I've started researching Kinsale, and there's a lot to like about it !
I'd be interested to hear your thoughts about it.
My current understanding is that the multiples may be a little risky, especially if you exclude investments from net income and if the softening part of the cycle finally materializes. However, they've been warning about it for some time now, and E&S may prove a more resilient business line than others in the insurance landscape.
I would consider 3-5 analysts "low" coverage. I also look at which shops are covering the stock. If JPMorgan, BofA, Wells Fargo, etc. are covering, there's likely a bigger pool of global institutional interest than if the covering analysts are from small, regional, or niche focused shops like Seaport or KeyBank. If the coverage is more the latter, I would call that "limited."
I've started researching Kinsale, and there's a lot to like about it !
I'd be interested to hear your thoughts about it.
My current understanding is that the multiples may be a little risky, especially if you exclude investments from net income and if the softening part of the cycle finally materializes. However, they've been warning about it for some time now, and E&S may prove a more resilient business line than others in the insurance landscape.
I would consider 3-5 analysts "low" coverage. I also look at which shops are covering the stock. If JPMorgan, BofA, Wells Fargo, etc. are covering, there's likely a bigger pool of global institutional interest than if the covering analysts are from small, regional, or niche focused shops like Seaport or KeyBank. If the coverage is more the latter, I would call that "limited."