Kinsale Capital (KNSL) 25 Oct 242024 Q3 Earnings call transcript

Company Profile

Participants

Michael Kehoe	executive
Bryan Petrucelli	executive
Brian Haney	executive
Bill Carcache	analyst
Mark Hughes	analyst
Andrew Andersen	analyst
Scott Heleniak	analyst
Rowland Mayor	analyst
Casey Alexander	analyst
Pablo Singzon	analyst

Call transcript

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Operator

Thank you for standing by. My name is Briana, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Kinsale Capital Group, Inc.

Third Quarter 2024 Earnings Conference Call. Please note that this call is being recorded. [Operator Instructions]

expectations let teleconference, everyone comments Kinsale's their beliefs started, course through that get intentions, the future. of management and we me that remind the reflect Before the for may make

always, filings, could actual factors reviewed including annual which are the forward-looking risk These the in differ cause are to XXXX results and subject carefully. As X-K report certain Commission The these has on should company's Form press Form Securities factors, XX-K, listed materially. furnished to risk third a statements with contains various be SEC the its quarter Exchange which that a announcing company release results.

found also reconciliation release, which in call reference may company's measures financial is today. available management at of in at these A to the www.kinsalecapitalgroup.com. the be the Kinsale's GAAP website press non-GAAP can measures

over the ahead, Chairman I conference CEO, now go to will Please Michael sir. Mr. Kinsale's Kehoe. turn and

Michael Kehoe

and operator, good everyone. you, Thank morning,

COO, our of Petrucelli, Bryan third our usual, written and quarter per In Kinsale's morning. call quarter XX% As me share Brian XXXX, the and by the operating over CFO; Haney, on premium XX%, gross this earnings third the President are XXXX. increased and grew joining

combined ratio annualized For the the XX.X%. XX.X% company posted return and a quarter, X-month on of a operating of equity

intensely an the process. our business expense a We about marketplace. provide accurate advantage Kinsale's business the more control of best from principal competitors. at underwriting care the our appetite service customer strategy us enormous driving the price. these driver a customers where E&S risk and We We results, operate strategy broadest in in this over is differentiates and we materially believe absolutely, our

we to quantitative in technology allows believe, not have but to a and durability advantages, the they only approach highly expertise drive costs them, business. also lower These managing in real Our results it quarter to strong overall to was to market in returns about and market third environments. The grow the in confidence but continued competition. with E&S in a business generate all our increase continue generally ability steady inspire Kinsale the

not of market one is level each As series of overall usual, with instead a but submarkets, E&S there its own competition. unique smaller

activity, rate division. bit consequence, continue strong business of we across varies slightly intensity additional rate positive to Haney and will of changes some and a underwriting Brian rational book growth by the by increasing Kinsale a submission changes overall commentary growth business, here quite Generally, in competition topic of see As and on competition. rates but new this a moment. have in for levels

in as activity losses Francine modest. includes a and loss smaller variety events. Hurricanes the were Kinsale's quarter Quarterly natural both Helene catastrophe well as of

keep on control. As to Florida a cat-exposed early property in business volatility as we strategy margins the a are X attractive target of storm. cautious the mindful fourth Coast use Hurricane risk a the Category but that management the Milton struck potential generally because we and volatility quarter reminder, are under West also that of

early after-tax it be our process, to in the million. estimate under adjustment still loss is Milton total we Although $XX losses

of Directors Board approved share In program. our buyback had our we announced $XXX night, press a last that release million

long time that, going term. And like interest best in opportunistic who time to with stockholders with turn each Bryan the ahead. Accordingly, hold shares results business our drive of the quarter shares the of for are high strategy to multiple share relatively years are larger, and also purchases ability trade We call believe the that Kinsale's but we confident take modest I'm we the expect our to mindful to from at best-in-class are in price the in market our earnings Petrucelli. to possibility over us, more a and repurchases to

Bryan Petrucelli

Mike. Thanks,

produced quarter The last expense ratio the points quarter X.X respectively. from with last generated compared cat compared property Another net to XX.X% income in year. on last operating point agreements X.X to prior XX.X% daily XX.X%, ceding ratio the points increasing reinsurance points net year. development on to earnings X.X and intense The and focus third company's XX.X% a strong casualty We've net than year included by for with X.X to ratio from basis. company's in share from expenses reserve expense perspective benefit managing the quarter this quota from the and in a year commercial losses XX.X% QX a commissions favorable profitability less compared continues loss and combined on year

as in was quarter On X.X% operating the result last higher third investment investment so side, flows annualized for growth last compared cash of generated XX.X% year a the The return in strong year and portfolio X.X% the interest year. to over the far investment net gross continued by rates. income increased from

third share per yields $X.XX Diluted X years. was are earnings to comments for compared just share XXXX. A money quarter couple dividends. regarding mid- the Mike the average our program in over an with on. New operating range view buyback share as that to X% and addition per allocation duration share averaging quarterly our for capital program high the the along continues repurchase of to to quarter the We and slightly of improve touched $X.XX per strategy,

for no the have and As in term. a M&A reminder, dividends in near plans we extraordinary interest really no

each larger I'll no dilutive and to the have minimize Brian routine modest pass Additionally, be part over time. with share-based of Haney. to that, we from buybacks purchases opportunistically expect effect made in to awards time the quarter, to it plan expiration, would will and

Brian Haney

Bryan. Thanks,

slowdown increased competition, first. division as XX% premium because the in This in mentioned accounts our in growth we -- Property particularly certain Commercial on product liability as liability are modest As grew earlier, in quarter, professional down XX% has third seeing part from larger XX% some occurred lines. well in and in growth the this and

Excess are casualty and reserves Casualty a the the Casualty for and our been overall said, divisions. our is Growth in of press There's be our been commentary growing. and that industry That industry, has That's including reinsurers divisions, for business may property majority in strong in deficient. Casualty some the being commercial not still General steady Kinsale. particularly among

unfavorable this stress for in for correction of medium the book development mode. about gives some and as some enter term space this us them competitors our to cause some So may optimism

in property division, Commercial more the It clip. remains Overall, may and favorable a lines we reserving like slowing of the than room especially personal somewhat lot growth nicely, with as professional we for homeowners the X the division not our transportation in our future than division those have are in not there in for reserves favorable rapid a and management likely for to are are are the divisions specialty us property that arrest industry, in yet. top Property may some We for at seeing the see business liability competitive, while pockets point to in growing areas. for especially a now Commercial the that that more this growth about moves lines loss, are seen, speaking I'm time. Again, be the casualty. Auto of may, high-value others, yet at downward issues an seeing XX more hard track reserves quarter more E&S Kinsale. property those industry, so those small Hurricane our homeowners record growth most Milton really to adversely. The was continues at but we grow space, favorably historical business be trend particularly work same maintain our some to to That point, the among areas We are develop line division, There's as seen. The lines deterioration in space. are some looks

for the quarter. New business submission XX% growth quarter, the around strong, acceleration a continues from slight very to be second

This we leading see a of number have used positive the we and so some to general, is in submission variability growth subject as growth, signal. submissions a indicator but as

to trade-off quarter. on and strongly may modestly is and in X% margins a up We rate we higher areas, target cut that up books rates some worthwhile. Turning the between the very because are down so some putting up are our market the In business It's feel overall, good. growth keep isn't priced that to and basis, But they're high are X% the nominal going being lower. areas, from mind rates a rates. important In last monolith. some are going we around see on feel we really margins the is we the rates around

optimistic. we Overall, remain

Our good. results are

continuing And the provider allow to us our competitors good. returns as from space, our a in durable gradually low-cost higher-expense are share prospects have that while growth investors. advantage strong and wealth for deliver our take and market we to Our should competitive build continually

it I'll to that, hand with And Mike. over back

Michael Kehoe

Thanks, on the Brian. ready -- questions any in now we're call. for Operator, the

Operator

Wolfe with the [Operator of Instructions] from Carcache question Our line first comes Research. Bill

Bill Carcache

the It announcement. was to see buyback great

would little on more clarification the a you start repurchase think So great be share I how And we program. about. with thinking bit on wanted maybe we that to of perhaps can it should give magnitude should a be about the off if color sort

modest a had bit the You in drift upward little count your share of years. over

any Or So down? think just in maintaining just volume actually the should of I'm as share that would sort kind just could bit pose more a like be your sizable give there on of shares, happening? of great. anything it average it where your is this constraint daily on does that something we wondering, you does Maybe context sort if count is? come given that little more

Michael Kehoe

buyback million authorization and is The a -- Mike. basis. would overall, use a very expect is this modest we quarterly a of Bill, small $XXX a Yes, to very overall on that percentage it's

maintaining dilution it. this a down operate we it's rate So to from we our function kind want to the of of lot of whereas growth capital financial slowed it have it our rating business extra but level [indiscernible]. idea enough a don't We shares to like the having it's have want minimize little capital allocation offset -- strong. It's a bit, but the a quite margins a gradual will are won't to strategy. just of And the of high capital start and a essentially new efficiency. the And protect restricted

Bill Carcache

of you to was the you're expecting aftermath That impact the your comments. the landscape up of landscape, sense. I that could the discuss competitive hurricanes. in that also wanted follow I on competitive on the makes lot a hoping

Michael Kehoe

I I billion. the high think the teens from too estimates, think, industry short tell. it's to soon vary is loss The to up answer $XX

-- seen It some it competition the the the So that it's Southeast. some of in increased a wouldn't property larger we've schedules us loss. on of amount arrested the significant shock insured of

just to I see. have think wait we to

Bill Carcache

back I flow one get then would be could migrating If here, maybe you sort too if like helpful. the you and E&S as It It that and there could it's more business early it's provide? see characterize question of of That's events. in any that you I'll markets? feels And in probably quarter's the between could to queue. a there again, of standard cat squeeze helpful a I changes still could every this result But know perspective the but quarter. any also, extent be

Michael Kehoe

the I at Yes. clip. grow I say market continues to think that the E&S would a -- healthy

If the seems to big that data like you look surplus that's lines of tax some at that California E&S published states in whatnot, the and the support -- idea.

-- Haney's offset uptick by just business to smaller just comments at our good lot consistent the continues of mine of uniform not would submission submissions level a kind in note earlier with new that a submarkets. I call, book, a general Brian grow the flow bit Our of clip. in there's is competition. of and It's across a the little

areas relative I very Other there you dropped, growth across to of just level has our we been intense. think in have E&S to seeing And would areas the that's if generalize double-digit I the in still XX% competition. think, the uptick in But the we're And competition some the reflected second so -- from to third down I quarter. marketplace, XX% had rate where the quite strong of a kind from whole where growth. say is

Operator

Our the comes Zaremski with BMO line of from next question Capital Markets. Michael

Unknown Analyst

Dan This Mike. for is on

X pricing X continues first Just for a points quarter-over-quarter. take the to you question, to about on downward all trend

biggest movers still you unpack loss lines this that areas the for change? maybe above Just underlying is the what Could quarter? trend wondering, just

Michael Kehoe

divisions divisions are single casualty that where trend, cost We've double-digit rate some but on some that's digit, longer-tail got increases. loss increases got lines. we've we're in Dan, Yes. rate getting well getting particular above

the of for just at if XX it that. on our it think have over you look think operating then business. was below So that I Kinsale, trend. be of liability we're XX% equity returns just we return would excess rates means where business of kind you producing in half everybody, excess quarter, our divisions professional remind construction-related would if for And I cutting liability, is some casualty, of excess -- book

And in so growth we X% our a of whole okay? to one book. if maintain of -- think We segments that profitability at rates in of book it's book business, across be would that, prudent it, the order to will, increase you certain better We rate the quarter some But call for across manage business. the the that's trade away, nominal So really is the the product book manage don't a monolithically. of it excess time. average

Unknown Analyst

Great. $XX cat and just winds would about over of just switching expect more Florida to property, to that same into just to you grown overall on since, mix us back take property and and specifically we how to business Milton. Makes year, then exposure think in million, we've a fall then specifically XXXX? you the through sense. walk And step was Milton your on and up. Ian Can

Michael Kehoe

much in schedules. larger competitive going to those answer seeing order. on market We're the I'm a more reverse property

brokers So some you're bigger coverage, there. the placement on companies have to pressure there's seeing lines, layer and offer where the of rates some downward the primary

off Now XX-year coming they're a high.

So very they're, very still I competition attractive was rates an in uptick pre-Milton, there there. think but --

strong and rate On rates, strong the growth seeing still smaller we're property, very increases.

Milton in I So goes other near to you competition the in think, the hurricanes, you too the of the level market loss where here soon see might a expect. we'll given term. then the depends again, where bit really, it of And It's smaller and little are the tell. some marketplace, with

bit quarter why saw in we reason And to more been loss I a Milton, X. big in storm But And Milton hit actually reform book there in much In personal have may third think of not a modest had of not the but is a category of I'm larger comparing of much Ian. terms loss Ian took intensive a corrective of we our loss think of And there positive action part with lot more as difference little lines we I a business. XXXX Ian the that that's that. I'm positive. about Milton. kind

Operator

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

Mark Hughes

Can you into maybe severe kind quarter and stabilize? Or more it went a competition that How October? do the Do progressed? you comment that? through has on the the as of extending you think you as see is the trajectory of quarter little

Michael Kehoe

competition part, I targets, for I just across don't have quarter, really Mark. progression that But anything remind the the to accounts. you on of commercial Kinsale would most small offer the

that basis year, we're probably so to a business going out And or over it's too high XXX,XXX take. we monthly of new transactions. the give see see a submissions, works I but volume very don't on know small

As competition before, a of quite business. varies level I the by bit of said line

here competitors histories profit. We obviously, a have underwriting what disciplined, that's have Kinsale. at that some aspire long to are underwriting companies to do that we of

price. a that are unusual. technical XX% not other aggressive. somebody policy see competitors have of our We hyper It's quoting We at

like a bag. it's to So have don't mixed on I intra-quarter. offer anything But an really

Mark Hughes

versus that just kind been I look areas any we if little think mid-XXs. is me have this, this Casualty, a touched there teens point? that this of in casualty. direction. this on slowdown a of the subsequent at was broad bit. quarter but back from decelerated the It of in there is so running particular would kind to kind Is lot the and you quarters? high is of highlight? In Or Casualty this you've approaching Yes. kind brush just for where is a at excuse if bounce different of redundant potential market it The property

Michael Kehoe

general, by or has by last I the like would our all Casualty mean, business, month, our does steady flow fairly week. Well, and bit business, I Casualty mean week a over say, been it a I month so. of ebb year think in just little I

goes that the in In had industry of things last from optimism in us would where terms give be a I the has cat would term volume the absorb. months that market near of here, think the of of to the losses couple the sense

into to little be market sorts To comments I be. some there's of but be will around casualty more discussing that, across reasons special bit of extent all that's are perceived a nuclear the could favorable mean, little a kind on down continue reserve why the could I casualty made in pernicious, the financing the trends mean it it of Kinsale lot bit industry, cause where industry. the market loss don't market -- litigation and than accurate, Haney road reinsurers to But Brian tighten the verdicts. a today. side. for weakness the not any a insight just gets is that have the we lines

steady. very say, but would competitive I relatively now, For

Mark Hughes

I then giving a impacting not rate, business many And your basis. competition, presumably any way new are you're a Yes. buying -- up, the binds is submissions being this to on percentage characterize assume is as

Michael Kehoe

So also that of underwriting [ accounts target be is our can average. little commercial one it divisions business, Mark, larger property the mix right? a happens of than bit XX to ]

in And is uptick the look, is mean there mix shifting probably it it than makes makes of our rate so a not business hit maybe that like competition or -- the more rate look I our it impacting growth way ratios. in growth so

Mark Hughes

more that of who any a to then players, across Who's MGAs? is Board? Is it handful And Yes. acting? being competitive? characterize the Is way

Michael Kehoe

your look the would of interesting. I some Yes, companies. in of at big the They're kind -- P Schedule front-end exhibits

Operator

the Our of next question line Jefferies. Andrew Andersen comes with from

Andrew Andersen

increase X% same quite time, last loss of the you what year-over-year. was trend underlying rate the think improved mentioned quarter. XX% against I high X% a loss bit The ratio But at a

to trying improvement I'm trend here challenging a just materialized about environment. kind against So versus of the how think rate

Michael Kehoe

Andrew, this is Mike.

a given versus of claim assumptions and are activity quarter of end actuarial actual like. the financials Our composite the at a

of our assumptions. the business liability for the continue construction-related mean, to the years, terms little is a I actuarial bit some have drift overperform We Q, loss those highlight seen older maybe did activity ratios. to exception is easiest against loss explanation higher to the one so in in that we we And accident of up

that prices, in the business of at loss ratios a been different level. tighter much our higher construction-related we've those in of higher And ways, all area. coverage, sorts mix geographic address We've construction booking

I actual expectations. below of back that consistent our years, say a this it's would But this quarter, mix going big is activity. in and came of a activity number So loss just our

Andrew Andersen

within size versus been the book, maybe I Okay. think the the Could an bit quite conservatively? a relatively growing which area much from of would book, XX%, how is Property is we Casualty the coming booking you've improvement you're which still maybe

Michael Kehoe

Yes.

for I -- think call. don't business tailed book has that recent conference the conservatively apart of say property. would Casualty this, across including but But activity longer I is kind the Property even quite written, was than you we profitable board, obviously, on really Kinsale. can't I I a But much been cat break for the

Operator

of Our from next question with comes Scott the line RBC. Heleniak

Scott Heleniak

Yes.

in you from next of any a sustainable think? for drift down be run below is quarters? XX%? a ceding to to a few it ratio kind of rate Just this Or commissions. benefit get the run of the Is around expense sense kind quarters? rate, past XX% was that's lower I few you bit, XX%, But of use in what higher? quite it Is the to know been the going to running kind going

Bryan Petrucelli

good at think little as a sort does it looking any. that's probably I our is to X-month quarter-to-quarter. around ratio bit But Scott, gauge a bounce XX.X%, expense of Yes,

Scott Heleniak

Yes.

last Okay. mentioned wanted ask I again. that it the high-value about to know And homeowners. you I mentioned quarter, you

kind risk to does growth it going It next there over about in and and of continue of like that opportunity Just how business? see business. lot of to years just a talk the seem might the is you're mitigate type you on few is how -- migrating will what and the that

Michael Kehoe

geographic Yes. exposed Western cetera. good and residential southeastern part, a We it's way it's we the cat high-value risk, underwriting. in where homeowners or exposed -- et a book And same wildfire, is mix, business, business to there's commercial large through states very whether -- it's manage cat it's it's homes coastal

portfolio We business. of concentration reinsurance. every on buy of controls strict lot month, We have cetera. model a et the We

say is a homeowners rapidly I growing base. high-value small would from

course, that, personal think interesting maybe the ahead. the is continue I company in we overall for to that business E&S some profit nicely center optimistic a grow homeowners So book. There Kinsale an into will shift But the of and for years lines of be market. nice business is, are X.X% our of

that's of driven some exposures. by think I cat

I think standard some its lines driven regulatory issues by for of companies.

out plays but So optimistic. we'll see where cautiously that we're

Scott Heleniak

be those this the going well? the you other also and of that mostly Is big Okay. Or West point? York New in Florida, as going -- California some Texas, markets mentioned to also in is at be Western is it focused to

Michael Kehoe

I be I plus of think think today Southeast, split, kind the throughout of status I Western lines the a and it's writing can't country. states, exact ultimately, personal remember but as business we'll

Operator

Our question next of Mayor Rowland line the Oppenheimer. from comes with

Rowland Mayor

out called in development through talk of you year sort XX-Q, some the the seeing chance development? of you adverse prior still where favorable In construction And that? Any you're size business could book. the defect lines

Michael Kehoe

Property construction company's I has seeing there. make development book. water due about type I long-tail our years whole part, the been this, nature business And the little ago, done of the very Construction, I defect, sure our some the particularly while think driving around think X claims, intrusion across And would that's given a strong just last we've I throughout favorable inflation. has like sorts that over It in talked property say claims. history. to all bit. of I in profitable, the think, things uptick we're lagged returns to large little almost a we're of

you those booking pricing long it's going a impact make how out higher margin. pushed tail-business, at over geographic definitively and you we've that's again, the to level. of the changed We've But business. bunch the don't of dramatically mix know We've much losses changes a tightened years. So We're coverage. because

right But ahead. just we're thing we the So develops to there. I have how in see think years the general, doing that in business

Rowland Mayor

the lines taken standard have charges number as months. in peers, your some of XX last commercial you've And casualty then referenced, a

and you reserve extending extra you ever when loss your today sort you trend the of Casualty layering or are reserves business? of have timeline look you your development, And assumption loss As in sort caution reviews? the at quantified any do for your

Michael Kehoe

have have that know we don't I not. or

have line What think a bit it's quite I was business. by first we but going of think the question? I around it's vary our X%, -- to

Rowland Mayor

Just as you're extending extra setting peers of or sort industry today, the in timeline sort reserves the reviews? sort line charges, standard taking you any given of of of your and conservatism are putting there backdrop

Michael Kehoe

Yes.

We have of addressed in that X started to increases we ahead after after a growth year, year, number et of the times getting but year Starting loss of over the X year, after time, not the years but I cost cetera. about, last ago, year trend, get, for we're X course, couple premium rate of think, years. or acceleration for same at

reserves. vocal I producing been in about been the of our addition adding level fact conservatism the so And think margins, to that fairly we've we've to in really compelling also

sheet. think verdicts, But is very I confidence the of have cost dynamic. loss our is high trend, warranted. are the the number balance a of much we've why investors that social over competitors think conservative warranted. that's do litigation but said I ever I that's sorts a The in. position in our times tort financing, should reasons in been why conservatism of inflation. lot the reserves integrity more think just uptick there's our inflation, all And nuclear system a we're And our most of that in years confident Not so And they've

Rowland Mayor

as on the actually the have should opportunity just then it so is any buybacks more just balance high authorization an generation future I sign but growth taken you've done do one haven't the you Great. Or know a expectations? gotten to be that sheet. And the capital there announcement now? yet you of

Michael Kehoe

Well, I that we're XX% our XX% over operating we've X And range. long-term is at in least fact the growth to producing through vocal best XX% about months, just estimated on been the equity. opportunity think return we think

continue that today, think, some growth will healthy pretty expectation a excess capital profitability, with we that on clip. are of level against I sitting to grow, and So at that

So that's really the driver.

Operator

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

Casey Alexander

For the regarding -- casualty lot with you're at not the the reserve business. to And There's across Brian monolith. just not business some a as I'm talk you conversations about different a insufficiency said, Haney, you wondering, to slices reinsurers that when your the recognizing finger casualty. of is industry, There's to slices giving Are in maybe some as space? in any they to companies this a where that. in we a about those as think ought wind Kinsale, lot indication the other of you have slices different we of

Brian Haney

Yes. as a of worst the casualty I whole, the would The or short within biggest see X commercial areas you for the industry think casualty answer. that's where excess that and auto,

Casey Alexander

and down really -- relative of of a quarter-over-quarter. that And it. to fee just in Bryan kind Well, I quarter, is business overall quarter-over-quarter book in income Okay. fee but it's appreciate was a me. just minor, I just income kind wondering business I'm the I because was this to Petrucelli, this generally follows grew wondering, curious cadence of the

Bryan Petrucelli

Casey. anything I there, significant don't there's think

as period to a you income will going I over a good premium where forward. think if pretty written time, give of as gauge fee you a look look gross of to that at percentage

Operator

Singzon next line JPMorgan. Our the of with question comes from Pablo

Pablo Singzon

mid-teens, So first the that of so said growth with you teens, in growth talk recent XXs, to XX%. -- long-term to just I'll about, closer XX% your you the spoke premium high right? you're low running

high-single position gross Like have low for you you think XXXX, number through-the-cycle a grew business bit Or below, you're example, the of a right? I bigger, a So where can the trade-off? aggressive think, in fall more growth much in on should you could about products different potentially digits, today? we scale that target clearly, teens? be is But potentially as XXXX, maybe at or a -- is margin that

Michael Kehoe

our bit expectations. like breaking little I a growth you're but asking you Pablo, were up there think

Pablo Singzon

Yes. Yes.

sorry So Mike, repeat it's more will about that. myself. -- sorry, I

below grow through-the-cycle mid-teens. XXXX. So business today position your a aggressive as you low long-term or much in teens, So just that right, did a And can is the think you bit it's maybe grow Or today. you are high number your growth because meaning or you target, think maybe past, or given the don't the pull the So products I recent low you that's a XXs, your in digits single we high right, teens, you growth, gross scale where closer fall in could of margin of right? in target, be teens to more terms low or size where can different should about a where trade-off, have, XXXX you target, faster potentially long-term right? growth

Just wanted on how to thinking thoughts of sort that. you're get about your

Michael Kehoe

Sure.

I very can competitive estimate P&C we outgrow of quicker And we as Okay. the the saying E&S is the what don't faith market. we function E&S the term is the advantages industry competition think mature how by what in look of intensity aggressive because mix business, of than But XX% again, can over bit grow think this. market. little to say actually rate would competition, a overall et to a a risk, would variety have; going cetera. I of, the we big XX% good P&C. of pricing in grow the the long a We know growth to It's like. the is like tends the start we

is XX% Sure our size is. the go diversity so certain us if margins our of could allow on to I below think line, given we any that little bit be lines. business But we the that we competitive Is it think to And that competitive it it have, of product the XX% estimate. quarter? Yes. be a on I want to good advantages a in more given the or possible company, above the

estimate. good a that's think I

Pablo Singzon

second with question, sort in a I'm on retention you things where as E&S admitted to hard now book, that think has getting think don't your more you you the curious, business. past more seen discussed trended hear retention in competitive been and Got that referenced, market over that's naturally change have has I calls. how competitive? than But I of lower any you. was for are curious that's then market And really your I right? And getting metric

Michael Kehoe

at is year-over-year. different where X/X premium our X sometimes getting is market years E&S a In you're retention of can lot rate I in premium. going count But our both bit. dramatic experience, think policies a we a of My go competitors, that of good benchmark for terms the to companies Yes. in and plus X/X above tend general, XX and that increases, a hard probably retain back policy quite about Kinsale

Pablo Singzon

quarter? And remember to every on up a trends, that Is views the of pop that any in time? formal in the just picks et that correctly period views general that is third the loss think I reflect question, cetera. process this Okay. your loss year, bumped depending then given environment, and takes could quarter if place something you your Casualty market your I up Or first that of at

Michael Kehoe

it's expected to, patterns, claims, look patterns, forth I very ratios, reporting activity, activity of course, of obviously, mean of analysis. in that a actual making assumptions in business. we I actual claim you're by year, payout mean with we put reserves accident case we your reported adjustments it's every And against by -- and estimate to conservatism. quarter, of your line course, et at the terms losses, but Yes. tempered change of actuarial all settled best loss then, of cetera, measure have compare then extensive assumptions strong a

So we quarter. every that do

I think every insurance company does.

in evaluating out the come can on, loss our make tends ratios of year exiting addressing activity, assumptions a our calendar we're on pattern and loss and higher start track. current you're where maybe reserving reserve at constantly to the year we're and But sure the actual down sometimes course to across adjusting think the depending again, over year. I looking those

Pablo Singzon

squeeze I'll will. you more, That one just you. if sense. in makes Got

you over wanted you I'm analysis and landed that hear through share thought other process just of thought to the of how buybacks share mention forms stock walk trades talk return? multiple about did your if average buybacks return, above you capital recognize But the sure versus of benefits. like in share choosing other that a I you buybacks some forms special dividend. And your So on of maybe capital an at start process provided to you

Michael Kehoe

As in the Brian high-priced a we acquisitions. appreciate And at stock said, trades that earnings. we're not interested

you different to has that's to we at put a metric people every levels that book, lot a price of not redundant insurance tend in our so orange think is evaluate against going you at If S&P. price we capital, the company with I comparison. because our confidence the we much apples look look future and stock, end share where an think up in of and

we're that, And very got We it XXXX think to competitive you maybe the We in were back judgment business real this, X talking are would that some with out them. to be long-term of S&P are people valuation, it's X And advantages own we to be have X modest. if buybacks also have model X. holders, easier include bit stock of I right? So the little say we've beat skeptical public buying durability interesting been with -- would in Admittedly, okay? call. out for that we've since years. a our XXXX, than other of very the a I around kind comfortable back we're think a about it's But us

So going or I'm positive material. think not it way that here for the into move they're to stockholders I people be over long the other in for like going of the well think time, term. will But shares, these sure be And the needle one us term, hold I quite expect near to it's future, to the Kinsale.

Operator

remarks. to time. the closing no I back now for turn Seeing any at questions further this Mike will call

Michael Kehoe

with everybody, today, you, day. you Well, forward again look us we great a thank speaking soon. Okay. to for and joining Have

Operator

conference concludes Thank call. all today's This for you participation. your

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