The Kin Interinsurance Network and Kin Interinsurance Nexus Exchange, the reciprocal exchanges managed by Kin Insurance, Inc., have completed their natural catastrophe reinsurance programs for the 2024 storm season, securing more coverage than last year.
For 2024-2025, the Florida reinsurance program provides $1 billion in coverage for natural catastrophes, representing protection up to a one-in-160 year first-event loss. Last year, the program was sized at $860 million, providing protection up to a one-in-200 year first-event loss.
The larger program comes as Kin continues to expand its market footprint and provides coverage for catastrophic events at coverage levels in excess of what is required by the insurer’s regulators and rating agency.
Additionally, Kin’s growing non-Florida reinsurance program offers $140 million in coverage for 2024, and, as with the Florida program, provides protection well in excess of the required rating agency requirements.
The renewed program, effective June 1st, 2024, through May 31st, 2025, is backed by a consistent panel of over 35 reinsurers each year, all of which either have a financial rating of A- or higher by AM Best or are 100% collateralized.
Angel Conlin, chief insurance officer at Kin, commented: “We’re pleased to have again completed our reinsurance program in a timely and responsible manner. The continued support from our reinsurance partners validates our data enabled and technology-driven underwriting and responsive claims handling.”
