Kinsale Capital Group (KNSL) in Baron Growth Fund Q1 2024

Strong Financial Performance and Market Positioning

Apr 15, 2025

Summary

Exceptional growth in gross written premiums and EPS.
Benefiting from favorable market conditions and proprietary technology.
Potential risks include market competition and interest rate fluctuations.
Shares soared 56.73% in Q1 2024, significantly contributing to fund performance.
Long-term outlook remains positive due to sustainable competitive advantages.

In the Baron Growth Fund's 1st-Quarter Letter 2024, Kinsale Capital Group (KNSL, Financial) was highlighted as a top contributor to the fund's performance. The specialty insurer reported financial results that exceeded market expectations, with gross written premiums growing by 34% and EPS increasing by 49%, supported by a record-high underwriting margin. The company continues to benefit from rising premium rates and a shift in business from the standard market to the excess and surplus lines market, where Kinsale operates.

"We continue to own the stock because we believe Kinsale’s proprietary technology and data represent sustainable competitive advantages that enable the company to sustainably gain share in an attractive segment of the insurance market." — Ronald Baron, Baron Growth Fund, Q1 2024 Fund Letter

Read full letter at gurufocus Ron Baron's Baron Growth Fund 1st-Quarter Letter 2024 Q1 page.

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