Kin Insurance has announced that Kin Interinsurance network, its reciprocal insurance carrier, has finalised its reinsurance program for the period of June 1, 2022 through May 31, 2023.
The upgraded reinsurance program – which will apply to all states and policies within the Kin Interinsurance Network – offers 160 year first-event loss protection, or $770m in reinsurance coverage for hurricanes.
This placement represents a 150% increase over 2021, that included over $300m in reinsurance for hurricane events, and will help Kin meet its obligations to customers.
The announcement comes after the US home insurance company closed its first-ever $175m multi-year catastrophe bond back in April.
Kin’s reinsurance program is currently backed by 40 industry-leading reinsurers, including eight new partners, all of which have a financial rating of A- or higher by American credit rating agency, AM Best.
Angel Conlin, chief insurance officer at Kin, said: “Despite a homeowners insurance market that has continued to harden, we’ve successfully completed our reinsurance program.”
She added: “This is a testament to our strong relationships with our reinsurance partners who have helped us bring our unique underwriting approach and emphatic commitment to policyholder protection to the capital markets.”
In addition to offering greater disaster protection, the program further enhances its ability to provide support and manage risks for homeowners who are most exposed to the impact of climate change.
This is considering that climate change will make extreme weather events more frequent and more severe, which could increase the cost of property lost to natural catastrophes by over 60% by 2040, according to Kin.