Kinsale Capital (KNSL) with a rare open market buy this week from a director who added 3,500 shares at $173.42, a more than $600,000 investment. KNSL has traded down 13% in 2021 and off by more than 25% since late December. Longer-term, KNSL has been in a strong trend higher and pulling back to the 50% retracement of the rally from the March 2020 lows. The $3.85B company trades 37.4X earnings, 8.36X sales, and 6.8X book with a small yield and mid-teens growth. KNSL is an excess and surplus lines insurance company specializing in hard-to-place property, casualty, and specialty risks. They primarily target small and medium sized accounts including higher risk businesses. E&S insurance is typically one of the more flexible in the industry given their exposure could be anything. KNSL noted in February there’s a disconnect between P&C insurance and the E&S industry currently that is a tailwind for their business and allowing them to raise rates by double digits. They did note however that this is expected to moderate but they remain in position to win share and grow in the low double-digits. KNSL continues to expand their product lines with new segments like insurtech where they can take advantage of their tech leadership. They also plan to grow into commercial autos, aviation and entertainment. Hedge fund ownership rose 6% in Q4. Analysts have an average target for shares of $200, albeit limited coverage. Truist with a $245 PT citing the company’s specialty P&C group peers given its favorable positioning in E&S and strong track record of execution.