Bermuda-based insurer Kinsale Capital Group Ltd. yesterday announced the formation of a new US specialty insurer.

Kinsale Insurance Company, Inc., based in Richmond, Virginia, carries a rating of A- (excellent) from AM Best.

KIC underwrites commercial property/casualty and professional liability lines within the excess and surplus lines segment in 31 states/District of Columbia and is applying for eligibility in the remaining states.

Kinsale and its affiliates currently have 43 employees in Richmond, Virginia.

Kinsale recently raised $80 million of capital and has invested $66 million of it in KIC.

Kinsale's investors include Moelis Capital Partners, LLC and Virginia Capital Partners LLC.

Moelis Capital Partners, based in New York, New York, is a private equity firm that specialises in investments in the middle market and has significant insurance and financial services industry expertise.

Virginia Capital Partners, based in Richmond, Virginia, has investments in more than 30 enterprises with significant experience investing in excess and surplus lines insurance companies.

Michael Kehoe, president and CEO of Kinsale, stated: "The quality investors and employees at Kinsale give us tremendous confidence in our ability to execute our business plan, serve our customers and build our business. We are establishing a great platform, built around people, technology and an entrepreneurial business culture, on which we will develop a great company."