** Wells Fargo starts coverage on specialty insurance company Kinsale Capital Group KNSL.N with an "overweight" rating

** Sets PT of $490, which is a 22.6% upside to the stock's last close

** Brokerage cites superior growth prospects driven by new products, margin advantage and conservative reserves

** Says KNSL has consistently outperformed the Property & Casualty industry (P&C), delivering an average 78.9% statutory combined ratio since its 2016 IPO — more than 20 points better than the industry

** Says KNSL’s 2025 underperformance creates an appealing entry point, with shares down 12.3% vs. a 4.7% decline for specialty peers and an 8.7% gain for the broader P&C group

** Four of 13 brokerages rate the stock "buy" or "higher", 9 "hold"; their median PT is $450 - LSEG

** As of last close, KNSL down 8.3% in the last 12 months

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com))