Kinsale Capital Group, Inc. (NYSE: KNSL) (the “Company”) today announced that it has acquired real estate property adjacent to its current headquarters in Richmond, Virginia for $76.2 million, through a wholly owned subsidiary. The property is comprised of two office buildings totaling over 580,000 square feet situated on approximately 29 acres of land. The majority of the space is subject to a long-term lease with the seller. The property is expected to provide flexibility for future expansion of the Company’s operations as well as serve as an investment opportunity. The acquisition was funded primarily through a draw from the Company’s unsecured revolving credit facility.
About Kinsale Capital Group, Inc.
Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “project,” “plan,” “estimate” or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company’s actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company’s estimates; adverse economic factors; a decline in the Company’s financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company’s business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company’s investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company’s filings with the SEC. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Kinsale Capital Group, Inc.
Executive Vice President, Chief Financial Officer and Treasurer