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 and insuring the risks no one else will touch.
What you'll learn here: 00:00:00 - Intro 00:03:02 - Insurance market overview 00:11:25 - Buffett’s take on insurance 00:20:06 - The advantage of in-house underwriting 00:30:57 - Setting reserves 00:33:31 - Kinsale’s expense structure 00:38:07 - Runway for growth 00:41:46 - Commissions to brokers 00:44:45 - Hard and soft market environment 00:50:20 - Management incentives 01:02:43 - Kinsale’s Valuation 01:07:20 - Risks 01:12:34 - Final comments
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