BMO Capital raised the firm’s price target on Kinsale Capital (KNSL) to $461 from $445 but keeps a Market Perform rating on the shares. The company’s “Special Sauce”, or lower expense ratio, has become even more powerful in recent years due to reinsurance protection arbitrage, the analyst tells investors in a research note. BMO adds however that in the near term, the firm remains wary of a slowing pace of beat and raise quarters driven by less growth opportunities following a material deceleration in E&S property pricing.
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