Kinsale Capital Group initiated with an Underperform at BMO Capital

BMO Capital analyst Michael Zaremski initiated coverage of Kinsale Capital Group with an Underperform rating and $230 price target. Zaremski believes Kinsale has a compelling growth and EPS outlook due to a combination of a structural expense advantage and continued robust inflows into the E&S marketplace, but its valuation is richly priced and future capital raises are likely to be needed to sustain excellent growth, the analyst tells investors in a research note.