Kinsale Insurance Reviews

Navigating the complex world of insurance, especially excess and surplus (E&S) lines can be challenging. Standard insurers often shy away from complex risks, leaving businesses and brokers searching for alternatives. That’s where Kinsale Insurance comes in.

The company was founded in 2009 & is headquartered in Richmond, Virginia. Kinsale has made a name for itself as a specialty insurer focusing on hard-to-place risks. The company went public in 2016 and has since gained traction due to its technology-driven underwriting, direct-to-broker model, and disciplined risk selection. But is it the right fit for you? Let’s break it down.

Company Overview

Kinsale Insurance operates as a domestic excess & surplus lines insurance company that focuses on covering risks considered to be too complex or unusual by standard insurers. After going public in 2016, the company has done remarkably well in the industry. Its technology-driven approach and its specialized underwriting skills have certainly turned heads in the industry.

By being direct to the broker, Kinsale works in a model, unlike many traditional insurers, eliminating the managing general agent layer that is common in the E&S market. This streamlined approach allows for quicker decision-making & potentially lower costs, which Kinsale passes on through competitive pricing.

What makes Kinsale truly unique is its technology platform and underwriting discipline. The company has invested heavily in technology to enhance efficiency and improve the broker’s experience, which has contributed to its strong reputation in the market.

• Reviews: Google Reviews(90)
• Rating: Google (2), “A” Excellent (AM Best),
• Phone number:  +1 804-289-1300
• Address: 2035 Maywill St Ste 100, Richmond, VA 23230, United States

Products & Services

Kinsale Insurance offers a diverse range of specialty products, primarily focused on:

Casualty Insurance:

• Construction
• Excess Casualty
• General Casualty
• Small Business

Specialty Casualty:

• Energy
• Entertainment
• Environmental
• Life Sciences
• Product Recall
• Products Liability

Professional Lines:

• Allied Health
• Excess Professional
• Health Care
• Management Liability
• Professional Liability
• Public Entity

Transportation:

• Aviation
• Commercial Auto
• Inland Marine
• Ocean Marine
• Railroad

Personal Lines:

• High-Value Homeowners
• Property:
• Commercial Property
• Small Property

Agribusiness:

• Agribusiness General Liability

Their product offerings are particularly strong in construction, allied health, and small business markets, where their specialized underwriting approach has gained recognition. Another reason why Kinsale is unique is that it recognizes tailored solutions to unique risks, rather than offering one-size-fits-all policies.

Memberships & Affiliations

Kinsale Insurance is a member of the Wholesale & Specialty Insurance Association (WSIA), which represents the wholesale, specialty, and excess & surplus lines insurance industry. As a result, this membership creates a network of wholesale brokers and provides them with industry advocacy and educational resources.

Kinsale does not have consumer-facing membership discounts like some consumer-facing insurers, but it does offer preferential terms for brokers that have longstanding relationships and good loss ratings. Therefore, they are more interested in creating strong broker relationships instead of direct consumer discount programs.

Insurance Process

Insureds will find Kinsale’s insurance process simple. Moreover, it is designed to be efficient & broker-friendly:

1. Submission: The submissions generally take place through Kinsale’s online portal or through their underwriter.
2. Underwriting Review: Once the submissions have been put through, the underwriters evaluate it and request additional information for complex risks.
3. Quote Generation: For risks that appeal to Kinsale, Kinsale generates a quote. This is done within 24-48 hours for standard submissions and faster for their focus classes.
4. Binding: Following acceptance of the quote terms, coverage can be bound subject to receipt of payment and any outstanding details.
5. Policy Issuance: Then the Policies are issued electronically. The clients can access the documentation through their online portal.
6. Claims Handling: Finally, when it comes to claims, it is managed by Kinsale’s in-house claims team. They work closely with their underwriters to ensure a consistent approach.

Kinsale Insurance’s tech platform has integrated and blended in these steps seamlessly. It has allowed the brokers to track the status of submissions, access policy documents, and report claims online as well. Moreover, this approach has significantly reduced paperwork and administrative load on both Kinsale and their broker partners.

Kinsale Insurance Customer Reviews

When talking about feedback, the customer feedback on Kinsale Insurance presents a mixed picture. Insurance brokers frequently praise their responsive underwriting team, competitive pricing, and efficient policy issuance process. Moreover, many also highlight the company’s willingness to consider unique risks that other insurers decline.

Kinsale’s claims handling is mentioned to have dramatically improved in recent years and industry forums and reviews state that the majority of brokers that have dealt with Kinsale report fair and timely settlements.

Financial Ratings

Kinsale Insurance maintains strong financial ratings, indicating its ability to meet policyholder obligations:

• A.M. Best: “A” (Excellent)
• Fitch Ratings: “A” (Strong)

Kinsale’s sound capitalization, consistent underwriting profitability, and prudent investment strategy are reflected in these ratings. The combined ratios of the company have been better than the market average for E&S, suggesting the company drives underwriting discipline and good expense management.

From an investor perspective, Kinsale is a strong example of impressive growth in gross written premiums since going public; and a consistent increase in earnings returns on equity. They are also focused on technology and operational efficiency to have expense ratios lower than most competitors.

Conclusion

Kinsale Insurance has become the broker of choice for excess and surplus lines for both brokers and clients who are searching for a reliable partner for hard-to-place risks. Their technology-driven approach, specialized underwriting expertise, and financial strength make them a valuable option in an increasingly complex insurance landscape.

While their Financial ratings are promising, their customer reviews do not reflect the same nature. Although the company has certainly made its operations efficient and streamlined but continues to struggle with customer handling. Thus, we give the Insurance Agency 2 stars.