Kinsale Capital Group Announces Acquisition of Real Estate in Richmond, Virginia
December 16 2022 - 7:31AM
Business Wire
Kinsale Capital Group, Inc. (NYSE: KNSL) (the “Company”) today
announced that it has acquired real estate property adjacent to its
current headquarters in Richmond, Virginia for $76.2 million,
through a wholly owned subsidiary. The property is comprised of two
office buildings totaling over 580,000 square feet situated on
approximately 29 acres of land. The majority of the space is
subject to a long-term lease with the seller. The property is
expected to provide flexibility for future expansion of the
Company’s operations as well as serve as an investment opportunity.
The acquisition was funded primarily through a draw from the
Company’s unsecured revolving credit facility.
About Kinsale Capital Group, Inc.
Kinsale Capital Group, Inc. is a specialty insurance group
headquartered in Richmond, Virginia, focusing on the excess and
surplus lines market.
Forward-Looking Statements
This press release contains forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. In some cases, such forward-looking statements may be
identified by terms such as “believe,” “expect,” “seek,” “may,”
“will,” “intend,” “project,” “plan,” “estimate” or similar words.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements. Although it is not possible to identify
all of these risks and factors, they include, among others, the
following: inadequate loss reserves to cover the Company’s actual
losses; inherent uncertainty of models resulting in actual losses
that are materially different than the Company’s estimates; adverse
economic factors; a decline in the Company’s financial strength
rating; loss of one or more key executives; loss of a group of
brokers that generate significant portions of the Company’s
business; failure of any of the loss limitations or exclusions the
Company employs, or change in other claims or coverage issues;
adverse performance of the Company’s investment portfolio; adverse
market conditions that affect its excess and surplus lines
insurance operations; and other risks described in the Company’s
filings with the SEC. These forward-looking statements speak only
as of the date of this release and the Company does not undertake
any obligation to update or revise any forward-looking information
to reflect changes in assumptions, the occurrence of unanticipated
events, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20221216005223/en/
Kinsale Capital Group, Inc. Bryan Petrucelli Executive Vice
President, Chief Financial Officer and Treasurer 804-289-1272
ir@kinsalecapitalgroup.com
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