that, say? for did I take QX, QX Brian’s

Brian Haney

teens the quarter. fourth sorry, quarter the We were in third then the in and – I am upper the mid, mid-XXs in

Mark Hughes

then, And of on effect down, courts what’s that? closed, in impact, what the terms the being of Is development meant that Okay. no claims? wrote it has it older

Michael Kehoe

percentage trial the times try slowdown the settlement is a in of small I – Mark, court system think We this be lot industry. our a across the go this of only a mandatory But cases to and system, resolved. We acts is as mediations the to for alike. court actually catalyst Mike. true and conferences,

year courts or And losses. and seen we’ve some So, lot that kind in closed accident been part fact as either of well. reported in clearly a prior almost system this has of the in a for now overall. involves have years of impacted that year in claims the whole the the It XXXX drop-off

accidents I or the behavior there is, maybe hey I as back go through earlier, think took because in courts question where period hey, the changes just a lockdown reopen some commented economy. never you people’s the is a as the across catch-up place, given of bounce

reassure hey, so, take investors, to we approach. And our conservative just always we want a

that back. We those are going losses to bounce are assuming

There fun there be will So news we is And good that reserved. if down is hey, then, slowdown. to announce. no the road,

Mark Hughes

how do kind you spike now. where the then, we feel And of sit about

you you you’ve it said, How are you normalized, today? consistent do the timeline. about perhaps, about mix pretty I your think been so I tying – think feel

Michael Kehoe

industry. people distress rate. the companies QX. of mean, around That’s just changed there in new lot we to out that’s think, almost of the of through announcements is going obviously There some – of takes an industry, feel lot time. that At a you some I and at are as normalize. minds. these our But capital coming is into from a trying Right, we work we to lot I growth XX% other there haven’t extraordinary see a it grew point,

at capital point, and We pretty overwhelms new optimistic get market. the normalized the you some So, about feel a competitive more distress XXXX.

Beyond that, speculative. fairly gets it

Mark Hughes

leverage. getting sequentially that that are standpoint, bit this good but you a growth shapes very expense yes, ratio up about Yes, obviously little – How you How top-line quarter, XXXX? think out in getting and on

Bryan Petrucelli

Petrucelli. Bryan it’s Mark,

I ratio an much any expect But from you we’ve guide. if I over but I what I scale, expense standpoint, expect with get from wouldn’t think economies premium growth a deviation you from of change. wouldn’t significant do done Obviously, bounce some seeing. around always little a a to think, year, bit that’s pretty at past look the quarter-to-quarter. It’s are what good of you going

Mark Hughes

about are the of in just, one you’re changes higher if second the QX your – anything than make on sneak anything half business experience there? you that more the in was larger, where given QX you had geography norm, might losses the but cat I’ll quarter? I clearly, losses much of this even might XXXX? or cat The lines Any affected

Michael Kehoe

Mark, Mike. it’s

We approach risk. catastrophe haven’t a We changed in conservative natural business. strategy it our like We around the fashion.

of – about quarter did the In activity? terms first ask you

Mark Hughes

was Yes. losses. QX, sort – rather And cat there complexion something just is you that was if to QX, I of want about say about well, any whether I the different than curious the QX to thinking

Michael Kehoe

It’s no. strategy. No, a similar

we quite We The are risk. how right. It’s have in been the manage conservative very margins pretty volatile. compelling,

we So balance appropriately. in storms couple Zeta prospects there return to was Obviously, Delta are But with I manage and changes. a we volatility of sure really the trying no in making straggler the QX think.

bit activity think of I a in cat financial service. the a so, see you there And that’s little where

Mark Hughes

Thank you much. very

Michael Kehoe

You bet.

Operator

please. of from with Matt the JMP. ahead Go comes question Our next Carletti line

open. is Your line

Matt Carletti

bit referencing Mark to into the what seen I that expand the you prior coming and capital comment announcements technology Good broker E&S and it smaller it on had. and you limit capital But one Is leveraging could obviously so morning. more think market. market service I you your in seeing then a begin give new was and there are of in – realizes are all I then your base E&S of of I of E&S you being most an new forth? some on you to the you Mike, Are the a questions guys adding you little really seeing of quick that a what your a we’ve Thanks. broadly. answer Can could of and hoping Jeff us or ask bit kind Hey. elsewhere and pocket had directly? covered color

Michael Kehoe

kind seeing market impact in I dramatic of would right. today, say, any the really not we are of as

it’s of reinsurance markets. in Press things So, the billions new we dollars, new when are some companies the of Trade raising mostly about different reading will we competitors or talk capital, go are where which about into

will in eventually, it the as of of rate. I end the demand And it competition shifts the hearing clearly us in up mostly affect of hey, Some supply think of optimism. continued growth between today, will market. you and are of new terms strength inevitably, E&S But balance and

Matt Carletti

Great. Thank you.

Operator

of next Colin Capital. question line Our comes from Sterling Ducharme please. Go with the ahead

is open. line Your

Colin Ducharme

Hi. for question Good in I the QX here. and morning. appreciate Thanks the follow developed

maybe remote if could the were a gained in-person versus – what a facing what And was some speed your great. you of there. that color interested quick employees headquarter little items you upfront. a of where advantages of on-site. housekeeping us inferred And of offer market still remote some little couple Mike, a environment? Just But might peers there. in I in advantages give got terms now your today a you in I’ve sounds you just a now space on hindrances in I be color then update the kind in Can to XX% follow-ups. That couple of that gives facing? you? environment

Michael Kehoe

Okay. pandemic were remotely. It’s of terms it’s system the a the probably working in a I about period rapid percent would that. clearly to are in our our company say, first not accommodate what employees of that’s flexibility that struck, just had growth. of XX plus We and all, we of when

last So, year We’ve regular shop the over dramatically, of basis, as on examiners. think or you expanded I a the we course expect, underwriters, are can our so. IT hiring claims

is very when business we so, employees some training, are everybody with employees to do of themselves. right, of operate of is to because the industry. hey, familiar part lot that by and it a culture. challenging that new working new is that hire And How onboarding But our it’s employees your getting

say, ten to are we also to people of the And people for remotely But are probably We the sense location productive. make arrangement cohort in people eight alike have the There communication made the have move or worked And remotely. sense to and of brokers. a employees think so, working hear is hey, here continuing made But our a the excess. asked of it fine. that back service I would that away employees. X% having work quickly. if medical will about you lot today. best big onboarding, a standards and one where reasons works I general, that and hard for turned we training, team is constantly. in to months, to in variety believers We we at maintains it sure far still I around quotes with our mean, very I the remain

think I to business good to town better success customer in the brokers. of our experience providing tend and consequence I think we our material a than as service of a our pay it’s part here a competitors

having long-term office, facilitates people having back So, that in the as well.

Colin Ducharme

pricing, is then, you terms in peers. position could relative versus the regarding And market Thanks. Okay. Kinsale offer color pricing seeing in the now if of some

And who in rates as Trade elsewhere. continued if know push I have rate also and pricing to an umbrella you so, don’t up. we’ve have peers kind seen peers improved are Press from other experiencing increases continued already reported of

And so, bind that How positioning? that perhaps trended for or on if anecdotal What’s you’ve Kinsale? quote a color percentage, more trended how got relative quantitatively to differential has through some the time. has

Brian Haney

This Haney. is Brian

on. some seeing into and consistent now that’s continued it for them. are in long seeing generally fourth what comps is So, the we are look right, level or here a all surveys industry quarter we this I all despite time at would been other and factoring industry say, with are acceleration we

through bind a rather customer posture that we opting extent which competitive the to it’s threat. is that better service to from a and are more through getting think than I submission better numbers,

they up. and and making rates industry efficiency the that pushing as up are So, is productivity

Colin Ducharme

kind of how properly in view months. couple up or XX just more of so Okay. thinking then, the to forward-looking, Thanks. of kind last next just And items here, cleaning about

If underwrote a we start go through snap weather way SMBs am hold, extent of embedded of which and revenues, binding, to take there in-force could taking here the you that in and is, if with a about chance when exposure. about you. book I eco audits with am in your the could recovery got that potential improve I initially are beginning I book? with assuming a do in-force comment are as how the term, am can domestic you perhaps within in-force units and to you do think it’s rate embedded in is trying just perhaps, on you terms the talk events, down economy articulate as I and policy back data think to Midwest at you exposures book than have what longer your greater then, fair you recovers. To your perhaps well. experiencing you’ve of middle hope exposure Thank articulating that tailwind, and they and the And hold

Michael Kehoe

am Mike. Texas, there parallel Midwest and some I’ll think wave of Trade be is start. power our of claims growth could book, number of And Hurricane disruption the like But be it much should cold it of kind us. clearly, will I economic Harvey This would expect industry it are Brian? Press there that shouldn’t The is some article the some. flow some cat, is the enormous industry loss headline, the saying ago, you which I for there referencing sure in of looks years then impact terms for don’t material Kinsale. material I from We in an that it say, be on that. will. less

Brian Haney

you Colin. actually I them, think So, saw

from is increased result and we – down talked increased the I there we and are down maybe inevitable. sales some or back are had who XX% that there road, XX% during revenue to But point his to up in is growth some to just some contractor think about or at [Indiscernible] those audits then that going XX% pandemic, get going the whatever. a have is

of go revenue have exposure in like just we into already I based reserve our that the growth exposure we items. think get by most some growth

Colin Ducharme

Thank you.

Operator

RBC Heleniak of with Our please. ahead Markets. next comes from question Scott the line Capital Go

Your open. line is

Scott Heleniak

or you – maybe, past product of to able be are to Aviation similar Entertainment. or morning. product in quarters, going products Good your expansion kind the that much quarters, the going growth how Yes. talk fourth helped some could if the over Auto that’s more little XX% going expansion in new in on is comment you in you could growth some that of necessarily through but that to of wondering Commercial the Wonder – you be terms the to distribution not are that the impact about maybe mentioned of the rate and and rate maintain – more I to a the am offering expansion? saw, – is few how XX%, rate in you growth if

Brian Haney

to incremental. Yes. product new any I offer would offering say that will product with any or expansion be

it We the slowly trying things expect to of able be where want from get really wouldn’t will to the with It’s impact long-term will mark standing in compete these rate are not take corner but that. off new kind the and We impact. growth products so, in, that’s to down we I having the road, near-term. we are

answer Year are for the short it think or impact will. Entertainment quarter it the the Aviation looking would the you on I down probably growth or moving So, segments road, rate needle. materially to if is, next

Scott Heleniak

how helped then, And of fair. margins. your pretty would just some year, the terms I and all opportunities much say, conditions, have, It’s Okay. you any without that

deductibles So, of seen? exclusions that’s or the that’s sort benefiting wonder few examples a in past how if it of how and could just and kind you? us or some Is give have limits, you few of you the quarters shifts of evolved bigger

Michael Kehoe

definitely would of our have we time use I the limits. restricted say, Yes,

then, million, use million. because even we more stricter adding exclusions And we limits can. frequent $X So limit to solutions limit then be have new – fed deductibles. when product and and adding $X.X Definitely we them are tightening the of basically, million on rewards cat, are then our areas on we $XX maybe other make might

in call, claims The than of made. over But in of haul. we the here things the environment there. bit to to an able development restrictive the market the are too that investor a long current of which more on Not technical favorable two more the that principal but the us to coverage use. more triggers lot get negotiate have us are certainty is risk trigger more two, gives a broader pushing we favorable We are claims terms at there little we is

Scott Heleniak

good That’s premiums was the then I And of just Okay. detail. on premium premiums. net one ratio, a that the last gross retention so written as have percent

little a bit first we bit that treaties of in any of was in that year-over-year sense half fall year-over-year XXXX the where reinsurance that the So that XXXX expectations us second see might and for little impact for might down a in Any XXXX. any and will year? shifts half

Bryan Petrucelli

think I that. drive really to business seeing is means of the that, you is what are going

in both commercial subject in had to tremendous increase So, both excess casualty our range property we’ve round. our

So, think retentions that the that. same I react to

fourth use But good depending I year mix on, the if are for we a of going next business. is a months probably us a I bounce in think bit or the you going year probably forward, gives it think around little to it’s value. on quarter where here always six

Scott Heleniak

the Okay. of answers. luck. Thanks for Best

Operator

Our Compass Point. of Go next the Alexander with question from ahead please. Casey line comes

open. is line Your

Casey Alexander

purposes? do ask questions good I to Yes. taking thanks And and have Most would a rate been going you reasonable my my tax for to forward - go have morning. But modeling Hi, Bryan. Bryan, use asked of question. answered. for

Bryan Petrucelli

XXXX, that tranche statutory options are last at public our when issued we and The point. we we payer Obviously, is a vested went XX% tax this Yes. in year.

are much few here in They forward. see to of impact expect those outstanding. would fourth But going they the key I of an forward exercise you - quarter. shouldn’t now still are - So see as going

long-term, good XX.X% probably I for guide. seems our guide, think it

Casey Alexander

Great. you. only That’s Thank right. my question. All remaining

So thanks taking question. my for

Operator

comes Capital [Operator ahead Go Our question Ron Returns. Bobman of next please. Instructions] from line the with

Your line open. is

Ron Bobman

But being the But about fabulous this in exposed the property Thanks write sort sort writer be E&S it conversation be on little Almost significant, this E&S because or could event coverage property, not an say, would Would of I that of And and again, you in you that guys to or your or be for speaking to had insignificant I asked. of writer I that of the this relative to exposure mind exposed to for property the hazard you and vulnerability bit neighborhood. to would losses is I the guess a Mike, type event modest those to casualty admitted bit as with all you of would because current if – sort E&S you Kinsale’s as know like imagine I and is of questions I sort business less talked Harvey the dominate it book. a knowledge, continued weather that results. curious, terms whether book be little about referenced? that property that be casualty all were book predominantly exposure was you wondering sized it and and your guess the companies principally your Hi. test congrats are I deductibles.

Michael Kehoe

Yes.

for think the I it’s industry, significant.

and significant admitted the companies. I the E&S think companies for it’s

homeowners – right? anyway, you’ve Lot a a has You got, state Dallas written Texas there. big got then, it hey, coastal exposure along is a E&S it’s And Gulf, E&S of issue area. in the up it the big was

Ron Bobman

Right.

Michael Kehoe

to is for there the plenty strategy. exposure. considerably whatever So, be early at E&S Kinsale, going us I We for but it of suspect than it’s industry, for our definitively, lighter Kinsale, of think problem I because – is just it’s the don’t just days. know

Ron Bobman

Okay.

that good plumbing and report gets plenty up of think that, if of when it that today The these news. put in, an other courts that don’t said add would Having would Mike, unclogged you XX losses reporting the results. the fun reopened I I the is, it sort to come combined, would thing fun be will be

– So, know, report that happen. maybe funner outstanding, congrats. operation it be But if will I But results. and funner, it’s outstanding don’t

Michael Kehoe

Rob. Appreciate Thanks, it.

Operator

of Our with Takahashi comes the next Thrivent. Heather Go please. line from ahead question

Your open. line is

Heather Takahashi

Hi guys.

Michael Kehoe

morning. Good

Heather Takahashi

Couple of morning. Good questions.

sense You of been Do the roughly that the of the in COVID lockdowns? growth and what been terms mentioned remarks by California would hadn’t that very, closures it hit in your York have opening have if New very quarter. a you premium you for in in have been would the

Brian Haney

as Not a can most lot it of and been to. sort that were in were in tough mean, would of tell mean, I lot been really. we a two you I affected. I the premises have we as of just construction and the definitely But would be have best those it business business – writer conservative.

Heather Takahashi

Okay.

Good. Okay.

And then, another Okay. question.

you bit more expanding insurtech Could mentioned you You that? talk underwriting. that are about into a

Brian Haney

Yes.

really avenues – technology and of and units But are insurtech way it’s going way So, still is there different found much to price creating it’s in sort we processes through we the just but unit for they much different sources and size intensive accounts, some underwriting or separate more this they it’s is that have to a role more are And as tech traditional medium distribute we be brokers, not paying wholesale. happen in. small distribution companies are layers is new controlling the still a lot job that are the of of paying just – is default. to – a for whole really

Heather Takahashi

Okay. is the different. distribution That’s just

Brian Haney

Yes. Same businesses through different distribution channels.

Heather Takahashi

you. Thank Great. it. Got

Operator

call Kehoe. this no over back turn further are Mr. to like at the time. questions to I’d There

Michael Kehoe

the we thank and Have at today a look to speaking the Okay. in day. everybody for to I want you Well, of quarter. here with again just great forward participating end first

Operator

gentlemen, today's call. concludes this and conference Ladies

You may disconnect. now

Kinsale Capital (KNSL) 19 Feb 212020 Q4 Earnings call transcript