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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Kinsale Capital Group Inc    KNSL

KINSALE CAPITAL GROUP INC

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Kinsale Capital : expected to start building new Henrico headquarters in April Construction to start in April on $50 million headquarters project in Henrico for insurance

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01/12/2019 | 04:07am EDT

Construction should begin in April on a new, five-story corporate headquarters building in Henrico County for specialty insurer Kinsale Capital Group Inc.

The insurer paid $2.5 million this week for the 5.6-acre tract at Maywill and Thalbro streets, buying the property from Ukrop's Family Holdings LC, an entity tied to the Ukrop's Homestyle Foods business.

Kinsale's $50 million project should be completed by the fall of 2020.

A 150,000-square-foot building would be built closest to Maywill and Thalbro streets, essentially across Thalbro Street from the U-Turn Sports Performance Academy. A planned four-story parking deck with 600 spaces would be built on the site of the former Giant Open Air Market grocery store, across Maywill Street from Anthem Inc.'s parking deck.

"This new development gives us the room to expand our business in the years ahead and to do so in an interesting and centrally located part of town," said Michael Kehoe, Kinsale's founder, president and CEO.

Kinsale, founded in 2009, operates in an insurance segment called excess and surplus, or E&S. It has been steadily adding employees at its current office on Edward Holland Drive just off Staples Mill Road - not far from where Kinsale wants to build its new offices.

It leases an entire floor and part of another floor in that office building on Edward Holland Drive. Kinsale employs about 200 full-time workers and contractors, and it plans to add about 10 to 20 employees a year.

Kinsale expects to occupy about half of the new 150,000-square-foot building and lease out the remaining half, Kehoe said.

Future plans call for either a second office building or an approximate 300-unit apartment building to be built on the parking lot of the former Giant Open Air Market. If the office building is built, two more levels of the parking deck would be needed.

"It's great that Kinsale is part of the redevelopment of the Westwood area into a more urban and mixed-use community," Kehoe said. "We expect this project in Westwood to be followed by many others."

The Board of Supervisors made changes to the county's comprehensive plan to allow for a new overlay district in the 500-acre Westwood area - an area bounded by Westwood Avenue, West Broad Street, Staples Mill Road, Bethlehem Road and Interstate 195. The code changes allow for the ability to have residential uses in the area.

Kinsale's master plan request for the property goes before the supervisors for final approval in February.

Joe Marchetti with Colliers International's Richmond office is working as a consultant for Kinsale on the project.

This would be the first case under the county's Westwood area study plans. County leaders say the Westwood area could become the next Scott's Addition, the nearby section of Richmond that has transformed in the past decade from manufacturing and industrial to mixed-use with offices, restaurants and apartments.

The land that Kinsale bought had been part of a 25-acre tract that Ukrop's bought in 1994. It had been used by the Thalhimer Bros. Inc. chain as a store and distribution center. Tenants include Ukrop's Homestyle Foods, Fortis College and the Virginia Department of Health's Division of Vital Records.

ggilligan@timesdispatch.com(804) 649-6379

© © Copyright 2019, Richmond Times-Dispatch, Richmond, VA, source Newspapers

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Financials ($)
Sales 2019 271 M
EBIT 2019 49,7 M
Net income 2019 48,4 M
Debt 2019 -
Yield 2019 0,49%
P/E ratio 2019 29,93
P/E ratio 2020 26,71
Capi. / Sales 2019 5,34x
Capi. / Sales 2020 4,69x
Capitalization 1 447 M
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 71,7 $
Spread / Average Target 5,2%
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Managers
NameTitle
Michael P. Kehoe President, CEO, Secretary & Director
Robert Lippincott Chairman
Brian D. Haney Chief Operating Officer & Senior Vice President
Bryan P. Petrucelli Chief Financial Officer, Treasurer & Senior VP
William Joseph Kenney Chief Information Officer & Senior Vice President
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