By Josh Beckerman
Kinsale Capital Group shares slipped after the insurer reported first-quarter premium growth below analyst expectations.
The stock was down 17%, to $415.25, midday Friday and has lost about 12% this year.
The company on Thursday reported gross written premiums were $484.3 million, up 7.9%. The Commercial Property division posted a decline of about 18% due to rate declines and an increasingly competitive environment.
"Our business continues to produce exceptional profitability through the market cycle" the Richmond, Va., company said. Underwriting income rose to $67.5 million from $65.1 million, reflecting continued growth partly offset by higher catastrophe losses, which included Palisades Fire losses.
J.P. Morgan in a note Friday said it had expected 15% growth in gross written premiums. Oppenheimer analysts in a Friday note said the 8.7% growth in net written premiums was the lowest rate since 2017, but added that Kinsale's margins "remain excellent."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 25, 2025 13:29 ET (17:29 GMT)
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