Kinsale Capital Group Announces Pricing of Public Offering of Common Stock
November 10 2022 - 10:55PM
Business Wire
Kinsale Capital Group, Inc. (NYSE: KNSL) (“Kinsale” or the
“Company”) today announced the pricing of its underwritten public
offering of 155,000 shares of common stock. In addition, the
Company has granted the underwriter a 30-day option to purchase up
to an additional 23,250 shares of common stock. Subject to
customary conditions, the offering is expected to close on November
15, 2022.
The Company expects to use the proceeds from the offering of the
shares for general corporate purposes, including to fund organic
growth.
The offering is expected to yield gross proceeds of
approximately $48.4 million, assuming no exercise of the
underwriter’s option to purchase additional shares.
J.P. Morgan is acting as underwriter for the offering.
The underwriter may offer the common stock from time to time for
sale in one or more transactions on the New York Stock Exchange, in
the over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to prevailing market prices or at negotiated
prices.
The public offering was made pursuant to an automatically
effective registration statement on Form S-3 that has been filed
with the Securities and Exchange Commission (the “SEC”). A final
prospectus supplement and accompanying base prospectus relating to
and describing the final terms of the offering will be available on
the SEC’s website located at www.sec.gov or may be obtained from
J.P. Morgan Securities LLC, Attention: Prospectus Department, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by telephone at (866) 803-9204 or by email at
prospectus-eq_fi@jpmchase.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
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.
Forward-Looking Statements
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: the anticipated use of net proceeds from the offering;
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221110006174/en/
Kinsale Capital Group, Inc. Bryan Petrucelli Executive Vice
President, Chief Financial Officer and Treasurer 804-289-1272
ir@kinsalecapitalgroup.com
Kinsale Capital (NYSE:KNSL)
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