Kinsale Capital Group, Inc. (“Kinsale”) $150 Million Senior Note Facility

Kinsale completed a $150mm senior note facility with PGIM, Inc. (“PGIM”)

• Initial gross proceeds of $125mm up to $150mm cumulative; 5.15% series A senior notes due July 22, 2034
• Transaction generated strong investor interest
• Proceeds will allow Kinsale to continue to support ongoing organic growth efforts

Kinsale is a speciality insurance group exclusively focused on the excess and surplus lines in the U.S.

• Founded in 2009; listed in July 2016 (NYSE: KNSL) with a market cap of $5.4bn(a)
  • Established Kinsale Management (management services company) in June 2009
  • Acquired American Healthcare Specialty Insurance Company (now Kinsale Insurance Company) in February 2010
  • Formed Aspera Insurance Services, an E&S insurance broker licensed in 18 states, in August 2013
• Focused on writing hard-to-place small to mid-sized business risks across the whole of the U.S.
• A.M. Best “A” (Excellent) insurance financial strength rating
• In 2021, wrote $764mm of gross written premiums and achieved a combined ratio of 77%

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU)

• Ranks among the top 10 largest asset managers in the world with ~$1.4 trn in AUM as of March 31, 2022
• Offers investment solutions for retail and institutional investors globally across a broad range of asset classes
  • Including public fixed income, private fixed income, fundamental equity, quantitative equity and real estate

TCMA acted as private placement agent to Kinsale; key roles and responsibilities include:

• Marketing the transaction to potential investors
• Introducing PGIM as an investor in the process
• Assisting PGIM in its assessment of Kinsale and managing an organised and efficient due diligence process
• Offering insights and negotiating key transaction terms and conditions

TCMA has advised on 5 debt private placement issuances in the P&C insurance market in the last 12 months

• Further solidifies and broadens TCMA’s position in the P&C insurance credit market