Kin Insurance, a direct-to-consumer homeowners insurance technology company, has greatly expanded its reach in the US market with the completion of its acquisition of an inactive insurance carrier that holds licenses in 43 states.
For Kin, which currently operates in only Florida, Louisiana and California, the deal enables it to serve customers in most remaining states.
Following completion, the newly-acquired carrier is to be renamed the Kin Interinsurance Nexus.
“Kin’s advantages are most relevant in the 40% of the country that is currently catastrophe exposed, including some of our most populous states,” said Sean Harper, Chief Executive Officer of Kin.
“These new licenses, combined with our best-in-class technology, will make expanding into those states and offering new products relatively easy.”
“This was an important step in bringing the future of insurance to homeowners across the country,” added Chief Insurance Officer Angel Conlin. “Because of our efficient technology and direct-to-consumer model, we’ll be able to provide affordable pricing and essential coverage to vastly more people.”
Kin expects to announce its entry into several new states in the first half of 2022.