Kinsale Capital downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Kinsale Capital to Sector Perform from Outperform with a price target of $425, down from $555. Kinsale delivered another quarter of solid results and while there continues to be strong premium growth opportunities for the company, its growth will decelerate from levels seen in recent years mainly because of somewhat fewer opportunities in property and tougher comparisons, the analyst tells investors in a research note. RBC views the shares as fairly valued, which reflects current margin expectations and its view that Kinsale’s premium growth rates normalize.