Kinsale

Michael Kehoe will relinquish the president’s role to COO Brian Haney and assume board chairmanship but will remain company CEO.

The carrier believes its existing reserves account for any liability relating to claims.

At least one carrier struck a note of caution during Q3 earnings about the ongoing rapid growth story in surplus lines.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The stock closed at $342.87 per share, down 19.56% from yesterday’s close of $426.22.

On a conference call with analysts, CEO Michael Kehoe described high growth rates from over the last five years as an “anomaly” and warned investors of possible "mean reversion” ahead.

AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year

Flows to the E&S market remain strong, executives have said, while dislocation in the property space continues to buoy overall pricing conditions.

“The broad E&S market is quite attractive today, and we’ve got a good level of confidence going forward,” CEO Michael Kehoe said.

The Inside P&C news team runs you through the earnings results for the day.

The company posted a 1.2-point increase in its loss ratio to 58.6%, as the firm saw less-favorable reserve releases and slightly higher cat losses during the quarter.

McMorrow joined Kinsale in 2010 and served in underwriting roles of increasing responsibility before being promoted to vice president in 2021.