Kinsale Capital Group

-13.89%

More reviews (1)

Live  

Kinsale Capital Group is an insurance holding company based in Richmond, Virginia. The company was founded in 2009 and went public on the NASDAQ stock exchange in 2016. Kinsale Capital Group operates through its subsidiaries, which provide property and casualty insurance products for small businesses and the excess and surplus lines market.
The company specializes in niche markets and offers customized coverage for hard-to-place risks such as excess liability, general liability, property, and professional liability. Kinsale Capital Group has a team of underwriters with extensive experience and knowledge in their specific areas of expertise, allowing them to provide tailored solutions for their clients.
Kinsale Capital Group has a strong financial performance, with a consistent track record of profitable growth. The company has received several industry accolades, including being named the fastest-growing midsize property and casualty insurance company by Inc. Magazine.
In addition to providing insurance products, Kinsale Capital Group is committed to giving back to the community. The company supports various charitable organizations and encourages employees to volunteer and make a positive impact in their local communities.
Overall, Kinsale Capital Group is a reputable and financially sound insurance company with a specialized focus on niche markets. They are well-positioned for continued growth and success in the insurance industry.

S2luc2FsZS BDYXBpdGFs IEdyb3VwIG lzIGEgY29t cGFueSB0aG F0IHdvcmtz IGluIHRoZS B3b3JsZCBv ZiBpbnN1cm FuY2UsIHdo aWNoIGlzIG xpa2UgYSBz YWZldHkgbm V0IGZvciBw ZW9wbGUgYW 5kIGJ1c2lu ZXNzZXMuIF doZW4gc29t ZXRoaW5nIG JhZCBoYXBw ZW5z4oCUbG lrZSBhIGNh ciBhY2NpZG VudCwgYSBo b3VzZSBjYX RjaGluZyBm aXJlLCBvci BhIGJ1c2lu ZXNzIGxvc2 luZyBtb25l eeKAlGluc3 VyYW5jZSBo ZWxwcyBwYX kgZm9yIHRo b3NlIHByb2 JsZW1zIHNv IHRoYXQgcG VvcGxlIGRv buKAmXQgaG F2ZSB0byBi ZWFyIGFsbC B0aGUgY29z dHMgYnkgdG hlbXNlbHZl cy48YnI+S2 luc2FsZSBz cGVjaWFsaX plcyBpbiBh IHR5cGUgb2 YgaW5zdXJh bmNlIGNhbG xlZCBleGNl c3MgYW5kIH N1cnBsdXMg bGluZXMuIF RoaXMgbWVh bnMgdGhleS Bwcm92aWRl IGluc3VyYW 5jZSBmb3Ig dGhpbmdzIH RoYXQgYXJl IGhhcmRlci B0byBjb3Zl ciBiZWNhdX NlIHRoZXkg YXJlIHJpc2 tpZXIgb3Ig dW51c3VhbC wgbGlrZSBp bnN1cmluZy BhIGNpcmN1 cyBvciBhIH VuaXF1ZSBl dmVudC4gQm VjYXVzZSB0 aGVzZSB0eX BlcyBvZiBp bnN1cmFuY2 UgY2FuIHNv bWV0aW1lcy BiZSB0cmlj a3ksIEtpbn NhbGUgaXMg Z29vZCBhdC BmaWd1cmlu ZyBvdXQgaG 93IHRvIG1h bmFnZSB0aG 9zZSByaXNr cyBhbmQgcH JvdGVjdCB0 aGVpciBjbG llbnRzLjxi cj5LaW5zYW xlIG1ha2Vz IG1vbmV5IG J5IGNoYXJn aW5nIGN1c3 RvbWVycyAo Y2FsbGVkIH BvbGljeWhv bGRlcnMpIG EgcHJlbWl1 bSwgd2hpY2 ggaXMgYSBi aXQgbGlrZS BhIG1vbnRo bHkgb3IgeW Vhcmx5IGZl ZSBmb3IgaG F2aW5nIHRo ZSBpbnN1cm FuY2UuIElm IG5vdGhpbm cgYmFkIGhh cHBlbnMsIH RoZXkga2Vl cCB0aGF0IG 1vbmV5LiBI b3dldmVyLC BpZiBzb21l dGhpbmcgZG 9lcyBnbyB3 cm9uZywgdG hleSB1c2Ug c29tZSBvZi B0aGF0IG1v bmV5IHRvIG hlbHAgcGF5 IGZvciB0aG UgZGFtYWdl cy4gU2luY2 UgS2luc2Fs ZSBpcyBzbW FydCBhYm91 dCBhc3Nlc3 Npbmcgcmlz a3MsIHRoZX kgbWFrZSBz dXJlIHRoZX kgZWFybiBt b3JlIGluIH ByZW1pdW1z IHRoYW4gdG hleSBwYXkg b3V0IGluIG NsYWltcy48 YnI+S2luc2 FsZSBpcyBz dWNjZXNzZn VsIGJlY2F1 c2UgdGhleS BhcmUgcmVh bGx5IGdvb2 QgYXQgZmlu ZGluZyBzcG VjaWFsIGlu c3VyYW5jZS BuZWVkcyB0 aGF0IG90aG VyIGNvbXBh bmllcyBtaW dodCBvdmVy bG9vay4gVG hleSB1bmRl cnN0YW5kIH RoZWlyIGN1 c3RvbWVycy BhbmQgY2Fu IG9mZmVyIH RoZSByaWdo dCBjb3Zlcm FnZSBhdCB0 aGUgcmlnaH QgcHJpY2Uu IFBsdXMsIH RoZXkga2Vl cCBhbiBleW Ugb24gaG93 IG11Y2ggbW 9uZXkgdGhl eSBzcGVuZC BvbiBjbGFp bXMsIHNvIH RoZXkgY2Fu IHN0YXkgcH JvZml0YWJs ZS48YnI+SW 4gdGhlIGZ1 dHVyZSwgS2 luc2FsZSBp cyBsaWtlbH kgdG8gc3Rh eSBzdWNjZX NzZnVsIGJl Y2F1c2UgcG VvcGxlIGFu ZCBidXNpbm Vzc2VzIHdp bGwgYWx3YX lzIG5lZWQg aW5zdXJhbm NlLiBBcyBu ZXcgaW52ZW 50aW9ucyBh bmQgY2hhbG xlbmdlcyBj b21lIHVwLC BsaWtlIG5l dyB0ZWNobm 9sb2dpZXMg b3IgY2hhbm dpbmcgd2Vh dGhlciBwYX R0ZXJucywg S2luc2FsZS BjYW4gYWRh cHQgYW5kIG NyZWF0ZSBu ZXcgaW5zdX JhbmNlIHBy b2R1Y3RzIH RvIG1lZXQg dGhvc2Ugbm VlZHMuIFRo aXMgYWJpbG l0eSB0byBj aGFuZ2UgYW 5kIGdyb3cg a2VlcHMgdG hlbSBhaGVh ZCBvZiB0aG UgY29tcGV0 aXRpb24gYW 5kIGhlbHBz IHRoZW0gbW FrZSBtb25l eS48YnI+

MS4gSW5ub3 ZhdGl2ZSBh bmQgc3BlY2 lhbGl6ZWQg aW5zdXJhbm NlIHNvbHV0 aW9uczogS2 luc2FsZSBD YXBpdGFsIE dyb3VwIG9m ZmVycyB1bm lxdWUgYW5k IGN1c3RvbW l6ZWQgaW5z dXJhbmNlIH NvbHV0aW9u cyBmb3IgaG FyZC10by1w bGFjZSByaX Nrcywgc3Vj aCBhcyBleG Nlc3MgYW5k IHN1cnBsdX MgbGluZXMs IHNwZWNpYW x0eSBjb21t ZXJjaWFsLC BhbmQgc21h bGwgYnVzaW 5lc3MgY292 ZXJhZ2UuPG JyPjIuIFN0 cm9uZyBmaW 5hbmNpYWwg c3RhYmlsaX R5OiBUaGUg Y29tcGFueS BoYXMgYSBz dHJvbmcgZm luYW5jaWFs IGZvdW5kYX Rpb24sIHdp dGggYW4gQS AoRXhjZWxs ZW50KSByYX RpbmcgZnJv bSBBLk0uIE Jlc3QgYW5k IGEgRmluYW 5jaWFsIFN0 cmVuZ3RoIF JhdGluZyBv ZiDigJxBK+ KAnSAoU3Vw ZXJpb3IpIG Zyb20gRGVt b3RlY2guPG JyPjMuIEV4 cGVyaWVuY2 VkIGxlYWRl cnNoaXA6IE tpbnNhbGUg Q2FwaXRhbC BHcm91cCBp cyBsZWQgYn kgYSBtYW5h Z2VtZW50IH RlYW0gd2l0 aCBkZWNhZG VzIG9mIGV4 cGVyaWVuY2 UgaW4gdGhl IGluc3VyYW 5jZSBpbmR1 c3RyeSBhbm QgYSB0cmFj ayByZWNvcm Qgb2Ygc3Vj Y2Vzcy48Yn I+NC4gRWZm aWNpZW50IH VuZGVyd3Jp dGluZyBwcm 9jZXNzOiBU aGUgY29tcG FueSB1c2Vz IGFkdmFuY2 VkIHRlY2hu b2xvZ3kgYW 5kIGFuYWx5 dGljcyB0by BzdHJlYW1s aW5lIHRoZS B1bmRlcndy aXRpbmcgcH JvY2Vzcywg cmVzdWx0aW 5nIGluIHF1 aWNrZXIgdH VybmFyb3Vu ZCB0aW1lcy BhbmQgYmV0 dGVyIHJpc2 sgc2VsZWN0 aW9uLjxicj 41LiBDb21t aXRtZW50IH RvIGN1c3Rv bWVyIHNlcn ZpY2U6IEtp bnNhbGUgQ2 FwaXRhbCBH cm91cCBwcm lkZXMgaXRz ZWxmIG9uIH Byb3ZpZGlu ZyBleGNlbG xlbnQgY3Vz dG9tZXIgc2 VydmljZSBh bmQgYnVpbG RpbmcgbG9u Zy1sYXN0aW 5nIHJlbGF0 aW9uc2hpcH Mgd2l0aCBp dHMgY2xpZW 50cy48YnI+ Ni4gRGl2ZX JzaWZpZWQg cG9ydGZvbG lvOiBUaGUg Y29tcGFueS BvZmZlcnMg YSB3aWRlIH JhbmdlIG9m IGluc3VyYW 5jZSBwcm9k dWN0cywgaW 5jbHVkaW5n IHByb3Blcn R5LCBjYXN1 YWx0eSwgcH JvZmVzc2lv bmFsLCBhbm Qgc3BlY2lh bHR5IGxpbm VzLCBjYXRl cmluZyB0by BhIGRpdmVy c2UgY2xpZW 50IGJhc2Uu PGJyPjcuIF N0cm9uZyBn cm93dGggcG 90ZW50aWFs OiBLaW5zYW xlIENhcGl0 YWwgR3JvdX AgaGFzIGEg cHJvdmVuIH RyYWNrIHJl Y29yZCBvZi Bjb25zaXN0 ZW50IGdyb3 d0aCBhbmQg ZXhwYW5zaW 9uLCBkcml2 ZW4gYnkgaX RzIHN0cm9u ZyBmaW5hbm NpYWwgcGVy Zm9ybWFuY2 UgYW5kIGNv bW1pdG1lbn QgdG8gaW5u b3ZhdGlvbi 48YnI+OC4g Q29ycG9yYX RlIHNvY2lh bCByZXNwb2 5zaWJpbGl0 eTogVGhlIG NvbXBhbnkg aXMgY29tbW l0dGVkIHRv IGJlaW5nIG EgcmVzcG9u c2libGUgY2 9ycG9yYXRl IGNpdGl6ZW 4sIHN1cHBv cnRpbmcgdm FyaW91cyBj aGFyaXRhYm xlIGNhdXNl cyBhbmQgcH JvbW90aW5n IGVudmlyb2 5tZW50YWwg c3VzdGFpbm FiaWxpdHku PGJyPjkuIE VtcGxveWVl IGRldmVsb3 BtZW50IGFu ZCByZXRlbn Rpb246IEtp bnNhbGUgQ2 FwaXRhbCBH cm91cCB2YW x1ZXMgaXRz IGVtcGxveW Vlcywgb2Zm ZXJpbmcgYS BzdXBwb3J0 aXZlIGFuZC Bjb2xsYWJv cmF0aXZlIH dvcmsgZW52 aXJvbm1lbn QsIGNvbXBl dGl0aXZlIG NvbXBlbnNh dGlvbiwgYW 5kIG9wcG9y dHVuaXRpZX MgZm9yIGNh cmVlciBncm 93dGggYW5k IGRldmVsb3 BtZW50Ljxi cj4xMC4gQX dhcmRzIGFu ZCByZWNvZ2 5pdGlvbjog VGhlIGNvbX BhbnkgaGFz IGJlZW4gY2 9uc2lzdGVu dGx5IHJlY2 9nbml6ZWQg Zm9yIGl0cy BleGNlbGxl bmNlIGFuZC BhY2hpZXZl bWVudHMgaW 4gdGhlIGlu c3VyYW5jZS BpbmR1c3Ry eSwgaW5jbH VkaW5nIGJl aW5nIG5hbW VkIG9uZSBv ZiBBbWVyaW Nh4oCZcyBC ZXN0IE1pZC 1TaXplIEVt cGxveWVycy BieSBGb3Ji ZXMgaW4gMj AyMC4=

S2luc2FsZS BDYXBpdGFs IEdyb3VwIG lzIGEgc3Bl Y2lhbHR5IG luc3VyYW5j ZSBjb21wYW 55IHRoYXQg Zm9jdXNlcy BvbiB1bmRl cndyaXRpbm cgbmljaGUg YW5kIHVuZG Vyc2VydmVk IG1hcmtldH MuIFRoZWly IGJ1c2luZX NzIG1vZGVs IGlzIGNlbn RlcmVkIGFy b3VuZCBwcm 92aWRpbmcg Y3VzdG9taX plZCBpbnN1 cmFuY2Ugc2 9sdXRpb25z IHRvIGJ1c2 luZXNzZXMg YW5kIGluZG l2aWR1YWxz IHdpdGggc3 BlY2lhbGl6 ZWQgaW5zdX JhbmNlIG5l ZWRzLiBUaG lzIGluY2x1 ZGVzIHNwZW NpZmljIGlu ZHVzdHJpZX Mgc3VjaCBh cyBjb25zdH J1Y3Rpb24s IGhlYWx0aG NhcmUsIGFu ZCBzbWFsbC B0byBtaWQt c2l6ZSBidX NpbmVzc2Vz IHdpdGggY2 9tcGxleCBy aXNrIGZhY3 RvcnMuIDxi cj5UaGVpci BhcHByb2Fj aCBpcyB0by B1c2UgYWR2 YW5jZWQgZG F0YSBhbmFs eXRpY3MgYW 5kIHVuZGVy d3JpdGluZy BleHBlcnRp c2UgdG8gYW NjdXJhdGVs eSBhc3Nlc3 Mgcmlza3Mg YW5kIHNldC Bjb21wZXRp dGl2ZSBwcm ljaW5nIGZv ciB0aGVpci Bwcm9kdWN0 cy4gVGhpcy BoZWxwcyB0 aGVtIHRvIG 1haW50YWlu IHByb2ZpdG FiaWxpdHkg YW5kIGJ1aW xkIGxvbmct dGVybSByZW xhdGlvbnNo aXBzIHdpdG ggdGhlaXIg Y2xpZW50cy 4gPGJyPktp bnNhbGUgQ2 FwaXRhbCBH cm91cCBhbH NvIGRpZmZl cmVudGlhdG VzIGl0c2Vs ZiBieSBvZm ZlcmluZyBh IGhpZ2ggbG V2ZWwgb2Yg Y3VzdG9tZX Igc2Vydmlj ZSBhbmQgY2 xhaW1zIGhh bmRsaW5nIH RvIHRoZWly IGNsaWVudH MuIFRoZXkg YWltIHRvIH Byb3ZpZGUg cXVpY2sgYW 5kIGVmZmlj aWVudCBjbG FpbXMgcHJv Y2Vzc2luZy B0byBlbnN1 cmUgdGhlaX IgY2xpZW50 cycgbmVlZH MgYXJlIHRh a2VuIGNhcm Ugb2YgcHJv bXB0bHkuID xicj5PdmVy YWxsLCB0aG UgY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIH RvIHNwZWNp YWxpemUgaW 4gbmljaGUg bWFya2V0cy wgdXRpbGl6 ZSBhZHZhbm NlZCB1bmRl cndyaXRpbm cgbWV0aG9k cywgYW5kIH ByaW9yaXRp emUgY3VzdG 9tZXIgc2Vy dmljZSB0by Bwcm92aWRl IGN1c3RvbW l6ZWQgYW5k IGNvbXBldG l0aXZlIGlu c3VyYW5jZS Bzb2x1dGlv bnMu

To determine whether AI poses a material threat to Kinsale Capital Group’s products, services, or competitive positioning, it’s important to consider several factors:
1. Substitution: AI can potentially develop new solutions or services that could replace traditional insurance products offered by Kinsale. For instance, AI-driven platforms may create personalized insurance products or automated underwriting processes that make traditional offerings less competitive. However, the insurance industry often involves complex risk assessments and human judgment, which might limit substitution possibilities.
2. Disintermediation: AI has the potential to streamline processes and reduce the need for intermediaries such as agents and brokers. This could lead to a shift in how insurance products are marketed and sold, possibly displacing traditional distribution channels. Kinsale could face challenges if it does not adapt to these changes quickly.
3. Margin Pressure: The integration of AI can lead to increased competition as new entrants in the insurance market leverage technology to undercut prices or enhance customer service. Kinsale might experience margin pressure if competitors optimize their operations and offer similar or improved services at lower costs.
In summary, while AI presents potential threats through substitution, disintermediation, and margin pressure, the impact on Kinsale Capital Group will depend on its ability to innovate and adapt to market changes. The insurance industry’s complexities may provide some buffer, but remain vigilant in monitoring how AI evolves within the sector to mitigate any material threats effectively.

Kinsale Capital Group’s earnings, cash flow, and valuation can be significantly sensitive to changes in interest rates due to several factors.
1. Earnings Sensitivity: Changes in interest rates can affect the company’s investment income, particularly if it has a portfolio of fixed-income securities. Higher interest rates typically result in higher yields on new investments, which could enhance earnings in the long term. Conversely, if rates rise too quickly, it might pressure premium pricing on existing policies or reduce demand for insurance products, potentially impacting overall earnings negatively.
2. Cash Flow Sensitivity: Interest rates influence the cost of capital. An increase in rates generally raises borrowing costs for companies, which could impact Kinsale’s cash flow, especially if it relies on debt for growth or operational purposes. Higher interest expenses can reduce free cash flow, affecting the company’s ability to invest in new opportunities or return capital to shareholders.
3. Valuation Sensitivity: The valuation of Kinsale Capital Group largely depends on the present value of future cash flows. Higher interest rates typically lead to higher discount rates, which can decrease the present value of those cash flows, potentially leading to a lower stock valuation. Additionally, if the overall market perceives increased risks associated with rising rates, it may lead to a broader re-evaluation of insurance companies’ valuations.
In summary, Kinsale Capital Group’s financial metrics are sensitive to interest rate changes through impacts on earnings, expenses, and valuation, creating both potential risks and opportunities depending on the direction and magnitude of rate movements.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci BLaW5zYWxl IENhcGl0YW wgR3JvdXDi gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGlzIGEg c2lnbmlmaW NhbnQgYW5k IHN1c3RhaW 5lZCBkb3du dHVybiBpbi B0aGUgaW5z dXJhbmNlIG 1hcmtldCwg ZHJpdmVuIG J5IGZhY3Rv cnMgc3VjaC BhcyBpbmNy ZWFzaW5nIG NvbXBldGl0 aW9uLCByZW d1bGF0b3J5 IGNoYW5nZX MsIG9yIGEg c2VyaWVzIG 9mIGNhdGFz dHJvcGhpYy BldmVudHMg bGVhZGluZy B0byB1bmV4 cGVjdGVkIG xvc3MgcmF0 aW9zLiA8Yn I+SW4gdGhp cyBzY2VuYX JpbywgYW4g aW5mbHV4IG 9mIG5ldyBl bnRyYW50cy B0byB0aGUg aW5zdXJhbm NlIHNwYWNl IGNvdWxkIG luY3JlYXNl IGNvbXBldG l0aW9uLCBs ZWFkaW5nIH RvIGFnZ3Jl c3NpdmUgcH JpY2luZyBz dHJhdGVnaW VzIHRoYXQg d291bGQgY2 9tcHJlc3Mg bWFyZ2lucy 4gSWYgdGhl IG1hcmtldC BleHBlcmll bmNlcyBzdW JzdGFudGlh bCBjYXRhc3 Ryb3BoaWMg bG9zc2Vz4o CUZXhjZWVk aW5nIHdoYX QgaGFzIGhp c3RvcmljYW xseSBiZWVu IGFudGljaX BhdGVk4oCU S2luc2FsZS Bjb3VsZCBm YWNlIGVsZX ZhdGVkIGNs YWltcyBleH BlbnNlcy4g VGhpcyBjb2 1iaW5hdGlv biB3b3VsZC Blcm9kZSB1 bmRlcndyaX RpbmcgcHJv Zml0YWJpbG l0eSwgZm9y Y2luZyB0aG UgY29tcGFu eSB0byBmdX J0aGVyIGFk anVzdCBpdH MgcHJpY2lu ZywgcG90ZW 50aWFsbHkg bGVhZGluZy B0byBhbiB1 bnN1c3RhaW 5hYmxlIGN5 Y2xlIHdoZX JlIHJldmVu dWUgZmFpbH MgdG8ga2Vl cCBwYWNlIH dpdGggZXhw ZW5zZXMuPG JyPkFzIEtp bnNhbGXigJ lzIG1hcmdp bnMgY29udH JhY3QsIG5l dCBpbmNvbW UgY291bGQg ZGVjbGluZS BzaWduaWZp Y2FudGx5Li BUaGlzIHdv dWxkIGltcG FjdCBjYXNo IGZsb3csIH BhcnRpY3Vs YXJseSBpZi B0aGUgY29t cGFueSBuZW VkcyB0byBz ZXQgYXNpZG UgaGlnaGVy IHJlc2Vydm VzIGZvciBj bGFpbXMgYW 5kIG1haW50 YWluIGl0cy BjYXBpdGFs IHJlcXVpcm VtZW50cywg bGVhZGluZy B0byBsb3dl ciBmcmVlIG Nhc2ggZmxv dyBhdmFpbG FibGUgZm9y IGludmVzdG 1lbnRzIG9y IGRpdmlkZW 5kcy48YnI+ T24gdGhlIG JhbGFuY2Ug c2hlZXQsIH RoZSBpbXBh Y3Qgd291bG QgYmUgcmVm bGVjdGVkIG luIG11bHRp cGxlIHdheX MuIEEgZGVj bGluZSBpbi BlYXJuaW5n cyBjb3VsZC ByZXN1bHQg aW4gcmVkdW NlZCByZXRh aW5lZCBlYX JuaW5ncyBh bmQgb3Zlcm FsbCBzaGFy ZWhvbGRlcn PigJkgZXF1 aXR5LiBJZi B0aGUgY29t cGFueeKAmX MgZmluYW5j aWFsIHN0cm VuZ3RoIGlz IHNpZ25pZm ljYW50bHkg YWZmZWN0ZW QsIGl0IGNv dWxkIG5lY2 Vzc2l0YXRl IGRyYXdpbm cgb24gbGlu ZXMgb2YgY3 JlZGl0IG9y IG90aGVyIG ZpbmFuY2lu ZyBhdmVudW VzIHRvIG1h aW50YWluIG xpcXVpZGl0 eSBhbmQgb3 BlcmF0aW9u YWwgc29sdm VuY3ksIHJl c3VsdGluZy BpbiBhbiBp bmNyZWFzZW QgZGVidCBi dXJkZW4uIF RoaXMgd291 bGQgYWxzby BoYXZlIGEg bmVnYXRpdm UgaW1wYWN0 IG9uIGtleS BmaW5hbmNp YWwgcmF0aW 9zLCBzdWNo IGFzIHRoZS BkZWJ0LXRv LWVxdWl0eS ByYXRpbywg d2hpY2ggY2 91bGQgZnVy dGhlciBjb2 5zdHJhaW4g dGhlIGNvbX BhbnnigJlz IGZ1dHVyZS Bib3Jyb3dp bmcgY2FwYW NpdHkgYW5k IGludmVzdG 9yIGNvbmZp ZGVuY2UuPG JyPkFsbCB0 aGVzZSBmYW N0b3JzIGNv bWJpbmVkIH dvdWxkIGNy ZWF0ZSBhIH ByZWNhcmlv dXMgZmluYW 5jaWFsIHBv c2l0aW9uIG ZvciBLaW5z YWxlIENhcG l0YWwgR3Jv dXAsIG1ha2 luZyBpdCBj aGFsbGVuZ2 luZyB0byBj b21wZXRlIG VmZmVjdGl2 ZWx5IG9yIG V4cGFuZCBp biBhIGNvbn RyYWN0aW5n IG1hcmtldC 48YnI+

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3Mvan lRdDFVeEVI TEJ3U2xYTm ZxS0Qud2Vi cCIgYWx0PS JLaW5zYWxl IENhcGl0YW wgR3JvdXAi IHRpdGxlPS JLaW5zYWxl IENhcGl0YW wgR3JvdXAi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgS2luc2Fs ZSBDYXBpdG FsIEdyb3Vw PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TnSBK b2luIHVzIG FuZCBncmFi IHlvdXIgY2 9weSBvZiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBNUz RnVkdobElH IE52YlhCaG Jua2cgZDJG eklHOXlhVy BkcGJtRnNi SGtnIFptOT FibVJsWkMg QnBiaUF5TU RBNSBJSFZ1 WkdWeUlIIF JvWlNCdVlX MWwgSUV0cG JuTmhiRyBV Z1UyVnlkbW xqIFpYTWdT VzVqTGkgQm lkWFFnWTJo aCBibWRsWk NCcGRIIE1n Ym1GdFpTQj AgYnlCTGFX NXpZVyB4bE lFTmhjR2ww IFlXd2dSM0 p2ZFggQWdh VzRnTWpBeC BOQzQ4WW5J K01pIDRnUz JsdWMyRnMg WlNCRFlYQn BkRyBGc0lF ZHliM1Z3IE lHbHpJR2hs WVcgUnhkV0 Z5ZEdWeSBa V1FnYVc0Z1 VtIGxqYUcx dmJtUXMgSU ZacGNtZHBi bSBsaElHRn VaQ0JvIFlY TWdiM0JsY2 0gRjBhVzl1 Y3lCcCBiaU ExT0NCemRH IEYwWlhNZ1 lXNWsgSUhS b1pTQkVhWC BOMGNtbGpk Q0J2IFppQk RiMngxYlcg SnBZUzQ4WW 5JKyBNeTRn VkdobElHIE 52YlhCaGJu bmkgZ0psek lFTkZUeSBC aGJtUWdabT kxIGJtUmxj aUJwY3kgQk 5hV05vWVdW cyBJRkF1SU V0bGFHIDls TENCM2FHOG cgYUdGeklH OTJaWCBJZ0 16QWdlV1Zo IGNuTWdiMl lnWlggaHda WEpwWlc1ai BaU0JwYmlC MGFHIFVnYV c1emRYSmgg Ym1ObElHbH VaSCBWemRI SjVManhpIG NqNDBMaUJM YVcgNXpZV3 hsSUdseiBJ SEJ5YVcxaG NtIGxzZVNC bWIyTjEgYz JWa0lHOXVJ RyBWNFkyVn pjeUJoIGJt UWdjM1Z5Y0 cgeDFjeUJz YVc1bCBjeU JwYm5OMWNt IEZ1WTJVc0 lIZG8gYVdO b0lIQnliMy BacFpHVnpJ R052IGRtVn lZV2RsSUcg WnZjaUJvWV hKayBMWFJ2 TFdsdWMzIF Z5WlNCeWFY TnIgY3lCaG JtUWdibSA5 dUxYTjBZVz VrIFlYSmtJ SEJ5YjMgQm xjblJwWlhN dSBQR0p5UG pVdUlFIFJs YzNCcGRHVW cgWW1WcGJt Y2dZUyBCeV pXeGhkR2wy IFpXeDVJSG x2ZFcgNW5J R052YlhCaC BibmtzSUV0 cGJuIE5oYk dVZ2FHRnog SUdkeWIzZH VJSCBOcFoy NXBabWxqIF lXNTBiSGtn YVcgNGdjbV ZqWlc1MCBJ SGxsWVhKek lHIEZ1WkNC b1lYTWcgWW 1WbGJpQnVZ VyAxbFpDQn ZibVVnIGIy WWdkR2hsSU cgWmhjM1Js YzNRdCBaM0 p2ZDJsdVp5 IEJqYjIxd1 lXNXAgWlhN Z2FXNGdkRy BobElHbHVj M1Z5IFlXNW paU0JwYm0g UjFjM1J5ZV M0OCBZbkkr Tmk0Z1NXID RnTWpBeE9T d2cgUzJsdW MyRnNaUyBC M1lYTWdibU Z0IFpXUWdk RzhnZEcgaG xJRVp2Y25S MSBibVVnTV RBd01DIEJz YVhOMElHOW 0gSUVGdFpY SnBZMiBIaW dKbHpJR0pw IFoyZGxjM1 FnWTIgOXRj R0Z1YVdWei BMQ0J5WVc1 cmFXIDVuSU dGMElHNTEg YldKbGNpQT ROaiBrdVBH SnlQamN1IE lFdHBibk5o YkcgVWdhR0 Z6SUdFZyBj M1J5YjI1bk lHIFZ0Y0do aGMybHogSU c5dUlIVnVa RyBWeWQzSn BkR2x1IFp5 QmthWE5qYV ggQnNhVzVs SUdGdSBaQ0 J5YVhOcklH IDFoYm1Gbl pXMWwgYm5R c0lIZG9hVy BOb0lHaGhj eUJvIFpXeH daV1FnZEcg aGxJR052Yl hCaCBibmtn YldGcGJuIF JoYVc0Z1lT QncgY205bW FYUmhZbSB4 bElIQnZjbl JtIGIyeHBi eTQ4WW4gSS tPQzRnVkdo bCBJR052Yl hCaGJuIGtn Y0hKcFpHVn ogSUdsMGMy VnNaaSBCdm JpQnBkSE1n IGJtbGphR1 VnWlggaHda WEowYVhObC BJR2x1SUdo aGNtIFF0ZE c4dGNHeGgg WTJVZ2NtbH phMyBNc0lI TjFZMmdnIF lYTWdZMjl0 YlcgVnlZMm xoYkNCdyBj bTl3WlhKMG VTIHdnY0hK dlptVnogYz JsdmJtRnNJ RyB4cFlXSn BiR2wwIGVT d2dZVzVrSU cgZGxibVZ5 WVd3ZyBiR2 xoWW1sc2FY IFI1SUdadm NpQnkgWlhO cFpHVnVkRy BsaGJDQmpi MjUwIGNtRm pkRzl5Y3kg NDhZbkkrT1 M0ZyBTMmx1 YzJGc1pTIE JoYkhOdklH OW0gWm1WeW N5QmpiMyBa bGNtRm5aU0 JtIGIzSWdj MjFoYkcgd2 dZblZ6YVc1 bCBjM05sY3 l3Z2QyIGww YUNCaElHWn YgWTNWeklH OXVJRyBsdV pIVnpkSEpw IFpYTWdjM1 ZqYUMgQmhj eUJqYjI1ei BkSEoxWTNS cGIyIDRzSU dobFlXeDAg YUdOaGNtVX NJRyBGdVpD QjBjbUZ1IG MzQnZjblJo ZEcgbHZiaT Q4WW5JKyBN VEF1SUVsdU lHIEZrWkds MGFXOXUgSU hSdklHbDBj eSBCcGJuTj FjbUZ1IFky VWdjMlZ5ZG 0gbGpaWE1z SUV0cCBibk 5oYkdVZ2FY IE1nWVd4em J5QmogYjIx dGFYUjBaVy BRZ2RHOGda MmwyIGFXNW 5JR0poWTIg c2dkRzhnZE dobCBJR052 YlcxMWJtIG wwZVM0Z1ZH aGwgSUdOdm JYQmhibiBr Z2MzVndjRz l5IGRITWdk bUZ5YVcgOT FjeUJqYUdG eSBhWFJoWW 14bElHIDl5 WjJGdWFYcG ggZEdsdmJu TWdZVyA1a0 lHVnVZMjkx IGNtRm5aWE 1nYVggUnpJ R1Z0Y0d4di BlV1ZsY3lC MGJ5IEIyYj J4MWJuUmwg WlhJZ1lXNW tJRyAxaGEy VWdZU0J3IG IzTnBkR2wy WlMgQnBiWE JoWTNRdQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=