CPTPP

Despite nearing a cyclical earnings peak — with analysts projecting flat-to-declining EPS industry-wide through 2028 — Progressive's 15-year tech leadership, market share gains from #3 toward #1 in U.S. auto insurance, and a 40% industry growth outlook through 2030 make it compelling.

With less than 2% market share in excess and surplus insurance, technology-driven underwriting advantages, and a valuation compressed from the mid-20s to 17x earnings, Kinsale mirrors Progressive's early trajectory when it had 2% auto insurance share before growing to 15%.

Kinsale's fully integrated technology platform delivers a superior underwriting ratio and higher returns on equity than competitors — the stock has re-rated from the high-20s P/E to roughly 17x, creating an entry point Rochon views as attractive.