RICHMOND - Kinsale Capital Group, Inc. (NYSE: NYSE:KNSL), a specialty insurance group, announced the expansion of its Board of Directors with the appointment of Mary Jane B. Fortin, effective as of October 1, 2024. The addition of Fortin brings the total number of board members to ten.
Michael P. Kehoe, Chairman of the Board and Chief Executive Officer at Kinsale, expressed his pleasure at Fortin's appointment, citing her extensive leadership experience and deep knowledge of the financial services industry as valuable assets for the company's continued strategy execution and profitability.
Fortin's career spans over three decades, with significant roles in several large financial services companies. She most recently held the position of President and Chief Commercial Officer at Thrivent Financial, a Fortune 500 company, where she was instrumental in leading the insurance and wealth management businesses and revamping its go-to-market strategy.
Before her time at Thrivent, Fortin served as President of Allstate (NYSE:ALL) Financial from 2015 to 2020, overseeing Allstate’s life, retirement, and benefits businesses. Her earlier roles included leadership positions at American International Group, Inc. (NYSE:AIG) and The Hartford. Fortin began her career in public accounting with Arthur Andersen.
In addition to her extensive professional experience, Fortin holds a bachelor's degree in accounting from the University of Connecticut and an MBA from the Wharton School of the University of Pennsylvania. She is also a certified public accountant.
Kinsale Capital Group is headquartered in Richmond, Virginia, and focuses on the excess and surplus lines market. The company has not disclosed specific projects or initiatives Fortin will lead or participate in, but her background suggests a continued emphasis on strategic growth and market positioning. This appointment is based on a press release statement from Kinsale Capital Group.
In other recent news, Kinsale Capital Group reported notable growth in its Q2 2024 earnings, with operating earnings per share increasing by 30.2% and gross written premium growing by 20.9% compared to the same quarter in the previous year. The company also declared a quarterly cash dividend of $0.15 per share, reflecting its financial stability and commitment to its shareholders. Truist Securities raised its price target for Kinsale Capital to $530, maintaining a buy rating, while Wolfe Research downgraded the stock from Outperform to Peerperform, citing growth concerns despite projected earnings per share for 2025 and 2026 exceeding consensus estimates. RBC Capital Markets increased its price target for Kinsale Capital to $455, maintaining a Sector Perform rating, while analysts from Oppenheimer and TD Cowen initiated coverage with a Hold rating, estimating the company's fair value to be between $400 and $450 per share. These are recent developments for Kinsale Capital Group, demonstrating its strong financial standing and strategic market approach.
InvestingPro Insights
The appointment of Mary Jane B. Fortin to Kinsale Capital Group's Board of Directors comes at a time when the company is experiencing significant growth and financial strength. According to InvestingPro data, Kinsale's revenue growth stands at an impressive 38.25% over the last twelve months, with a robust 30.02% quarterly growth as of Q2 2024. This strong performance is reflected in the company's market capitalization of $11.11 billion.
Kinsale's financial health is further underscored by its profitability metrics. The company boasts an operating income margin of 32.83% and a gross profit margin of 25.68% for the last twelve months. These figures suggest that Fortin is joining a company with a solid financial foundation, which aligns well with her extensive experience in financial services and strategic growth.
InvestingPro Tips highlight Kinsale's strong market position and investor appeal. The company has maintained dividend payments for 9 consecutive years and has shown a strong return over the last three months. Additionally, analysts predict the company will remain profitable this year, which bodes well for its future prospects under the expanded board's guidance.
For investors seeking a deeper understanding of Kinsale's potential, InvestingPro offers 12 additional tips, providing a comprehensive view of the company's financial health and market position. These insights could prove valuable in assessing the impact of Fortin's appointment on Kinsale's strategic direction and future performance.
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