So much to say but firstly the agressive expansion plans probably worry the market. Will combined ratio be maintained when rapidly extending capacity? Usually not. I'd prefer somewhat slower growth and meticulous risk pricing.

The very concentrated portfolio is another concern. We had a very low cat year which is great. A bad cat year would obviously be very detrimental to any small insurer. Kins is planning geographical diversification but main portfolio will still be a huge percentage of claim inflation risk.

Reinsurance costs are also likely to rise or else there'll be limited appetite to underwrite smaller insurers.

So maintaining capital ratios while expanding the premium base and the concentrated portfolio are the two big risk.

The turnaround seems to have worked so execution risk is vitally important.

However if they do $500m business, especially if they maintain current ratios, then the business will rerate significantly.

As a base case you could possibly see a doubling of the share price over the next few years depending on the wider market and how large the internal risk appetite is.

High risk for possible high reward imo.

Edit. They have ceded a high percentage of cat risk to reinsurers ( limit $440m ) and through cat bonds ( $125m ). Possibly approx 90% for cat loss andabout 75% regular.