Kinsale's initial backer Moelis cashes out

Investment bank and fund manager Moelis is cashing out its
remaining stake in Kinsale Capital through a secondary offering in
which it is selling over 4.3mn shares at $33 each, according to the
insurer.
The offer price would give the remaining Moelis stake a value of
about $142mn and indicates that the bank and its funds have pulled
in more than $275mn from selling Kinsale shares over the past
year.
That would imply a gain for Moelis funds of some...