Kin, a digital-first home insurance company, posted its highest quarterly new policy sales on record in the third quarter of 2026, as well as a 24% increase in total revenue, while intentionally swinging to a $3.7 million Adjusted EBITDA loss to fund a 74% surge in growth spending.
Total revenue for Kin reached $63.7 million in Q3 2026, while gross profit climbed 25% year over year to $60.1 million, representing a 94% gross margin.
Gross written premium (GWP) accelerated to $199.9 million, marking a 24% year over year increase compared to 15% growth in the second quarter. This growth was supported by $134.9 million in renewal written premium, up 20%, and $65 million in new written premium, up 33%.
Overall premium in force at Kin’s managed reciprocal exchanges rose 22% over the prior year to $740.5 million.
Customer acquisition reached an all-time quarterly high, with total new policy sales jumping 53% year over year. New home policy sales rose 32%, with an average premium of $2,303, driving growth revenue up 47% year over year and 9% sequentially to $19.5 million.
To achieve this record volume, Kin redeployed organic earnings from its core renewal business, which saw Baseline Adjusted EBITDA increase 20% to $22.1 million at a 50% margin, up from 48%, by increasing growth expenses by 74% to $44.1 million.
Sean Harper, Kin Founder and CEO, commented: “When new customers become part of a renewal business that earns a 50% margin, the smart move is to add as many good customers as we can. That’s exactly what we did this quarter. We sold more policies than ever before.
“Our model compounds: customers renew, they add auto insurance and home financing, and every policy makes our pricing smarter. Adding more customers also increases the speed at which our algorithms learn and we accumulate data, driving value for both Kin and its customers.”
Despite Q3 encompassing the peak of the Atlantic hurricane season, Kin’s two managed reciprocal exchanges recorded zero hurricane losses net of reinsurance, and generated $15.5 million in combined carrier adjusted income.
Through September 30, the exchanges’ adjusted loss ratio was 25.3%, compared with 31.3% and 28.3% over the same periods in 2023 and 2024. The 2025 ratio of 20.6% for the same period benefited from $7.3 million in favourable development on prior-year claims.
“A loss ratio only means something in context. Our loss ratio is higher this year because of where we’re growing. In states where reinsurance costs less, a policy can pay out more in claims and still earn the margin we target. So a higher loss ratio there doesn’t mean weaker results,” said Kin Chief Insurance & Compliance Officer Angel Conlin. “We set rates by state, product, and risk characteristics to cover expected claims and the cost of reinsurance, and that analytical rigor helps keep our reciprocal exchanges financially strong.
“We’re heading into 2027 with more customers than ever, a renewal business that earns 50% margins, and a system that gets better with every policy we write,” said Harper. “That combination lets us keep investing in growth with confidence. We’ll keep adding homeowners, offering them more ways to save across insurance, home financing and other home costs, and letting the loop do its work.”
