TIP804: KINSALE CAPITAL STOCK DEEP DIVE

W/ CLAY FINCK & DANIEL MAHNCKE

TIP804: KINSALE CAPITAL STOCK DEEP DIVE W/ CLAY FINCK & DANIEL MAHNCKE

02 April 2026

On today’s episode, Clay is joined by Daniel Mahncke to break down Kinsale Capital. Kinsale is a specialty insurer that has quietly become one of the most exceptional businesses in the financial sector by dominating the Excess & Surplus insurance market and insuring the risks no one else will touch. Since its 2016 IPO, the stock has compounded at 37% annually.

Clay and Daniel break down the DNA of this wonderful business, where it may go from here, and if the recent drawdown in the stock is a compelling opportunity for value investors.

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IN THIS EPISODE, YOU’LL LEARN:

  • An overview of the insurance industry and how Kinsale fits into the bigger picture
  • The durable competitive advantages that Kinsale has built
  • The advantages of keeping underwriting in-house in the Excess & Surplus market
  • What is driving Kinsale’s incredibly low combined ratio
  • Why it’s focus on the E&S market and smaller accounts is a moat in itself
  • Kinsale’s valuation and primary risks to monitor for investors
  • And so much more!

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Clay Finck: On today’s episode, I’m joined by my co-host Daniel Mahncke, to discuss Kinsale Capital. Kinsale is a specialty insurer that has quietly become one of the most exceptional businesses in the financial sector by dominating the excess and surplus insurance market, it ensuring risks that most insurers just won’t touch.

[00:00:18] Clay Finck: Since the IPO in 2016, Kinsale stock has compounded at well north of 30% per year. During this episode, Daniel and I break down the broader insurance industry and how Kinsale fits into the bigger picture, the durable competitive advantages that Kinsale has built. The advantages of keeping underwriting in-house in the excess and surplus market.

[00:00:38] Clay Finck: What is driving Kinsale’s incredibly low combined ratio? Why its focus on the E&S market in smaller accounts is a moat in itself. Kinsale’s valuation and primary risk for investors to monitor and much more. As always, this was a fun company to cover on the show, and I hope you find the discussion useful.

[00:00:59] Intro: Since 2014 and through more than one hundred and ninety million downloads. We break down the principles of value investing and sit down with some of the world’s best asset managers. We uncover potential opportunities in the market and explore the intersection between money, happiness, and the art of living a good life. This show is not investment advice. It’s intended for informational and entertainment purposes only. All opinions expressed by hosts and guests are solely their own, and they may have investments in the securities discussed. Now for your host, Kyle Grieve.

[00:01:41] Clay Finck: Hey everybody. Welcome back to The Investor’s Podcast. I’m your host, Clay Finck, and today I’m joined by my new co-host Daniel Mahncke, to discuss Kinsale Capital. I don’t want to spoil some of the updates that are to come, but you’ll be seeing more of Daniel here on the show. Daniel, it’s hard to believe you joined TIP just a year ago.

[00:02:00] Clay Finck: I feel like I’ve just learned so much from tuning into your episodes ever since.

[00:02:05] Daniel Mahncke: Well, I’m glad to be here again, Clay. And you know, I can wholeheartedly say that I’ve learned just as much from you since I joined TIP. I mean, this past year has been outstanding. I looked at over 60 companies in depth on my show with my cohost Shawn together, and we learned so much about, you know, all kinds of industries and companies.

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