Episode notes
On today's episode, Clay is joined by Daniel Mahncke to break down Kinsale Capital. Kinsale is a specialty insurer that has quietly become one of the most exceptional businesses in the financial sector by dominating the Excess & Surplus insurance market.
Clay and Daniel break down the DNA of this wonderful business, and if the recent drawdown in the stock is a compelling opportunity for value investors.
IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:03:32 - An overview of the insurance industry and how Kinsale fits into the bigger picture
00:17:32 - The durable competitive advantages that Kinsale has built
00:20:19 - The advantages of keeping underwriting in-house in the Excess & Surplus market
00:35:04 - What is driving Kinsale’s incredibly low combined ratio
00:39:29 - Why it’s focus on the E&S market and smaller accounts is a moat in itself
01:07:25 - Kinsale’s valuation and primary risks to monitor for investors
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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