(Bloomberg) -- Kinsale Capital Group Inc., the Richmond, Virginia-based insurer backed by Moelis & Co., filed for an initial public offering of stock.
The company, founded in 2009, said it plans to list shares on the Nasdaq under the ticker KNSL, according to a regulatory filing issued Friday. The insurer filed with a $100 million placeholder figure, an amount used to calculate fees, that will probably change.
Kinsale focuses on the U.S. insurance market for excess and surplus lines, or coverage that isn't licensed by a state. It is controlled by funds managed by or affiliated with Moelis, which will continue to have “significant influence” over the firm and its corporate decisions after the IPO.
“We distinguish ourselves in the market with our contrarian risk appetite and our willingness to offer terms on risks requiring more extensive underwriting that some of our competitors may decline to consider,” Kinsale said in the filing. “Such accounts frequently offer us a better risk-adjusted return.”
The firm, led by Chief Executive Officer Michael Kehoe, lists JPMorgan Chase & Co., William Blair & Co., RBC Capital Markets, SunTrust Banks Inc., Dowling & Partners Securities LLC and Moelis as underwriters.
To contact the reporter on this story: Katherine Chiglinsky in New York at kchiglinsky@bloomberg.net. To contact the editors responsible for this story: Dan Kraut at dkraut2@bloomberg.net, Dan Reichl, Elizabeth Wollman
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